If you’re a small business, the place you bank matters. Bluevine offers online checking with no monthly or daily balance requirement. Bluevine’s online checking accounts have low minimum opening deposits. Their competitive interest rates, nationwide availability, and ability to let accountholders deposit cash make them an excellent option for small business owners. They offer a wide range of other services to accommodate the needs of their customers.
We like Bluevine Business Banking because of their fees, financial products, and what we think they can improve on. We will point out some alternatives if you decide they are not for you. We are here to help, no matter what you decide.
What is Bluevine?
Bluevine helps people finance their small businesses. Bluevine helps small businesses access the capital they need to grow and succeed. In 2020, they branched out to offer business checking accounts.
Bluevine has a business checking account that is perfect for a small business budget. The account offers online bill pay and real-time payments that can help streamline your business operations. You can make your capital go even further by earning interest on your checking balance up to $100,000. It’s an even more attractive option because of the higher interest rates.
Bluevine provides a lot of value in the form of high-interest rates and no fees, despite being relatively new on the scene for business banking. Bluevine is a popular choice for small business owners because of their convenient and secure services. You can deposit cash and use checks for free. They offer a lot of other services, such as free online banking and digital payments. This is an essential feature for business owners who need access to cash. They don’t have to go through the process of writing a check to access funds for small purchases.
Bluevine will not appeal to people who prefer to do their banking at a branch. They will not be a good option for people who want more than one bank account. Most online banks only offer one type of account, so they may not be suitable for people with more complicated financial needs.
Is Bluevine Legit?
Ensuring that your money is safe is something you have to do since you worked hard to earn your small business’s profit. Investing in the right tools and strategies will help protect your business’s profits. Bluevine is an honest and insured organization that will look after your money like it’s their own. Bluevine can handle your finances with care and diligence.
Bluevine provides financial products through a bank that protects your deposits up to $250,000. Bluevine puts customer satisfaction at the forefront of its mission, ensuring that you have a secure and easy experience managing your finances. Data encryption and multi-factor authentication are used to prevent anyone besides you from accessing your bank account. Your data is kept safe and secure with this.
Bluevine has an A+ rating from the Better Business Bureau, as well as a 4.4-star rating through Trustpilot. Bluevine is well-regarded for its commitment to customer service and satisfaction, making it a great choice for businesses looking for an easy, flexible financing option. Bluevine customers are satisfied with their service and practices. Bluevine’s customer service team is always available to answer questions.
Bluevine Products
Bluevine has two main products for small business customers. Bluevine’s products are designed to help small businesses grow.
You can deposit cash in Bluevine’s checking accounts, which is rare for online banks. They offer lines of credit between $5,000 and $250,000 for customers with credit scores of 650 or above. They help customers find the best loan options, as well as providing advice and assistance in understanding the terms of their financing agreement, so that everyone can make an informed decision.
Bluevine’s financial products are best for small business owners who want a free checking account that earns competitive interest, prefer to manage their finances online, and deposit less than $7,500 in cash each month. Small business owners can open and manage an account with Bluevine and start earning interest immediately.
Business Checking Account
It’s bad news for those looking for a business savings account or a specialized checking account that Bluevine only has one account option. Bluevine doesn’t offer any of these account types at the moment. Their business checking account is very competitive. It has features such as free online banking and a low minimum balance requirement.
Bluevine has a business checking account that has an impressive interest rate. Bluevine doesn’t require a minimum balance to earn interest, so you can start earning immediately.
Earn up to 2.00% APY on your account balance up to $100,000 as long as you meet two monthly requirements:
- You use your Bluevine business card to make purchases. The Bluevine app will give you total visibility into your finances.
- Customer payments are deposited into your Bluevine business checking account. If you want to pay vendors or transfer money to a personal checking account, you can use the funds in your Bluevine account.
Bluevine has a business checking account. It has access to a number of banking services, such as real-time payments and direct deposits. You don’t have to pay maintenance fees to keep your account running. It’s incredibly convenient to be able to access your account from any device with an internet connection. Transactions and ATM fees will not be hit when you have in-network ATMs. Money is safe and secure no matter where you are in the world.
Bluevine does charge a replacement fee if you lose your card. If you contact Bluevine’s customer service team, you can waive the fee. If you make an outgoing wire transfer, you will need to pay a fee. The fee will not be waiving under any circumstances.
Bluevine has a business checking account that allows you to deposit cash at in-network ATMs. You will need to visit one of the Green Dot retailers in the U.S. if you want to use Bluevine. Deposits can be made through the mail or with a direct bank transfer. It is possible to deposit or withdraw cash at a number of stores. Many local retailers can be used to deposit or withdraw cash. You will need to pay a $4.95 deposit fee if you want a bank account with local branches. Fees associated with a Green Dot account are usually higher than those of a traditional bank.
Line of Credit
Bluevine has excellent options for business loans.
invoice factoring and a line of credit are offered by Bluevine. Bluevine makes it possible for customers to get the most out of their financing options with flexible payment terms. Bluevine is one of the best picks for small-business loans because it offers competitive rates and loan amounts. Bluevine is a great way to finance your small business.
All you have to do is sign up with a specific business, tax, and government document. Bluevine offers fast, simple and secure invoice financing services for businesses of all sizes, so you can get the working capital you need to grow your business. A line of credit requires applicants to provide more information about their credit and business health, but they have relatively low requirements for invoice factoring. There is no requirement for any collateral to be provided for approval.
Bluevine has a revolving line of credit that is more popular than the other two financing options. Businesses should look at both options to find out which is better for them.
You will need to:
- Have been in business for at least three years.
- A A score of 650 or higher is what the FICO score is. If you have a good credit score, you should be in a good position to get loans and other financial products.
- You can earn regular revenues of over $40,000 a month. You can increase your income by investing in stocks and bonds.
You can be approved for a line of credit between $5,000 and $250,000 in as little as five minutes if you meet the above requirements. Within a few days, you will have access to the funds. Your interest can be as low as 4.8% if you open and maintain a line of credit. A line of credit can be used to cover unexpected expenses, save money, and build your credit score.
Within hours, funds will appear in your account after your line of credit is approved. Before accepting the terms of a loan, be sure to read the fine print. You can repay them on a weekly or monthly schedule. As you make payments on your line of credit, the balance will replenish so that you can borrow against it. It is possible to avoid paying interest on your line of credit by paying it off in full each month.
Bluevine Features
Bluevine banking services are different from other online banks. Bluevine banking services offer a wide range of features, such as no monthly fees and high-yield savings accounts, that make them stand out from the competition. We think the qualities of Bluevine Business Banking are important to consider before banking with them.
No Monthly Fees
When you bank with Bluevine, you won’t have to pay any fees. Bluevine makes banking more convenient for businesses of all sizes. You can pay as much as $30 a month and as much as $500 a year with other banks. It’s much easier to enjoy the perks at this bank because you won’t have to worry about the fees and restrictions. You will only have to pay for the following fees: a$15 wire fee, $4.95 cash deposit fee, and $2.50 out-of-network ATM fee. The total cost is close to $22.
High-yield Interest Rate
Bluevine business checking accounts earn 2% on all balances up to $100,000, which is unique in the business banking world. Bluevine has a variety of features to help you manage cash flow, such as online invoicing, expense tracking, and payroll services. To earn Bluevine’s impressive interest rate, you must meet their monthly requirements: spending at least $500 on your Bluevine Business Mastercard or receiving at least $2,500 in customer payments to your Bluevine checking account or sub-account. Bluevine does not require a minimum balance to take advantage of their high-yield interest rate.
Ability to Make Cash Deposits
Most online banks don’t allow cash deposits. Direct deposit is one of the convenient services online banks offer. It becomes more difficult to add cash to your account without a branch. Online banking or even a mobile payment option can be used to make deposits. Green Dot is a third-party ATM service that is located across the country. Customers have access to cash at over 60,000 ATMs. You will have to pay a deposit fee, but you will be able to withdraw or deposit cash easily. The cash deposit fee is usually small, so it shouldn’t be too much of a burden.
Ability to Sync to Banking Tools
If you can’t connect to other technologies, what is the use of online banking? You can use Bluevine to streamline your finances. Bluevine is an excellent choice for businesses that want to have more control over their finances. This includes more than one company. You will be able to plan your business’s finances better by being able to sync your transactions and deposits. This will help ensure the long-term success of your business by allowing you to make more informed financial decisions.
Available in 50 States
If you live in a state like Alaska or Hawaii, it can be hard to find financial technologies. All Americans can have access to these technologies if they become more widely available. Bluevine is available for customers in all 50 states.
Customer Support
When you need assistance with your account, Bluevine can help. The customer support team can be reached through email or the customer resource center. They will help you whenever you need it. Bluevine’s customer support is only available on weekdays. If you have an issue that can’t wait until the next day, they offer 24 hour email support.
You can contact Blueline’s customer service teams at the numbers and times below:
Banking and Lending:
(888) 216-9619
Mon – Fri, 8 a.m. – 8 p.m. (EST)
Paycheck Protection Program:
(650) 338-4012
Mon – Fri, 8 a.m. – 6 p.m. (EST)
Getting Started & Eligibility
It is easy to get started with Bluevine Business Banking. You can access its features from anywhere once you register and set up your account.
You must be at least 18 years old to be eligible. You must agree to the terms and conditions in order to be eligible for this program. A citizen or resident with a valid address can own a small business in an industry other than adult entertainment, firearms, or illegal activities. You need a valid license or permit for the state or local government in which you operate your business.
To sign up for a Bluevine business account requires you to create an online account, provide some basic info about yourself, and provide some documentation and information about your business. All of the features offered by Bluevine business account will be accessible once you have completed the sign-up process. Here are some steps that you can follow to get started:
- Go to the “Get Started” button. You’ll be ready to use the service once the setup process is complete.
- The business checking or the business line of credit can be applied for.
- Provide the name, email, and password of the entity. First and last name, email address, and password are required to create an account.
- Enter your business information and click “Next.” This information will include:
-
Business name
Address
Phone number
Social Security number or employer identification number (EIN)
Entity type
Annual revenue
Industry - Enter your personal information and click “Next.” This information will include:
-
Full name
Home address
Phone number
Date of birth
Social Security number
Percentage of ownership - Submit application
Bluevine takes about 24 hours to review new business applications. Bluevine will usually fund businesses within 2 to 3 business days after the application has been approved. You can wait between three to five business days to hear back on your application. It is important to be patient as the hiring process can take a long time.
Before you can access and fund your account, you need to review and accept your account terms. You will be ready to start trading once your account is funded.
Pros and Cons of Bluevine
Bluevine Business Banking has many advantages and disadvantages. Bluevine Business Banking has a variety of convenient features to meet your business’s needs. Before opening an account with Bluevine, there are some important factors to consider. You will be able to access the tools and resources needed to manage your business finances in a more efficient and effective way if you open an account with Bluevine.
Pros:
- No fees, minimum opening deposit amounts, or balance requirements
- Unlimited transactions
- 1.5% APY on all balances up to $100,000
- Ability to deposit cash through in-network ATMs
- Available in every state
Cons:
- A fee of $4.95 when you deposit cash into a Green Dot ATM
- No joint accounts, making it difficult for businesses with multiple owners
- No branch locations
- Only offer one Bluevine Business debit card
- No customer service on weekends
Alternatives to Bluevine
Lili
Lili’s financial management tools and ability to integrate with accounting and business software make it a great choice for solo entrepreneurs looking to manage their finances.
Lili has high-yield savings, no fees for checking, and no minimum opening deposit for business customers. They also have tools that make them especially useful for freelancers or solopreneurs, such as a There is a schedule generator and invoicing software. Small business owners can save time and money by using Schedule C generator and invoicing software. The Pro version costs $4.99/month and only includes features like this.
Learn more:
Kabbage
If you’re looking for another online bank that doesn’t charge fees and offers high-interest rates for checking, Kabbage is for you.
Bluevine does not charge monthly checking or transaction fees. Free access to its online banking portal allows customers to track their expenses and make payments quickly and conveniently. You can earn a competitive interest rate on your checking account up to $100,000. The peace of mind that comes with FDIC insurance is something you can enjoy. It is still significant compared to most business checking accounts. It’s a great option for businesses that need more flexibility in their cash flow.
Novo
The other financial institutions don’t charge monthly checking fees or minimum opening deposits. Online and mobile banking are some of the services provided by Novo. Compared to other online platforms, it offers unique features. It’s a great choice for people who want an alternative to online platforms.
While it only offers fee-free business checking, members can get hefty discounts on business services like accounting and website hosting. In order to provide the highest quality financial services to its members, Novo offers discounts on business services. $500 savings is one of the most significant discounts. The discount is available to all customers.
Learn more:
Frequently Asked Questions
Is Bluevine a legit bank?
Bluevine is a legitimate financial institution. Bluevine offers great services to help you manage your finances. They have served nearly half a million customers and have an A+ rating with the Better Business Bureau.
What bank is Bluevine under?
Bluevine has its banking services provided by Coastal Community Bank, which has deposits insured up to $250,000. Bluevine’s banking services are built on the latest technology to make sure your funds are safe.
Does Bluevine have a minimum balance?
Bluevine business checking accounts don’t have a minimum balance requirement or monthly maintenance fees. Small businesses can use Bluevine business checking accounts to streamline their financial operations.
Does Bluevine connect to PayPal?
Bluevine can connect to many financial technologies.
