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Bluevine Business Checking Review 2024: Pros, Cons & Fees

  • Bluevine Business Checking is an online-only account with options for depositing cash and checks via ATMs and a branded mobile app.
  • This account is ideal for business owners who deal frequently in cash.
  • Key features include no monthly fees, no minimum deposits and fee-free transactions at 37,000+ MoneyPass ATMs.
  • An optional upgrade to a Premier Plan account costs $95 per month but includes interest rates of up to 2.00% APR.
  • A dynamic online banking platform and mobile app make it easy to manage and oversee finances.

As a small-business owner handling a multitude of tasks, managing your bank account shouldn’t add to your stress. Bluevine Business Checking offers a straightforward solution. You can forget about excessive fees and complex banking systems. This checking account is all about efficiency, seamless integration, and unlimited transactions each month. It’s designed to let you focus on what really matters — growing your business.

In this Bluevine Business Checking review, we’ll look at:

  • If the Bluevine Business Checking account is right for you.
  • Bluevine Business Checking benefits.
  • How to earn interest with a Bluevine Business Checking account.
  • Bluevine Business Checking fees.
  • How Bluevine compares to other business checking accounts.

Our top picks for the best checking accounts

Is the Bluevine Business Checking account right for me?

Bluevine Business Checking is geared toward small-business owners interested in feature-packed banking without stacked fees. This checking account includes features like no monthly fees, no minimum opening deposit requirement and no balance requirement make it easy to focus on day-to-day operations rather than worrying about those little extra expenses. As a bonus, there’s the option to upgrade to a Premium Plan account, which includes the possibility of earning interest on your balance to the tune of 2.00% APY.

Another perk is Bluevine’s technological network, which includes a mobile app and a handy online banking platform. If you have a lot on your plate, frequently get paid in cash and want a business checking account that’s flexible and straightforward, Bluevine could be the financial partner you’ve been waiting for.

To help you decide if a Bluevine Business Checking account is the best checking account for you, here are some pros and cons that give you a better understanding of what you may be getting into.

Bluevine Business Checking pros and cons

Pros
  • No monthly fees
  • No minimum opening deposit requirement
  • No overdraft fees
  • No monthly transaction limit
  • Includes network of 37,000 MoneyPass ATMs (no fees apply)
  • Interest-earning account is eligible for up to 2.00% APY
  • Ability to access FDIC insurance up to $3 million (via Insured Cash Sweep)
Cons
  • Cash deposits only accepted at limited locations and are subject to fees and transaction caps
  • No reimbursements for fees generated by ATM transactions out of network

Bluevine Business Checking benefits

Bluevine Business Checking offers a wide range of competitive features that can help account holders safeguard their cash and build up their personal finances at the same time.

These are some of the Bluevine Business Checking benefits:

How to earn interest with a Bluevine Business Checking account

Bluevine offers both a standard plan and a premiere plan, giving you options as to how you’ll structure your personal banking and set yourself up for financial success.

Let’s take a look at how to earn interest with each of these accounts.

Earn interest with the Bluevine Standard Plan

With Bluevine’s Standard Plan, you can earn up to 2.00% APY, but that only applies to balances up to $250,000. There are caveats, too.?

To earn that preferred interest rate, you must either:

Earn interest with the Bluevine Premier Plan

The potential for ROI cranks up with the Bluevine Premier Plan. Instead of the 2.00% APY, the interest rate more than doubles to 4.25% APY. There’s also a much higher balance cap of $3 million.

The possibility that you could earn thousands or even tens of thousands of dollars in interest is tempting, but you will have to pay a $95 monthly fee for the privilege. Luckily, you only need to have a daily balance of roughly $27,500 to earn enough interest to offset the monthly fee.?

You can also get the fee waived if you:

Bluevine Business Checking fees

One of Bluevine’s biggest claims to fame is that it eliminates so many of the fees and minimums commonly administered by other banks.

You can look forward to:

Still, there are a few fees you can’t skip even after signing up with Bluevine. The bank does charge $2.50 for each withdrawal made using a non-MoneyPass ATM. You’ll also pony up $1.50 to process bill paychecks, $15 to send wire transfers and $10 to expedite ACH payments.

How Bluevine Business Checking account compares

The main difference between Bluevine’s business checking options and similar accounts from other banks is the fee structure. Bluevine simply charges less for the same features. The option for interest-added checking is a big deal, too.

Let’s take a look at how Bluevine compares to some other business checking accounts.

Bluevine Business Checking vs. Novo Business Checking

Novo is making a name for itself by offering business accounts with no monthly fees, unlimited refunds for ATM charges and tons of useful integrations with tools like Stripe and Xero. But unlike Bluevine, Novo won’t allow you to deposit cash or send wires. You can’t set recurring payments with bill pay either, and the inability to contact customer service via phone can be unsettling and inconvenient.

Some of those downsides won’t bother potential customers who just want an easy-to-use account without too many bells and whistles. But for others, Bluevine has more perks, and even with added fees, the ability to deposit cash and send wire transfers comes in handy.

Bluevine Business Checking vs. American Express Business Checking

Make a wish list of what you want in a business account, and American Express Business Checking is going to tick a lot of those boxes. No monthly fees, unlimited fee-free transactions and no overdraft fees — sounds a lot like Bluevine. But American Express also offers 1.30% APY on balances up to $500,000, and you don’t have to pay a monthly fee to get there. Add in a Membership Rewards scheme that could result in points turned into cash, and there’s extra incentive to check out this account.

But American Express Business Checking comes up short in a big way when it comes to cash deposits. You can’t make them with this online checking account, and that can be difficult to navigate if you’re a business that regularly deals with cash transactions.

How to open a Bluevine Business Checking account

You can switch to Bluevine banking by opening a business account with Bluevine online. You’ll need some essential documents, including your Social Security number or EIN, your personal ID and business validation documents. Once you’re approved, you’ll receive your debit card in the mail, and you’re ready to make transactions at will.

How to access funds with a Bluevine Business Checking account

Here’s how you can make deposits and withdrawals once your Bluevine account is up and running.

Deposit options

You can deposit money into your Bluevine account using these methods:

1

Check deposit.

Scan checks into your Bluevine mobile app, and the money will be added to your account.

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2

Wire transfer.

Wire transfers may be subject to fees, but it’s a quick and relatively simple way to add money to your account.

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3

Account transfer.

Once you have your Bluevine routing number and account number, you can transfer money in and out of the account as needed.

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4

Cash.

Deposit cash via Allpoint+ ATMs or at a participating Green Dot retail location.

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Withdrawal options

Bluevine Business Checking account holders get a business debit card that can be used at some 37,000 MoneyPass ATMs, no fees applied.

Other business products and services offered by Bluevine

Bluevine does not offer savings accounts, but they do advertise a business line of credit with funds of up to $250,000. You can apply online, and funds are available within 24 hours if you’re approved.

There’s also a Bluevine Business Cashback Mastercard?. Account holders earn unlimited 1.5% on transactions and don’t pay any annual fee.

Our top picks for the best checking accounts

FAQ: Bluevine Business Checking

Is Bluevine a legitimate bank?

Technically, Bluevine is a financial technology company that’s partnered with Coastal Community Bank. CCB is FDIC-insured, which means your deposits through Bluevine are also protected.

What do I need to open a Bluevine Business Checking account?

To open a Bluevine Business Checking account, you’ll need to provide personal information as well as information about your business. Key documentation that may be required includes your employer identification number (EIN), a verifiable U.S. mailing address, business formation documents and ownership agreements and your business license.

What is the minimum deposit for the Bluevine Business Checking account?

There is no minimum deposit requirement for the Bluevine Business Checking account. There’s also no minimum balance requirement, so you can open your account with as little or as much money as you want and keep your account at whatever monetary level you choose thereafter.

Does Bluevine have a business savings account?

Bluevine does not offer a business savings account option. However, the institution does offer a Premier Plan version of their checking account, which includes a possible 2.00% APR.

How do you deposit cash into a Bluevine Business Checking account?

You can deposit cash into your Bluevine business account at Allpoint+ ATMs using your Bluevine Business Debit Mastercard? or at participating Green Dot retail locations. Cash deposits are subject to fees of $4.95 via Green Dot and $1 plus 0.5% of the deposit amount via Allpoint ATMs.

Does Bluevine work with Zelle?

As of March 2024, Bluevine does not work with Zelle. However, you can connect your Bluevine account with other financial tools and mobile payment apps, such as Cash App, Venmo and Wise.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

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