BlueVine Business Checking Account Review

BlueVine's Business Checking account is an online-based banking product designed for small businesses that don't need branch-based services and want to eliminate banking fees. There are no monthly account fees, minimum balance fees, or NSF fees, to name a few. Plus, the BlueVine Business Checking account offers an interest rate that rivals even the best high-yield online savings accounts.

Who is BlueVine Business Checking for?

The BlueVine Business Checking account is a relatively new banking product (announced in November 2019), that is designed to eliminate some of the pain points small businesses deal with in traditional business checking accounts, such as monthly maintenance fees, a lack of interest paid on cash balances, and minimum balance requirements, just to name a few.

It is designed for small businesses that want to save money and that don't need traditional branch-based banking services.

Features of the BlueVine Business Checking account

The BlueVine Business Checking account has some interesting features that might appeal to small business owners:

1. Eliminates many banking fees

The BlueVine Business Checking account doesn't have any monthly account service fees, no low balance fees, no NSF fees, and doesn't have a maximum number of free transactions that the account can be used for.

2. Pays interest

The BlueVine Business Checking account pays interest on customer deposits, and currently has an APY (annual percentage yield) of up to 4.25% for Bluevine Premier customers who pay the $95 monthly subscription fee. Non-paying customers who meet spending or deposit requirements earn a smaller but still substantial amount on balances up to $250,000. This is very competitive, even among online banks.

3. Free payment platform

The BlueVine Payments feature allows BlueVine Business Checking account owners to pay bills and send money quickly and easily, and it's completely free.

4. No minimums

The BlueVine Business Checking account has no minimum opening deposit requirement, nor does it have a minimum balance requirement. Although it's worth noting that interest is only paid on balances greater than $1,000.

How to access your money with the BlueVine Business Checking account

When it comes to deposits and withdrawals, BlueVine Business Checking account users have a few options.

Deposit options

There are four main ways customers can deposit money into their BlueVine Business Checking account:

• Check deposit: Customers can deposit checks through BlueVine's mobile app.
• Wire transfer: BlueVine doesn't charge a fee for incoming wires, but the sending institution likely will.
• Account transfer: BlueVine Business Checking account users can link external bank accounts and transfer money into their BlueVine bank account.
• Cash: The BlueVine Business Checking account accepts cash deposits at any retail location in Green Dot's network. But it's important to note that there is a charge per deposit.

Withdrawal options

Aside from the obvious ways to get money from a checking account, including writing checks and wire transfers, BlueVine Business Checking account owners get a business debit card that can be used to withdraw cash fee-free at any of more than 38,000 MoneyPass ATMs (a large, nationwide ATM network) throughout the United States.

For out-of-network ATM withdrawals, customers can expect to pay a surcharge. There's also a BlueVine Payments feature that allows money to be sent directly to third parties.

Advantages to using BlueVine for your business checking account

As an online-only bank, BlueVine has a major cost advantage over brick-and-mortar rivals. It doesn't have to pay to support a costly branch network, so it can pass some of its savings on to its customers. With that in mind, here's a rundown of the major advantages of BlueVine Business Checking, both cost-related and otherwise:

1. Easy to get started

BlueVine claims the application process to open the BlueVine Business Checking account takes about a minute. Many business checking accounts have rather complex opening procedures that cannot be completed entirely online.

2. Earn money on unused cash

Unlike most checking accounts, BlueVine Business Checking pays interest. Many businesses need to (or choose to) keep large amounts of capital in their accounts to cover unforeseen costs and to ensure that they'll always have access to materials and other supplies they need. BlueVine Business Checking allows business owners to earn some interest on their unused capital, a major advantage over many competitors.

3. ATM Access

While BlueVine doesn't operate branches or its own ATM network, customers can withdraw cash at MoneyPass ATMs with their BlueVine Business Debit Mastercard with no fees. There are more than 38,000 MoneyPass ATMs in the U.S., so this makes it relatively easy to access cash.

4. User-friendly app

The BlueVine Business Checking account and its BlueVine Payments platform are managed through an easy-to-use mobile app. There is also a desktop platform that can be used.

5. Free bill pay

Through the BlueVine Payments platform, account holders can pay bills and make vendor payments for free. Users can schedule one-time or recurring payments and can choose whether the payee gets an ACH bank transfer, a check, or receives funds by wire.

BlueVine Payments also allows bills to be paid by linked credit cards, but it's worth noting that credit card payments have a fee.

6. Unlimited transactions

Some business checking accounts limit the number of free transactions in business checking accounts and charge a fee for any transactions beyond that limit in a given month. BlueVine allows unlimited transactions, which could be an especially nice perk for businesses that need to use their debit cards or write checks often.

7. Free checks

Finally, BlueVine Business Checking account holders receive two free checkbooks (with a total of 200 free checks) after opening an account.

Drawbacks of using BlueVine for your business checking account

It's important for all small business owners to realize that there's no such thing as an ideal business checking account for everyone. And while BlueVine's business checking certainly has some big advantages over its rivals, it isn't an exception to this rule. With that in mind, here's a rundown of some potential drawbacks of the BlueVine Business Checking account.

1. No branch network

BlueVine is an online-based bank. This results in significant cost advantages and is why the bank can offer a business checking account with a much better cost structure than many alternatives. On the other hand, if your business occasionally (or frequently) needs to physically go to the bank -- say, to deposit physical cash immediately or to obtain a certified check -- BlueVine might not be the best fit.

2. No free cash deposit options

BlueVine does not offer a way for customers to deposit cash without paying a fee. They can add cash at Green Dot retail locations, but this comes with a fee. The only ways customers can add funds to their accounts are through mobile check deposits or transfers from external checking accounts.

In other words, there's no way to add cash without the intermediate step of depositing it into another bank account first. Cash-heavy businesses (yes, there are still some) may be better off looking elsewhere for their business checking needs.

Is BlueVine Business Checking right for you?

BlueVine Business Checking can be an excellent choice for businesses that want to keep costs low, make as many transactions as they need to without worrying about fees, and earn interest on their unused capital. As long as your business doesn't need to frequently deposit cash, and you aren't too concerned about access to in-person banking services, BlueVine Business Checking is worthy of a spot on your shortlist.