Bluevine Overview

Bluevine is a financial services platform, not a bank, although it provides business checking accounts and other services through Coastal Community Bank. It's an ideal solution for digital-first businesses seeking access to paper checks without the need for numerous cash deposits. With additional features tailored for accountants, it's particularly well suited for small accounting and bookkeeping firms.

Bluevine’s 2.00% interest rate on balances up to $250,000 is one of the best available for small business owners. While Bluevine doesn't support joint accounts or multiple debit cards, it provides lines of credit, making it a fitting choice for startups, freelancers, and small businesses.

Pros and Cons

Bluevine Bank at a Glance

Who is Bluevine Suitable For?

Bluevine is a strong choice for small businesses with a single main owner, a strong preference for online banking, and minimal cash deposits. The platform provides access to business checking accounts, paper checks, business lines of credit, and insurance, with minimal fees and no mandatory minimum balances.

It’s also advantageous for accountants and small bookkeeping firms as accountants can attract new clients if they’re listed in the Bluevine directory. They can also manage all Bluevine client accounts from a single dashboard.

Nevertheless, the absence of physical branch locations and 24/7 customer support, coupled with a $4.95 fee for each cash deposit, may pose challenges for growing businesses. Cash deposits are also capped at $2,000/day for green dot locations. Customers can also deposit cash at over 90,000 retail locations. Additionally, the limitation to a single debit card could be restrictive for those requiring a joint business checking account.

Features/Highlights

Advantages over traditional banks

BlueVine's business checking accounts feature no minimum deposit requirement and come with minimal fees. However, to avoid the $95/month charge, you must maintain a $100,000 balance and spend at least $5,000 with your Bluevine debit card, with the Premier account tier.

Another standout feature is BlueVine's flexibility in granting different levels of control to various users of your checking account. This allows, for instance, one business owner to approve employee payments while granting another permission to make the actual payments. The feature enables effective delegation of banking tasks while ensuring the security of your account.

Cutting-edge banking services

Blueline is available as iOS and Android apps or through an online sign-in. Online users can check account balances, pay bills, track transactions, transfer money between accounts, deposit checks, locate nearby ATMs and retail locations, manage bills, update profiles, and more.

Additionally, you can add up to 5 sub-accounts, each assigned unique account numbers, catering to vendor payments, payroll, and other business requirements. You can also integrate with external bank accounts to see all your balances in one spot or sync with QuickBooks Online for your bookkeeping needs.

Bluevine allows you to make international payments to 32 countries, supporting 15 currencies. The cost is $25 per payment. For transactions in a foreign currency, an additional fee of 1.5% of the total amount, converted into USD, applies.

Traditional banking services

With Bluevine, you receive up to 2 checkbooks annually and can opt for one of 2 plans. Bluevine Standard features unlimited transactions with no fees, and complimentary incoming wires and standard ACH transactions. Bluevine Premium provides priority customer service and standard payment fees typically at half the cost of the Standard plan.

Your account and debit card grant you the flexibility to withdraw funds and conduct transactions at any of the 37,000+ MoneyPass ATMs nationwide. Additionally, cash deposits can be made at over 90,000 Green Dot® retail locations across the country.

The Bluevine Business Debit Mastercard® also offers rewards, including 4% cash back at specific merchants or up to 20% on eligible business services. Moreover, the card provides automatic insurance coverage for car rentals.

Beyond business checking accounts, Bluevine offers credit lines, facilitated by Celtic Bank, with limits reaching up to $250,000. To qualify, your U.S. business needs a FICO score of at least 625, a minimum of $40,000 in monthly revenues, and a business history of at least 24 months.

For added convenience, you can apply for business insurance directly from your Bluevine dashboard. Coverage is provided through Bluevine partners NEXT or Coalition.

Interest rates and fees

Bluevine business checking accounts require no minimum deposits or balances. There are no fees for using a MoneyPass ATM, but a $2.50 fee for using non-network ATMs. Additional fees include the following:

With a Standard plan, you can earn 2% interest on up to $250,000 of your balance if you meet specific eligibility requirements, such as spending $500 per month with your Bluevine Business Debit Mastercard® or receiving $2,500 of client payments into your account through ACH, wire transfer, mobile deposit, or a merchant payment processing provider.

With Bluevine Premier, you’ll receive 4.25% APY on balances up to $3 million, without any eligibility requirements.

Customer service and online experience

Customer support by phone is available Monday to Friday, from 8 am to 8 pm ET. Subscribers to the Premier plan benefit from automatic routing to a priority queue when calling from any phone number linked to their account.

Email support is accessible through the online form or app. While Bluevine doesn't provide weekend customer support, it has a wealth of online resources, including guides, FAQs, a blog, and a searchable Help Center.

Bluevine earns a Trustpilot score of 4.2 based on over 7,500 reviews. Additionally, it holds Better Business Bureau accreditation with an A+ rating. The average BBB customer rating is 1.17/5, based on an average of 188 reviews.

Mobile app

The Bluevine app is available on both iOS and Android, and is designed with a clean white, blue, and black interface. The app offers mobile check deposits, bill pay options, funds transfers, check and debit card ordering, a simple way to freeze your account if you suspect fraud, and other features.

Security

Bluevine business checking accounts are FDIC insured up to $3 million through Coastal Community Bank and Bluevine’s partner banks . In addition, Bluevine uses encryption and two-factor authentication to secure your account. You’ll also get text alerts in case of suspicious activity on your account so you can freeze it and call customer service.

The Bluevine Business Debit Mastercard® included with your business checking account comes with additional security, including Mastercard® ID Theft Protection™ as well as 24/7 worldwide emergency support by phone.

Application Process

U.S.-based sole proprietorships, corporations, LLCs, LLPs, and partnerships can apply for a Bluevine business checking account using the following steps:

• Go to the application page.
• Fill out information about your business, including the name, address, entity type, tax ID/EID, industry, annual revenue, and other information.
• Fill out your personal information, including your name, contact information, mobile phone number, and the password you want for your account.
• Answer questions about anyone who owns at least 25% of the business, including their contact information, date of birth, SSN, and how much of the company they own.
• Submit the front and back of your driver's license.
• Activate your account, after receiving a Bluevine email.
• Submit your estimated transaction volume across all your accounts.
• Select your plan.
• Send in any additional documents requested, such as an EIN confirmation letter, or Articles of Incorporation.
• Once Bluevine has approved your application, agree to the Business Checking Account Agreement and order your debit card, which will take an estimated 7–10 business days to arrive.

Axos Bank Summary

Bluevine is a financial services platform offering business checking accounts and other services through Coastal Community Bank and partner banks. It stands out for a generous 2.00% interest on balances of up to $250,000 and FDIC insurance up to $3 million, which is higher than most traditional banks.

With a simple-to-use platform, Bluevine offers lines of credit, insurance services, no balance minimums, unlimited transactions, and very few fees. Small accounting and bookkeeping firms get additional perks, such as referral fees. For any small business looking for basic services, Bluevine is a strong contender.

Physical Address

401 Warren Street Redwood City, CA 94063

Disclaimer

Bluevine is a financial technology company, not a bank, Banking Services provided by Coastal Community Bank, Member FDIC. Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. The Bluevine Business Debit Mastercard® is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. See the Coastal Community Bank Privacy Policy.

Mastercard, Mastercard Easy Savings, Mastercard Airport Concierge, Priceless Surprises and the circles design are registered trademarks and Mastercard ID Theft Protection is a trademark of Mastercard International Incorporated.

Application is subject to approval. No monthly or maintenance fees. Card Replacement Fees and Wire Transfer Fees may apply.

Banking Services for payments made via ACH or wire from the Bluevine Business Checking Account are provided by Coastal Community Bank, Member FDIC. Certain payment funds, including payments made by credit card, are temporarily held during payment processing by Silicon Valley Bank, a division of First-Citizens Bank & Trust Company. Money transmission services for International Payments are provided by a third party and are also subject to their applicable terms and conditions.

The Bluevine Line of Credit is issued by Celtic Bank. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.

PPP loans are made by one or more approved U.S. Small Business Administration (SBA) lenders. Loan agreements will identify the issuing lender to small businesses at signing. Qualified applications will be submitted to the SBA as soon as possible. Bluevine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. Approval and loan forgiveness are subject to your availability to meet government-set eligibility requirements.

Certain financing may be made or arranged pursuant to California Financing Law-Licence No. 6054789.

All other product names, logos, brands, trademarks, and registered trademarks are property of their respective owners. All company, product, and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.