full review
Earn 2.00% interest on account balances up to $250,000. Terms and conditions apply.
That said, Bluevine's account lacks some business banking features. Most notably, Bluevine does not support joint accounts or employee debit cards. This is a must for many multi-owner businesses. Depositing with cash can also be a hassle, as Bluevine uses third-party services (Green Dot and Allpoint) that have restrictions and fees.
Bluevine Business Check is ideal for small business owners who:
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You must have a deposit of $250,000 or more and an Insured Cash Sweet account.
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I prefer to manage most of my finances online.
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All you need is one business debit card.
2.25
%) However, you must have a balance of at least $25,000 to reach that rate.
Get an overview of your Bluevine business
How to open a Bluevine business checking account
What you need to open an account
To open a Bluevine business account, you will need to provide basic details about yourself and your business. Applicants must also submit specific documentation depending on the type of business entity.
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personal information: First and last name, home address, cell phone number, date of birth, and social security number. This information is mandatory for anyone who owns more than 25% of the company.
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Business information: Company name, entity type, address, and phone number. You must also provide your annual revenue, industry, and EIN or tax identification number.
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Required documents: Depending on the type of business, this may include articles of incorporation, certificates of incorporation, Doing Business As (DBA) documents, and/or partnership agreements.
Bluevine Business Check applications are typically reviewed within 3 business days. Once approved, you can activate your account, order a Bluevine debit card, and fund your account.
How to earn interest with Bluevine Business Checking
2.00%
The APY applies to balances of $250,000 or less if you meet one of the following two monthly requirements:
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Pay $500 with your Bluevine business debit card.
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Receive a $2,500 payment from your customer into your Bluevine business checking account via ACH transfer, wire transfer, mobile check deposit, or directly from your payment processor.
bluevine premier
When you apply for an account, you may be given the option to upgrade to Bluevine Premier. This account has a monthly fee of $95 per month. This is much more expensive than other business bank accounts that have monthly fees.
However, you'll also earn an impressive 4.25% APY, and it also offers half-price domestic and international wire and same-day ACH transfers. Premier customers receive up to 20 free checks each month.
Should you upgrade? Are you confident that you can continue to meet the requirements to waive the monthly fee: have an average daily balance of $100,000 and spend at least $5,000 on your business debit card each month? Well, this might make sense.
Otherwise, you'll need to determine whether the benefits of your account will offset the fees in the long run. For example, if he frequently makes international money transfers, instead of $25 each, he pays $12.50 and the account fees are offset after about eight transactions each month. This savings and additional interest can make Premier worth the additional cost for your business.
What’s great about Bluevine Business Check?
Earn 2.00% interest on account balances up to $250,000. Terms and conditions apply.
Also, unlike most interest-bearing accounts, you don't have to maintain a minimum daily or monthly balance. However, you must meet the debit card or customer payment requirements to earn interest.
Bluevine Premier costs $95 per month and has a 4.25% APY as of this writing.
Up to $3 million in FDIC insurance coverage: Bluevine Business Check customers automatically receive up to $3 million in FDIC insurance coverage through Coastal Community Bank (Bluevine's banking partner) and other banks in the IntraFi Sweep network. The service allows a customer's deposits to be spread across multiple banks, allowing business owners to manage their funds through one financial institution, while still managing their funds far beyond the standard $250,000 per depositor and per account. FDIC insurance available.
Bluevine Business Check Inadequacy
Fees and minimum cash deposit amount: Bluevine customers can make cash deposits at Green Dot stores, but there will be a $4.95 fee (from Green Dot) for each deposit. Green Dot also has pretty strict deposit limits of $500 per deposit and $2,000 per day.
Bluevine customers can now also make cash deposits at Allpoint+ ATMs. His daily limit at these locations increases to him $5,500, but he will still pay a fee of $1 plus his 0.5% of the deposit amount. Allpoint+ ATMs can be found using the ATM Locator on the Allpoint Network website.
No matter which network you use, your cash deposit limit is $7,500 every 30 days.
Unable to open joint account or issue employee debit card: Bluevine does not support joint business accounts. This can be a deal breaker for businesses with multiple owners, such as partnerships or multi-member LLCs.
No weekend support: Bluevine has extended weekday customer service hours (8:00 AM to 8:00 PM Eastern Time, Monday through Friday), but phone support is not available on weekends. Bluevine has a robust online help center, but business owners who need live support can wait days.
