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BlueVine (bluevine.com) was originally founded in 2013 as a source of capital for small businesses through invoice factoring and lines of credit. The company has since added a business checking account, designed to improve the banking experience for business owners.
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In this review, we’ll take a closer look at the BlueVine Small Business Checking to help you decide if it’s the right solution for your enterprise.
BlueVine Small Business Checking Highlights:
- Earn 1.5% interest on balances up to and including $100,000 if you meet a monthly activity goal
- No monthly, NSF, ACH, or incoming wire fees
- Live customer support from dedicated professionals
- Pay vendors and bills by ACH, wire, or check
- Unlimited transactions, no minimum balance required
- Make transfers to and from your other accounts
- Deposit checks from the BlueVine mobile app
BlueVine Small Business Checking
|BlueVine Business Checking||1.5% APY||$0|
BlueVine Business Checking Features
The BlueVine Business Checking Account offers a high 1.5% interest on balances up to $100,000, an ATM card, no hidden fees and live support. Enjoy unlimited transactions – including ACH, wire and check – with no minimum balance required.
Make deposits by cash (at 90,000+ Green Dot locations) or check (mobile app). Plus, the account is FDIC-insured up to $250,000.
Keep in mind, the BlueVine Business Checking Account is online only, with no physical branches. Also, Green Dot charges a $4.95 fee on cash deposits.
To apply, you must be a U.S. citizen at least 18 years old with a verifiable address. The process only requires basic information about your business, including your tax ID or Social Security Number.
Industry-leading 1.5% interest. Earn 1.5% APY on Business Checking balances up to and including $100,000 if you meet a monthly activity goal. Any interest accrued will be paid out on the first of the following month.
The requirements to earn interest are either:
- Debit Card Spend: Spend $500 per month with BlueVine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into the BlueVine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider.
Sub-Accounts. You can add up to 2 sub-accounts to your existing BlueVine Business Checking account, giving you flexibility and control in how you manage their business.
Online and mobile banking. You can access your BlueVine account either online or by mobile app. The online site lets you transfer money to payees, view and print account activity and documents, and get assistance when necessary. The mobile app has all the online features, but with remote check deposits as well.
Lack of fees. Business Checking does not charge any monthly or overdraft fees, but there is a $15 fee for every outgoing wire transfer and a $2.50 fee for non-network ATM transactions.
Funds availability. Business Checking comes with an ATM card for fee-free withdrawals at over 38,000 MoneyPass locations nationwide.
BlueVine empowers small businesses by providing a simple, fast and intuitive business checking solution. It’s a good fit if you’re looking for a no-fee bank account with a relatively high APY.