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With no fees and unlimited transactions, Bluevine’s business checking account includes features that are common with online-only banks. The account stands out, however, because Bluevine allows you to earn interest on your account without having to maintain a monthly or daily balance requirement. Unlike the majority of online-only accounts, you also have the ability to make cash deposits.
Want a free business checking account that earns interest.
Prefer to manage the majority of their finances online.
Only need one business debit card.
Deposit less than $7,500 in cash on a monthly basis.
Don’t need access to a physical branch.
Pros
No fees, no minimum opening deposit or balance requirements.
Unlimited fee-free transactions.
Earn 1.50% interest on account balances up to and including $100,000.
Fee-free ATM access through MoneyPass network; ability to deposit cash through Green Dot network.
Cons
Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No joint accounts.
Monthly fee:
$0
Minimum opening deposit requirement:
$0
APY:
1.50% on balances up to $100,000
Transactions:
Unlimited
Bonus:
None
at Bluevine, Deposits are FDIC Insured
Bluevine is best known as an alternative lender that provides business financing. This business checking account is now offered in addition to Bluevine small-business loans. As Bluevine is not a bank, its banking services are provided by Coastal Community Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000.
You can apply for and open a Bluevine business checking account entirely online. To be eligible, you must be at least 18 years old and a U.S. citizen or a resident with a valid address.
To sign up for Bluevine business banking, you’ll be asked to create an online account and provide basic details and documentation about you and your business.
Generally, applications are reviewed within 24 hours; however, the process may take anywhere from three to five business days. After you receive approval from Bluevine, you’ll need to accept the account agreement and then you’ll be able to fund and access your account.
You’ll also receive your Bluevine business debit card in five to seven business days.
To earn the 1.50% interest on your account balance (up to and including $100,000), you have to meet either of the two monthly requirements:
Spend $500 with your Bluevine business debit card.
Receive $2,500 in customer payments into your Bluevine business checking account via ACH transfer, wire transfer, mobile check deposit or directly from your payment processor.
Overall, you’ll be able to manage your account using the online dashboard as well as using the Bluevine mobile app, available for both Android and iOS.
No fees: The Bluevine business bank account has no monthly fees, nonsufficient funds fees, or ACH payment fees, as well as no minimum opening deposit, monthly or daily requirements. In addition, this account includes unlimited fee-free transactions and fee-free ATM access at any MoneyPass location across the U.S.
High-yield APY: Bluevine Business Checking earns a 1.50% annual percentage yield on all balances up to and including $100,000 and, unlike most interest-earning accounts, does not require that you maintain a daily or monthly minimum balance to do so. You will, however, have to meet either the debit card or customer payment requirement to earn interest.
Cash deposits: Through Bluevine’s partnership with third-party service Green Dot, you can use your business debit card to deposit up to $7,500 in cash per month at over 90,000 locations throughout the U.S. Some of Bluevine’s competitors cannot accommodate cash deposits.
Online banking tools: The Bluevine business checking account includes all of the tools that you need to streamline your finances, including mobile check deposit and recurring and one-time payments. You can also sync transactions to accounting software, including QuickBooks Online, Wave and FreshBooks. In addition, you can connect to third-party tools such as PayPal, Stripe and Expensify.
No branch access: As an online-only business checking account, Bluevine does not include access to a physical branch. Although its account features overlap with those offered by many traditional brick-and-mortar banks, the ability to visit a branch can create a more personal customer experience.
Fee for cash deposits: You’ll be charged a $4.95 fee each time you deposit cash into your Bluevine account. Although Bluevine stands out among online-only business checking accounts for its ability to accommodate cash deposits, these fees can quickly add up if your business deals frequently in cash.
No joint accounts: Bluevine only allows a single user to be attached to an individual business checking account, which could be problematic for larger or multi-owner businesses. While some checking accounts issue business debit cards that can be used by employees or additional business owners, the Bluevine business checking account issues a single card.
» MORE: How to choose a bank for your small business
at Novo, Deposits are FDIC Insured
at Bluevine, Deposits are FDIC Insured
Monthly fee
$0
Monthly fee
$15 (multiple ways to waive)
Monthly fee
$0
Minimum opening deposit requirement
$50
Minimum opening deposit requirement
$0
Minimum opening deposit requirement
$0
APY
None
APY
None
APY
1.50% on balances up to and including $100,000
Transactions
Unlimited fee-free transactions
Transactions
Unlimited electronic deposits; 20 free teller and paper transactions per month.
Transactions
Unlimited fee-free transactions
Bonus
None
Bonus
$300 sign-up bonus (requirements to qualify)
Bonus
None
Branch access
No
Branch access
Yes
Branch access
No
About the author: Randa Kriss is a small-business writer at NerdWallet. Read more
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Updated
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