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Bluevine Business Checking Account Review 2022: Easily Manage Funds With Sub-Accounts

Katie Stiner

The Bluevine Business Checking Account offers unlimited transactions with no monthly fees and a high APY that is 50x above the national average. There are no minimum balance or minimum deposit requirements to get started. 

Overall rating

4.8

Summary: With Bluevine’s Business Checking, you’ll be able to manage your funds easier with their sub-account feature, while earning a high APY on all accounts.

Bluevine Business Checking Account

bluevine logo

$0

Monthly Fee

2.00%

Est. APY


Reviews

5

Account Opening

5

Fees

4.5

Deposits & Withdrawals

4.5

Features

4.5

Customer Service

5

Safe & Secure

Pros

  • No minimum balances  
  • No minimum deposit required 
  • No ACH fees 
  • Budget better with sub-accounts 
  • Integration with popular business tools 
  • Check writing privileges
  • No overdraft or insufficient funds fee

Cons

  • High APY is only applicable for balances up to $100,000
  • No physical branches 
  • International wire transfers are not available
  • Cash deposit fee

Best For

  • Unlimited transactions  
  • No monthly fees  
  • High APY on balance 
  • Sub accounts to manage finances

Features

HQ401 Warren Street Redwood City, CA 
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Transfer Fee$0 for ACH transfers
Overdraft Fee$0
ATM FeeFee-free at 37,000+ MoneyPass locations   
RewardsNone
TransactionsUnlimited
Branch AccessNone
State RestrictionsAvailable in all US States

In depth review of the Bluevine Business Checking Account  

Bluevine offers a business checking account that is built with small businesses in mind. With innovative financial solutions to help small businesses succeed, its core mission is to empower you to thrive and grow.  

There are no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.  

Additionally, the account offers a high APY which can be earned on balances up to $100,000 provided you meet one of the two following criteria: 

  • Spend a minimum of $500 per month with your Bluevine Business Debit Mastercard. 
  • Receive a minimum of $2,500 per month in customer payments via one of the qualifying payment methods. 

Bluevine Business Checking Account is best for  

  • Unlimited transactions: There are no limits to the number of transactions each month. However, accounts may be subject to deposit and withdrawal limits.  
  • No monthly fees: Fees can quickly eat into any interest earned on the account. With Bluevine, there are no monthly account fees or annual charges.  
  • High APY – 50x the national average: You can earn 1.5% APY on account balances up to $100,000. Monthly requirements apply.
  • Sub accounts: Bluevine has sub-accounts that can help you manage your funds and budget better. You can have up to 5 sub-accounts (including your main account for a total of 6 accounts). These can help you separate your incoming and outgoing funds for different purposes, such as payroll and more. In addition, your funds held in these sub-accounts are eligible to earn interest.

Bluevine Business Checking Account benefits 

  • No minimum balances: There are no minimum balances for the business checking account.   
  • No minimum deposit required: You can get started and open an account with $0. 
  • No ACH fees: Bluevine does not charge a fee for incoming or outgoing ACH transfers.  
  • Budget better with sub-accounts: Your business checking account comes with up to two sub-accounts, so you can put money aside for taxes and payroll. You’ll also have dedicated account numbers for your sub-accounts.  
  • Integration with popular business tools: You can connect with QuickBooks to help streamline your business operations and financial planning.  
  • Check-writing privileges: Subject to eligibility, you can receive up to two free checkbooks every year for your account.  
  • No overdraft or insufficient funds fee: If your account balance becomes overdrawn, there are no overdraft fees applied.  

Bluevine Business Checking Account drawbacks  

  • High APY on $100,000 only: Balances over $100,000 do not earn interest.  
  • International wire transfers not available: If you have a small business that has customers outside of the U.S., unfortunately with Bluevine, you cannot send or receive international wire transfers.  
  • Cash deposit fee: There is a $4.95 fee for cash deposits at participating Green Dot retail locations. This fee cannot be avoided unless you deposit cash with another bank account first.  

Account opening  

5

You can get started with a Bluevine online in just a few minutes. The process is simple and you’ll need to provide the following information: 

  • Name 
  • Email address 
  • Phone number 
  • Basic information regarding your business 

You do not need a minimum deposit to open an account. To be eligible, you must be at least 18 years old and a U.S. citizen or permanent resident.  

Bluevine does not allow businesses in the following industries but not limited to:  

  • Gambling  
  • Adult entertainment 
  • Virtual currencies 
  • Weapons and firearms 
  • Illegal substances 

Fees  

5

Bluevine does not charge an account opening fee or monthly maintenance fee. The business checking account eliminates many common charges including: 

  • No incoming or outgoing ACH transfer fees 
  • No incoming wire transfer fees 
  • No overdraft fees 
  • No in-network ATM fees 
  • No minimum balance requirements 

The fees you should consider before opening an account include: 

  • Bill Pay with credit card transaction fee: 2.9% 
  • Outgoing wire transfer fee: $15 per transaction 
  • Cash deposit fee: $4.95 per deposit 
  • Out-of-network ATM fee: $2.50 per transaction 

Features  

4.5

Key features for Bluevine’s Business Checking Account include the following: 

Sub-accounts 

With Bluevine, you can have up to five sub-accounts to easily manage budgets for expenses and more. You can transfer money between accounts instantly and there is no limit to the number of transactions you can make each month.  

Each sub-account will have a dedicated account number that can be used to pay vendors or suppliers. You can also use the accounts to put money aside for taxes or payroll.  

There are no monthly fees for the sub-accounts and you can earn up to 1.5% APY for total balances up to $100,000 across your accounts.  

You can also send and receive money using ACH or wire transfers. Although, sub-accounts do not allow for cash deposits. 

Bill Pay

With Bill Pay, you can simplify your business bills and schedule outgoing payments. Syncing your account with QuickBooks, you can pay vendors via credit card, check, ACH, or wire transfer.  

Payments can be made one time or set up with a recurring schedule, so you don’t have to worry about making a late payment again.  

Interest on balance

High APY on balances up to $100,000 (50x the national average). Customers need to meet one of the following monthly eligibility requirements to continue earning the high APY for any month going forward:

  • Spend $500 per month with their Bluevine Business Debit Mastercard®, which can be used everywhere Mastercard® is accepted .
  • Receive $2,500 per month in customer payments into their Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from their merchant payment processing provider.

Other Features

  • View balances and transactions
  • Deposit Checks (mobile only)
  • Receive Payments via ACH and Wire
  • Send Payments & Pay Bills via ACH, Wire, or Check
  • Schedule one-time & recurring payments
  • Transfer Funds between accounts
  • Lock and unlock Bluevine Business Debit Mastercard® instantly, for added security
  • Biometrics login via Face ID or fingerprint touch (mobile only)
  • Set alerts and stay updated on account activity
  • Bluevine Business Debit Mastercard® with contactless payment
  • Cash Deposit at 90,000+ Green Dot locations
  • FDIC insurance up to $250,000 through Coastal Community Bank
  • Sync transactions to QuickBooks Online
  • Save time with shared account access: Securely invite authorized users to your account so you can delegate tasks. In addition, give your accountant dedicated access to your transaction history, tax documents, and more.
  • No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees, or overdraft fees
  • Live customer support from dedicated professionals
  • Unlimited transactions

Deposits and withdrawals  

4.5

There are several ways you can send and receive money with the business checking account. You can deposit cash or checks at participating retail locations or by using a mobile check deposit. It typically takes 1 – 4 business days for a check to clear.  

In addition, you can make ACH or domestic wire transfers or withdraw cash using an ATM.  

Customer service  

4.5

Bluevine is a branchless bank. There is no in-person customer service support available at a physical branch. To get in touch with customer support, you can message the team through the help center on the website.  

For urgent issues you can call (888) 216-9619 Monday through Friday 8 am to 8 pm (ET) or you can send an email for a non-urgent issue. There is also a live chat available to get quick answers to your questions about products and services.  

Safe and secure  

5

Bluevine is a financial technology company, not a bank. Deposits are FDIC insured for up to $250,000 through Coastal Community Bank.  

Is Bluevine Business Checking Account right for you?  

Bluevine’s Business Checking Account is a great option for small businesses looking for an account with no monthly fees, unlimited transactions, and no minimum balance requirements. In addition, there are no fees for ACH transfers, overdrafts, or incoming wire transfers, and you can earn up to 1.5% on balances up to $100,000. 

Plus, small business owners can benefit from sub-accounts and software integrations such as QuickBooks to help better manage business finances. 

Although, if your business is dependent on cash deposits, you may want to consider alternative options that do not charge a $4.95 fee, as these costs can add up over time.