Full Review
No fees and unlimited transactions are table stakes for online business checking accounts, but Bluevine business checking ups the ante with one of the best interest rates available from a business checking account: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Businesses with substantial cash flow and deposits can earn even more (up to 4.25%) with Bluevine's premium accounts: Bluevine Plus and Bluevine Premier. Both premium accounts have hefty monthly fees that can be waived if you meet some lofty daily balance requirements.
Bluevine Plus costs $30 per month. The fee can be waived if you maintain an average daily balance of $20,000 or more and spend at least $2,000 per month with your linked debit card or your Bluevine credit card.
The Plus account pays 3% APY on balances up to $250,000. Customers also get discounts on some fees: Same-day ACH transfers drop from $10 to $8 each, domestic wires drop from $15 to $12 and international wires drop from $25 to $20. You'll also get five free checks per month, a savings of up to $7.50 (checks cost $1.50 each on the free plan).
If you qualify to waive the monthly fee, then Plus's higher interest rate should translate to several hundred additional dollars in your account each month. If not, think about how you use your existing business bank account. If you frequently send wire transfers or write checks, the reduced fees may offset the monthly cost.
Bluevine Premier carries a monthly fee of $95 — far more than other business bank accounts with monthly fees. But it earns a whopping 4.25% APY while also offering half-price domestic and international wires and same-day ACH transfers. Premier customers also get up to 20 free checks per month.
Should you upgrade? As with Plus, it's worth it if you’re confident you’ll consistently hit the requirements to waive the monthly fee: having an average daily balance of $100,000 and spending at least $5,000 on your business debit card or Bluevine credit card each month.
Otherwise, you’ll need to figure out if the account’s benefits offset its fee in the long run. For example, if you often send international wires, paying $12.50 for each instead of $25 would offset the monthly fee after roughly eight transactions each month. That savings plus the additional interest could make Premier worth the extra cost to your business.
While Bluevine's business checking accounts excel in some areas —namely low fees and high APY — they lack some basic business banking functions, which could be dealbreakers for some business owners.
Most notably: Bluevine does not support joint accounts and you're limited to four employee debit cards. Making cash deposits can also be cumbersome, as Bluevine uses third-party services (Green Dot and Allpoint) that come with limits and fees.
Note: While this review discusses Bluevine Plus and Premier, the pros, cons and corresponding star rating focus on Bluevine Standard.
Is Bluevine a bank?
Bluevine is a financial technology company, not a bank. Bluevine’s banking services are provided by Coastal Community Bank, which is insured by the Federal Deposit Insurance Corp. and participates in the Insured Cash Sweep program via the IntraFi network.
Thanks to that partnership, all Bluevine accounts automatically receive up to $3 million in FDIC insurance. That extra coverage may offer peace of mind to small-business owners concerned about the security of their deposits after multiple bank failures in 2023.
» MORE: Insured Cash Sweep: What is it and how does it work
Bluevine business checking is best for small-business owners who:
Want a free business checking account that earns interest.
Have more than $250,000 in deposits and need an Insured Cash Sweep account.
Don't need a joint business checking account.
Make frequent cash deposits? LendingClub Tailored Checking supports easy, fee-free cash deposits via compatible MoneyPass and SUM Network ATMs. This account does have a monthly fee, though: $ 10 500
Another thing to consider: LendingClub Tailored Checking 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that
🤓 Nerdy Tip
If you want to earn even more interest and don't need access to features like checks or a debit card, consider a business savings account. Our top pick earns 4.00%
Bluevine business checking at a glance
Bluevine Standard | Bluevine Plus | Bluevine Premier | |
|---|---|---|---|
Monthly fee: | $0. | $30; waived if you maintain an average daily balance of $20,000 and spend at least $2,000 on your Bluevine debit and/or credit card. | $95; waived if you maintain an average daily balance of $100,000 and spend at least $5,000 on your Bluevine debit and/or credit card. |
Minimum opening deposit requirement: | $0. | $0. | $0. |
APY: | Earn 2.00% interest on account balances up to and including $250,000. Terms apply. | Earn 3.00% APY on balances up to and including $250,000. Terms apply. | Earn 4.25% APY on balances up to and including $3 million. Terms apply. |
Transactions: | Unlimited. | Unlimited. | Unlimited. |
Bonus: | None. | None. | None. |
Other features: |
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How to open a Bluevine business checking account
You can open a Bluevine business account online or via the Bluevine app. Bluevine business checking is available to business owners in all 50 states and the District of Columbia. To be eligible, you must be at least 18 years old and a U.S. citizen or a resident with a valid U.S. address (not a P.O. Box). Certain types of businesses are restricted. (Learn more here.)
What you need to open an account
You need to provide basic details about yourself and your business to open a Bluevine business account. Applicants also need to provide certain documentation, depending on their business entity type.
Personal information: First and last name, home address, mobile phone number, date of birth and Social Security number. This information is required for anyone who owns 25% or more of the company.
Business information: Business name, entity type, physical address and phone number. You also need to indicate your annual revenue, industry and EIN or tax ID.
Required documentation: This varies by business type but can include articles of incorporation, certificate of formation, Doing Business As (DBA) documentation and/or partnership agreements.
Bluevine business checking applications are typically reviewed within three business days. Once approved, you can activate your account, order your Bluevine debit card and fund your account.
» MORE: How to open and set up a business bank account
How to earn interest with Bluevine business checking
Standard Bluevine business checking accounts earn 2.00%
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.
Where Bluevine business checking stands out
No fees: Bluevine Standard 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 business bank 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 rivals some of the best business savings accounts with the high APY on its free account: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
Bluevine Plus, which costs $30 per month, pays 3.0% APY. And Bluevine Premier, which costs $95 per month, pays 4.25% APY. Both accounts offer ways to waive the monthly fee.
Up to $3 million in FDIC insurance coverage: Bluevine business checking customers automatically receive up to $3 million in FDIC insurance coverage via Coastal Community Bank (Bluevine’s banking partner) and other banks in the IntraFi sweep network. This service spreads customer deposits across multiple banks — allowing business owners to gain FDIC insurance well beyond the standard $250,000 per depositor, per account — while still managing their funds through one financial institution.
Online banking tools: Bluevine business checking 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.
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American Express® Business Checking Member FDIC | Bluevine Business Checking Deposits are FDIC Insured | Grasshopper Business Checking Account Member FDIC |
|---|---|---|
NerdWallet rating 5.0/5.0 | NerdWallet rating 4.7/5.0 | NerdWallet rating 4.5/5.0 |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 1.30% With $0 min. balance for APY | APY 2.00% With $0 min. balance for APY | APY 2.25% With $0 min. balance for APY |
Bonus N/A | Bonus N/A | Bonus N/A |
Learn more at American Express National Bank | Learn more at Bluevine | Learn more at Grasshopper Bank |
Where Bluevine business checking falls short
Fees, low limits for cash deposits: While Bluevine customers can make cash deposits at Green Dot locations, you’ll get hit with a $4.95 fee (from Green Dot) for each deposit. And Green Dot deposits have some pretty stingy limits, too: $500 per deposit and $2,000 per day.
Bluevine customers can now make cash deposits at Allpoint+ ATMs, too. The daily limit at these locations increases to $5,500, but you'll still pay a fee of $1 plus 0.5% of the deposit amount. You can find Allpoint+ ATMs using the ATM locator on the Allpoint network's website.
Whichever network you use, cash deposits are capped at $7,500 each 30 days.
If your business makes frequent or high-volume cash deposits, consider an NBKC business account or LendingClub Tailored Checking, which offer unlimited cash deposits for no fee at compatible ATMs.
Can’t open joint accounts: While you can add authorized users to your Bluevine business checking account, you can't open a joint business account. That could be a deal-breaker for businesses with more than one owner, such as partnerships or multi-member LLCs.
Several other accounts do support joint ownership, though, including Relay business checking, which also allows you to issue up to 50 virtual debit cards. Bluevine accounts are limited to five business debit cards —one for the accountholder and up to four employee debit cards.
No weekend support: Bluevine has extended customer service hours during the week (8 a.m. to 8 p.m. EST Monday through Friday), but there is no phone support available on the weekend. While Bluevine does have a robust help center online, business owners who need live support could be left waiting for days.
If you desire round-the-clock customer service, consider Axos Business Checking, which offers 24/7 customer service —though that account does not earn interest.
