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BlueVine Review: We Tried BlueVine Business Banking

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Last updated on April 9, 2021

About BlueVine

BlueVine is an online business bank that offers more than most of its competitors. On top of its business checking account, which has many valuable features, it offers financing to business owners in the form of loans and lines of credit. This makes BlueVine great for business owners who have plans to expand and need a way to finance that expansion.

Highlights

  • Dedicated Account For: Checking, business financing
  • Account types: Checking, business loan, business line of credit
  • Min Opening Deposit: None
  • Minimum balance required: None
  • Monthly Fee: None
  • ATM Access: MoneyPass network of 38,000+ ATMs
  • Availability: Online
  • 3rd Party integrations: Quickbooks

What We Like About BlueVine

There’s a lot to like about BlueVine if you need a business checking account or financing.

  • No minimums or monthly fees – BlueVine will let you open a checking account with no minimum balance requirement and never charges a monthly fee for its service.
  • Cash deposits – Most online banks don’t let you deposit cash but BlueVine makes it easy to do so through a partnership with Green Dot. You will have to pay a $4.95 fee for each deposit.
  • Financing – You can get financing for your business in the form of a line of credit for as much as $250,000 or an invoice factoring up to $5 million, which can help you keep your business running smoothly.
  • Online payments – Easily send payments through your BlueVine account using a debit card, credit card, or directly from your BlueVine account. Payments can arrive the same day.
  • Earn interest – Earn 1% APY on your checking account balance, up to a maximum balance of $100,000.

What Could Be Improved With BlueVine

BlueVine has some drawbacks to consider before opening an account.

  • No physical branches – BlueVine is an online bank so you’ll be doing all of your banking online. If you like being able to visit a branch to get help with your account, BlueVine isn’t the bank for you.
  • Fee for cash deposits – As an online bank, accepting cash deposits is one of BlueVine’s advantage, but paying almost $5 for each deposit will be painful, so BlueVine may be best for businesses that don’t use a lot of cash.
  • Short repayment terms – You don’t have much flexibility to choose your payment terms, so you’ll have to deal with higher monthly payments when you borrow money.

BlueVine Accounts

BlueVine offers a business checking account and multiple financing options for its customers.

BlueVine Checking

BlueVine’s business checking account is a relatively standard business checking account with a few standout features that make it appealing to small business owners.

One of the first things that business owners will notice is that the account has no minimum balance requirement and no monthly fee. Whether you’re just starting your business or have an established company, you can use BlueVine without having to worry about maintenance fees.

BlueVine also doesn’t charge a fee for overdrafts or insufficient funds, two of the most common fees charged by most banks.

The other standout feature of the account is that it pays interest. You’ll earn 1% APY on balances up to $100,000. That means that even if you have money in the bank, it’s still working for you.

Invoice Factoring

One of the struggles for any business is managing cash flow. When you send an invoice to a customer it can be weeks before they pay that invoice, leaving you without money to pay your own bills.

BlueVine offers invoice factoring, which can turn your unpaid invoices into cash that you can use to keep your business running.

You can apply for invoice factoring online in as little as 10 minutes. Approval often takes as little as 24 hours. If you’re approved, BlueVine will automatically give you 85%-90% of the money you invoice your customers for as soon as you send the invoice. When the customer pays the invoice, BlueVine will take its fee (0.25% per week) and release the remaining funds to you.

This means you can get paid for services as soon as you invoice, giving you the cash you need to pay your suppliers and cover other costs.

You need to meet the following requirements to qualify:

  • 530+ FICO
  • 3+ months in business
  • $10,000 in monthly revenue
  • Your business is B2B

Line of Credit

BlueVine offers a line of credit that you can use to cover operating expenses or to expand your business. With the line of credit, you can borrow up to $250,000 for as long as 12 months.

You can draw as much or as little as you need from the line of credit, so long as you stay below your credit limit. If you don’t need any funds, you can leave the credit line alone. There are no setup fees or ongoing maintenance fees to keep the line of credit open.

You can get approved for credit in as little as 5 minutes, but you will need to meet the following requirements.

  • 650+ FICO
  • 2+ years in business
  • $30,000 in monthly revenue

Features

These are some of BlueVine’s top features.

Interest on checking balance

When you put money in a bank account, the bank will sometimes pay interest on your balance, helping your account balance grow.

These days, interest rates are incredibly low. Most banks don’t pay interest on checking account balances and even savings accounts offer very low interest rates. BlueVine is different, offering 1% APY on your checking account balance, up to $100,000. That means that you can earn as much as $1,000 each year just by keeping some money in your business checking account.

Every dollar your business can earn helps and most business banks don’t offer interest on checking accounts. Combine this with the fact that BlueVine doesn’t charge monthly fees, and you have a bank that can really help your business earn more.

Online bank with cash deposits

One of the greatest drawbacks of online banks is that they don’t make it easy to deposit cash to your account. Lots of businesses rely heavily on cash, making online banks effectively a non-option for those companies.

BlueVine does have a way for customers to deposit cash to their accounts. You can visit any of the 90,000+ Green Dot locations in the United States to add cash to your BlueVine account. The drawback is that there’s a $4.95 fee for this service.

If your business is primarily a cash business, this fee can be painful, but if your company only makes a cash deposit once or twice per month, BlueVine’s partnership with Green Dot offers valuable flexibility to its customers.

Financing options

Businesses need cash to keep operating, but many online business banks don’t offer much in the way of lending or financing. BlueVine offers multiple options for financing your business, helping you get the cash you need to expand your company or to keep it running smoothly.

Easy online payments

Every business has people it needs to pay. Whether you’re paying contractors or freelancers who’ve done work for your company or need to pay suppliers for goods, having an easy way to send money is important.

BlueVine has a payment feature built into your account dashboard. You can send money directly from your BlueVine account or pay using a debit or credit card. You can send payments by check, ACH transfer, or wire. Some transfers can complete within one day.

BlueVine Fees

BlueVine charges very few fees for its services, which makes it an appealing choice for both new and established businesses. There are no minimum balance requirements and no monthly maintenance fees. BlueVine also doesn’t charge fees for things like. overdrafts, insufficient funds, or ACH transfers.

The only fees that BlueVine charges are:

  • $4.95 for cash deposits
  • $15 for outgoing wires
  • Expedited debit card replacements

BlueVine does not charge a fee for using an ATM outside the MoneyPass network but does not reimburse fees charged by the owner of the ATM.

Is BlueVine FDIC Insured?

Yes, BlueVine’s bank accounts offer the full protection of the FDIC. The money you deposit to your BlueVine account is held with BlueVine’s partner, Bancorp Bank, member FDIC. You can receive up to $250,000 in coverage for your business’s accounts.

Is BlueVine Safe?

When you’re doing your banking online, it’s natural to worry about whether your money will be safe with the bank that you choose.

BlueVine is a safe choice for people who want an online business bank. The company uses up to date internet security practices to keep your money and your personal information safe. It is also partnered with Bancorp Bank, member FDIC, so you can get full FDIC insurance for your account.

Who is BlueVine Best For?

BlueVine is a great choice for most people who operate an online business or one that doesn’t rely heavily on cash. Where the bank really shines is with its financing options.

If your business is large enough to qualify for invoice factoring or a line of credit from BlueVine and your company needs the extra flexibility these services offer, BlueVine is one of the best online business banks that you can find.

Alternatives to BlueVine

NorthOne

NorthOne Logo

NorthOne is an online financial institution with a reputation for providing quality products, a high level of customer service, and a large number of features. 

With the help of the NorthOne business banking app and website, it’s easy to manage your bank account from anywhere in the world. Furthermore, its intuitive technology is also designed for efficient management of taxes and payroll.

NorthOne business checking accounts are best for freelancers, startups, and small businesses that are interested in a simple to use system, mobile check deposit, and a competitive fee structure among other benefits. 

NorthOne also integrates with many small business apps such as Amazon, Freshbooks, PayPal, Shopify, Stripe, and Wave, allowing you to manage all of your company’s finances from one dashboard. Read our full NorthOne bank review

Novo

Bank Novo logo 210x100

Novo, like BlueVine and Azlo, is an online business bank. Like Azlo, Novo offers a lot of third-party integrations with tools like Slack and Shopify which can make it easier to manage your business.

One thing that separates Novo from the competition is that it offers perks and discounts to its customers. For example, Novo customers can save on service from companies like Hubspot and Google Cloud, which can help improve your company’s bottom line. Read our full Novo review.

FAQ – What Users Want To Know About BlueVine

These are some frequently asked questions about BlueVine.

What is the minimum credit score to get financing from BlueVine?

To get financing from BlueVine, your personal FICO Score has to meet minimum requirements. For invoice factoring, you must have at least a 530 FICO Score. For a line of credit, your score must be at least 600.

Do you need invoicing or accounting software to use BlueVine?

No, you don’t need to use either type of software to bank with BlueVine or to apply for financing. BlueVine can make lending decisions by looking at your banking activity without you needing to use accounting software. However, using this software may help you qualify for a larger line of credit.

Can I deposit or withdraw cash?

Yes.

You can withdraw cash from any ATM. BlueVine offers free withdrawals from more than 38,000 ATMs on the MoneyPass network. You can use other ATMs without paying a fee charged by BlueVine, but you may pay a fee charged by the ATM’s owner.

You can deposit cash at more than 90,000 Green Dot locations. There is a $4.95 fee for cash deposits.

Does the account come with a checkbook?

Yes, BlueVine gives its banking customers access to a checkbook that they can use to pay suppliers and others.

Conclusion

BlueVine is a great bank for any online business. It’s almost completely fee-free and offers a high interest rate for deposits up to $100,000.

If you’re a medium-to-large business, BlueVine is an even better choice. Its financing options can help your money get the cash it needs to keep running at a reasonable cost.

Businesses that rely heavily on cash can still use BlueVine thanks to its partnership with Green Dot, but paying almost $5 for every cash deposit can be painful, so those companies are likely better off with a bank that has physical locations.

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