BlueVine Business Checking Review 2023
source link: https://www.businessinsider.com/personal-finance/bluevine-business-checking-review
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BlueVine Business Checking Review 2023
BlueVine Business Checking Review 2023
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: The BlueVine Business Checking Account is on Personal Finance Insider's list of the best free business checking accounts. It pays a solid interest rate if you meet certain requirements and offers unlimited free transactions. You also have the ability to deposit cash, which sets it apart from other online business accounts.
BlueVine Business Checking Account: Pros and Cons
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BlueVine Business Checking Account Review
If you're comfortable banking online, the BlueVine Business Checking Account is a solid choice because it doesn't charge any monthly fees and pays interest if you meet certain criteria.
To earn 2.00% APY on balances up to $250,000, you'll need to spend $500 or more using your BlueVine debit card or receive customer payments of $2,500 or more. If you do not fulfill one of the requirements each month, you won't earn interest on the account.
About BlueVine
BlueVine is an online business banking platform with a checking account and line of credit. Your deposits are FDIC insured through BlueVine's partner bank, Coastal Community Bank.
To contact customer support, call Monday through Friday from 8 a.m. to 8 p.m. ET.
The BlueVine app has 4.6 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.
Is BlueVine Trustworthy?
BlueVine doesn't have any public controversies.
The Better Business Bureau gives BlueVine an A+ rating. A strong BBB grade signifies that a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
A great BBB grade doesn't guarantee that you'll have a smooth relationship with a company, though. You may still want to read online customer reviews or ask friends and family about their experiences with BlueVine.
BlueVine FAQs
No, BlueVine is a fintech company. However, money in the BlueVine Business Checking Account is FDIC-insured for up to $250,000 per depositor through its partner bank, Coastal Community Bank.
To open the BlueVine Business checking account, you'll need a driver's license, employer identification number (if you have a business that's a partnership or corporation) or Social Security number (if you're a sole proprietor), and basic business documentation (such as licenses, permits, and articles of organization).
You can deposit cash at Green Dot locations. Participating retailers include, but aren't limited to, CVS Pharmacy, Walgreens, and Walmart. When you visit a location, walk up to the cashier and ask them to load money onto your BlueVine debit card. However, keep in mind some retailers may charge a fee of up to $4.95.
Methodology: How We Reviewed the BlueVine Business Checking Account
We used a business checking account methodology for our BlueVine Business Checking Account review. We analyzed transaction limits, minimum opening deposit requirements, monthly fees, ATM network/fees, customer support availability, mobile app ratings, and the ethics of the company.
How the BlueVine Business Checking Account Compares
BlueVine vs. Live Oak Bank
Live Oak Bank is an online financial institution with business checking accounts, business savings accounts, and CDs. If you're looking for a competitive interest rate on a business bank account, Live Oak Bank may be more appealing. Its business savings account pays 4.00% APY, and its CD rates are higher than the BlueVine Business Checking Account.
You may lean more toward BlueVine if you would like to deposit cash. Live Oak Bank does not accept cash deposits for accounts.
BlueVine vs. Axos Bank
BlueVine only offers a checking account, but Axos Bank also has business savings, CDs, and a money market account. The Axos Bank Basic Business Checking Account has a up to $100 cash bonus that's featured in our best bank account bonuses guide.
However, keep in mind that BlueVine checking account still pays a higher interest rate than Axos' savings options.
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