If you are a small business owner or a freelancer who is looking for a free, online, interest-earning checking account, then you have to keep reading this BlueVine review.
When the pandemic hit the United States (and the world) in 2020, a lot of businesses were really challenged. In fact, many businesses had to shut their doors leaving a lot of people jobless.
In fact, according to a survey done by the July MetLife and U.S. Chamber of Commerce Small Business Coronavirus Impact Poll, they have found that about 70% of small businesses in the United States were concerned about financial hardships, and 58% worry about having to permanently close because of prolonged closures at that time.
While some businesses were threatened, others learned to thrive despite the challenges. Many of them had to re-strategize their day-to-day operations in order to survive. One of the strategies was to go online, and offer cashless transactions for in-store sales.
That is where digital banking becomes a vital part of small businesses’ day-to-day activities.
You see, this situation made a lot of people appreciate online activities more – whether it be online shopping or online banking transactions.
Now, what we are trying to say is, digital banks play a crucial role especially in unforeseen situations like the pandemic. It kept a lot of industries going. Thanks to digital money transfer platforms, which include online banks.
If you are a small business owner or a soon-to-be one, opening a digital business checking account is essential. Thanks to technology, indeed, there are lots of choices out there to choose from.
Today, however, we are going to particularly focus on one – it’s BlueVine Capital.
This BlueVine review will particularly focus on providing you essential information that you need to know before you even decide to open an account with this online business banking platform.
For your reference, we are going to specifically provide answers to the following questions:
- What is BlueVine Capital?
- Who is BlueVine Capital best for?
- What are the products offered by BlueVine Capital?
- How to do banking with BlueVine Capital?
- Is BlueVine Capital safe?
- What to like about BlueVine Capital?
- What not to like about BlueVine Capital?
WHAT IS BLUEVINE CAPITAL?
As we always say, when choosing a bank, it is always best to do a little research. Know more about the bank you are eyeing for you to be able to gauge if it is indeed the right one for you or not.
It is important, especially in an online business banking platform to choose a bank that you are confident about, and that has provided customer satisfaction over the years.
With that said, let’s take a look at what BlueVine Capital or simply BlueVine is about —
BlueVine Capital Incorporated was launched in 2013 and is based in Redwood City, California.
It is primarily an online small business checking account provider. However, it has eventually distinguished itself from its competitors by becoming a source of various types of business financing as well.
Over the years, and with constant innovation, BlueVine has become one of the most advanced online business platforms in the whole industry.
Although BlueVine also offers loans and lines of credit, it particularly became well-known for paying high interest on account balances, which makes it a checking account and high-yield savings account in one.
Currently, the company has over 200,000 customers and has already provided business financing of over $9 billion to small businesses.
BlueVine is available across all 50 states for small businesses that are engaged in almost all types of industries. Unfortunately, the online business checking platform does not deal with businesses under gambling, adult entertainment, weapons and firearms, and illegal substances categories.
In terms of reliability and dependability, BlueVine has surely earned that having an A+ rating from the Better Business Bureau.
Technically speaking, BlueVine is not a bank. However, its banking services are provided by The Bancorp Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000.
If you want to know more about BlueVine and learn more insights, here’s a review made by Credit Suite, which we thought is informative and helpful especially for those who barely know this online business checking account provider.
WHO IS BLUEVINE CAPITAL BEST FOR?
In the previous section of our BlueVine review, we provided you important details about the bank. This time, to help you assess if this is indeed the right bank for you, we are going to talk about who is BlueVine best for.
Generally, this online business banking platform is a great choice for most people who own or operate a small business, particularly online businesses. It is also ideal for business owners who do not rely so much on cash.
If you own a large business, BlueVine is also ideal for you especially since the bank offers great invoice factoring or a line of credit.
Furthermore, as mentioned, BlueVine offers an interest-bearing checking account, which makes it the best choice for those who want to enjoy the benefits of a checking account, at the same time, earn interest from it.
With everything that the platform has to offer, it definitely is one of the best online business checking platforms out there.
WHAT ARE THE PRODUCTS OFFERED BY BLUEVINE CAPITAL?
One of the most important things that you need to know as a customer is the products offered by the bank you are eyeing for. In this case, what products are available at BlueVine.
Similar to most online business banking platforms, BlueVine offers a single account only, and that is the BlueVine Business Checking Account. So, if you are looking for a savings account, money market, or certificate of deposit, you may have to look somewhere else.
Moving on, although it only offers a business checking account, what makes BlueVine stand out from its competitors is the fact that it offers small business financing, which includes Invoice Factoring and Line of Credit.
Now, let’s discuss more these products:
BlueVine Business Checking Account
BlueVine is known for its Business Checking Account. Although it is a relatively standard business checking account, what makes it appealing to small business owners are some of its stand-out features.
Some of the amazing features of BlueVine Business Checking Account include:
- No Minimum Balance Requirements. Contrary to most online business checking accounts out there, BlueVine’s does not require account holders to keep a minimum balance in their checking account, which means, even if you withdraw all your money, you won’t get charged at all.
- No Monthly Fees. Another feature that we like about BlueVine Business Checking Account is that it does not require you to pay any monthly maintenance or service fee, which allows you to save a good amount of money really.
- No Overdraft Fee. Just as you thought you had all the amazing things a business checking account has to offer, BlueVine also does not charge a fee for overdrafts or insufficient funds. These two are actually very common fees among its competitors, but with BlueVine, you do not have to worry about these at all.
- Pays Interest. Probably the best feature that the BlueVine Business Checking Account has to offer is that it pays interest. Customers earn a 1% annual percentage yield on balances up to $100,000. So, even if you have money in your account, your money is still working for you. That’s great, right?
- Unlimited Transactions. While other online business checking platforms may have limited transactions, with BlueVine, there is none, which means you can transact as much as you want in a month, and you do not have to worry about anything.
- Cash Deposits. Another thing to love about BlueVine’s business checking account is that through its partnership with third-party service Green Dot, account holders can use their business debit card to deposit up to $7,500 in cash per month at over 90,000 locations across the United States. By the way, BlueVine charges $4.95 for cash deposits.
- Online Banking Tools. Last, but definitely not least on our list is that the business checking account includes all of the tools you need to streamline your finances. This includes mobile check deposits one-time and recurring payments. More so, you can sync transactions to accounting software such as Wave, FreshBooks, and QuickBooks as well. Another thing, you can also connect to third-party tools like PayPal, Expensify, and Stripe.
To apply for and open a BlueVine business checking account, all you need to do is to go online and visit their website.
Make sure that you are at least 18 years old, and a citizen or a resident cardholder of the United States with a valid address. It is also important to note that as soon as you deposit at least $1 in your business checking account, you’ll start earning 1% interest on your account balance.
To sign up for BlueVine online business banking, you will have to create an online account, and then, you will be asked to provide basic information as well as documentation about you and your business.
Generally, applications are reviewed within 24 hours. But, the process may take between three to five business days. Once approved, you will be asked to accept the account agreement. After which, you will be able to access and fund your account.
The BlueVine Business Checking Account comes with a business debit card, which would be available within five to seven business days.
To manage your BlueVine business checking account, you may head on to their website, or use the BlueVine mobile app, which is available for both Android and iOS users.
BlueVine Invoice Factoring
Probably one of the most challenging for any business whether it be small or large-scale is managing cash flow.
Normally, what happens is that when businesses send an invoice to a customer, most likely it will take weeks before they get paid, leaving businesses without money to pay their own bills or to use for their day-to-day operations.
It is during this scene that invoice factoring becomes a big help. Basically, invoice factoring is a term that refers to turning unpaid invoices into cash to help keep businesses running.
BlueVine offers invoice factoring, and it can provide up to 90% of the invoice balance outstanding. The remaining balance (minus the 0.25% service fee per week) is paid once the invoice amount is paid.
What’s nice about this product is that BlueVine makes application and approval so easy and convenient.
In fact, you can apply for BlueVine Invoice Factoring online for as little as 10 minutes only. Meanwhile, approval takes as little as 24 hours.
To qualify for the BlueVine Invoice Factoring, you will need to meet the following requirements:
- Have been in business for at least 3 months
- Have a minimum FICO score of 530
- Have at least $10,000 monthly revenue
- Operates as a Business-to-Business (B2B) provider
Line of Credit
Another product that BlueVine offers is a line of credit. A line of credit may be used by small businesses to cover operating expenses or in other cases, for business expansion.
The BlueVine Line of Credit allows small business owners to borrow up to $250,000 and can be paid back with fixed monthly or weekly payments for as long as 12 months.
Just like the home equity line of credit, the funds can be accessed from your BlueVine Line of Credit as needed. Just the same, as you repay the outstanding balance, the available credit increases as well.
The BlueVine Line of Credit comes with an interest rate of as low as 4.8% per month.
What is nice about having a line of credit is that you do not necessarily have to use the money all at the same time. If you don’t need funds, you can just leave it alone. Needless to say, BlueVine does not charge setup fees or ongoing maintenance fees to keep it open.
BlueVine gives approval for a line of credit applications for as little as five minutes! Definitely fast and easy, right?
To qualify for a BlueVine Business Line of Credit, you must meet the following requirements:
- Have been in business for at least three years
- Have a minimum FICO score of 650
- Have a minimum of $40,000 in monthly revenue
HOW TO DO BANKING WITH BLUEVINE CAPITAL?
As mentioned earlier, whether you are applying for a business checking account, invoice factoring, or a line of credit, all you got to do is go online, visit the BlueVine website, and provide all the information asked, and in just a few minutes you are done.
In the case of a business checking account application, it takes just about 10 minutes to finish and the approval usually takes 24 hours. The same goes for invoice factoring.
Meanwhile, to apply for a line of credit, it as well takes just a few minutes, and approval comes in just about 5 minutes!
You see, BlueVine definitely provides customers an easy, fast, and very convenient account application and approval process.
IS BLUEVINE CAPITAL SAFE?
This BlueVine review will not be complete without us tackling the security and safety feature on this online business checking account provider.
We totally understand that most, if not all, customers worry about the safety of their money and the security of their personal and business information.
So, to answer if BlueVine is safe, here’s what we found —
To ensure the safety and security of your money and your personal information, BlueVine uses the latest internet security practices. BlueVine ensures everything is put in place to avoid possible fraud or identity theft.
More so, BlueVine also partnered with the Bancorp Bank, a member of FDIC, so you can get full FDIC insurance for your account in case of failure. With FDIC insurance, you can get up to $250,000 in coverage for your business’s accounts.
WHAT TO LIKE ABOUT BLUEVINE CAPITAL?
This BlueVine review, similar to other reviews we did will not be complete without a summary of the things we like about this online business checking account provider.
Some of the things that we particularly like about BlueVine are as follows:
- Interest-Bearing Checking Account – It is uncommon among online business checking accounts providers to offer an interest-bearing account, which is why we particularly love the fact that BlueVine provides that. With its online business checking account, you can earn up to 1% APY on your checking balance up to a maximum of $100,000.
- No Minimum Balance Requirement – With BlueVine, you can open an account without having to worry about having enough money because even if you don’t have any, you can definitely have one. Needless to say, regardless if you withdraw your money all at once, you don’t have to worry about charges or penalties.
- No Monthly Fees – Another thing we like about BlueVine is that it does not charge monthly fees, which allows account holders to save a few bucks.
- Paper Checks – Unlike other online business checking account providers, BlueVine provides paper checks.
- Unlimited Transactions – It is common to most online business checking account providers to have limited transactions, and that you are charged once you go over the limit. But, that is not the case with BlueVine as they offer unlimited transactions.
- Small Business Financing Options – Apart from the business checking account option, BlueVine also offers invoice factoring as well as a line of credit to help improve your cash flow or grow your business.
- Cash Deposits – Although the bank charges a $4.95 fee for cash deposits, it does not matter because not all business checking accounts providers or digital banks offer such features.
- Extensive ATM Network – The BlueVine Business Checking Account comes with a debit MasterCard, which allows you to withdraw cash anytime for free at tens of thousands of ATMs across the country.
- Online Payments – With your BlueVine business checking account, you can easily send payments using your debit card, credit card, or directly from your BlueVine account using the mobile app.
WHAT NOT TO LIKE ABOUT BLUEVINE CAPITAL?
While there are a lot of things to like about BlueVine, it sure does have its share of downsides as well.
Some of the things we do not particularly like about BlueVine Capital include:
- No Physical Branches – Although it’s not totally unique to BlueVine, unfortunately, like most digital banks and platforms of the same kind, the company does not have physical branches as well. Everything is done online.
- Short Repayment Terms – BlueVine does not offer much flexibility when it comes to payment terms, which means you will have to deal with higher monthly payments when you borrow money from them.
- No Savings Account Option – Similar to most online business checking accounts providers, BlueVine does not have savings, money market, as well as CD options.
- Fee for Cash Deposits – As mentioned, there is a $4.95 fee per cash deposit through the Green Dot network. It can be costly on cash deposits amounting to a few hundred dollars or less.
- Limited Customer Service – BlueVine’s customer service is only available on weekdays, which can be a disadvantage if your business is running seven days a week.
FINAL THOUGHTS ON BLUEVINE REVIEW
While there are so many online business checking account options out there, what makes BlueVine stand out is the fact that it offers an interest-bearing account, does not charge monthly fees, and does not have a minimum balance requirement.
So, with all the amazing features that BlueVine Capital has to offer, do you consider it as the best choice yet?