As a small business owner, you already have a lot on your plate — between keeping the books straight and your customers satisfied, picking a bank shouldn’t be something you have to lose sleep over. That’s where Bluevine Business Checking comes in: it’s the easy, modern bank-for-small-business kind of banking account you’ve been looking for. But is it right for you? If you’re looking to avoid any unnecessary fees, earn some interest, or simply want a bank account that works as hard as you do, this is a quick Bluevine Business Checking review of what you need to know and if it’s the right account for you and your business!
Key Features of Bluevine Business Checking
1. High-Yield Interest
Most business checking accounts won’t offer you any interest on the money that you keep there, but Bluevine Business Checking Account provides an annual percentage yield (APY) up to a certain limit. That means that while your business money is tucked away in its checking account, it will still be making money. If your business tends to have a lot of money in the account, then this could be some pretty serious money over the long run.
2. No Monthly Fees
One of the best features of the account, in general, is the fact that there’s no monthly maintenance fee — which is great for anyone’s business but is really helpful for those who struggle with a tight profit margin. There’s no keeping up with the limit in order to avoid one fee or the other.
3. No Minimum Balance Requirement
You won’t need to maintain a minimum balance, either, so you can withdraw your funds as soon as you need them without risking a fee. This is particularly good for small businesses since their cash flow can be unpredictable, and there may be times when the cash available in the account waivers.
Comparing Bluevine to Traditional Business Checking Accounts
When putting Bluevine Business Checking head-to-head against a traditional business checking account, the distinctions are stark and fairly favorable for entrepreneurs and small business owners. Bluevine Bar’s Business Checking doesn’t have monthly service fees, nor require monthly balance minimums to waive those fees — a significant savings opportunity for businesses with fluctuating cash flow. In-person banking and branch locations are the domain of brick-and-mortar banks, whereas Bluevine Business Checking is a completely online experience. That doesn’t mean you’ll lack in capabilities, however, as the account has online bill pay, and users can make deposits using their smartphones making a trip to the bank unnecessary. They’ll also get access to the MoneyPass ATM network, which includes 37,000+ ATMs nationwide — all non-Bluevine ATM fees are reimbursed as well, ATM owners may charge a fee.
Who Should Consider Bluevine Business Checking?
Bluevine Business Checking is designed for small business owners who like the ease, affordability, and all-digital innovation of online checking. If you’re managing a business with unpredictable cash, you may appreciate the fact that Bluevine doesn’t require a minimum balance and that it offers a rare business checking yield — your money can grow while you wait to use it or hold it in an emergency fund. When it comes to banking access, this account is ideal for digital entrepreneurs, such as freelancers, consultants, and online business owners, especially since they should be comfortable with mobile-only checking and don’t require regular in-person access. Businesses that want to skip the hefty charges and traditional structure of a business checking account will find a more modern option with Bluevine.
Why Small Businesses Might Benefit from Bluevine Business Checking
Time is one of the most valuable resources for small business owners. And you’re going to like the features of Bluevine. They’re designed to help you save time and reduce some financial stress. No hidden fees no game of access with your money, so you can use those most valuable resources elsewhere while banking.
Earn interest on your balance is a really good perk and very rare in traditional business checking accounts. Putting your money to work while you are saving for expenses or you’re currently keeping your balance reasonable is a solid benefit.
Real-Life Scenarios: Is Bluevine Right for You?
If your business is not a big cash handler and has flexible working capital, Bluevine Business Checking could work great for you. A freelancer or consultant, a knowledge worker, or an e-commerce entrepreneur (say, dropshipping) who transact primarily online or via credit or debit cards may like the mobile-first interface plus a fee-friendly setup.
If you are a quasi-cash business (e.g., retail shop or coffee place that gets a lot of customer cash throughout the day), we would think about the cash deposit fees, although with some planning and batch deposits, you could make it all work even with more reasonable levels of cash handling.
