BlueVine Business Checking Account Review

Best overall free business checking account – BlueVine

With a 1% APR on business checking accounts it’s as if you can party like it’s 1999.

Min. Deposit
$0
Number of Fees
N/A
Free Transactions
Unlimited
SimpleScore
4.8 / 5.0
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SimpleScore BlueVine 4.8
Free Transactions 5
Minimum Deposit 5
Fees 5
Support Channels 5
Product Variety 4
  • No minimum deposits or balances
  • Ultra-high 1% APY on all balances
  • Online banking with local banking service
  • No good for developing a personal relationship with your banker

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If you need a checking account for business you might want to consider BlueVine business checking. BlueVine was created in 2013 to help small businesses with capital needs. From their three offices in California, Louisiana and New Jersey they are able to service their clients all across the country. While disbursing over $6.5 billion in loans over seven years they launched their business checking accounts in 2019. When reviewing options for a free business checking account we compare the number of free transactions per month, minimum deposit, fees, support and product variety using our proprietary SimpleScore methodology. See the full rundown on best free business checking accounts of the year.

In this article

    BlueVine business checking account at a glance

    Minimum Deposit$0
    Interest Rate1% APY on all balances
    FeesNone
    Other Available ProductsBusiness loans
    Lines of credit
    Invoice factoring

    What we like about BlueVine’s business checking account

    Unlimited transactions

    Unlike some other banks that limit the number of ATM transactions or other transactions you make each month, BlueVine allows for an unlimited number of transactions, which is how we think it should be. It even provides business owners with two free books of checks when you open your account. Other banks will charge you as much as $50 to order checks, which really boils down to a transaction fee for each check you write.

    Earn interest

    BlueVine was launched as a financing company for small businesses that have little history or poor credit, offering invoice factoring, lines of credit and loans with very competitive interest rates. Now, the lender has taken that focus on saving money for small businesses to its new high-yield business checking account. The 1% APY offered on all balances is 10 times what most banks are offering currently. And it comes with no fees and unlimited transactions.

    [ Read: Best Business Lines of Credit ]

    Things to consider

    Online-only

    Many people prefer to have a personal relationship with their banker and even though you will get the same type of service you’ve come to expect from a local branch at BlueVine, it isn’t the same as when you know your banker, and work with the same individual for years at a time. When you have a personal relationship with your banker it can often help to get things accomplished, and your bank be more trustworthy of you personally rather than relying on cold and impersonal credit scores and other ratings.

    BlueVine business checking account vs. the competition

    Wells Fargo

    SimpleScore: 3.4/5

    Wells Fargo is a major U.S. bank, and just like any of the major U.S. banks the biggest thing you’ll find is the list of fees with its business checking account. Wells Fargo may be a good choice when your business grows to a level where you require its advanced services, but for a fair business checking account without fees BlueVine will beat Wells Fargo any day of the week. Read our full Wells Fargo review.

    Axos Bank

    SimpleScore: 4/5

    Axos Bank and BlueVine have quite a few similarities in their offered checking accounts, such as no fees and high-yield interest rates. However the Axos accounts aren’t strictly business accounts, and unlike BlueVine there is a minimum deposit when you open a checking account at Axos. In addition, Axos Bank has a $25 overdraft fee on several of its checking account products, and the bank can charge that fee up to three times per day. As an online-only bank Axos won’t appeal to those who prefer a more personal banking relationship. The bank can also be problematic for those who need to deposit cash, since it comes with a fee of $4.95 to make cash deposits, but that’s no different from BlueVine. Read our full Axos Bank review.

    Azlo

    SimpleScore: 3.6/5

    Azlo is actually quite similar to BlueVine. It features no fees of any kind, no minimum deposits for its business checking account and no minimum balance requirements. It is fully online and that’s the start of the differences between Azlo and BlueVine since BlueVine has three physical locations. The other major difference between Azlo and BlueVine is the interest paid on business checking accounts. Azlo doesn’t offer any interest, while BlueVine has an excellent 1% APY on its business checking. One final difference is the inability to deposit cash in an Azlo account. At BlueVine you can also make cash deposits at over 90,000 retail stores in partnership with Green Dot.

    [ Next: Small Business Tax Deductions You Should Know About ]

    How to open a BlueVine business checking account

    When you’re ready to get started on a business checking account with BlueVine, here’s how to get started and open an account:

    1. Visit BlueVine.com
    2. Click the ‘Get Started’ button
    3. Complete short form with name, email, mobile number and password. Check the box to agree to registration terms.
    4. Fill in a short form with details about your business. Click ‘Next’
    5. Fill in a short form with details about yourself. Click ‘Finish’
    6. Wait for the verification email and click the link inside to activate your account

    BlueVine in the news

    • BlueVine expanded into business checking in October 2019, as reported on by BankingDive.com, adding to its offerings for small business owners in search of a more democratic banking experience. BlueVine CEO and co-founder Eyal Lifshitz called the move “true end-to-end banking” for small businesses.
    • As reported in August 2020 by SmallBizTrends.com, BlueVine and DoorDash have partnered to provide custom Paycheck Protection Program loan applications for restaurants. While many restaurants were shut out of the PPP loan application process by traditional banks that focused on servicing their existing customers, BlueVine was able to rapidly provide funding to restaurants that may have otherwise had to shut down.
    • BlueVine has delivered over $6 million in PPP loans to DoorDash restaurants, such as the $125,000 loan granted within 24 hours to Jazmine Lalicker, owner of the Petaluma, California oyster bar and seafood restaurant called The Shuckery. That’s just a part of the more than $4 billion in PPP loans generated by BlueVine for over 125,000 U.S. small businesses.

    We welcome your feedback on this article and would love to hear about your experience with the business checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Steven Walters

    Contributing Writer

    An avid traveller and hiker, Steve has been writing in the personal finance, investing, and blockchain spaces for nearly a decade. His writing has been featured on Financial Samurai, Free Money Finance, Coin Bureau, and a number of other personal finance and investing sites.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.