Is Bluevine Checking Good for your Small Business? My Honest Review as a Small Business Owner.
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One of the greatest moments as a small business owner is when you have the next big idea - the inspiration creates a rush like a fire in your chest. Time becomes irrelevant as your focus narrows in on making your dream a reality, leading to late nights and a lot of caffeine. Entrepreneurship is a journey filled with passion, determination, and the relentless pursuit of success.
But amidst this hustle and bustle is an undeniable truth that every small business owner faces - business finances are tedious and time-consuming. Securing funding, managing cash flow, and finding the right financial partner for your small business is a complex challenge on par with trying to navigate a labyrinth without a map. It doesn't help that the financial landscape has become extremely fragmented over the past several years.
If you're starting or have an established business, you may be questioning if Bluevine checking is a good option for your small business. Let's dive in.
Is Bluevine business checking good for your small business?
Honest answer? It depends. I'm a current customer and love using Bluevine. I started my business in 2022, and after a few hours of research, I landed on Bluevine and haven't looked back since. My business is the blog you're currently reading, creating content around personal finance. Topics include everything from making money, saving money, and how to start and run a small business. All while managing the craziness of being a parent. But enough about me, let's jump back to Bluevine.
Bluevine currently offers three products, a business checking account, a line of credit, and a payment product. There are pros and cons to each product and some or all of them may be good for your small business. I currently only use the business checking account, but as my business grows, I will consider the other product offerings.
Bluevine Business Checking Pros & Cons
I love using Bluevine for my business checking account. What first attracted me to Bluevine was that it was an online-only bank and had zero fees. My business is completely online and I felt having a banking option with a similar business model would better understand my needs than a traditional brick-and-mortar establishment.
A few more pros include:
Speed to open
No monthly fees
No overdraft fees
No minimum balance
Unlimited transactions
2% interest on balances of $250k and less (with other terms)
Up to $3 million in FDIC insurance
Being a new business, I was laser-focused on speed and cost. Traditional banks required a few extra hoops to jump through to open a business account since I was brand new. Not Bluevine - my account was open in a few minutes. Funding the account was super easy as you can connect an external account or scan a check directly in the app. The first check deposit took a few days to clear after account setup but subsequent checks were much faster.
The no overdraft fees, minimum balance, and unlimited transactions were (and still are) important to me. I feel like those aspects are the way of the old and appreciate that Bluevine makes its money elsewhere.
As my business grows, the latter pros will start to kick in for me. Earning 2% interest is a big deal when compared to other banks and having the peace of mind of up to $3 million in FDIC coverage is great. While I'm not there yet, I hope to one day get to that level.
No account is perfect though.
Here are a few cons that I noticed:
No joint accounts
Only one debit card
Fee if you use an ATM outside of the network
Cash deposits are limited to $500 at a time
$2,000 cash deposit limit per day
Service fee for deposits up to $4.95
No weekend customer service support
Being a solopreneur, I got over these cons fairly easily, but if you have more than one owner, you can't share an account. That could be a dealbreaker. Another frustrating one is the one-debit card rule. May get a bit tedious passing around one debit card if you have in-person business expenses.
Cash deposits shouldn't be an issue for online businesses. But if you own an in-person business, cash deposits will be limited, and capped. Depending on how much cash you're raking in, these limits may be hindering enough to consider a different option.
I haven't run into an issue yet (knock on wood), but Bluevine's customer service is closed on the weekends. Great for their staff, but great for you if you run into trouble. Kind of like when you get hurt on the weekend and are required to go to urgent care at the hospital. You'll need to wait until Monday to get someone on the phone.
How to decide if Bluevine business checking is good for your small business
When deciding on Bluevine as a financial partner, I'd keep in mind two questions.
What are your business goals?
Whether you are just starting or are a more established small business, it's important to have clear business goals. This includes both short-term and long-term goals. If you're looking to streamline operational efficiency or reduce costs, I would consider Bluevine. Since Bluevine isn't bogged down with the costs of storefronts, they've been able to pass down their savings to their customers by offering low-cost products.
On the growth and expansion front, I would still consider Bluevine as they offer 2% interest on their checking account and after meeting their requirements, you could apply for a business line of credit. Similar to a home equity line of credit, you would only accrue interest when you use the funding.
What are your cash flow needs?
Bluevine is great when it comes to accessing your funding quickly, with no overdraft fees, and unlimited transactions. If you're expanding and need access to additional funds, you can apply for a business line of credit, which can operate as a great safety net. Online businesses should highly consider partnering with Bluevine. It's been a great experience for me since day 1.
I would caution anyone who primarily deals with in-person transactions, especially if check or cash-heavy. Traditional banks may offer lower fees and have an easier way to make deposits.
A final note
Having a reliable finance partner is a crucial aspect of managing a successful business. Bluevine serves that role for many, offering quick and flexible solutions to meet the unique needs of small businesses. Ultimately, the decision is yours. Take your specific business needs into consideration when reviewing the pros and cons of partnering with Bluevine.
Whether you choose Bluevine or not, I wish you the greatest success in your venture.
