Quick Overview
Bluevine is the main bank I use for my C Corporation that runs my EC business and has been my go-to for nearly two years now. Overall, I’m quite satisfied. As a neobank, Bluevine doesn’t have physical branches; it operates on the rails of a traditional bank (Coastal Community Bank in this case) but provides a modern and user-friendly interface for customers like me. Without branches, there’s no option to visit in-person or make quick phone calls for support, so you rely on email or ticket-based support and hope for a timely response. On the plus side, Bluevine’s lack of physical locations reduces costs, allowing it to offer more benefits compared to traditional banks.
Why I Chose This Tool Over Others
I first started using First Republic Bank some 6 years ago when I opened my business, which provided excellent personal support. However, after its collapse and acquisition by Chase, things changed. Since I already had a Chase account for my personal credit cards, using the mobile app became cumbersome due to the poor account-switching functionality. Additionally, Chase began to impose monthly fees if certain conditions weren’t met.
This led me to explore other banking options, and I discovered Bluevine. I’ve been using Bluevine for nearly two years now, and it’s been a great fit. It offers essential features like online banking, a mobile app, robust integration with QuickBooks Online (QBO), payment capabilities, and notably, a competitive APY of 1.5% on their checking accounts (as of February 2024) — all without monthly fees. While this APY may not be the highest, it’s impressive for a checking account.
For excess cash, I use Live Oak Bank to benefit from a higher APY. Bluevine serves as my primary bank, handling my vendor payments, e-commerce revenue deposits, employee payroll, and more. My monthly balance typically averages around $100K.
My Favorite Feature
My favorite feature is, without a doubt, the APY on Bluevine’s checking account despite being free. While Bluevine does offer payment capabilities, I personally use Melio for vendor payouts, so I can’t comment extensively on Bluevine’s payment system. However, it seems Bluevine could meet most business banking needs for those looking for an all-in-one solution.
On security, Bluevine offers two-factor authentication via SMS, which is practical but could be more secure with an authenticator app option. For now, I’m comfortable with this balance of security and convenience.
Do I recommend it?
Yes, I highly recommend Bluevine. However, I did experience a recent issue with a bounced check for $20K that I’d issued to a local vendor. Despite reaching out to Bluevine, I didn’t get a satisfactory explanation, so if you frequently use checks for payments or receiving funds, you may want to consider this limitation.
For those who prioritize top-tier security, you might consider banks with more stringent login protocols.
Wrap up
Bluevine is FDIC-insured up to $3M, providing peace of mind even if my business doesn’t require that level of coverage yet. I currently have no reason to switch, and I expect to stay with Bluevine for the foreseeable future.
Hopefully, this review provides some helpful insights for anyone considering Bluevine. Unfortunately Bluevine does not provide referral codes, so I get nothing recommending them, but at least it will help someone in the future.
Check out Bluevine here.