BlueVine Review

Ashlyn Jackson

In a Nutshell

When it comes to small businesses, you want an online bank that offers flexibility along with excellent customer support and as few fees as possible. BlueVine gives its small business owners peace of mind and an array of services with it’s online banking option.

pros

  • High yield interest checking
  • No minimum deposit or maintenance fees
  • No insufficient fund fees or ATM fees at over 35,000 locations

cons

  • Customer support only available during set business hours
  • Outgoing wire transfer fees

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BlueVine at a Glance

Fees: No

Personal loans available: No

Credit/debit card available: Debit only

SMS/Mail alerts: Yes

24 hour customer service: No

Money transfers: Yes

Check scanning: Yes

Average APY: 1.00%

Minimum balance for APY: $1,000

Advantages Over A Regular Bank

BlueVine shows an above average performance when it comes to affordability and ease of use. With the national average interest yield sitting at 0.06%, BlueVine offers their checking account interest at a competitive rate of 1.00%. In addition to their interest rate, BlueVine also offers no maintenance fees, no minimum balance and free ATM usage at over 35,000 locations nationwide.

Cutting-Edge Banking Services

Customers are given complete control of their banking experience with BlueVine. You can access your accounts through their online portal or mobile app, transfer funds and upload checks from anywhere at any time. FDIC insured accounts allow for maximum protection against fraud and give total coverage with $250,000 per account.

Traditional Banking Services

Small businesses are fueled off of available funding and BlueVine offers several options in banking services to supply this asset. Customers can apply for a business line of credit of up to $250,000 through BlueVine with rates as low as 4.80% and approval in as little as 5 minutes. Additionally, BlueVine also offers other forms of sustenance including paycheck protection and term loans.

Paycheck protection allows businesses access to loan relief during disasters, such as COVID-19, with loans up to $2 million and no payments for up to 6 months for qualified customers. BlueVine’s term loans are designed to help with growth and allows businesses to receive funds of up to $250,000 with fixed interest rates and fast approval. In short, whether you are growing your small business or just needing extra room in your business budget, BlueVine has an offer that can assist.

Interest Rates and Fees

Loan Type
Amount
Interest
Approval

Term Loan

Up to $250,000

4.80%

5 min

PPP Loan

Up to $2 million

1.00%

5 min

Line of Credit

Up to $250,000

4.80%

5 min

Invoice Factoring

Up to $5 million

0.25% per week

24 hours

Customer Service

BlueVine offers several ways for their customers to reach them. Support can be reached by phone at 1(888)-216-9619 on Monday - Friday from 8:00am-8:00pm (EST) and Saturday from 12:00pm -4:00pm (EST). Alternatively, customers can find support through email by filling out the online form available through their website or email support@bluevine.com.

Mobile Apps

Accessibility is key in online banking. BlueVine’s mobile banking app allows you all the control of business banking from the convenience of your smart device. The app allows you to view your balances, manage cash flow, track transactions and deposit checks without ever having to set foot in the bank.

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Security

Online banking offers the simplest form of convenience but with that comes the need for additional safety precautions. This has made security for customers a top priority, Blue Vine understands this concept and takes every measure to protect its customers from fraud and identity theft. Accounts are FDIC insured up to $250,000. In addition, Blue Vine has implemented a comprehensive security system with safeguard procedures including SSL encryption to ensure every customer's information is kept confidential.

Conclusion

Blue Vine’s online banking option is a safe and affordable platform best for small businesses looking to grow their company, receive low interest funds or simply to have a place to park their revenue. With no fees, thousands of free ATMs and several banking services offered, online banking with Blue Vine is both simple and affordable.

Ashlyn is a fervent financial writer and civil engineer. She's on a mission to show others how to save and spend smarter through budgeting and purposeful money habits. She is also a proud Texas A&M Aggie currently pursuing her MBA and enjoys spending time with her friends every chance she gets. She also manages the blog dearyoungprofessional.com that focuses (among others) on personal finance.

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28 Sep 2020

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