Bluevine

Bluevine remains a top contender for business owners focused on yield, though its structure has evolved. The free Standard plan now offers a respectable 1.3% APY on balances up to $250,000 (with activity), while the new Premier plan offers a massive 3.0% APY on balances up to $3 million for those willing to pay a monthly fee. Combined with its robust bill pay dashboard, it is the best "hybrid" account for businesses that want to earn interest while managing cash flow.

At a Glance

• Account Type: Business Checking (Fintech)
• Monthly Fee: $0 (Standard), $30 (Plus), or $95 (Premier)
• Minimum Opening Deposit: $0
• Transaction Fees: $0 for standard ACH and incoming wires; $15 for outgoing domestic wires; $1.50 for mailing physical checks (Standard plan).
• APY (Interest): 1.3% (Standard), 1.75% (Plus), or 3.0% (Premier).
• ATM Access: Fee-free at 37,000+ MoneyPass® ATMs.
• Key Feature: High-Yield Interest (Up to 3.0% with Premier) & Bill Pay.
• Eligibility: Available to U.S. businesses, including Sole Proprietors.

Overview

Bluevine has evolved from a simple high-yield checking account into a tiered banking platform. It now caters to two distinct groups: small businesses that want a free account with a decent yield (1.3%), and larger businesses with millions in cash that want a higher yield (3.0%) and are willing to pay a subscription fee for it.

Plans & Pricing

Bluevine now offers three tiers:

1. Standard ($0/mo):
   • APY: 1.3% (requires activity).
   • Features: Basic banking, $1.50 fee to mail checks.
2. Plus ($30/mo):
   • APY: 1.75% (no activity required).
   • Features: Discounted payments, up to 20 free mailed checks/mo.
3. Premier ($95/mo):
   • APY: 3.0% (up to $3M balance; no activity required).
   • Features: Priority support, up to 50 free mailed checks/mo.

Note: Fees for Plus and Premier can be waived with high average daily balances ($20k for Plus; $100k for Premier).

Features & Benefits

• The Interest Engine:
  • Standard (1.3%): Requires spending $500 on debit OR receiving $2,500 in payments monthly.
  • Premier (3.0%): No activity requirements. Ideal for startups with large funding rounds or businesses with significant retained earnings.
• Sub-Accounts: You get one main account and up to 5 secondary accounts. Each has its own account number.
• Account Access: You can grant "Accountant Access" to your CPA.

Fees & Requirements

• Wire Fees: $15 Domestic Outgoing. $0 Incoming.
• Bill Pay Fees: Paying bills via ACH is free. Paying via Credit Card incurs a 2.9% fee. Same-day ACH costs $10.
• Physical Checks: If you write a check yourself from your checkbook, it is free. If you ask Bluevine to print and mail one for you, it costs $1.50 (Standard plan).

Borrower Experience

• Dashboard: The interface is clean and intuitive. The "Payments" tab acts almost like a lite version of Bill.com.
• Mobile App: Allows mobile check deposits and the management of sub-accounts on the fly.

Who It’s Best For

• Cash-Rich Businesses (Premier): If you have $500,000 sitting in cash, the Premier Plan is a mathematical winner. You pay $1,140/year in fees but earn $15,000 in interest (at 3.0%), netting you far more than free accounts paying 1.3% or 2.0%.
• Active Small Businesses (Standard): If you use your debit card often ($500 spend) or have steady revenue ($2,500 deposits), the free plan's 1.3% APY is still better than most brick-and-mortar banks.
• Sole Proprietors: Unlike Mercury, Bluevine accepts freelancers.

Who Should Skip It

• Low-Activity Businesses: If you have an inactive LLC with $5,000 in it, you won't meet the Standard plan requirements (earning 0%) and aren't rich enough for Premier. Look at Grasshopper or Live Oak Bank instead.
• Check-Heavy Users: If you need to mail 50 checks a month but don't want to pay a monthly fee, the $1.50/check fee on the Standard plan is a dealbreaker.
• Wire Users: If you send wires frequently, Mercury is free.

Bottom Line

Bluevine Business Checking has successfully pivoted to serve both small and large businesses. The Standard Plan remains a great free option for active freelancers, while the Premier Plan is a powerhouse for cash-rich companies looking to earn 3.0% on millions of dollars. Just be mindful of the new fees for mailing checks and the activity requirements on the free plan.