small business banking

Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

I’ve been really excited to review Bluevine since so many people have asked me about it. This is a free small business checking account offer that earns 50X the national average interest with no monthly fees or minimum deposits. Of course, they can’t possibly cater to every business owner… Can they?

That’s what we’ll explore here.

Bluevine Business Checking Overview
- Bluevine’s Line of Credit
- Bluevine’s Bill Pay
Bluevine Company Overview
Frequently Asked Questions
The Verdict: Is Bluevine Legit?

Now, let’s fire away!

Bluevine Business Checking Overview

Bluevine offers free, single-user business checking accounts that can earn 2% interest on up to $100K with qualifying activity. There are no minimum deposits or NSF fees, which is incredible.

One standout feature that Bluevine doesn’t seem to advertise much is the ability to give your bookkeeper access to your account without sharing your dedicated login information — this can come in handy!

To qualify for interest accrual, account holders must meet at least one of the following requirements:

Spend $500 with your Bluevine debit card in a calendar month OR
Receive or deposit $2.5K via ACH, mobile deposit, wire transfer, or via a merchant payment processor (not ATM).

Bluevine uses the MoneyPass ATM network, with 37K locations nationwide. So, if you’re super rural, you may not be able to access a surcharge-free ATM. In this case, you would pay $2.50 for every ATM transaction.

While most services are free online and within the MoneyPass network, Bluevine charges $4.95 for all cash deposits made at an ATM. This might be steep for a business that makes multiple cash deposits, but online businesses wouldn’t be affected much.

There are no limits to the number of transactions that can be made in a Bluevine account, but cash transfers are limited to $1.5K per transaction, $2K per day, and $7.5K per month.

Pros	Cons
Free checking with no monthly fees	No joint accounts
2% interest on balances up to $100K	Minimum requirements to collect interest
No minimum deposits	$7.5K maximum monthly cash transfers
Sub-accounts with dedicated account numbers	$2.50 fee for out-of-network ATMs
Unlimited, fee-free transactions	No branch access (ATM-only)
No NSF fees	$4.95 fee for cash deposits

So, a Bluevine checking account seems like a fantastic option for certain businesses. The offer seems to be catered to accountants, bookkeepers, freelancers, and other service businesses that primarily conduct digital transactions.

Naturally, there are businesses that Bluevine isn’t going to work well for.

For one, partnerships might not be a great fit, since only one account holder is permitted for each account. Next, super rural businesses without easy access to MoneyPass ATMs might end up paying quite a bit in surcharges (assuming you would need ATM access). Finally, this offer is simply not well-suited for businesses that need to deposit more than $7.5K in cash monthly, as that’s where Bluevine maxes out.

Fun Fact: Bluevine checking is powered by Coastal Community Bank, which is also the servicer for the X1 credit card.

Bluevine’s Line of Credit

Bluevine offers lines of revolving credit up to $250K, with rates as low as 4.8%, serviced by Celtic Bank. Once approved, you can get access to funds quickly. Note that the advertised interest rate is “simple interest,” which means compounding isn’t accounted for, and the low 4.8% is based on a 26-week repayment plan.

You can apply for a line of credit online in minutes. Bluevine uses Plaid to connect to your bank account and analyze cash flow. To qualify, you must have been in business in the U.S. for at least 6 months, have at least $10K in monthly revenue, and have a personal FICO score of 625 or higher.

According to at least one satisfied lendee, you cannot apply for a Bluevine loan using your Bluevine checking account, which seems a little wonky. Hopefully, they will update their lending platform to work with their own bank at some point in the future. But, as of now, there doesn’t seem to be a workaround.

If you apply and are approved for a Bluevine line of credit, you can choose to wire transfer funds for access within a few hours and a fee of $15. Alternatively, you can choose an ACH deposit, which can get your funds to you as soon as the next business day (however, in some cases this can take a few days).

Bluevine’s Bill Pay

If you have the banking information for your payees, you can add them manually in your Bluevine account dashboard. I feel like online check services like Checkbook.io might be easier to use, since you only need an email address and name to deliver payments. But, bill pay is a nice feature for any bank account.

Moreover, you can connect Bluevine to Quickbooks to view income and expenses from your checking account dashboard.

Bill pay funds are held by Silicon Valley Bank, a trusted FDIC-insured institution. All-in-all, I think Bluevine’s bill pay options are competitive.

Bluevine Company Overview

Bluevine Inc. was co-founded in July 2013 by Eyal Lifshitz, Moti Shatner, and Nir Klar in Redwood City, California. The company started as an invoice factoring company, offering capital loans from $5K to $50K with “cash in as fast as 1 day.” They exited the factoring game and announced their free checking account offer in early 2020.

I found this gem from 2014 in the Wayback Machine:

Frequently Asked Questions

What happened to Bluevine?

There are a few rumors floating around that Bluevine is not accepting new applications. This is not the case — Bluevine is accepting new applications for lines of credit and new bank accounts. The rumor that they were closed may have started when PPP funding ended, as Bluevine was an approved lender for the Paycheck Protection Program.

Is Bluevine accepting new applications?

Yes! Despite the hearsay, Bluevine is currently accepting applicants for business checking accounts and lines of credit.

Does Bluevine run a credit check?

Yes, Bluevine runs a credit check for applicants looking for a line of credit. For approval, applicants must have a FICO score of 625 or higher.

Does Bluevine do a hard pull?

For businesses organized as an LLC, Bluevine does not do a hard pull, so applicants’ credit will not be negatively impacted.

What bureau does Bluevine pull from?

Bluevine has a partnership with Experian, Equifax, and Dun and Bradstreet, and reports on-time payments to all three.

Does Bluevine affect credit score?

Since they report payments to business credit bureaus, on-time payments to Bluevine will have a positive impact on your credit score.

Does Bluevine charge a fee?

The only fees Bluevine charges for checking accounts are ATM fees for cash deposits. Most ATMs within the MoneyPass network are surcharge-free for Bluevine account holders.

How much can I withdraw from Bluevine?

The maximum amount you can withdraw from Bluevine is $1,500 per transaction, $2,000 per day, and $7,500 per month

Is Bluevine a direct lender?

No. Bluevine’s lines of credit are serviced through Celtic Bank.

Who owns Bluevine?

Bluevine was founded by Eyal Lifshitz, Moti Shatner, and Nir Klar, who still currently own and operate the company.

What credit score does Bluevine use?

Bluevine uses applicants’ FICO scores to determine creditworthiness.

Is Bluevine FDIC insured?

Bluevine checking accounts, loans, and bill pay funds are FDIC insured through the respective banks that service these offers (Coastal Community Bank, Celtic Bank, and Silicon Valley Bank).

How many customers does Bluevine have?

As of February 2022, Bluevine had 450K customers.

The Verdict: Is Bluevine Legit?

Yep! This business checking offer is legit, and I would go as far as to say that I recommend it… for some business owners, namely accountants, freelancers, and other entities that conduct mostly digital banking. However, if you move a lot of cash through your company, or you have more than one owner, Bluevine probably isn’t your best option.

As far as Bluevine’s line of credit, I do trust offers from Celtic Bank, but I’m not the biggest fan of these fast-cash-type offers that use the owner’s personal FICO score to determine creditworthiness. Instead, I like to teach business owners to obtain credit using their business credit. What I do like is that Bluevine reports payments to D&B. So, with responsible payments, a Bluevine loan can help you build business credit. If you’d like to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Azlo Bank Review: Deep Dive Into Features, Competition, Fees, & More

By Joe

Anyone who knows me will tell you I’m a die-hard fan of credit unions for business banking. As a rule, I recommend owners use small community banks and credit unions for business checking. So, I even surprised myself when I fell intrigued with Azlo Bank. After reading the wildly mixed reviews, I had to do a write-up.

Today, we’re going to analyze the online-only business banking offer from Azlo. Here’s what’s in store:

Azlo Business Checking Account Overview
- Who Owns Azlo Bank?
- Where is Azlo Located?
Is Azlo Bank Safe?
- Is Azlo Bank FDIC Insured?
What You Really Get With Azlo Business Banking
Azlo Business Account FAQs
Azlo Business Banking Competitor Analysis
Final Takeaway: Should You Open an Azlo Account?

Read on to get the full scoop before you go sign up all willy-nilly (choosing a business checking account is a huge decision).

Update: On January 7, 2020, Azlo bank announced to users that their parent bank, BBVA US, has made the strategic decision to close Azlo. They stated that nothing would happen to existing accounts right away, and that they were letting users know early. This is not good news, but we are hopeful that they will find a new bank to service their offer.

Update: As of Fall 2022, Azlo has not reopened. Users looking for a similar offer might consider Novo or Bluevine instead.

Azlo Business Checking Account Overview

Azlo is an online-only business banking offer designed for freelancers, entrepreneurs, small businesses, and non-profits. Their core offer is a forever-free, no-fee checking account that can be managed from home. And, for $10 per month, you can access advanced invoicing and budgeting features as well as premium content and accountant access.

Who Owns Azlo Bank?

Azlo is owned by BBVA, the US subsidiary of Banco Bilbao Vizcaya Argentaria, based in Madrid and Bilbao, Spain. Publicly-owned BBVA branches are located throughout the world. The current CEO Is Javier Rodríguez Soler, who was named to the position in 2019.

Javier has been with the company since 2008, has a strong background in investments and corporate development, and appears to be plenty qualified.

Where is Azlo Located?

Azlo’s official headquarters are in San Francisco. In addition, they have offices in Portland, Los Angeles, Birmingham, and New York City.

Is Azlo Bank Safe?

One of the top queries business owners have about this banking offer is whether or not it’s safe. The best indicator of funds safety in the United States is insurance through the Federal Deposit Insurance Corp (FDIC). Through this protection, if a bank fails, the US government assures that your money is safe.

FDIC insurance currently grants protection for $250K in deposits per account per financial institution.

Is Azlo Bank FDIC Insured?

If you peek in at the FDIC’s institution directory, you won’t find Azlo on the list of insured banks, which might scare you off. But, Azlo is insured through their partner bank, BBVA. In other words, your funds will be protected if, for some reason, the bank fails.

What You Really Get With Azlo Business Banking

Up to this point, you might still be wondering what’s so special about this offer.

“C’mon, Joe. There are plenty of online checking account offers that sound just like this one. What’s the big deal?”

Am I right?

Now, let’s explore the essence of Azlo’s magic so you can find out how it lured me in.

Some of the standard features of a free account are:

Unlimited transactions
$0 minimum balance
$0 overdraft fees
Acccesss to 55K no-fee ATMs

But, that’s not all. Below, you’ll find more about what makes this offer stand out.

Hassle-Free Online Checking Account Application

You can apply for a banking account with Azlo in less than five minutes. You’ll need your Articles of Organization or other official business license, your photo ID, social security number, and your business’ EIN. Rather than gather hard copies of everything and drive or fax them to a banker, you can simply upload your documents directly from the online application.

Once you’ve submitted the app, Azlo will review and you’ll get an email when you’ve been approved. Expect the approval process to take between 2-3 business days.

Convenient & Flexible Initial Deposit

It can take some time to transfer operations from one bank to another. In some cases, most of your funds can already be tied up, which makes large initial deposits inconvenient. You won’t have that issue with Azlo.

In fact, the first deposit into your Azlo business bank account can be as little as $10 or as much as $1K.

Unlimited Direct Invoicing

Rather than use a separate invoicing platform, with an Azlo account, you can send unlimited invoices to customers and clients without leaving your banking dashboard.

You can personlize your invoices with your company name, brand logo, and custom fields. In addition, you can save client information to draft and create future invoices in just a few clicks. See more about advanced options in the Azlo pro section below.

Azlo Envelope for Budgeting

One of the first accounting lessons you learn in business is to set money aside for your taxes. A digital envelope makes it easy by automating your savings.

When you configure your account, you can select an amount to set aside as a percentage. With each deposit, this amount will then be saved into an envelope. When you need to spend the money, simply select your envelope and release the funds for instant access.

Affordable Instant Transfers

Most features of an basic Azlo banking account are free, however one very common elective feature will come with a fee: instant (ACH) transfers. To send money out of your account instantaneously will cost $2 and to receive it will cost 2% of the total transaction.

So, for a $200 instant transfer into your account, you’ll pay $4, which is a pretty competitive rate. Pro users will pay less.

Business Tools & Integrations

It’s always smart to make sure your business tools play well with one another. Azlo has partnered with several brands so users can integrate their banking seamlessly with the tools they already use. My best guess it that they will continue to roll-out more partnerships as demand increases.

How is Azlo business account integrations

As of today, you can connect an Azlo bank account with Bench, BigCommerce, Coterie, FreshBooks, Gusto, PayPal, Quickbooks, Shopify, Square, Stripe, Thimble, and Xero.

Azlo Pro Features

For $10 per month, you can upgrade to leverage some additional features. In many cases, these features can save money that might otherwise be spent on external tools and software.

Advanced Invoicing – Enable the ability to schedule and automate invoicing to clients and customers.
Unlimited envelopes – In addition to setting money aside for taxes in your first envelope, you can put funds into multiple envelopes, say for large purchases, payroll, and other expenses.
Azlo envelopes goals – Set budgeting goals and automatically schedule allocation into the appropriate corresponding envelopes.
Accountant access – Give your accountant direct access to your account without sharing your personal login information.
Reduced instant transfer fees – Pro users pay half the amount for instant transfers at just $1 for outgoing funds and 1% for incoming funds.
Premium content – You’ll also be able to access gated content that includes in-depth guides about business management, marketing, advertising, and financial management.

For many companies, the pro offer is worth at least $10 in software savings alone. If you have the need for any of the above features, it’s definitely worth checking out.

Azlo Business Account FAQs

There are still over a handful of common questions unanswered. Let’s address them.

Does Azlo accept Zelle?

While Azlo can be connected to third-party platforms, Zelle does not allow uers to pay with business debit cards.

Does Azlo have a debit card?

Yes, an Azlo card is a Visa debit card that can be used anywhere Visa is accepted.

Does Azlo work with PayPal?

Yes, you can connect an Azlo account to PayPay, Stripe, or Square. And, clients and customers can pay Azlo invoices with PayPal.

How do you deposit cash into Azlo?

To deposit cash into an Azlo account, you will need to deposit it into a linked bank account, then transfer the funds to your Azlo baking account.

How many accounts can you have with Azlo?

You can open one Azlo account per business. To open multiple Azlo accounts, you will need to connect them to multiple legal business entities.

Does Azlo have checks?

Azlo does not offer personal checks. Checks printed by using an Azlo account number and routing number will not work. To pay expenses by check from an Azlo account, you can use a third-party partner to send a mailed check.

Azlo Business Banking Competitor Analysis

I always encourage readers and Business Credit Workshop members to shop around before they make a financial decision. Since Azlo isn’t your only option, let’s see how they compare to the other top offer in thier niche (Note: I was going to add Seed.co to this list, but they have some growing to do before they can really compete).

Azlo Bank vs Novo Bank

In a nutshell, Azlo has an amazing offer that wins on several fronts — $0 non-sufficient funds fees, invoicing, and envelopes, as a few examples. But, Novo offers some impressive cash savings worth looking at.

Final Takeaway: Should You Open an Azlo Account?

If you’ve made it this far and you still like what you hear, yes, I recommend you look into opening an Azlo account for business checking. However, if you’re interested in learning how to build business credit and access up to $100K in funding within 30 days, I recommend a different type of account. Join the Business Credit Workshop today to learn more.

3 Best Credit Unions for Small Business Banking in 2022

By Joe

Best Credit Union for Small Business 2020

As a small business owner or founder, where you choose to do your banking can have a major impact on your long-term operations. And, when researching the best bank or credit union for small businesses, you may have realized that you would rather work with a credit union. Now, let’s look at the top credit unions for small business banking.

What you’ll find here:

Are Credit Unions Better Thank Banks?
- Are Credit Unions Better for Business Accounts?
The Best Credit Unions for Small Business
Final Thoughts

So, let’s get to it.

First, Are Credit Unions Better Thank Banks?

There’s a longstanding debate about whether banks or credit unions are “better.” And, it’s important to understand the difference to answer this question. A bank is a for-profit institution and a credit union is a nonprofit organization that provides comparable financial services. So, what are the advantages of credit unions?

At most credit unions, the shareholders are the members while banks funnel their profits to up the chain to its owners. This means that there is more opportunity for members to save on services and earn a larger percentage of total interest accrued with savings accounts and other investments.

As a credit union member, you typically end up with lower interest rates and fees (a major plus). On the flip side, major banks typically have more branch locations where customers can do business and invest more in apps and convenience services. So, you could say that which is the best is a matter of preference.

But, I have a tie-breaker: credit unions have less stringent and often flexible qualification terms for credit. You can’t walk into a bank like Wells Fargo and negotiate the terms of business banking fees, loans, or credit cards. At a credit union, more than not, you can because credit union underwriters usually work in-house and can modify terms and conditions of business and individual financial services.

So, I say that credit unions are in-fact better than banks. Now, let’s move forward.

But, Are Credit Unions Better for Business Accounts?

Aside from the general advantages above, there is another aspect of business banking with credit unions worth considering. When you bank with a credit union, you can leverage the perks above when obtaining business credit. For this reason, we prefer to work with credit unions. Alternatively, small community banks can be better for businesses than large banks.

How to Leverage Business Credit to Transform Your Life

Now, the Best Credit Unions for Small Business

You should have a solid understanding of why or why not a credit union might be best for your small business banking. And, here are the top credit unions to join.

1. Navy Federal Credit Union

With tons of free ATMs sprinkled throughout the United States and several other countries, Navy Federal Credit Union was created for members of the armed forces, DoD, or the National Guard. While you don’t necessarily have to be an active member to join, you must have ties to the military. So, if you are an active member, veteran, or a spouse, parent, grandparent, sibling, child, or grandchild of someone who qualifies, you can qualify for membership.

If you are not a service member, you will have to apply in-person at a branch location. Once you are approved for a personal account, you can then apply for a business membership. And, Navy Federal has excellent offers for businesses.

3 types of checking accounts (Basic, Plus, & Premium)
3 types of savings accounts (Basic and Jumbo Money Market & Certificate)
Real estate, vehicle, and term loans
Business lines of credit

Navy Federal is one of the best credit unions with the lowest rates and fees. Minimum deposits for business savings accounts start as low as $100. And, transaction fees range from $0 to $0.25. And, all accounts earn dividends.

2. Financial Resources Credit Union

With 13 branch locations in New Jersey and New York, Financial Resources Credit Union has been the top SBA Lender in New Jersey since 2013. So, you know their business financial services are dependable.

Here’s what you can leverage with Financial Resources Credit Union:

2 types of checking accounts
3 types of savings accounts (Business Purple, Money Market, & Certificates)
Real estate, equipment, and term loans
Lines of credit

So, whether you’re investing in real estate or you simply want checking and savings accounts to process your business finances, Financial Resources gives you options. Here, terms are flexible and you can get expedited approval on SBA-backed loans because the institution is a preferred lender.

3. Sound Credit Union

With 29 locations in the Puget Sound area of Washington State, Sound Credit Union is self-labeled “Washington’s Favorite Credit Union.” And, they stand out from most financial institutions in more than one way.

For one, they cater to cannabis businesses, which isn’t common. Next, they offer low interest rates, cashback options on certain loans, and they do a lot to support the local community. Furthermore, they have over 5,000 shared branch locations and 30K+ free ATMs nationwide.

And, businesses can take advantage of the following:

Checking accounts
Savings and certificate accounts
Cannabis (I-502 Analysis) business checking accounts
Business loans
Business credit cards

In addition, with Sound CU, you can access a full suite of business services that includes terminals and point of sale systems, eCommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software. The institution’s tech is as advanced as you can get with most major banks.

+Honorable Mentions

Obviously, these three credit unions are only a small drop in the ocean of options. So, in case you aren’t able to select one of these three, I want to share four more credit unions that you can research yourself:

Alliant Credit Union – 2 branch locations in Illinois and 80K+ free ATMs
Consumer Credit Union – 8 branch locations in Tennessee
America First Credit Union – Located in Ogden, Utah
Digital Federal Credit Union – 23 branch locations in Massachusets and New Hampshire, 5.9K shared branches, and 80K+ free ATMs

Final Thoughts

The above-listed credit unions offer the best financial services for businesses. If you want your operations to run smoothly, you can’t go wrong with one of these choices. Find out which banks and credit unions we are currently working with to obtain lines of credit up to $100K in 30 days by enrolling in Business Credit Workshop today.

Why choose a credit union instead of a bank?

Compared to a major bank, a credit union or small local community bank is likely to offer lower fees, increased savings, and more lenient qualification terms for lending.

What are the disadvantages of credit unions?

Typically, credit unions run operations from their own funds, so they might offer less in the way of mobile apps, online banking features, and other conveniences. But, they still have many valuable perks.

Are credit unions good for small business?

Yes. Credit unions provide similar benefits for business members as they do personal checking, savings, and lending. And, they are a great resource for business credit.

Which bank is best for small businesses?

A small local community bank or credit union can be the best choice for small business banking. Fees are typically lower than those at major banks and lending qualification terms have more wiggle room. These institutions tend to have more control over their terms and conditions.

How do I choose a bank for my company?

First, create a list of local small community banks and credit unions in your area. Then, call each institution on your list and ask about business checking and savings options as well as underwriting terms for business loans and lines of credit. Finally, choose the option that is the best fit for your operations and goals.


Initial Deposit Required	$10	$50
Direct Invoicing	Yes	No
Automated Budgeting (Envelopes)	Yes	No
Business Tool Integrations	12	7
ATM Fees	Free at BBVA Compass & Allpoint ATMs	Refunds All ATM Fees
NSF Charges	$0	$27
Business Financing	Streamlined Kabbage Business Loans	No
Business Tool Savings	No	Cash Savings with Merchants Like Stripe, Google Cloud, Quickbooks, & More