Bluevine 1-Year Review: Pros, Cons & Verdict — Full Transcri

[00:02] but is that actually true? I've been using BlueVine for a full year now, and in this video, I'll break down the good, the bad, and whether I would really recommend it. Before I get into the pros and cons, here's why I even switched to

[00:15] time, I had a couple of business bank accounts with traditional banks. Every the accounts open, or I had to keep thousands of dollars sitting there just to avoid those fees. And on top of that, the money wasn't earning me anything.

[00:29] That's when I started looking around for other options. Luvine stood out because sign up process is fast and it can be done entirely online and they actually pay a decent interest on your balance. So, I decided to give it a try. Now,

[00:42] after a full year of using it for my business, here's what I've learned. The first big pro for me is the money saved in fees. With Blue Vine, there are no monthly maintenance fees. You don't get hit with any overdraft fees if that ever

[00:54] happens. And there are no transaction limits, so you're not charged extra for using your accounts too much. And if you stick to the in network ATMs, you don't pay any ATM fees either. Compared to what I was paying at my old banks, it's

[01:06] of the main reasons I switched. And honestly, that's what makes Bluebine stand out from most traditional business banks. The next pro is how easy it was to get started. With my old banks, opening a new business bank account

[01:19] means calling a banker, setting up an appointment, and wasting hours at the up process took me less than 10 minutes online and I was approved the next day. On top of that, they make it super easy to set up sub accounts. For example, if

[01:33] I want a separate account for taxes, payroll, or even just an emergency fund, dashboard, each with its own account number. In fact, I was able to set up a sub account just to receive a payment from a client, so I didn't even have to

[01:48] share my main account number. It felt safer and more secure that way. At a traditional bank, this would mean opening and maintaining multiple accounts and of course more fees. With Blue Vine, you get convenience. It's

[02:00] Another big pro you get with Blue Vine is the peace of mind. Your deposits are FDIC insured of up to $3 million. That's 12 times more than the standard $250,000 that you get at most other banks. For a small business owner, that's huge. Even

[02:15] if you're not holding millions in your account, just knowing that you have that extra coverage gives you a lot more confidence that your money is safe. Blue Vine also helps your money grow. Right now, you can earn 1.5 APY interest on

[02:27] balances of up to $250,000. To qualify, you just need to either receive $2,500 a month in deposits or spend $500 on your business debit card, do. for a business checking account. That's a lot better than the 0% interest

[02:43] that I was getting at my old banks. And on top of that, the online dashboard is super clean and easy to use. And the mobile app is just as solid. Everything lot of clicking around to get things done. Another pro is the customer

[02:57] support. A lot of online banks makes it nearly impossible to talk to a real person, but with BlueVine, I've always been able to reach someone when I needed help. You can get support by phone, email, or chat during business hours.

[03:09] And in my experience, the reps were actually knowledgeable and solved my big deal because when it comes to your business money, you don't want it to be stuck waiting days for a response. Of course, no business bank is perfect and

[03:22] downsides you should know about. The first one is that BlueVine does not support Zel. Before switching over, I was using Zel often to pay contractors for me. The good news is you can still send payments to anyone through free a

[03:37] transfers. But if you're used to using zel, it might feel like a downgrade. The second con, depositing cash isn't super convenient. You can deposit cash into your Blue Line account, but it comes with a fee. Usually, it's $4.95 per

[03:51] with a fee. Usually, it's $4.95 per deposit or 0.5% of the total amount. Since my business is fully online and doesn't handle cash, this doesn't affect with cash deposits, this could be a deal breakaker. So, after a full year, here's

[04:04] my verdict. If you are a online business owner, freelancer, or a small business think Blue Vine is one of the best options out there. You save money on and the whole experience is just way more convenient than traditional banks.

[04:19] If your business is cash heavy, though, Blue Vine probably isn't the best fit. Those deposit fees will add up quickly. Overall, for me, switching to Blue Vine it's the bank that I'll continue to use for my business. If you want to check it

[04:32] below. That link will directly take you straight to this landing page. Signing up is super easy. Once you're on this page, you can just click on open account. You can just choose your entity type, input your information, create

[04:45] started. And on this page, you would just need to fill out the information about your business. When you're done, just click on next. And then you would just need to complete the information about yourself so they can verify your

[04:57] on continue. And the last step is you just need to verify your phone number. So, after you verify your number, you click on verify and continue. You'll be you're done. The whole sign up process is that simple and you should get a

[05:11] questions, leave it in the comments below.