Bluevine launches business banking plan

Developed for companies with balances that exceed USD 100,000, Bluevine Premier offers a high-yield interest rate that removes the need for business owners to move funds into separate savings or brokerage accounts. Moreover, the solution provides small businesses a part of the commercial offerings large banks reserve for corporations, including discounted fees on same-day ACH and outgoing wires, and priority customer support. Bluevine Premier customers also receive up to 20 checks per month that can be printed and emailed, with no additional cost, from their dashboard or mobile device.

According to officials, the company developed the new solution due to the need of customers to receive a high-yield interest rate on their deposit balances without being required to lock up funds in a CD or money-market fund that could reduce cash flow flexibility. With Bluevine Premier, the company intends to allow businesses to remove the need for separate accounts for parking their funds and earn more from it. Furthermore, Bluevine increased the ante with a 4.25% APY and low payment fees, with businesses being able to access them within their everyday business checking accounts.

As of the launch, Bluevine Premier customers who maintain a USD 100,000 minimum average on their daily balance across their Bluevine Checking account and sub-accounts, as well as spend at least USD 5,000 per month on their Bluevine Business Debit Mastercard sustain no monthly fee. On the other hand, businesses that do not meet these criteria can still use the solution for a monthly fee of USD 95.

With its digital banking platform designed for small businesses, Bluevine provides a suite of solutions to enterprises, including business checking, integrated accounts payable, and line of credit. Since its launch in 2013, the company supported over 500,000 business owners in saving time and resources. Private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 back Bluevine.

Recently, the company expanded FDIC insurance protection to USD 3 million for Bluevine account holders. By being provided through Coastal Community Bank, member FDIC, and programme banks in a sweep network, the FDIC insurance coverage provides Bluevine account holders reporting of up to 12 times the industry standard of USD 250,000.

Moreover, at the beginning of August 2023, Bluevine launched a new accounts payable (AP) offering to provide business payment management from within the Bluevine Business Checking account. The company’s accounts payable allows business owners to automate the entire AP process, including bill capture and storage, approval workflows, payment scheduling, automatic accounting reconciliation, and user provisioning and management.