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Where you bank for your business matters. Our clients, first-time entrepreneurs and seasoned business owners alike, often ask us to recommend the best bank accounts out there. We are happy to announce that Harvard Business Services has partnered with BlueVine to offer their Business Checking accounts to all our US-based customers.
1) How much are you paying in fees?
Banking should not cost you unnecessarily.
Typically, small business bank accounts charge an account opening fee of $25 - $100 and a monthly maintenance fee of $15 - $30. Anytime you have insufficient funds in your account, that is another $35 (or an “NSF” fee). On top of fees, they will often have minimum balance requirements and other restrictions.
BlueVine does not have any of these fees or minimums. Receiving ACH or Wire payments does not cost you anything, either.
2) Does your bank pay interest on your cash?
You should get paid for the cash balance you hold at your bank.
Most small business banks do not pay any meaningful interest on balances. BlueVine pays 1% annual interest*, which is 20 times the national average†, paid directly into your account every month. We like this feature because it shows that BlueVine is willing to bet on your success and act as a financial partner.
3) Does your bank have all the products and services you need?
Unlike most other online banks, BlueVine has multiple lending products that are there to help growing businesses. Their revolving Flex Line of Credit goes up to $250,000, and their Invoice Factoring product help eligible businesses turn up to $5,000,000 of unpaid invoices into cash.
4) Will they have support to help me when I need assistance?
Let’s face it, you’re too busy to play phone tag with your bank’s answering machine. When you call your bank, you want a human to pick up the phone and assist you. We have high standards for customer service at Harvard Business Services and we were impressed by BlueVine’s commitment to service.
BlueVine’s customers routinely rank them highly for their customer service, which is important to us.
You can open a checking account with BlueVine in as quickly as 60 seconds‡, 100% online. Head over to our partnership website to learn more. To open an account, you must have a U.S. Social Security Number for yourself and a Federal Tax ID Number (EIN) for your business. Additional terms may apply.
Banking Services provided by The Bancorp Bank. Your deposits are FDIC insured up to at least $250,000 through The Bancorp Bank; Member FDIC. The BlueVine Business Debit Mastercard® is issued by The Bancorp Bank pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
*Business Checking to earn 1.0% interest when checking balance is at least $1000.
†The national average is based on a simple average of rates paid by US depository institutions as calculated by the FDIC. Source: https://www.fdic.gov/regulations/resources/rates/
‡Based on user testing
BlueVine Payments Bill Pay funds are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.
BlueVine's Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).
Links to external websites are not managed by BlueVine or The Bancorp Bank.
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source's content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.
There is 1 comment left for Harvard Business Services Partners with BlueVineIgor Jelic said: Monday, October 19, 2020
Dear all, regarding the news about offering business banking via BlueVine, can you tell me does this offer consider Delaware LLC and non US-resident UBO and director? Thanks, Igor JelicHBS Staff replied: Monday, October 19, 2020
BlueVine requires that the person opening the account be "A U.S. citizen or a resident with a verifiable U.S. address." If you have questions regarding whether you or your LLC is eligible, we recommend contacting BlueVine directly.