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5 Online Business Banking Replacements

Gold Investment

5 Online Business Banking Replacements

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BlueVine is an online bank built around the needs of small business owners. It’s truly a great bank for plenty of reasons, including its lack of hidden fees, flexible transaction options, and generous offer of 1.00% APY on all checking account balances up to $100,000. 

But sadly, BlueVine now has a waitlist. The online bank grew massively popular, so it’s no surprise, really. 

Thankfully, there are other online banks that easily compete, and those on this list represent strong alternatives to BlueVine, each with their own unique perks and benefits. 

Without further ado, let’s investigate alternatives to BlueVine. 

Overview of the best BlueVine alternatives

Bank Best for Minimum opening deposit Monthly fee Unique offering
Novo Free ATM withdrawals worldwide $50 $0 Send paper checks for free
Chase Business Complete Banking℠ In-person banking $0 $15 (waived with balance of $2,000+) $300 signup bonus
Radius Tailored Business Checking account Cash back $100 $10 (waived with balance of $5,000+) 1% cash back on debit purchases
NorthOne Third-party app integration $50 $10 Extensive third-party app integration

Novo

  • BlueVine Alternatives: 5 Online Business Banking Replacements - NovoFees: $27 insufficient funds charge, $27 uncollected funds returned fee.
  • Min. Balance: $5.
  • Promotions: None as of April 2021.
  • Features: Quick signup process, Integration with Xero, Zapier, Slack, and TransferWise, send paper checks for free, refunds on 100% of ATMs worldwide.

In the heated competition for the best BlueVine alternative, Novo busts out of the gate with a speedy signup process, almost no fees, and slick integration with some helpful finance and communication apps. 

One of Novo’s more unique features is the ability to send paper checks through the app. Let’s say you have an old-school contractor who takes the phrase “check is in the mail” literally. Now, maybe you don’t have a checkbook – or maybe you do, but you’re hardly enthralled by the idea of writing a check, finding a stamp, licking an envelope… might as well use whale oil to power your desk lamp, am I right? 

As an alternative to all that rigamarole, you can simply order Novo to send a check for you through the app, and it’ll arrive within 7-10 days. 

If your contractors prefer cash, or you simply make frequent cash withdrawals for your business, take note of Novo’s other unique perk: automatic refunds on 100% of ATM fees worldwide. This way, you never have to worry about hemorrhaging $3 or so every time you pull cash. 

As far as drawbacks go, Novo doesn’t offer any interest-bearing account options. But, perhaps Novo’s biggest drawback is that you can’t deposit cash, which is a bit odd given how easy they make it to withdraw. Even still, the savings on ATM fees and checkbooks may make up for these shortcomings. 

Learn more about Novo or read our full review.

Chase Business Complete Banking℠

  • BlueVine Alternatives: 5 Online Business Banking Replacements - Chase Business CheckingFees: $15 monthly fee (waivable with $2,000 min. balance), 2.6% + $0.10 per authorized Chase QuickAccept transaction, $15 incoming and outgoing wire fees, domestic and international.
  • Min. Balance: $0 ($2,000 to avoid $15 monthly fee).
  • Promotions: Receive $300 upon opening Chase Business Complete Banking℠ account, maintaining a balance of $2,000, and completing five qualifying transactions within 60 days.
  • Features: In-person banking, robust mobile and online banking tools, seamless credit card processing.

All these VC-backed, online-only banks are exciting and disruptive, sure, but Chase makes a darn compelling case to go “old-school” with your business banking needs. I put “old-school” in quotes because despite being around since 1799, there’s hardly anything quaint or inconvenient about Chase’s offerings to small business owners. 

First off, Chase is the only bank on this list with an introductory promo offer, and a generous one at that. Open a Chase Business Complete BankingSM account, maintain a balance of $2,000 for 60 days, and complete five qualifying transactions (deposit, incoming wire, debit purchase, etc.) and you’ll get $300 credited to your account within 10 days. 

In addition to new school features like a slick website and mobile experience, the Chase Business Complete Banking℠ account gives you access to every “classic” banking need your business may have. Checks? Check. In-network ATMs? Check. An actual bank where you can walk inside and ask questions? Check. 

If you frequently handle P2P credit card transactions, take special note of Chase QuickAccept. The blatant Square assassin charges the same transaction fees (2.6% plus $0.10, 3.5% for key-ins) but with a notable exception; Chase will automatically deposit your funds same-day for free, whereas Square charges an additional 1.5% fee. 

Drawbacks to Chase Business Complete Banking℠ include high wire fees ($15 domestic and international, incoming and outgoing) and a high monthly fee of $15. Sure, you can waive it by keeping $2,000 in your account, but if you ever need to move that $2,000 into your personal account, you’re giving Chase your Netflix money that month. If your business involves plenty of wire transfers or you see yourself maintaining a balance below $2,000, you may want to pass. 

Learn more about Chase Business Complete Banking℠ or read our full review.

Radius Tailored Business Checking account

  • BlueVine Alternatives: 5 Online Business Banking Replacements - RadiusFees: $10 monthly fee (waivable with $5,000+ balance) $5 daily overdraft fee (after five days in the red), $5 dormant account fee, $35 expedited card replacement, $25 non-sufficient funds (NSF) charge.
  • Min. Balance: $0 ($5,000 to avoid a $10 monthly fee).
  • Promotions: None as of April 2021.
  • Features: 1% cash back on all business debit purchases, 24/7 customer service, award-winning online experience.

If you’re feeling FOMO about BlueVine’s APY, consider that Radius offers the next best thing: 1% cash back on all debit purchases. In fact, if you’re spending more than you’re keeping in your account, 1% cash back is better

When you open a Radius Tailored Business Checking account and start making purchases with your business debit card, you’ll automatically get 1% cash back which, when you’re starting out or growing and your expenses are high, can add up really quickly. The only caveat is you have to make sure to select “credit,” not “debit” at the counter – an odd niggle worth mentioning. 

Plus, once you get your balance above $5,000 Radius will apply 0.10% APY. That’s not a giant amount, but it’s enough to pay a bill or two – and it’s always nice to know that your account is generating interest while you sleep. 

As if cash back and interest weren’t enough, Radius backs up its solid business checking account with 24/7 customer support and an award-winning online experience.

Radius’ chief drawback is its fees. I appreciate how transparent they are, sharing every conceivable fee in one place, but it’s disappointing to see how much they charge small business owners for expedited debit card replacement ($35) and outgoing international wires ($40). Plus, Radius charges a $10 monthly fee, only waived if you keep a high $5,000 minimum balance. 

Still, if you can see yourself maximizing that 1% cash back and avoiding their fees, Radius may be the bank for you. 

Learn more about the Radius Tailored Busines Checking account or read our full review.

NorthOne

  • BlueVine Alternatives: 5 Online Business Banking Replacements - NorthOneFees: $10 monthly fee, $5 overdraft (per day), $10 ACH returns, $25 non-sufficient funds (NSF) fee.
  • Min. Balance: $0.
  • Promotions: None as of April 2021.
  • Features: Unlimited no-fee transactions, large ATM network, extensive third-party app integration.

NorthOne’s immediate drawbacks are hard to ignore, so I’ll address them first. There’s a $10 monthly fee that cannot be waived, there are plenty of other miscellaneous fees, and NorthOne is designed as a mobile-first experience – a web-based portal exists, but its functionality is quite limited. 

So what does NorthOne do to make up for it? Plenty. First, NorthOne offers unlimited no-fee transactions, which is a big deal if you’re a high-volume business. If you frequently withdraw cash, you’ll also like NorthOne’s network of 300,000 free-to-use ATMs. 

Plus, NorthOne offers the most third-party app integrations of any bank on this list, including Expensify, Freshbooks, Quickbooks, Wave, Xero, Amazon, PayPal, Shopify, and Stripe. If you’re already using some of those apps for your personal banking needs, the included integration with NorthOne may be all the sales pitch you need. 

Learn more about NorthOne or read our full review.

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