Digital Banking
Bluevine gains more than $1B in small business deposits
December 12, 2023
Bluevine, a digital banking platform, now has more than $1 billion in managed deposits by its small business banking customers. This has been largely driven by its Business Checking account, a high yield, no-fee account with a suite of built-in business applications, according to a press release.
"We knew that a checking account could be more than just a utility for business owners, and actually evolve into an essential application to run their companies successfully. The Bluevine approach was to provide greater transparency and value by stripping out the extraneous fees and penalties that exist in traditional business banking along with providing high yield on operating balances. In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials — supporting the way they prefer to run their companies," Eyal Lifshitz, co-founder and CEO of Bluevine, said in the release.
The account offers 2% annual percentage yield on balances up to $250,000 with unlimited transactions. The company also expanded FDIC insurance coverage up to $3 million.
