Bluevine vs. Novo

There are several differences between Novo and Bluevine, but one of the biggest might be our plan types and APY offered. While Novo has one level of account, which can be fully unlocked with a $50 minimum deposit, Bluevine offers three levels: Standard, Plus, and Premier. The Standard plan earns 1.5% APY^BVSUP-00005 on checking balances that meet a monthly activity goal, while Plus earns 2.7% APY^BVSUP-00131 and Premier earns 3.7% APY after a monthly fee.^BVSUP-00116 Novo does not offer APY in their checking account.

Bluevine also provides additional flexibility over Novo when it comes to debit cards for team members, including the ability to set spend control limits on issued cards.

Bluevine sub-accounts act as fully fledged accounts, with the ability to accept payments, make payments, and transfer money. Each one has its own account number and the ability to use auto-transfer rules. Novo's reserves act more as cash envelopes, where you can put aside money for the same purposes as Bluevine sub-accounts (taxes, payroll, profit, etc.), but without the ability to spend or send money directly into these accounts—everything must be transferred to the main account, first.

Required documentation may vary slightly depending on what type of entity your business is, but this information broadly falls into three categories:

• First, we'll ask for some information to create your sign-in: your full name, email address, mobile phone number, and a secure password.
• Second, we'll want to learn about your business: trade name or DBA name, business address and phone number, EIN confirmation letter, annual revenue, entity type, and your industry.
• Third, we'll want to learn about you and anyone who owns 25% or more of the business: home address and phone number, date of birth, SSN, and ownership percentage of the business. We may also ask for the front and back of your driver's license.

For a detailed breakdown of what you'll need by entity type, click here.

We currently offer three Bluevine Business Checking plans: Standard, Plus, and Premier.

Our Standard plan comes with 1.5% APY for customers with qualifying activity,^BVSUP-00005 no monthly fees, a three-month free membership to Xero,^BVSUP-00181 and FDIC insurance up to $3 million through Coastal Community Bank, Member FDIC.^BVSUP-00108

With our Plus plan, you get all the great benefits of our Standard plan, and 2.7% APY,^BVSUP-00131 20% off most Standard payment fees, six months of Xero, and more for a waivable $30/month fee.

Finally, with our Premier plan, you'll enjoy 3.7% APY on checking balances up to $3 million,^BVSUP-00116 50% off most Standard payment fees, six months of Xero, and access to priority customer support for a waivable $95/month fee.

Yes, Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. $3,000,000 in FDIC insurance is offered by multiplying the standard $250,000 FDIC coverage across multiple banks.^BVSUP-00108

While being a Bluevine Business Checking customer is not required to apply for a line of credit, if you open a business checking account, you'll be considered for all of our weekly and monthly repayment plans.