Interest Earned on Bluevine Business Checking Account
Terms of Interest Accrual: Effective November 1, 2023
These terms are a binding supplement to the Bluevine Business Checking Account Agreement (“Account Agreement”). Any capitalized terms not otherwise defined herein have the same meaning as in the Account Agreement.
|Plan||Requirements||Annual Percentage Yield (“APY”)||Balance Cap for Interest Accrual|
|Standard||Standard plan customers must meet at least one of the Eligibility Requirements outlined below.||2.0%||$250,000|
|Premier||None. Premier plan customers are automatically eligible to earn interest.||4.25%||$3,000,000|
Eligibility Requirements for Bluevine Standard Plan Customers
To be eligible to earn interest in a given calendar month, you must meet at least one (1) of the following two (2) Eligibility Requirements during that month:
1. Spend $500 in a calendar month with your Bluevine Business Debit Mastercard®. Debit card transactions must post and settle to your Account before 3:00 PM EST on the last business day of that month to qualify toward that month’s Eligibility Requirements; OR
2. Receive or deposit $2,500 of your clients’ payments into your Account and/or Sub-account(s) in a calendar month. Your clients’ payments may be made through ACH, wire transfer, Mobile Deposit, or as a transfer from your merchant payment processing provider. These transactions must post and settle to your Account or Sub-account(s) before 3:00 PM EST on the last business day of that month to qualify toward that month’s Eligibility Requirements. No other activity will satisfy this Eligibility Requirement, including but not limited to, Mobile Deposits of checks drawn on accounts you hold at any institution, cash deposits, transfers from Sub-accounts, and transfers from any external account associated with you or your business.
We reserve the right to reverse a given calendar month’s interest payment if we determine in our sole discretion that no Eligibility Requirement was met for that month, including but not limited to a debit transaction reversal after the end of that month or a determination that a deposit was not related to a payment from your client.
If you do not meet at least one (1) of the two (2) Eligibility Requirements for a given calendar month, your interest will be 0.00% APY for that month. Eligibility Requirements are assessed on a monthly basis and must be met within each independent calendar month. Transactions that are initiated during a given calendar month but which post and settle after 3:00 PM EST on the last business day of that month will count toward your Eligibility Requirements for the following month. Not meeting the Eligibility Requirements in a given month will not impact your ability to potentially meet them in a subsequent month. The payment of interest in any given month does not create any obligation on our part to pay interest on any subsequent month if the Eligibility Requirements are not met.
Interest is calculated as simple interest daily and credited monthly, using the total balance of your Account and Sub-account(s) (“Total Balance”). Interest is computed on a calendar year basis. We pay interest only in whole cents. Therefore, at the end of each monthly interest payment period, any fractional amount of interest less than half of one cent will be rounded down and any fractional amount of interest equal to half of one cent or more will be rounded up to the next whole cent. If you close your Account before interest has been credited to Account on the regular interest payment date for Account, no interest for the final interest payment period will be paid for that period. If your Account is suspended, Account will accrue interest during the time Account is suspended.
If you have met one (1) of the two (2) Eligibility Requirements described above, interest begins to accrue on the Total Balance on the next business day after the deposit is made, whether made by cash, wire transfer, or electronic direct deposit. We use the daily balance method for calculating interest which applies a daily periodic rate to the Total Balance each day a balance is maintained based on that day’s beginning Total Balance. This method will be used in all cases except when the last day of a given calendar month is not a business day; in such cases, the beginning Total Balance of the last business day before the last day of that month will be used.
You will earn interest at the rate shown in the table above for a given month if you are on a single plan for the entirety of that month. If you change plans during a given month, you will earn 2.0% APY for that portion of the month during which you were a Bluevine Standard plan customer and met one (1) of the two (2) Eligibility Requirements above and 4.25% APY for that portion of the month during which you were a Bluevine Premier plan customer.
In accordance with the Bluevine Business Checking Account Agreement Sweep Disclosure, if we decide to pay interest on your funds that are held at other depository institutions in connection with your participation in the Bluevine Business Checking Account Sweep Program, this section shall govern how we calculate interest.
We reserve the right not to pay interest on any deposited item that is returned to us unpaid. Any interest accrued and payable for an Account or Sub-Account(s) will be paid to your Account. No interest earned on balances over $250,000 for Bluevine Standard plan customers or on balances over $3,000,000 for Bluevine Premier plan customers.
Subject to Change
The interest payable on interest-bearing accounts, the qualifying conditions to receive interest, and the methods used to calculate interest are subject to change from time to time. You will be given notice of material changes in accordance with applicable law.