We’ll help you choose between Bluevine and Kabbage checking accounts.
Looking for a reasonably priced business bank account with numerous features? Bluevine and Kabbage are two checking accounts with excellent banking solutions for freelancers, small businesses and entrepreneurs. Which one should you choose? To help you make the right choice, read our detailed comparison below.
Bluevine vs Kabbage: Summary comparison
The comparison table provides an overview of these two business banks.
|Service type||Business checking account||Business checking account|
|Year of formation||2013||2008|
|Prices (from)||$0 per month||$0 per month|
|Number of clients||450,000||200,000|
Bluevine is a financial technology company, not a bank, however its banking services are provided by Coastal Community Bank. Bluevine has no monthly fees, a superb interface and makes it quick and affordable to set up a business bank account.
Kabbage is a direct lender founded in 2008 and based in Atlanta, GA and their checking account is available in all 50 U.S. states. Backed by Green Dot Bank, Kabbage offers a very attractive checking account with no monthly fees and access to Kabbage Funding. In addition, American Express purchased Kabbage in 2021.
Bluevine and Kabbage similarities
Both Bluevine and Kabbage are online business accounts, not banks. They are however registered with the Federal Deposit Insurance Corporation (FDIC) via their parent banks meaning customers’ accounts are FDIC-insured to the maximum allowable limits. Both banks offer lending products to businesses with Bluevine providing lines of credit up to $250,000 with rates from 4.8%.
With Bluevine and Kabbage, you have:
- An online business bank account
- No monthly fees, overdraft fees or minimum balance fees
- APY interest earning accounts
- Bank card
- Mobile application
On the services side, Bluevine and Kabbage both offer direct integrations with accounting software such as Quickbooks, allowing customers to easily sync data like bills, transactions, and payees between the two platforms. Both banks don’t have little to no opening deposit requirements ($50 for Novo), no transaction limit fees and no ACH fees.
In addition, ATM fees for Bluevine are free at MoneyPass locations nationally whilst Kabbage customers have free ATM access to over 19,000 in-network ATMs.
Note: With these two service providers, becoming a customer is quick and easy. Your online business bank account can be opened in minutes.
Their interfaces are online on the web or on via their mobile applications which are intuitive and easy to use on a daily basis. Bluevine and Kabbage are aimed at professionals, SMBs and the self-employed who are looking for a simple and affordable banking solution.
Bluevine and Kabbage differences
Now we’ll take a look at the differences between Kabbage and Bluevine. The following table provides a summary of these differences.
|APY||1.5% on balances of up to $100,000||1.1% on balances of up to $100,000|
|ATM Fees||Free at MoneyPass locations nationally, $2.50 plus operator fees for non-network ATM use||Free for out-of-network ATMs; however, operator fees apply. Free access at 19,000 in-network ATM locations|
|Checks||Up to 2 free checkbooks annually||Free mobile check deposit|
|Domestic Wire Transfer Fees||$15 for outgoing;incoming free||$25 for outgoing domestic wire|
|Teller Cash Withdrawal Fee||$0||$3 per transaction|
|Promotion||SEE THE OFFER||SEE THE OFFER|
There are a number of differences between these two bank accounts that will help you decide between them and make your choice.
Bluevine has a higher APY, better software integration, a larger free ATM network, and fewer additional fees. In addition, Bluevine’s line of credit is very easy to use and approval time for funding is generally within one day, which gives businesses quick access to needed capital.
Its repayment terms are also flexible and can be monthly or weekly and can extend out to a year. Bluevine will approve lines of credit for business owners who have been in business for as little as six months.
As for Kabbage, it tends to be a bit less competitive on the APY money earned on an interest-bearing account with a rate of 1.1% vs 1.5% from Bluevine and a bit more expensive when it comes to domestic wire transfer prices with a fee of $25 versus Bluevine’s $15.
Now that we know more about the similarities and differences between the two banks, let’s take a closer look at the details of the Bluevine and Kabbage offers.
Bluevine vs Kabbage: Pricing, plans & services
Even if the two banks are aimed at small business owners and freelancers, there are some differences when it comes to the overall pricing, plans and service. Here is some information on the offers of Bluevine and Kabbage.
|Number of accounts||Up to 5 sub accounts||Up to 5 accounts|
|Cash Deposited||$4.95 fee per transaction, available through Green Dot retail locations||$4.95 fee per transaction, available through Green Dot retail locations|
|Monthly transactions||Unlimited||Unlimited e-transactions (ACH transfer, online bill pay, direct dep., mobile check dep)|
|Line of credit||Up to $250,000||Up to $150,000|
From a monthly fee perspective, both Bluevine and Kabbage are very competitive with no fees for setup and maintenance and an unlimited amount of daily transactions. Bluevine provides two free checkbook orders per year, while Kabbage charges for checks. You can order 100 personal-sized checks for $20 or 250 business-sized checks for $125.
Neither bank requires a minimum opening deposit or minimum balance and charges for cash deposits whilst the biggest advantage Bluevine has is its higher APY interest-bearing account.
Bluevine and Kabbage are two very good bank accounts for SMBs with both offering credit to businesses.
Kabbage Funding offers access to a commercial line of credit and each draw on the line of credit is a separate 6, 12, or 18 month installment loan depending on your eligibility and loan amount. The minimum 6-month term loan you can draw is $500, the minimum 12-month term loan is $10,000 whilst the minimum 18-month term loan is $20,000.
Bluevine meanwhile may be able to offer you a same-day business loan, with funds in your bank account in as little as 24 hours. If you opt to pay a $15 fee for a wire transfer, you can get your funds in just a few hours.
To qualify for a line of credit with Bluevine, you must have been in business for at least 6 months, have a business revenue of at least $10,000 per month, not have a bankruptcy within the past year, and the guarantor must have a personal credit score of 625 or higher.
Payment and collection methods offered by Kabbage and Bluevine
Here is a comparison table of payment methods offered by Kabbage and Bluevine.
|Wire transfers||Yes||Yes, with a $25 fee|
|International wires||No||Yes, with a 3% transaction fee|
Means of collection
Here are the payment methods available with these two accounts.
|Wire transfers||Yes||No fees for incoming domestic wires|
|International transfers||No||Yes, with a 3% fee|
At this time, Bluevine cannot accept or initiate international wires whilst Kabbage customers can conduct foreign transactions with a fee of 3% of the total transaction amount.
Bluevine vs Kabbage: How to choose?
Both Bluevine and Kabbage offer a very attractive online business checking account. So how should you make your choice? Here are the main things to keep in mind when making your choice:
- Services: Depending on your needs, some business checking accounts are more suitable than others. Bluevine stands out for its higher APY yield, lower overall fees and higher lending amounts on offer. Kabbage certainly impresses with its wide range of features and ATM network.
- Line of credit: Bluevine’s higher lending amount, easy setup and flexible repayment terms wins over Kabbage on this front.
- International transactions: Are you going to be making any or indeed a lot of them? If you are, Kabbage is the one for you as Bluevine does not currently facilitate international wire transfers.
- Other: If you have an existing relationship with American Express or Kabbage and are looking to open a small business checking, then Kabbage may be best for you.
For further information:
To discover all the business bank alternatives, feel free to take a look at our business bank account comparison.
Is Kabbage a good checking account?
Kabbage is indeed a good checking account offering a user friendly interface with innovative features and no monthly fees.
Why choose a Bluevine checking account?
Bluevine is one of the bank accounts for small businesses with zero monthly fees, ease of use, numerous services, transparent pricing, unlimited transactions, excellent customer support and no minimum opening deposit.
What are the alternatives to Bluevine and Kabbage?
Small business owners will find suitable banking solutions with Novo, Relay or indeed Chase, the largest bank in the U.S. In addition, Bank of America and Capital One also offer decent banking solutions.
Tom is the founder of Gottagrow.io. He reads the offers, deciphers the details including features, pricing, included services and more to find you the best products and services.