Best Business Bank Accounts for Freelancers in 2024

Freelancing gives you the freedom to work on what you want, when you want, from anywhere in the world. A trusted business bank account is an essential financial tool to having that freedom. Freelancing can be an exciting way to earn a living, but you also have to treat your work like a business.

“Do I need a business bank account if I'm self-employed?” is a common question for freelancers to ask. While it isn’t required in some cases, it’s almost always a good idea. We’ll break down some of the best options available.

Best Business Bank Accounts for Freelancers

Our Top Picks for Best Business Checking Accounts of 2024

Best for Business App Integrations: Novo

We recommend Novo's Business Checking Account as the top choice for business checking accounts with exceptional app integrations. It offers free connectivity to a wide range of popular payment and merchant service apps, including Stripe, Amazon, Square, PayPal, Shopify, and more.

Best Free Business Checking Account: nbkc Bank

We select nbkc as the premier option for a free business checking account due to its lack of monthly fees while providing an array of valuable features. These include mobile payments, free stop payments, complimentary domestic incoming wire transfers, and cost-effective outgoing wire transfers.

Best Small Business Checking Account: NorthOne

NorthOne Deposit Account stands out as the top choice for small business checking accounts due to its automated financial tools and seamless integration with business management software.

Best for Earning Interest on Your Balance: BlueVine

Freelancers and self-employed business owners seeking an interest-earning business checking account should consider Bluevine. With Bluevine, you can earn an impressive 2.0% APY on balances up to $250,000 by either spending $500 each month on its debit card or receiving $2,500 in customer payments within a month.

Best for Freelancers Looking for Detailed Expense Tracking: Found

Found, a digital banking option, competes with Lili for freelance customers. While both offer similar services, Found gains a slight edge with more detailed expense tracking as part of its integrated bookkeeping. This makes Found the preferred choice if in-depth expense tracking is essential for your freelance business.

Best Business Checking with Mobile Customer Payment Processing: Chase Bank

Chase is our top recommendation for business checking accounts with mobile customer payment processing, thanks to its QuickAccept feature. It provides fast processing and competitive transaction fees for mobile payments.

Best for New Freelancers Needing Digital Tax Preparation Assistance: Lili

Lili is an excellent option for new freelancers, offering an exceptional business checking product alongside a robust tax optimizer within the app.

Best for Self-employed Individuals Seeking a Traditional Bank: Bank of America

Freelancers and self-employed business owners who prefer a bank with physical locations, especially those dealing with cash frequently, may opt for a bank with convenient local branches where they can receive in-person assistance.

Best Digital-only Bank for High-yield Checking and Integrated Free Payment Software: Grasshopper

Grasshopper proves advantageous for freelancers by including invoice and payment software Autobooks with each business checking account. Additionally, it offers enticing features such as cashback rewards (1% cash back on all online and in-store purchases) and a competitive APY (up to 2.25% uncapped).

How to Choose a Business Bank Account for Freelancers

There are a few factors you should consider when finding the right bank account for your freelance business.

For some freelancers, service fees can be the most important factor. Many accounts come with minimum balance requirements and monthly fees you have to pay if you can’t meet those minimums. These fees can eat away at your balance.

Look for a bank account with no monthly fees or, at the very least, a minimum balance requirement you can meet.

Next, consider how easy it will be to use the account.

For example, if you do most of your work online, you can use an online business bank and take advantage of its lower fees and minimum balance requirements. However, if you do your work in person and deal with lots of cash, you may want a bank account from a bank that has branches and ATMs in your area.

It’s also a good idea to look at the other perks and features the account comes with. Many business bank accounts will integrate with account software and other popular business tools. This can make it easier to handle essential bookkeeping tasks or pay your vendors. If you can get valuable services built into your bank account, that makes your life easier and can help you save money.

Depending on your future plans for your freelancing, you might also consider whether the bank can help your business grow. For example, if you want to go from freelancing to operating a larger company, you might want to choose a bank that also offers lending services.

Bottom Line

Opening a business bank account as a freelancer can be a good idea. It can help you keep your personal finances and your freelance money separated and give you access to valuable business services. It’ll also be essential if you plan to grow your freelancing into a more established business in the future.

FAQs

These are some of the most asked questions about business bank accounts for freelancers.

Do Freelancers Need a Business Bank Account?

A business bank account isn’t required for freelancers who are operating as a sole proprietorship. However, there are many benefits to opening one that freelancers should consider. For example, business bank accounts offer useful tools like invoicing clients, account integrations, and ways to pay vendors.

A business bank account will be essential if you intend to form an LLC, corporation, or other formal business entity.

What do you need to open a freelancer's business bank account?

Opening a freelancer business bank account is pretty simple. You need all the same information you’d need to open a personal bank account, including your personal identification and an opening deposit.

If you have one, the bank will also want your business tax info, such as an Employer Identification Number.

Which bank account is best for freelancers?

If you’re a freelancer, the best type of bank account to open is often a checking account. It comes with a debit card and makes it easy to access your freelance funds whenever you need them, as well as including perks and features like business software integrations.

You might want to open a savings account if you keep a large enough balance to earn interest without incurring monthly fees.

About The Author

Andy Chang

Founder of TheCreditReview

Andy Chang is the founder of TheCreditReview, a review site started in 2017 that is dedicated to helping consumers find the best companies in financial services. Andy is passionate about financial education and wellness, and helping others reach financial freedom. He consistently writes about topics ranging from credit to banking and lending.

Articles by Andy Chang

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