Best Business Bank Accounts for Freelancers in 2024

Key Takeaways

  1. Freelancers benefit from having a business bank account for financial organization and access to business services.
  2. Several options for business bank accounts tailored to freelancers include BlueVine, Nearside, NorthOne, Kabbage, and Axos Bank.
  3. Important factors in choosing a business bank account include service fees, ease of use, integration with business tools, and growth potential.
  4. Avoiding monthly fees and considering your work style (online or in-person) are essential considerations.
  5. Business bank accounts provide separation of personal and freelance finances, making them a smart choice for freelancers planning future business growth.
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 strictly 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

Name Rates Monthly Fees APY Features
BlueVine 1.2% None None No minimum deposit, Unlimited transactions, Live customer support, Access to lending services, Manage your money with sub-accounts
Nearside N/A None 2.2% No credit checks or income requirements, Discounts and credits for services like Yelp and Indeed, No minimum deposit, Access to lending services, Integrates with popular business tools
NorthOne N/A $10/month None Open an account in as little as 3 minutes, Organize your money with envelopes, Make ACH and wire payments from your phone, Integrates with popular business tools
Kabbage 1.1% None None Powerful mobile app, No minimum deposit requirement, Customized checks
Axos Bank N/A None None Unlimited ATM fee reimbursement, No transaction limit for debit, credit, and deposited items, Quickbooks integrations, Dedicated relationship manager
Lili N/A None N/A Access to the Advanced Business Checking Account, A Visa Business Pro debit card with cash back rewards, Fee-free ATM withdrawals at 38,000 locations, Fee-free overdraft up to $200, Payments up to 2 days earlier
Grasshopper N/A None 2.25% Unlimited 1% cash back on qualified debit card purchases, Earn up to 2.25% APY, No monthly fees or overdraft charges, Free, built-in bookkeeping software
Novo N/A None None No minimum balance requirements, A virtual card for immediate and secure spending, Integrations with Stripe, Quickbooks, Xero, and many others, Free transfers, mailed checks, and incoming wires
nbkc Bank N/A None None No monthly service charges and no minimum balance requirement, Voice banking available 24/7, Excellent customer reviews and reputation, Member FDIC

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.

Pros

  • No monthly fees or minimum balance requirements
  • Deposit checks with your phone instantly with remote check deposit
  • Free incoming wires and ACH deposits
  • Send unlimited invoices for free
  • Create up to five Reserves to set aside money
  • App integrations include Stripe, Etsy, Xero, Amazon, and more

Cons

  • Can’t deposit cash
  • Doesn’t earn interest
  • Does not offer business credit cards or savings accounts
  • No physical checkbooks are available
  • Certain industries are not eligible to open an account
  • Must have a Social Security number, U.S. address, and U.S. cell phone number to open

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.

Pros

  • No Monthly Fees or Minimum Opening Deposit
  • Unlimited Fee-Free Transactions
  • ATM Fee Refunds
  • Accept Contactless Payments
  • Online and Mobile Banking

Cons

  • International Wire Transfer Fees
  • Limited Branch Access
  • No Interest on Checking Accounts
  • Limited Third-Party App Integrations

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.

Pros

  • Open a new account in minutes
  • Integrates with popular accounting tools
  • Envelope budgeting system
  • No overdraft fees
  • Easy to deal with cash
  • Good customer service

Cons

  • $10 monthly fee
  • No international wire transfers supported

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 monthly on their debit card or receiving $2,500 in customer payments within a month.

Pros

  • Earn 2.0% APY on your balance up to $250,000 (and 4.25% APY for Premier Customers on balances up to $3 million)
  • Create up to 5 free sub-accounts (6 total accounts) for increased control and flexibility over business budgets
  • FDIC insurance up to $3 million through Coastal Community Bank
  • No minimum deposit or balance requirements
  • No monthly service fees, non-sufficient funds fees, transaction fees, or ATM fees at MoneyPass ATMs
  • Quick and easy new account opening that takes as little as 60 seconds
  • Shared account access capabilities (securely invite authorized users for task delegation)
  • Sending payments to 32 different countries in 15 different currencies

Cons

  • Online-only banking
  • Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
  • High revenue requirement for small business line of credit

Best for Freelancers Looking for Detailed Expense Tracking: Found

Found, a digital-only banking option, competes directly 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.

Pros

  • Free sign-up and no account maintenance fees
  • No credit check
  • Unlimited fee-free transactions; no overdraft fees

Cons

  • Instant withdrawals come with a fee
  • Interest on Found Plus is capped at a $20k balance
  • Charges fees on invoices paid with debit or credit card

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 phone payments.

Pros

  • No Minimum Opening Deposit
  • Digital Account Management
  • Branch and ATM Access
  • Fee Waivers
  • Integrated Payment Solutions
  • Additional Banking Services

Cons

  • Monthly Service Fees
  • Transaction Limits
  • ATM Fees
  • Interest Accrual
  • Limited Number of Free Transactions

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.

Pros

  • Earn 4.15% APY with Lili Pro, Smart, or Premium
  • No minimum deposit or monthly balance requirement
  • Helpful business tools for bookkeeping, invoicing and tax preparation
  • Free business checking plan
  • Interest-bearing savings account on paid plans
  • No fees for non-sufficient funds, covers any overdraft on Visa Business Debit Card up to $200 (available for Pro and above plans), transactions, or domestic withdrawals from MoneyPass ATMs
  • All business types are accepted (single member LLC, multi member LLC, general partnership, limited liability partnerships, S-Corporation, and sole proprietors)

Cons

  • Free plan doesn’t earn interest
  • Fee for using out-of-network ATMs.
  • Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
  • Doesn't support wire transfers and has lower limits for deposits, transfers, and withdrawals

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 different institution.

Pros

  • Fee-free Electronic Transactions
  • High Cash Deposit Limits
  • Digital Banking Capabilities
  • Extensive ATM and Branch Network
  • Multiple Fee Waiver Options

Cons

  • Monthly Service Fees
  • Minimum Opening Deposit
  • Out-of-Network ATM Fees
  • Transaction Limits for Fee-Free Non-Electronic Transactions

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).

Pros

  • Cashback and Interest
  • No Monthly Fees
  • Digital Banking Tools
  • Unlimited ACH and Domestic Wire Transfers
  • Startup-Friendly

Cons

  • Minimum Opening Deposit
  • No Physical Branches or Cash Deposits

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 bank accounts, service fees are possibly the most important factor. Many accounts come with minimum balance requirements and monthly fees that you have to pay if you can’t meet those minimums. These fees can quickly eat away at your balance, leaving you with nothing left in the bank.

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

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

For example, if you do most of your work online, you can easily use an online business bank and take advantage of their typically lower fees and minimum balance requirements. However, if you do your work in person and deal with lots of cash, you’ll 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 to 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 is generally 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 frequently asked questions about business bank accounts for freelancers.

Do Freelancers Need a Business Bank Account?

A business bank account isn’t required for freelancers that are operating as a sole proprietorship. However, there are many benefits to opening one that freelancers should consider. For example, they 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 of the same information that 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 typically a checking account. Your freelance company likely doesn’t need to store a huge amount of excess cash, so the interest offered by a savings account won’t be a huge help.

The checking account, on the other hand, will come with a debit card and make it easy to access your freelance funds whenever you need them. They also come with perks and features like business software integrations.

About The Author

Author Avatar

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.


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