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Best bank accounts for freelancers and the self-employed

We independently researched over 30+ business bank accounts to uncover the best accounts for self-employed professionals and freelancers.

Compare self-employed bank accounts

1 - 5 of 5
Updated regularly
Name Product Fee APY ATMs Features
Novo Business
Finder Score: 4.4 / 5: ★★★★★
Novo Business
$0
N/A
You can use any ATM with your Novo debit card. Novo will refund any ATM fees incurred at the end of each month back into your account.
  • Free ACH and wire transfers
  • 95% faster payments with Stripe
  • Third-party apps integration
  • Automatically divide funds with Novo Reserves
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Found
Finder Score: 4.5 / 5: ★★★★★
Found
$0
1.50% on balances of $0 to $20,000 Only for Found Plus members.
You can use your Found card at any ATM
  • No hidden fees
  • $0 minimum balance
  • Invoicing and expense tracking
  • Simplified taxes
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Lili
Finder Score: 4.6 / 5: ★★★★★
Bonus
Lili
$0
4.15% On Savings. Must have $0.01 in savings to earn interest. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.
38,000 fee-free ATMs nationwide
  • 4 customized plans to choose from
  • Plans starting at $0/month
  • Earn up to 4.15% APY
  • Get paid up to 2 days early
  • Expense management and bookkeeping tools available
  • FDIC insured
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Relay
Finder Score: 4.3 / 5: ★★★★★
Relay
$0
3.00% on balances of $1,000,000+
2.00% on balances of $250,000 to $999,999
1.50% on balances of $50,000 to $249,999
Pull money from your account at any of Allpoint’s 32,000 ATMs nationwide without fear of getting charged fees
  • Up to 3% APY on savings balances
  • $0 fees and minimum balances
  • Up to 20 individual checking accounts
  • QuickBooks Online and Xero integrations
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NorthOne Business Banking
Finder Score: 3.4 / 5: ★★★★★
Bonus
NorthOne Business Banking
$0
N/A
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations across the U.S + 2m worldwide), including MoneyPass ATMs
  • Budget with Envelopes
  • Connects to QuickBooks & Square
  • Supports joint business banking accounts and partnerships
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5 factors to consider when choosing the best bank for self-employed professionals

Compare these five major factors when shopping around for the best self-employed bank account for you.

  1. Opening deposits. Banks like Bluevine let you open an account with as little as $0, offers free plans with no monthly fees and offers interest-bearing checking. Other banks, like Axos Bank, requires $1,000 to open some of its accounts and some carry monthly fees. Find an account with a minimum deposit and monthly fee you can comfortably meet.
  2. Fees. Look for a self-employed bank account with no monthly fees and no cap on the number of free deposits you can make each month.
  3. Early direct deposits. Accounts like Lili deposit invoices into your account up to two days earlier than normal. Accounts like Chase Business Complete Checking give you “early deposits” in the form of instant transfers when you use payment-accepting tools.
  4. Tax integrations. Choosing a bank account that integrates with Quickbooks, Shopify, PayPal, Stripe and all your other accounts will save you a lot of work come tax time.
  5. Application process. Traditional banks are notorious for making you visit a branch to open a business bank account, while online banks typically let you get started online.

Do I need a separate bank account if I’m self-employed?

You’re not legally required to open a separate bank account if you’re self-employed, but the pros of doing so far outweigh the cons.

Pros

  • Easy bookkeeping. Having a dedicated bank account for self-employed professionals and freelancers helps you keep an eye on your cash flow, so you can clearly see how much you’ve earned and how much you’ve spent.
  • Simplifies taxes. The IRS wants a clear picture of what income and expenses were personal and which ones were for your business. Save yourself the headache of having to sort a years’ worth of transactions by keeping it separate from the beginning.
  • Good for growth. Establishing a business bank account can help you gain access to business credit cards, loans and other tools you may need to expand.
  • Account integrations. If you use invoicing, accounting or payment-processing software for your business, a self-employed bank account makes it easy to connect all those together so you can manage everything in one place.

Cons

  • Have to make time to apply. It’s easy to let the money roll into your personal bank account because it’s already there. But taking time to set up a separate bank account if you’re self-employed will help your business run a lot smoother.
  • Good for growth. Establishing a business bank account can help you gain access to business credit cards, loans and other tools you may need to expand.
  • Could have monthly fees. Business bank accounts are notorious for having monthly fees and per-transaction fees. Avoid these fees by choosing an option on our list or doing your research to find another alternative.

What if I’m a sole proprietor?

If you’re a sole proprietor, you’re still self-employed and therefore encouraged to open a business bank account. It’s not required, but it’ll help keep your personal and business expenses separate, making tax time a whole lot easier.

Bottom line

The best bank account for self-employed professionals and freelancers has all the features you’re looking for — whether that’s all-around A+ features, early deposits, tax software integrations or cash deposits. As always, take time to compare all your business banking options, so you make the right choice for you.


                        
        

        

            


  

    

      

        
      

      
      
    

    
  








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