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We independently researched over 30+ business bank accounts to uncover the best accounts for self-employed professionals and freelancers.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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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.
- 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.
- 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.
- 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.
- 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.
- 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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