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Lance Business bank account review

Freelancers get tax and budgeting assistance — but there might be some app glitches.

Lance Banking is designed for self-employed workers looking for extra help, with organizing their tax payments, deductions and savings. But while it’s an innovative banking solution for freelancers, you may need to upgrade to its paid version if you want access to specific features.

$11.99 per month





Fee$11.99 per month
ATMsFree ATM deposits and withdrawals
Foreign transaction fee3%

Review by

Thea Glassman is a shopping writer at Finder, helping readers find the best deals. Her bylines have appeared in The New York Times, Vanity Fair, VICE and The Hollywood Reporter. She's a graduate of University of Kansas, a native New Yorker and only somewhat ashamed that her all-time favorite movie is Mamma Mia 2.

Expert review

Lance Business Bank account is best for freelancers as it offers two standout features we love: automatic tax withholding and tax deduction tracking. But if you want to take advantage of its automatic quarterly tax payments, salary transfers and the ability to export your Schedule C, you’ll need to upgrade to its $11.99 a month plan.

If you’re looking for a simpler freelance business bank account with more money-saving features, consider an account like Lili. It also sets money aside for taxes but comes with even more features like 1% APY, free overdrafts and cashback rewards when you upgrade to its $4.99 plan, which is $7 less than what you’d pay with Lance.

How much does Lance Bank cost?

Lance has a free plan and a pro plan that costs $11.99 a month. Here’s how they differ:

PlanMonthly feeFeatures
  • Automatic tax withholding
  • Free salary transfers
  • Instantly active virtual debit card
  • Unlimited payments, deposits & transfers
  • Free ATM deposits and withdrawals
  • Government-insured FDIC bank account
  • 24/7 support
  • Unlimited accounting reports
Lance Pro$11.99 per monthLance Pro includes the same features as the free version, plus these perks:

  • Automatic tax payment
  • Automatic free salary transfers
  • Export your Schedule C

How do I open a Lance Business bank account?

Follow these steps to get started with Lance:

  • Go to the provider’s site and follow the steps to apply.
  • Enter your email address and select Open free account.
  • Create a username and password. Select Next.
  • Enter your first name, last name, address and date of birth.
  • Select your main reason for banking with Lance in the drop-down menu.
  • Provide tax filing information, including estimated salary and tax filing status, and input social security information.
  • Hit Create account, and you’ll be prompted to download the Lance app.


To open an account with Lance, you’ll need to meet these requirements:

  • A US citizen

Required information

Have this information handy when you apply:

  • Social security number
  • Government-issued ID
  • Proof of address
  • Certificate of Insurance
  • Employer Identification number

5 benefits of Lance Bank

Lance caters exclusively to freelancers, assisting with the often frustrating process of quarterly taxes and deductions. It comes with these perks:

  • Automatic tax withholding. Lance calculates how much you’ll need to pay for your quarterly taxes and sets aside a certain amount of money each month.
  • Quarterly tax payments. The app will pay your quarterly taxes when you sign up for Lance Pro, the service’s paid version.
  • Automated savings. Indicate how much money you want to go into your savings and salary monthly, and Lance will automatically divide your deposits accordingly.
  • Assists with deduction. Lance will bookmark any deductions you need to make a note of, whether you’re purchasing a flight or taking a client out to dinner.
  • Virtual card. Along with your physical card, you’ll have access to a virtual version of your card in your app.

3 things to look out for

Before signing up for an account with Lance Bank, there are a few key points to look out for.

  • Lack of access for third parties. At the moment, you cannot give account access to your accountant.
  • Not made for everyone. This checking account is designed primarily for freelancers.
  • More features with paid version. You’ll need to pay $11.99 per month for Lance Pro if you want to get access to automatic tax payments, automatic free salary transfers and the ability to export your Schedule C.

ATM network and fees

Lance Bank will send you a Visa business debit card, which will arrive in the mail up to 5 business days after your account is approved. You can use the card anywhere Visa is accepted, and you won’t pay withdrawal fees when you use an ATM within the Visa, Interlink and Accel networks. You can use the card outside of the US, but you’ll pay a 1 to 3% transaction fee.

In addition to your physical debit card, you’ll receive a virtual card in your Lance app. That card is available for use as soon as you open your account.

Lance reviews and complaints

The company pulled in a 4.1 out of 5 stars on the Apple app store, with customers complimenting the speedy live support and a smooth digital experience. One user called Lance “the best bank I’ve ever used,” and another called it “the future of banking.” The downside? A customer complained about having issues with transferring funds into their account and claimed that there were long wait times for transfers.

Over on Google Play, the app has 4.1 out of 5 stars, with customers complaining about technical glitches, including getting locked out of their account and trouble uploading ID images.

Compare Lance Business with other business checking accounts

Use this table to compare other business checking accounts by monthly fee, minimum deposit and ATMs.

Name Product Fee Minimum deposit to open ATMs
NorthOne Business Banking
$10 per month
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Chase Business Complete Banking℠
$15 per month
(can be waived)
over 16,000 in-network ATMs
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Axos Bank Business Interest Checking
$10 per month
(can be waived)
ATM fees reimbursed at any ATM nationwide
Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
$4.99 for Lili Pro
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Brex Cash account
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds.
Anywhere Mastercard is accepted
Use your business debit card anywhere Mastercard® is accepted, with no monthly fees, sign-up fees, or annual fees.
BankProv Small Business Checking
From $0.01 to $99,999 account balances
Three branch locations in Massachusetts and four in New Hampshire. Plus, thousands of ATMs around the country through the SUM network
Attractive option for businesses that value safety and hold a high account balance.
Novo doesn't charge ATM fees and will reimburse any non-network fees you incur
A low-fee online checking account designed for small businesses and startups.
Axos Bank Basic Business Checking
ATM fees reimbursed at any ATM nationwide
No monthly maintenance fees, a low minimum deposit requirement, unlimited domestic ATM fee reimbursements and $100 bonus
LendingClub Tailored Checking
$10 per month
(can be waived)
Free ATMs worlwide + unlimited ATM fee rebates
with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.
Huntington Business Checking 100
Free at more than 1,800 ATMs
Ideal for start-ups and small businesses with lower balances and checking activity.
Huntington Unlimited Business Checking
$20 per month
(can be waived)
Free at more than 1,800 ATMs
Unlimited transactions, waivable monthly fee and the choice of a bonus service come with this business account.
Huntington Unlimited Plus Business Checking
$40 per month
(can be waived)
Free at more than 1,800 ATMs
An Unlimited Plus Business Checking account is ideal for larger businesses with high monthly transaction volume and a variety of treasury management needs.

Compare up to 4 providers

How do I deposit or withdraw my money?

There are several ways to deposit and withdraw money through Lance.

Deposit and withdrawal options

  • ATM
  • Paypal, Cash app and Venmo
  • Transferwise
  • ACH and wire transfers

How to contact Lance’s customer service

You can reach a Lance customer service rep by emailing or reaching out to agents on the website’s live chat between 9 a.m. to 5 p.m. PT, Monday through Friday.

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