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
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Expert reviewLance 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:
|Lance Pro||$11.99 per month||Lance Pro includes the same features as the free version, plus these perks:|
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
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 feesLance 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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How do I deposit or withdraw my money?
There are several ways to deposit and withdraw money through Lance.
Deposit and withdrawal options
- Paypal, Cash app and Venmo
- ACH and wire transfers
How to contact Lance’s customer service
You can reach a Lance customer service rep by emailing email@example.com or reaching out to agents on the website’s live chat between 9 a.m. to 5 p.m. PT, Monday through Friday.