Reviewed & Fact-checkedAs a freelancer, setting up a self-employed bank account is crucial for managing your business. As your own boss, you’re responsible for taxes, expenses, cash flow, and paying yourself.
While there’s no single right way to organize your finances as a freelancer, experts recommend separating personal and business finances by opening a freelance bank account. This offers legal protections, helps streamline transactions, and signals professionalism to clients.
A self-employed freelancer account doesn’t have to mean high fees or added stress. Many options are geared towards small businesses and freelancers, offering perks that can help you save money for future expansion.
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Here’s our list of the best bank accounts for freelancers and self-employed professionals:
| Brand | Description | Rating | Price | Links |
|---|---|---|---|---|
Best Overall  | Found•Found is an all-in-one financial platform for self-employed individuals and small business owners. It combines online banking, bookkeeping, ... |
| Starts at $0-$20/moFree Banking Solutions | |
| Lili•Lili is an all-in-one financial platform designed for self-employed individuals, entrepreneurs, and small business owners. It offers a compr... |
| Starts at $0-$33/moTry free for 30 Days | |
| Bonsai Cash•Bonsai Cash is a business account tailored for professional services and small businesses. It offers simple setup with no minimums or hidden... |
| Starts at $0+Insured up to $250k | |
| Bluevine•Bluevine combines business checking, lending, and credit card services. Key features include a business checking account with competitive AP... |
| Starts at $0Open an account in minutes | |
| Novo•Novo provides a free business checking account with no monthly fees or minimum balance requirements. Key features include business debit car... |
| Starts at $0/moApply in minutes | |
 | Chase•Chase for Business offers a comprehensive suite of financial services for businesses of all sizes. This includes business checking accounts,... |
| Starts at $0 | |
| Axos•Axos offers comprehensive business banking solutions for small businesses. Their services include business checking accounts with low fees, ... |
| Starts at $0Open an account in minutes | |
| Bank of America•Bank of America offers Business Advantage Banking, a comprehensive business checking account solution. They provide two main options: Busine... |
| Starts at $0+Open an account | |
 | LendingClub•LendingClub Bank offers comprehensive business banking solutions, including business checking and high-yield savings accounts, small busines... |
| Starts at $0Borrow up to $250k | |
| Mercury•Mercury offers checking and savings accounts, credit cards, and financial management tools in a unified platform. Key features include effic... |
| Starts at $0Apply in 10 minutes |
Best Overall Bank Account for Freelancers
Found
5/5Found is an all-in-one financial platform for self-employed individuals and small business owners. It combines online banking, bookkeeping, tax management, and invoicing tools with no hidden fees or minimum balance requirements. Key features include real-time tax estimates, automatic expense categorization, and easy invoicing. Found aims to simplify financial management for freelancers and sole proprietors by integrating banking, accounting, and tax functions in a single, user-friendly application available on multiple platforms.
Why we like Found ‣
Found Bank offers a compelling banking solution tailored specifically for freelancers and self-employed professionals. We appreciate Found's focus on simplifying financial management for independent workers, combining essential banking services with tools for invoicing, expense tracking, and tax preparation. The platform's all-in-one approach addresses many pain points freelancers face in managing their business finances.
Read the Full Review
Found Pros & Cons ‣
Pros:
- No-fee business banking designed for freelancers and solopreneurs
- Built-in tools for invoicing, expense categorization, and tax estimation
- Free business debit Mastercard with instant purchase alerts
- Automatic expense categorization for easier tax preparation
- Real-time tax estimates and ability to pay taxes directly through the app
- User-friendly mobile and web apps for on-the-go financial management
Cons:
- Not suitable for S-Corps or nonprofit organizations
- Limited features compared to more comprehensive accounting software
- Relatively new player in the financial technology space
- May lack some advanced features needed by larger or more complex businesses
- Upgrade required for certain premium features (Found+)
More Great Bank Account Options
Lili
5/5Lili is an all-in-one financial platform designed for self-employed individuals, entrepreneurs, and small business owners. It offers a comprehensive suite of services including business banking, accounting, and tax preparation tools. Lili provides a business checking account with no hidden fees, overdraft protection, and a Visa® debit card. The platform features smart bookkeeping with automated categorization, invoicing software, and bill pay solutions. Lili also offers tax preparation tools, including automated tax savings and pre-filled tax forms. With various account plans available, Lili aims to streamline financial operations for businesses at different stages of growth, from self-employed individuals to scaling companies.
Why we like Lili ‣
Lili Bank offers a tailored banking solution for freelancers, solopreneurs, and small business owners. We appreciate Lili's focus on providing a comprehensive financial toolkit that goes beyond basic banking services. The platform combines a business checking account with features like expense categorization, tax preparation assistance, and invoicing tools, all designed to simplify financial management for independent professionals.
Read the Full Review
Lili Pros & Cons ‣
Pros:
- No-fee business checking account with no minimum balance requirements
- Free Visa debit card accepted widely
- Built-in expense categorization and tax preparation tools
- Invoicing features available on higher-tier plans
- Automated tax savings options
- User-friendly mobile app for on-the-go financial management
- Cash back rewards on higher-tier plans
Cons:
- Premium features require paid subscription plans
- Limited cash deposit options and daily/monthly limits
- Not suitable for larger businesses or certain business structures
- Relatively new player in the financial technology space
- Customer support limited to specific hours
- Some advanced features only available on higher-tier plans
Bonsai Cash
4/5Bonsai Cash is a business account tailored for professional services and small businesses. It offers simple setup with no minimums or hidden fees, FDIC insurance, and automatic budgeting tools. The account includes expense management features, a Visa debit card, and integrates with Bonsai's other business management tools. Designed to streamline financial operations, Bonsai Cash aims to simplify income allocation, expense tracking, and budgeting for freelancers and small business owners in various professional fields.
Why we like Bonsai Cash ‣
Bonsai Cash offers a specialized business banking solution tailored for freelancers, professional service providers, and small businesses. We appreciate Bonsai's focus on creating an all-in-one financial management platform that addresses the unique needs of independent professionals. The seamless integration with other Bonsai features makes it a compelling option for those already using Bonsai's suite of business tools.
Bonsai Cash Pros & Cons ‣
Pros:
- No minimum balance requirements and zero hidden fees
- FDIC insured up to $250,000 for financial security
- Automatic budgeting tools with sub-accounts for taxes, savings, and bills
- Expense management with automatic categorization and receipt upload
- Visa debit card for both physical and virtual transactions
- Integration with Bonsai's time tracking, contract, and invoicing features
- Designed specifically for professional services and freelancers
Cons:
- May have limited utility for businesses not already using other Bonsai tools
- Potentially less feature-rich compared to more established banking solutions
- Might not be suitable for larger businesses or those with complex banking needs
- Limited information about customer support options
- Unclear if there are any transaction limits or restrictions
- May lack some advanced features offered by traditional banks
Bluevine
4/5Bluevine combines business checking, lending, and credit card services. Key features include a business checking account with competitive APY rates, no monthly fees, and FDIC insurance up to $3 million. Bluevine also provides business lines of credit up to $250,000 and a business credit card with unlimited cash back. The company aims to simplify financial operations for businesses by offering a comprehensive suite of services accessible from a single platform.
Why we like Bluevine ‣
Bluevine offers a comprehensive financial platform tailored for small businesses, combining checking, lending, and credit card services. We appreciate Bluevine's focus on providing a seamless, integrated solution that addresses multiple financial needs of growing businesses. The platform stands out for its competitive interest rates, lack of monthly fees, and access to working capital, all designed to support business growth and financial management.
Bluevine Pros & Cons ‣
Pros:
- High-yield business checking account with up to 2.0% APY for eligible customers
- No monthly fees and unlimited transactions for checking accounts
- FDIC insurance up to $3 million through partner banks
- Business line of credit up to $250,000 with flexible draws and repayments
- Business credit card with unlimited 1.5% cash back and no annual fee
- Advanced money movement options and accounts payable automation
- Integrated platform for checking, lending, and credit card services
Cons:
- Not a traditional bank, which may be a concern for some businesses
- Highest APY and some features only available on premium checking plans
- Credit approval required for lending products
- May have limitations for businesses with complex banking needs
- Relatively new player compared to established banks
- Some services provided through partner banks or third parties
Novo
4/5Novo provides a free business checking account with no monthly fees or minimum balance requirements. Key features include business debit cards, budgeting tools called "Reserves," free customizable invoicing, and integration with popular business tools. Novo also offers Novo Boost, which accelerates Stripe payments, and provides access to partner perks worth up to $10,000 in savings. The platform emphasizes ease of use, quick account setup, and integration with existing business software to streamline financial operations for small business owners.
Why we like Novo ‣
Novo offers a digital-first business checking solution tailored for small businesses and entrepreneurs. We appreciate Novo's focus on providing a streamlined, fee-free banking experience with modern features that cater to the needs of today's small business owners. The platform stands out for its integration capabilities, innovative cash flow management tools, and commitment to eliminating common banking pain points for small businesses.
Novo Pros & Cons ‣
Pros:
- No monthly fees or minimum balance requirements
- Free business debit card with instant card control features
- Robust integrations with popular business tools and platforms
- Novo Boost feature for faster access to Stripe payments
- Free, customizable invoicing tools built into the platform
- Reserves feature for easy budgeting and goal setting
- Access to partner perks with potential savings on business tools
- FDIC insured up to $250,000 through partner bank
Cons:
- Not a traditional bank, which may concern some businesses
- Limited physical banking services (e.g., cash deposits)
- Relatively new player in the financial technology space
- May lack some advanced features offered by traditional banks
- Customer support primarily digital, which may not suit all users
- ATM fee reimbursements limited to $7 per month starting 2024
Chase
4/5Chase for Business offers a comprehensive suite of financial services for businesses of all sizes. This includes business checking accounts, loans, credit cards, payment solutions, and savings accounts. The platform aims to support businesses throughout their growth stages, providing integrated tools for managing finances, accepting payments, and accessing capital. Chase emphasizes flexibility and scalability in its offerings to meet diverse business needs.
Why we like Chase ‣
Chase for Business offers a comprehensive suite of financial services tailored for businesses of all sizes, from small startups to large corporations. We appreciate Chase's ability to provide a wide range of products and services under one roof, leveraging its extensive experience and resources as a major financial institution. The platform stands out for its combination of traditional banking strength with modern business tools and technologies.
Chase Pros & Cons ‣
Pros:
- Diverse range of business checking accounts to suit various business sizes and needs
- Comprehensive payment solutions, including the new Chase Point of Sale (POS) Terminal
- Variety of business credit cards with attractive rewards programs
- Access to business loans and financing options, including SBA loans
- Robust online and mobile banking platforms for easy account management
- Extensive network of physical branches and ATMs for in-person banking
- Integration of merchant services and payment processing solutions
- Access to commercial banking services for larger businesses
Cons:
- May have higher fees compared to some online-only business banking alternatives
- Some advanced features or better rates might require maintaining higher account balances
- Potential for more complex account structures that could be overwhelming for very small businesses
- Large institution may offer less personalized service compared to smaller banks or credit unions
- Some users may find the wide array of products and services overwhelming to navigate
- Approval for certain products like loans or credit cards may have stricter requirements
Axos
3/5Axos offers comprehensive business banking solutions for small businesses. Their services include business checking accounts with low fees, high-yield savings accounts, and merchant services for processing payments. Axos emphasizes digital banking tools, including mobile app access for account management and integration with accounting software. They provide additional services such as SBA loans, payroll processing, and treasury management. Axos aims to simplify banking for business owners, offering competitive rates and fewer fees to support financial growth and management.
Why we like Axos ‣
Axos offers a comprehensive digital banking solution tailored for small businesses and entrepreneurs. We appreciate Axos' focus on providing a range of business banking services with competitive rates and lower fees compared to traditional banks. The platform stands out for its combination of digital-first convenience and robust financial tools designed to support business growth and financial management.
Axos Pros & Cons ‣
Pros:
- Low-fee or no-fee business checking account options
- High-yield business savings accounts to grow reserves
- Competitive welcome bonuses for new business accounts
- Comprehensive suite of services including SBA loans, merchant services, and payroll
- Advanced digital tools and mobile app for easy account management
- Treasury management and fraud protection services
- Expanded FDIC insurance through Insured Cash Sweep program
- Integration with accounting software for easier bookkeeping
Cons:
- Primarily digital banking may not suit businesses needing frequent in-person services
- Limited physical branch presence compared to traditional banks
- Some advanced features or higher rates may require maintaining larger balances
- Potential learning curve for those transitioning from traditional banking
- May lack some specialized services offered by larger banks
- Customer service limited to specific hours, which may not suit all businesses
Bank of America
3/5Bank of America offers Business Advantage Banking, a comprehensive business checking account solution. They provide two main options: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. These accounts include features like cash flow monitoring tools, mobile banking, Zelle for business, and QuickBooks integration. Bank of America emphasizes digital tools, security, and support for small businesses. They also offer a Preferred Rewards for Business program with additional benefits for qualifying customers. The accounts are designed to provide essential financial tools and services to help businesses manage their finances efficiently.
Why we like Bank of America ‣
Bank of America offers a comprehensive suite of business banking services tailored for small to medium-sized enterprises. We appreciate Bank of America's ability to combine the resources and stability of a large financial institution with specialized tools and services designed for business owners. The platform stands out for its range of account options, digital tools, and integration with other business services.
Bank of America Pros & Cons ‣
Pros:
- Multiple business checking account options to suit different business needs
- Robust digital banking platform with tools like Cash Flow Monitor and Connected Apps
- Integration with popular business tools like QuickBooks and Zelle for Business
- Access to dedicated small business specialists for personalized support
- Extensive network of physical branches and ATMs for in-person banking
- Fraud protection and security features
- Preferred Rewards for Business program offering additional benefits
- Free business credit score access through Dun & Bradstreet
Cons:
- Monthly maintenance fees on business accounts, though avoidable with certain balances or activities
- Higher balance requirements to waive fees compared to some online-only banks
- Some advanced features only available with higher-tier accounts
- Potential for multiple fees for various services, which can add up for small businesses
- Digital tools may have a learning curve for less tech-savvy users
- Interest rates on savings accounts may be lower compared to some online competitors
LendingClub
3/5LendingClub Bank offers comprehensive business banking solutions, including business checking and high-yield savings accounts, small business (SBA) loans, and cash management services. Their business checking account features earning opportunities and automatic ATM fee rebates. LendingClub emphasizes digital banking with a human touch, providing secure online services, FDIC insurance, and dedicated customer support. The bank aims to offer tailored financial products that save businesses time and money, with a focus on convenience and ease of use for their customers.
Why we like LendingClub ‣
LendingClub Bank offers a comprehensive suite of digital banking solutions tailored for modern businesses. We appreciate LendingClub's focus on providing innovative, user-friendly financial services that cater to the unique needs of various business types. The platform stands out for its combination of traditional banking products with modern fintech features, all designed to save businesses time and money.
LendingClub Pros & Cons ‣
Pros:
- Variety of business banking products including checking, savings, and lending options
- High-yield savings account for businesses to maximize returns on cash reserves
- Tailored checking accounts with the opportunity to earn and automatic ATM fee rebates
- SBA loan options for small business financing needs
- Integration with Autobooks for streamlined financial management
- Digital-first approach with user-friendly online and mobile banking platforms
- FDIC insurance up to $250,000 per depositor
- Strong focus on security with 256-bit encryption
Cons:
- Primarily digital banking may not suit businesses needing frequent in-person services
- Limited physical branch presence compared to traditional banks
- Some advanced features or higher rates may require maintaining larger balances
- Potential learning curve for those transitioning from traditional banking
- May lack some specialized services offered by larger, more established banks
- Customer support options may be more limited compared to traditional banks
Mercury
3/5Mercury offers checking and savings accounts, credit cards, and financial management tools in a unified platform. Key features include efficient payment processing, expense tracking, and accounting automation. Mercury emphasizes high-yield treasury management, venture debt access, and enhanced FDIC insurance. The platform aims to simplify financial operations for startups and small businesses with a user-friendly interface and scalable pricing.
Why we like Mercury ‣
Mercury offers a modern, comprehensive digital banking platform tailored for startups and tech-savvy businesses. We appreciate Mercury's focus on combining powerful financial tools with a user-friendly interface, designed to simplify and streamline business banking operations. The platform stands out for its integration of traditional banking services with innovative fintech features, all aimed at supporting the unique needs of growing companies.
Mercury Pros & Cons ‣
Pros:
- All-in-one financial dashboard for efficient banking and operations management
- High-yield savings options with up to 5.35% yield through Mercury Treasury
- Seamless payment processing with free USD wires and auto-transfer rules
- Business credit cards with low deposit minimums and 1.5% cashback on all spend
- Advanced bill pay and invoicing features with AI-powered assistance
- Robust accounting automations and integrations with popular software
- Up to 20x the standard FDIC insurance through partner banks and sweep networks
- Access to startup-friendly financing options like Venture Debt
- Community and networking features through Mercury Raise
Cons:
- Primarily digital banking may not suit businesses needing frequent in-person services
- Limited physical presence compared to traditional banks
- May have a learning curve for those transitioning from traditional banking
- Some advanced features may require higher-tier accounts or additional fees
- Newer platform compared to established banks, which may concern some businesses
- Focused primarily on startups and tech companies, may not be ideal for all business types
Key Features to Look for in a Freelancer Bank Account
When choosing a bank account for your freelance business, there are several key features you should prioritize. These elements can significantly impact your day-to-day operations and long-term financial health.
Low or no monthly fees:
As a freelancer, every dollar counts. Look for accounts that minimize or eliminate monthly maintenance fees. This ensures more of your hard-earned money stays in your pocket.
Mobile banking capabilities:
In today’s fast-paced world, robust mobile banking is essential. Seek out accounts that offer comprehensive app functionality, allowing you to manage your finances on the go.
Integration with accounting software:
Seamless integration with popular accounting platforms can save you countless hours and reduce errors. Ensure your chosen account works well with your preferred software.
Invoicing tools:
Built-in invoicing features can streamline your billing process. This not only saves time but also presents a more professional image to your clients.
Tax planning assistance:
Look for accounts that offer tools to help you set aside funds for taxes or provide guidance on estimated tax payments. This can help avoid surprises come tax season.
High APY (Annual Percentage Yield):
While not the primary concern, a competitive interest rate allows your funds to grow when they’re not in use. Using an APY calculator can help you compare rates and estimate your potential earnings. Every bit of passive income helps in the freelance world.
ATM access and fee reimbursements:
Convenient access to your funds is crucial. Prioritize accounts with extensive ATM networks or those that reimburse fees from out-of-network ATMs.
Remember, the ideal bank account for your freelance business should align with your specific needs and work style. Take the time to compare options and choose an account that will support your financial goals and day-to-day operations effectively.
Additional Considerations for Choosing a Bank Account
Beyond the core features, there are several other factors to weigh when selecting a bank account for your freelance business. These additional considerations can provide extra value and convenience.
Online vs. traditional banks
Consider whether you prefer the convenience of a fully online bank or the in-person services of a traditional institution. Online banks often offer more competitive rates and lower fees, but traditional banks may provide a wider range of services and the option for face-to-face interactions.
Cash flow management tools
Look for accounts that offer robust cash flow tracking and forecasting features. These tools can help you anticipate income fluctuations and manage expenses more effectively, which is crucial in the often unpredictable world of freelancing.
Payment processing features
Some bank accounts offer integrated payment processing capabilities. This can streamline your ability to accept various payment methods from clients, potentially reducing transaction fees and improving cash flow.
Sign-up bonuses and rewards programs
While not a primary consideration, sign-up bonuses can provide a nice initial boost to your business finances. Additionally, some business accounts offer rewards programs that can provide ongoing benefits, such as cash back on certain purchases or discounts on business services.
Remember, the ideal bank account will depend on your specific needs as a freelancer. Consider how these additional features align with your business model and financial goals. It’s worth taking the time to research and compare options to find the account that best supports your freelance journey.
What’s Next?
If you’re ready to separate your personal and business finances and open a self-employed bank account, you will find a variety of options to suit your needs. Instead of feeling overwhelmed, make a list of the features you truly need, then zero in on the account types that check all of the boxes.
Don’t shy away from a self-employed bank account solution just because there are fees associated with it. Investing in your business can be a smart choice if it solves a problem, frees up your time or helps you better manage your money.
Whether you choose a tailor-made self-employed bank account like Found or go with a more established name like Chase, taking the step to have a dedicated business account will help you get organized and plan for the future.
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