When you’re working as a freelancer or entrepreneur, it can be difficult to keep your finances in order. A business checking account will help you stay organized and make managing your money easier. You can’t be using PayPal or Venmo anymore, it’s time to level up.
If you’re looking for a new business checking account, there are several banks that offer accounts designed specifically for freelancers and entrepreneurs. Some of the banks below even offer bonus incentives or discounts that’ll make your freelancing life a lot easier.
Best Business Checking Accounts
Your business needs a banking platform that moves as fast as you do.
1. NorthOne (Best Overall)
NorthOne is a great place for freelancers to start their business banking. It’s an easy bank that takes just $50 to open. The bank has a low monthly maintenance fee of only $10, but doesn’t have any monthly balance requirements or minimum deposits.
NorthOne has some of the best integration and features:
- Works with billing systems like Stripe
- Supports all modern payments types
- Pay invoices
- Simple and powerful insights into your cashflow
Interest-bearing accounts are not available, but you can withdraw your money for free from any ATM in the world with NorthOne banks. You also don’t need a branch to operate your account with NorthOne banks because mobile banking and mobile check deposit is available.
Right now you can get 1 month free of business banking through this link.
If you’re looking for a business checking account that has both low fees and interest rates, Novo banks could be the right place for you. Unlike some major banks, Novo doesn’t charge a monthly service fee and is fee-free. Business accounts at Novo banks are free to open with no monthly minimum balance requirement.
Novo banks offers several different savings plans so you can choose which one best meets your needs. For example, there’s an interest-bearing option if you want to earn some money on your deposits. And, if you want to withdraw your money for free, there’s also an option that lets you do just that. Small businesses and self-employed feelancers alike would benefit from a free business checking account from Novo.
3. Nearside Business Banking
Get the Nearside Business Checking account designed for small businesses with no NSF fees, up to 5% cashback rewards, perks, and discounts. Get all this and more with no minimum deposit or monthly fee.
This card has perks like automatic rewards on all of your purchases. Get up to 5% back on car rentals, 4% on restaurants, 4% on hotels, 1% on gas, and more! Your cashback rewards will automatically be applied to your statement after making eligible debit card purchases.
No more worrying about monthly fees, NSF fees, monthly minimums, card replacement fees, or other fees you’d expect from a traditional bank. Also, your money is FDIC insured through LendingClub Bank, Member FDIC.
The application process is quick and easy. Applying only takes a few minutes!
Lili is a bank for freelancers that opens its business checking services to anyone who wants to join.
There are no monthly fees with a Lili account or minimum balance requirements. You can withdraw your money for free at ATMs throughout the world with Lili banks.
Like Novo banks account holders, Lili banks users also have access to different savings plans that let them earn interest on their deposits or withdraw their funds without fees.
When you’re paid via direct deposit, your money is available in your Lili account up to 2 days earlier than if you were banking with a traditional bank. And they have an app that makes it easy for you to check your balance and transfer funds from anywhere you are.
Your Lili Visa business card can be used everywhere Visa debit cards are accepted. Free ATM withdrawals at over 32,000 locations. You can learn more here.
5. Current Banking
Like the banks mentioned above, Current is free to open with no monthly fees.
You’ll also get access to different kinds of savings plans that let you earn interest on your money or give you quick access to cash without any withdrawal limits. And if you want to withdraw your funds for free, there’s an option available where you can do just that.
Current Banking also has mobile banking and online check deposit services so managing your finances is easier than ever before.
Chime doesn’t offer a business banking account but it does offer a free checking account with no monthly fees and no overdraft fees.
This account is designed specifically for freelancers and entrepreneurs because it comes with no monthly fees or minimum balance limits.
Chime also has an app that lets you manage your money from anywhere you are, while earning interest on your deposits or giving you quick access to cash without any withdrawal limits. And it has no-fee ATM access at more than 60,000 ATMs in all of the US and your paycheck arrives up to two days early with direct deposit.
If you’re not an LLC yet but want to seperate your business expenses and personal spending, opening a Chime account is one of the best routes to go.
7. CIT Bank
CIT Bank is one of the best banks for freelancers because they let you open a money market account with just $100 to get started.
Forget about monthly fees or minimum balance requirements when using this bank because there are none – ever. You can also manage your finances with ease because CIT Bank has an app that lets you check your balance and transfer funds from anywhere you are.
Experience a convenient and secure all-digital way to grow and access your money. Earn a competitive interest rate of 0.45% APY. Easily pay people and bills, with no monthly fees. Plus, it allows for free online and mobile check deposit.
Related: Finding Your CIT Bank Routing Number
Oxygen is a modern digital banking platform for the 21st century economy – the free thinkers, rebels, and entrepreneurs.
You can earn 5% cashback on everyday business purchases at approved merchants on things like Gas, Rideshare, Shipping and more. No points and gimmicks. Just real money. With no monthly, minimum balance or ACH fees to hold you back, you can make your business boom.
Oxygen banks is a great bank for freelancers, with just $25 to open and no monthly fees. The Oxygen banks app makes it easy to deposit checks and manage your money on the go. If you’re looking for a full-service option with checking accounts, savings accounts and educational resources, this might be the right choice for you.
9. LendingClub Bank
As a business owner, you may have used LendingClub as a way to get financing.
In fact, LendingClub Bank now has an account designed specifically for entrepreneurs and freelancers so they can manage their money more effectively. You can open a free checking account at LendingClub banks without unnecessary fees or with minimum balance requirements.
LendingClub offers different kinds of savings plans that let you earn interest on your money or give you access to your cash without monthly withdrawal limits. And it also has mobile banking and online check deposit services that make it easy for you to manage your money from anywhere.
10. Ally Bank Interest Checking
Ally offers one of the best checking accounts for freelancers and entrepreneurs because it has no monthly fees, no minimum balances, and no transaction fees. You won’t have to worry about any unexpected charges when you’re just getting started. The bank also provides online banking services through its Ally eChecking account, making it easy to stay on top of your money.
11. NFCU Business Checking
NFCU is a great credit union for freelancers who want to make their money grow. It has no monthly fees, no minimum balances, and you can withdraw your money for free from any NFCU banks or Allpoint ATM. You also get personalized service from the banks knowledgeable staff when you open an account.
12. Capital One Business Checking
Capital One’s Business Checking is another great option if you want a simple way to manage your money without worrying about complicated fees or hidden charges. This account offers unlimited transactions at no cost, which means you can use it however you need to without having to pay overage fees for going over your account limits.
13. USAA Free Checking
USAA‘s checking account is another great choice for freelancers who want access to high-interest rates on their money. This account offers unlimited transactions at no cost, along with 24/7 customer service support. Best of all, you can apply for this checking account even if you don’t have a military affiliation or previous banking history.
14. Simple Business Checking from Capital One
If you’re a freelancer who banks online, check out Capital One‘s new simple business checking account. While the standard All Access account has several fees, this basic option gives you access to your money through a free debit card and allows you to deposit checks remotely anytime. You’ll also get unlimited cash back on all transactions without having to worry about any monthly or overdraft fees. Capital One is also a socially reponsible bank, that has social and environmental causes they support such as using renewable energy and supporting low-income women’s employability and they have made it a point to spread their money around those causes.
15. Wells Fargo’s Business Interest Checking Account
For freelancers with larger businesses that require more than just an average business checking account, consider applying for Wells Fargo‘s Business Interest Checking Account. This is designed specifically for entrepreneurs who need higher interest rates and plenty of room for transaction fees. Your accounts will be managed by a dedicated business banker, making it even easier to manage your money on the go. The monthly service fee is $10 but is waived with a minimum daily balance of $500 or $1,000 average ledger balance.
16. Chase Business Checking Account
Chase one of the best national banks with 4,000 branches and more than 16,000 ATMs available to customers and solid bank hours during COVID-19. As such. the Chase Business Checking Account is another good solution for freelancers with larger businesses that need more advanced banking services. This account offers unlimited transactions and a free business debit card, online bill pay, and a mobile app to keep up with your expenses. You’ll also get a dedicated banker to help you manage your money so filing taxes is less of a hassle.
17. Bank of America Business Advantage Checking Account
Bank of America has another reliable business checking account with a higher interest rate. You’ll get unlimited check writing and a free Visa debit card to make managing your money easier, in addition to a dedicated customer support team who will help you find the best ways to invest your money.
18. Charles Schwab Business Checking
If you’re looking for a business checking account with higher interest rates, check out Charles Schwab. The Essential Checking Account at Schwab offers unlimited transactions and no monthly fees, and it comes with a free Visa Platinum debit card and access to over 16,000 ATMs around the country. You can also open an IRA or add to your existing retirement plans so you can save for the future as well as manage your money now.
Related: Should You Open A Charles Schwab Business Checking Account?
19. Fidelity Cash Management Services
Fidelity‘s cash management account is designed specifically for businesses that frequently move large amounts of money through their accounts. This account allows unlimited free transactions and has many of the same features as Ally’s eChecking account, including online bill pay and secure messages.
Best Bank Accounts FAQs
Should I have a separate bank account for freelance?
Yes. Even if you only freelance part-time, it’s important to keep your businesses separate. This makes it much easier to manage your money and make tax preparations at the end of the year too.
How do banks for freelancers make their money?
Many banks make most of their money by charging customers high transaction fees or monthly minimum balances that prevent a lot of people from using their accounts. Some banks also use overdraft fees to generate extra revenue as well.
How long does it take to set up a business checking account?
On average, setting up a business checking account takes about 10 minutes for online banks and longer for brick-and-mortar locations. You’ll need an employer identification number (EIN) and a list of banks where you currently do business.
What banks for freelancers offer free transactions?
Many banks and credit unions offer free standard transactions, but there are some banks that will charge customers extra fees based on the amount they’re using their accounts for. These include overdraft and service fees in the hundreds of dollars every month. In order to keep these type of charges from building up, it’s best to find a bank designed specifically for entrepreneurs who need lower rates when making larger transactions.
How does interest work with banks for freelancers?
In general, banks have higher interest rates when you deposit more money in your regular checking account or in a savings account. Some banks also have different tiers which give you access to even higher interests rates on a monthly or daily basis.
How can banks for freelancers help my business?
Banks specifically designed to manage your money have better tools and features that can keep track of your transactions, warn you of overdrafts, and allow you access to funds faster. In addition, some banks offer business banking products such as credit cards tailored specifically for entrepreneurs who make up their own company name instead of using the traditional “incorporated” label.
What banks for freelancers should I avoid?
Some banks are designed with very little customer service or support which will make it difficult to contact them in an emergency situation. It’s also best to avoid banks that charge too many transaction fees if you’re making multiple purchases.
Best Banks for Freelancers
If you’ve been struggling with keeping up with all of your expenses while freelancing, these banks offer some great options for managing your money better and streamlining your tax season. Even if you’re just starting out, a good business checking account can save you time and headaches in the future.
Freelancers now have more options than ever when it comes to banks where they can manage their money and grow their businesses. And if you’re unsure about how much your current bank is charging you for checking accounts, fees or minimum balance requirements it might be time to check out what these banks have to offer instead.
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