If you freelance, here’s the short answer: open a free business checking account and run every client payment through it. Novo and Lili Core both cost $0 a month, and neither one makes you keep a minimum balance.
Need a branch for cash deposits? Chase Business Complete Banking runs $15 a month, or $0 if you keep $2,000 in it, and it’s paying new business customers $400 or $500 through 01/21/2027.
You can’t be using PayPal or Venmo anymore, it’s time to level up. Below are 9 accounts, with every number read on the provider’s own site on October 12, 2026. Six are business accounts.
The last three are personal accounts, and they’re only for the money you pay yourself.
| Account | Type | Monthly cost | Worth knowing |
|---|---|---|---|
| Novo Business Checking | Business, online only | $0 | Refunds up to $7 a month in ATM charges |
| Lili Core | Business, online only | $0 | Paid plans run $15 to $55 a month |
| Chase Business Complete Banking | Business, with branches | $15, or $0 with a $2,000 balance | $400 or $500 for new customers through 01/21/2027 |
| Bank of America Business Advantage Fundamentals | Business, with branches | $0 for 12 months, then $16 or $0 | $500 a month on the debit card waives it |
| Capital One Basic Checking | Business, with branches | $15, or $0 with a $2,000 average balance | Unlimited digital transactions |
| Navy Federal Business Checking | Business, credit union | $0 | You have to be a Navy Federal member first |
| Current | Personal, app only | No annual or minimum balance charge | $75 with code WELCOME75 and $1,500 in payroll deposits |
| Ally Bank Spending Account | Personal, online only | $0 | Pays 0.10% APY under $15,000 |
| Schwab Bank Investor Checking | Personal, online only | $0 | Unlimited ATM rebates worldwide |
How we picked
We opened each provider’s own account page on October 12, 2026 and compared the monthly cost, what it takes to get that cost to $0, the opening minimum, and any bonus.
That’s it. Anything we couldn’t find on the provider’s site isn’t on this page.
Two accounts came off the list. NorthOne used to be our first pick, but its website now forwards to Relay, a different business banking company, so there’s no NorthOne page left to check.
And we couldn’t load USAA’s checking pages to confirm its terms, so it’s out until we can.
Best Business Checking Accounts
Start here. These six are real business accounts, so client payments, invoices and business spending can all live in one place.
1. Novo
Novo doesn’t charge a monthly service fee, and there’s no minimum balance to keep. For a freelancer who gets paid online and rarely touches cash, that’s most of what you need.
Novo doesn’t charge ATM fees of its own, and it refunds up to $7 a month of what other ATM owners charge you. Standard ACH transfers are free. You can send invoices from the account and see when a client has viewed or paid one, which is really handy when you’re chasing a late payment.
It also connects to more than 40 business tools, including Stripe, QuickBooks, Shopify, Square and Xero. And you can split the account into as many as 20 Reserves, so setting tax money aside is pretty easy.
There’s no branch, though, and Novo’s checking page doesn’t mention paying interest. Outgoing wires and Express ACH can cost extra, and Novo shows you the charge before you send.
Novo is a fintech, not a bank. Banking services come from Middlesex Federal Savings, F.A., Member FDIC, and deposits are insured up to $250,000 through that bank.
2. Lili
Lili has four plans, and the one most freelancers should look at first is Lili Core. It’s $0 a month with no minimum balance, and it comes with business checking, a Visa debit card and the usual ways to pay people (ACH, check and wire).
So why would you pay? The paid plans add bookkeeping help. Lili Pro is $15 a month and sorts your expenses and sets tax money aside. For $35, Smart adds accounting software, invoicing and bill pay, and the $55 Premium plan comes with a dedicated support specialist and a metal card.
Each paid plan has a 30-day free trial.
ATMs in the MoneyPass network are free. Use one outside the network in the U.S. and Lili charges $2.50, plus whatever the ATM owner adds. Incoming domestic wires cost nothing and outgoing ones are $15.
Don’t sign up for the savings rate. Lili advertises up to 4.00% APY, but that top rate only applies to balances over $500,000. Under that, it’s 2.25% APY.
Still decent, just not 4%.
Lili isn’t a bank either. Banking services are provided by Sunrise Banks, N.A., Member FDIC. You can see Lili’s plans here.
3. Chase Business Checking Account
This is the pick if you handle cash or just want a person to talk to. Chase is one of the best national banks, with more than 14,000 ATMs and 5,000 branches, and solid bank hours.
The account is called Chase Business Complete Banking. It’s $15 a month, and you get that down to $0 in any statement period where you do one of these:
- Keep a $2,000 minimum daily ending balance
- Take in $2,000 in eligible deposits through Chase QuickAccept or other Chase Payment Solutions
- Spend $2,000 on a Chase for Business credit card
- Link a Chase Private Client Checking account, or qualify through Chase Military Banking
There’s no minimum deposit to open it, and sole proprietorships can apply online. Each statement cycle covers up to 20 checks, deposits and teller withdrawals, plus $5,000 in cash deposits at a branch, before extra charges start.
Then there’s the bonus. New business checking customers get $400 for depositing $2,000 in new money, or $500 for $10,000. You have 30 days from enrolling to make the deposit, the balance has to stay put for 60 days, and you need 5 qualifying transactions within 90 days. Chase pays it within 15 days after that. The offer expires 01/21/2027, and you get the code by entering your email on the Chase Business Complete Banking offer page.
Bottom line: if your balance will sit under $2,000 most months, you’re paying $180 a year for the branch. Novo or Lili Core makes more sense.
Related: Finding Your Chase Routing Number (By State)
4. Bank of America Business Advantage Checking Account
Bank of America has two business checking accounts. The one for freelancers is Business Advantage Fundamentals Banking, which has no monthly fee for the first 12 months. After that it’s $16 a month, or $0.
How do you get the $0? The easiest way is to put $500 a month in new purchases on the business debit card. Keeping a $5,000 combined average monthly balance works too, and so does being a Preferred Rewards for Business member. If you already spend that much on software and gas, this one’s very doable.
You don’t need a minimum deposit to open it. Just don’t forget about it, because an account that isn’t funded within 45 business days can be closed.
The bigger account, Business Advantage Relationship Banking, is $29.95 a month unless you keep $15,000 across your linked business accounts. Skip it until you’re there.
Both connect to QuickBooks, which you buy separately from Intuit, and if you ever bring on help, here’s how payroll processing services work. You can read the details on Bank of America’s business checking page.
5. Capital One Business Checking
Capital One’s entry-level business account is Basic Checking. It’s $15 a month, waived when your balance over the prior 30 or 90 days averages $2,000 or more.
You get unlimited digital transactions every month and more than 70,000 no fee ATMs across the Allpoint, MoneyPass and Capital One networks. Domestic wires are $15 coming in and $25 going out. If you deposit a lot of cash, know that anything over $5,000 a month with a teller costs $1 per $1,000.
You can apply online, though Capital One says some areas need a branch or a business banker to sign up. So it’s a good fit if you already bank with Capital One and live near one. Otherwise, Chase gives you 5,000 branches for the same $15.
See Capital One Basic Checking.
Related: Why My Capital One Credit Card Account is Restricted?
6. NFCU Business Checking
Navy Federal’s Business Checking has no monthly service fee and earns 0.01% APY. The first 30 non-electronic transactions a month are included, and each one after that is $0.25.
Here’s the big catch: you can’t just walk in. Every owner of the business has to be a Navy Federal member in good standing first, and membership is limited to servicemembers and veterans, their family and household members, and Department of Defense civilians. A business membership is a separate application on top of your personal one.
It takes $250 to $255 to open, depending on your business type. One nice thing for freelancers is that a sole proprietor with no W-2 employees can apply with a Social Security number instead of an EIN.
If you’re already a member, this is a no-brainer. If you’re not eligible, move on.
Details are on Navy Federal’s business checking page.
Personal accounts for paying yourself
These three aren’t business accounts. Think of them as where your own pay lands after you move it out of the business account.
7. Current Banking
Current is a personal spending app with no annual fee and no minimum balance fee. In-network ATMs are free at more than 40,000 Allpoint locations, and other ATMs cost $2.50.
New customers can get $75 with code WELCOME75. You need $1,500 or more in eligible payroll deposits within your first 35 days, and the $75 lands within 10 business days of hitting that mark.
Does freelance income count? Sometimes. Current’s terms count recurring direct deposits of your compensation, including when you’re working as an independent contractor. They don’t count transfers from PayPal, Venmo, Cash App or Zelle. Mobile check deposits, cash and one-time deposits are out too. So a client who pays you by direct deposit every two weeks works.
A client who sends you a Venmo doesn’t.
With direct deposit set up, your pay can show up as much as 2 days early. Savings Pods pay up to 4.00% on the first $2,000 in each pod, $6,000 total, but only if you get at least one eligible payroll deposit of $200 or more in a 35-day period. Without that, it’s 0.25%.
Current is a financial technology company, not an FDIC-insured bank. Banking services are provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.
8. Ally Bank Spending Account
You might know this one as Ally Interest Checking. Ally now calls it the Spending Account.
There are no monthly maintenance fees, no overdraft fees and no minimum deposit to open. It pays 0.10% APY on balances under $15,000 and 0.25% APY at $15,000 or more, as of 10/12/2026.
You won’t get rich on that.
You get 75,000+ no-fee ATMs, and Ally reimburses up to $10 per statement cycle for what other ATMs charge. Direct deposits can land up to 2 days sooner. There aren’t any branches, so depositing cash is a hassle. Here’s the Ally Bank Spending Account.
9. Schwab Bank Investor Checking
We used to list this as Charles Schwab Business Checking. That was wrong.
Schwab doesn’t have a business checking account. Its small business lineup is retirement plans like the SEP IRA and 401(k), plus a brokerage account for organizations.
What it does have is Schwab Bank Investor Checking, a personal account that comes in individual and joint versions. There are no monthly service fees and no overdraft fees. The Schwab Bank Visa Platinum Debit Card has no foreign transaction fees, and you get unlimited ATM fee rebates for cash withdrawals worldwide.
So who’s it for? Freelancers who work from the road.
It only comes linked to a Schwab One brokerage account, which has no minimum balance and doesn’t need to be funded. See Schwab Bank Investor Checking.
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.
Which accounts here have no monthly fee?
Novo, Lili Core and Navy Federal Business Checking are $0 a month with nothing to do to keep it that way. Bank of America is $0 for the first 12 months. Chase and Capital One are $15 unless you meet a waiver.
Do I need an EIN to open a business account?
Not always. Chase accepts a Social Security number, TIN or EIN as your tax ID, and sole proprietorships can apply online. Navy Federal takes a Social Security number from a sole proprietor with no W-2 employees. If you work under a name that isn’t your legal name, Chase will want a DBA certificate.
Are Novo, Lili and Current real banks?
No. All three are financial technology companies, and each one uses a partner bank that is a Member FDIC to hold your money. Novo uses Middlesex Federal Savings, Lili uses Sunrise Banks, and Current uses Choice Financial Group and/or Cross River Bank.
Best Banks for Freelancers
Bottom line: if you’re just starting out, a good business checking account can save you time and headaches in the future, and it doesn’t have to cost anything. Open Novo or Lili Core, send every client payment there, and pay yourself out of it.
Go with Chase if you want a branch and can keep $2,000 in the account. And if you’re unsure about how much your current bank is charging you, look at your last statement. It might be time to switch.
Sources (20)
We use primary sources: each company’s own product pages and legal terms.
- Novo. Business Checking. novo.co. Accessed October 12, 2026.
- Novo. No-fee Business Checking. novo.co. Accessed October 12, 2026.
- Lili. Plans. lili.co. Accessed October 12, 2026.
- Lili. Account agreement and schedule of fees. lili.co. Accessed October 12, 2026.
- Chase. Business Complete Banking. chase.com. Accessed October 12, 2026.
- Chase. Business checking offer. account.chase.com. Accessed October 12, 2026.
- Chase. Business checking overview. chase.com. Accessed October 12, 2026.
- Bank of America. Business checking accounts. business.bankofamerica.com. Accessed October 12, 2026.
- Capital One. Basic Checking. capitalone.com. Accessed October 12, 2026.
- Capital One. Business checking accounts. capitalone.com. Accessed October 12, 2026.
- Navy Federal. Business checking. navyfederal.org. Accessed October 12, 2026.
- Navy Federal. Business membership. navyfederal.org. Accessed October 12, 2026.
- Navy Federal. Membership eligibility. navyfederal.org. Accessed October 12, 2026.
- Current. Home page. current.com. Accessed October 12, 2026.
- Current. Spend. current.com. Accessed October 12, 2026.
- Current. New customer offer terms. current.com. Accessed October 12, 2026.
- Ally. Spending Account. ally.com. Accessed October 12, 2026.
- Schwab. Schwab Bank Investor Checking. schwab.com. Accessed October 12, 2026.
- Schwab. Small business solutions. schwab.com. Accessed October 12, 2026.
- Relay. Home page, where NorthOne’s web address now lands. relayfi.com. Accessed October 12, 2026.
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