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9 Best Business Bank Accounts for Freelancers, Self-Employed of April 2023

Mar 10, 2023

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The best business checking accounts for freelancers and the self-employed are easy to open, easy to access and charge minimal fees. They should also make it easier to run your business, with tools and integrations that streamline bookkeeping and help you plan for self-employment taxes.

A dedicated business checking account also helps formally separate your business finances from your personal affairs — a smart move whether you run your own brick-and-mortar business or pick up tasks and gigs as a side hustle.

NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. Here are our picks for the best business checking accounts for freelancers and the self-employed.

The best business checking accounts for freelancers and the self-employed are easy to open, easy to access and charge minimal fees. They should also make it easier to run your business, with tools and integrations that streamline bookkeeping and help you plan for self-employment taxes.

A dedicated business checking account also helps formally separate your business finances from your personal affairs — a smart move whether you run your own brick-and-mortar business or pick up tasks and gigs as a side hustle.

NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. Here are our picks for the best business checking accounts for freelancers and the self-employed.

Bank/institution	NerdWallet rating	Monthly fee	APY	Min. opening deposit	Learn more
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured	5.0 /5	$0	2.00% With $0 min. balance for APY	$0	Learn more at Bluevine, Deposits are FDIC Insured
Lili Business Checking Learn more at Lili, Deposits are FDIC Insured	4.5 /5	$0	N/A	$0	Learn more at Lili, Deposits are FDIC Insured
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC	5.0 /5	$0	1.51% With $0 min. balance for APY	$100	Learn more at Grasshopper Bank, Member FDIC
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC	5.0 /5	$15.00 Waived with $2,000 minimum balance	N/A	$0	Learn more at Chase, Member FDIC
nbkc Business Account Learn more at nbkc bank, Member FDIC	5.0 /5	$0	N/A	$0	Learn more at nbkc bank, Member FDIC
Found Small Business Banking Learn more at Found	4.0 /5	$0	N/A	$0	Learn more at Found
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC	5.0 /5	$16.00 Waived with $5,000 minimum balance	N/A	$100	Learn more at Bank of America, N.A., Member FDIC
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC	5.0 /5	$0	N/A	$0	Learn more at Axos Bank®, Member FDIC
LendingClub Tailored Checking Read review	5.0 /5	$10.00 Waived with $500 minimum balance	1.50% With $0 min. balance for APY	$100	Read review

Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Min. opening deposit

$0

Learn more

at Bluevine, Deposits are FDIC Insured

Min. opening deposit

$0

Why we like it

It’s a free business checking account with a top-tier APY: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.. There are no transaction limits or overdraft fees, and you get fee-free access to nearly 40,000 MoneyPass ATMs.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft fees.
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).

Cons

Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
Fee for using out-of-network ATMs.
No joint accounts.

Read Full Review

Learn more

at Lili, Deposits are FDIC Insured

Lili Business Checking

4.5

NerdWallet rating

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Learn more

at Lili, Deposits are FDIC Insured

Min. opening deposit

$0

Why we like it

Lili offers digital tools that allow you to manage expenses, track tax write-offs, save for taxes and accept payments from customers within a single account. Lili's entry-level account has no monthly fees or transaction limits. But your account typically needs to be open for at least 30 days, and meet certain direct deposit requirement, in order to use mobile deposit.

Pros

No monthly fees or transaction fees.
No fees at MoneyPass ATMs.
Cash deposits via Green Dot network (fees and limits apply).
Integrated tools for managing expenses and planning for taxes.
Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.

Cons

Fee for using out-of-network ATMs.
Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features: no joint accounts, limited to one business debit card.

Read Full Review

Learn more

at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

5.0

NerdWallet rating

Monthly fee

$0

APY

1.51%

With $0 min. balance for APY

Min. opening deposit

$100

Learn more

at Grasshopper Bank, Member FDIC

Min. opening deposit

$100

Why we like it

Grasshopper bank’s free account pays you two ways: You can earn unlimited 1% cash back on qualified purchases and up to 1.51% APY on the balance in your account. You also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.

Pros

Unlimited 1% cash back on qualified debit card purchases.
Earn 1.51% APY.
No monthly fees or overdraft charges.
Free, built-in bookkeeping software.

Cons

Can’t deposit cash.
$100 minimum opening deposit.

Read Full Review

Learn more

at Chase, Member FDIC

Chase Business Complete Banking℠

5.0

NerdWallet rating

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$0

Learn more

at Chase, Member FDIC

Min. opening deposit

$0

Why we like it

Chase Business Complete checking includes QuickAccept, a payment-processing feature built into the Chase mobile app. You can accept tap-to-pay transactions via card or digital wallet, enter credit card information manually or purchase a Chase card reader to process credit cards via swipe, tap or chip. This account does have a monthly fee, though, which can be waived if you meet certain requirements.

Pros

No minimum opening deposit.
Unlimited fee-free electronic transactions.
Integrated credit card processing.
Welcome bonus for new customers (terms apply).
No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.

Cons

$15 monthly fee.
Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
Fee for using out-of-network ATMs.

Read Full Review

Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Learn more

at nbkc bank, Member FDIC

Min. opening deposit

$0

Why we like it

NBKC offers a truly free business checking account, with no monthly fees, overdraft fees, stop payment fees or transaction fees. NBKC also offers free cash deposits via certain MoneyPass ATMs, a rare feature among online business bank accounts. Worth noting: On new accounts, deposits made during the first 30 days may be held for up to nine business days to help combat fraud.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft or incidental fees.
Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Cash deposits via MoneyPass ATMs.

Cons

High fee ($45) for international wire transfers.
No weekend or after-hours customer support.
No third-party app integrations.

Read Full Review

Learn more

at Found

Found Small Business Banking

4.0

NerdWallet rating

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Learn more

at Found

Min. opening deposit

$0

Why we like it

Found business checking is a great starter kit for gig workers and independent contractors looking to level up their side hustle. The free online business account offers direct integration with popular business apps, including Etsy, PayPal, Uber, Lyft and Instacart, as well as built-in bookkeeping, invoicing and tax-planning tools. The downsides: You can't deposit cash or checks (even via mobile deposit), and you can't pay by check, either. Found also has limited customer support hours, with no weekend or after-hours availability.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft fees.
Free, built-in invoicing, bookkeeping and tax-planning features.
Integrates with popular business apps, including Stripe, Etsy and PayPal.

Cons

Can’t deposit cash; can’t deposit checks or pay by check.
Weekend and after-hours support via email only.
Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)

Read Full Review

Bank of America Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

Bank of America Business Advantage Fundamentals™ Banking

5.0

NerdWallet rating

Monthly fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Min. opening deposit

$100

Learn more

at Bank of America, N.A., Member FDIC

Min. opening deposit

$100

Why we like it

This account has a high cash deposit allowance for a brick-and-mortar bank (up to $7,500 per month) and offers unlimited electronic transactions. Bank of America also scores high marks for customer service with live chat support, extended hours for phone support and a dedicated — and responsive — support account on Twitter.

Pros

Fee-free electronic transactions.
High cash deposit limits.
Business accounts can be opened entirely online.

Cons

No free business checking account option.
High incidental fees.
Fee for using out-of-network ATMs.

Read Full Review

Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

5.0

NerdWallet rating

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Learn more

at Axos Bank®, Member FDIC

Min. opening deposit

$0

Why we like it

Axos Bank’s Basic Business Checking account includes free, unlimited cash deposits via compatible AllPoint and MoneyPass ATMs — a feature matched by few other business checking accounts. The free online business account also delivers 24/7 customer support and offers free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free transactions.
Automatic refunds of all ATM fees (domestic).
Cash deposits via MoneyPass and AllPoint ATMs.
24/7 customer support.
Welcome bonus for new customers (terms apply).

Cons

$25 fee for insufficient funds/uncollected funds returned.
No third-party app integrations.

Read Full Review

Read review

LendingClub Tailored Checking

5.0

NerdWallet rating

Monthly fee

$10.00

Waived with $500 minimum balance

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$100

Read review

Min. opening deposit

$100

Why we like it

With LendingClub Tailored Checking you get unlimited 1% cash back on qualifying debit card purchases (terms apply) and earn 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that. There's also fee-free ATM access (with the ability to deposit cash) and unlimited reimbursements for ATM fees charged by other banks. This account does require a $100 minimum opening deposit and there's a $10 monthly maintenance fee (waived with a minimum balance of $500).

Pros

Unlimited fee-free transactions; no overdraft fees.
Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
Cash deposits via MoneyPass and SUM ATMs.
Earn unlimited 1% cash back on debit card purchases.

Cons

$10 monthly fee.
$100 minimum opening deposit requirement.
Minimum $500 balance required to earn cash-back rewards and waive monthly fee.

Read Full Review

Compare more business banking options

Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.

Last updated on March 10, 2023

Methodology

NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.

We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.

Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.

To recap our selections...

NerdWallet's Summary of Best Business Bank Accounts for Freelancers, Self-Employed of April 2023

Frequently asked questions

Technically, no. A business bank account isn’t required for those who are self-employed. But mingling your personal and business expenses can get messy, especially when it comes to filing your taxes. A business bank account can also prove helpful when applying for a business credit card or small-business loan.

The exact documents required will vary by bank and your business type. If you’re an LLC, for example, you’ll likely need to supply your operating agreement. The following documents may also be required to open a business bank account:

A government-issued photo ID. Business license. Business tax ID (also called an EIN) or Social Security number.

Learn more with our guide to how to open a business bank account.

Unlike personal accounts, business bank accounts may limit how much cash you can deposit or the number of transactions you can make in a month. But many business accounts also come with features like invoicing, payment processing and other tools, which can make it easier to run your business.