BEST OF
7 Best Business Bank Accounts for Freelancers, Self-Employed of April 2021
Self-employed can mean anything from running your own brick-and-mortar business to picking up contract gigs as a side hustle.
No matter where you fall on that spectrum, it’s wise to keep your business finances separate from your personal affairs. Doing so will streamline your bookkeeping and make it easier to calculate self-employment taxes.
Which business account is best for you depends on your specific business needs. But generally, the best accounts are easy to open, easy to access and charge minimal fees. Here are some of the top options.
Self-employed can mean anything from running your own brick-and-mortar business to picking up contract gigs as a side hustle.
No matter where you fall on that spectrum, it’s wise to keep your business finances separate from your personal affairs. Doing so will streamline your bookkeeping and make it easier to calculate self-employment taxes.
Which business account is best for you depends on your specific business needs. But generally, the best accounts are easy to open, easy to access and charge minimal fees. Here are some of the top options.
at Novo, Deposits are FDIC Insured
Novo Business Checking
Not yet rated

Monthly Fee
APY
Bonus
at Novo, Deposits are FDIC Insured
at Lili, Deposits are FDIC Insured
Lili Account
Not yet rated

Monthly Fee
APY
Bonus
at Lili, Deposits are FDIC Insured
at Chase, Member FDIC
Chase Business Complete Banking℠
Not yet rated

Monthly Fee
Waived with $2,000 minimum balance
APY
Bonus
Requirements to qualify
at Chase, Member FDIC
Wells Fargo Initiate Business Checking℠ Account
Not yet rated

Monthly Fee
Waived with $500 minimum balance
APY
Bonus
BlueVine Business Checking
Not yet rated

Monthly Fee
APY
With $0 minimum balance
Bonus
Last updated on April 14, 2021
Methodology
We took a close look at the 10 largest U.S. consumer banks based on assets, large and notable online banks and notable brick-and-mortar banks with business accounts. Financial institutions surveyed: Axos Bank, Bank of America, BlueVine, BBVA, BB&T, BMO Harris Bank, Capital One, Chase, Citibank, Citizens Bank, Consumers Credit Union, Huntington Bank, KeyBank, NBKC, Navy Federal Credit Union, Novo, PNC, Radius Bank, Service Credit Union, SunTrust, TD Bank, U.S. Bank and Wells Fargo.
To recap our selections...
NerdWallet's Summary of Best Business Bank Accounts for Freelancers, Self-Employed in 2021 of April 2021
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.
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.