8 Best Business Bank Accounts for Freelancers, Self-Employed of January 2022

It’s a free business checking account that earns 0.60% interest on balances up to $100,000.

Benefits:

A free, interest-bearing business checking account is a rarity, never mind one that also offers unlimited fee-free transactions and does not require a minimum balance or opening deposit.

Mobile deposit and integration with payment services like PayPal and Stripe make it easy to get money into your account. Fee-free access to more than 38,000 MoneyPass ATMs makes it easy to get money out, too. BlueVine online business checking also syncs with accounting tools like QuickBooks Online and Wave.

What to keep in mind:

Payment processing through the Chase mobile app is a convenient feature for self-employed professionals on the go and those just setting up shop.

Benefits:

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. You can open a Chase business checking account online or at one of nearly 5,000 branches across 39 states.

What to keep in mind:

Kabbage Checking is a free, interest-bearing checking account with no minimum balance or opening deposit requirements.

Benefits: Kabbage Checking customers earn 1.10% APY on balance up to $100,000 (as of this writing) and enjoy fee-free access to 19,000 Allpoint ATMs across the country. You can deposit cash (up to $5,000 per day) via select Green Dot locations.

This free online business bank account has invoicing services built in, so freelancers and contractors can easily create, send and track invoices directly from their Novo account.

Benefits:

Novo business checking has no monthly fees or minimum balance requirements. Customers can use any ATM, including international ATMs, and Novo Bank will automatically refund any fees at the end of the month.

Integrated invoicing makes it easier for freelancers and other self-employed professionals to get paid. You can also connect your Novo Bank account to tools like QuickBooks, Stripe and Shopify.

Applying for a Novo Bank business checking account takes about 10 minutes, and you’ll have your account up and running in two to three business days.

What to keep in mind:

Lili is designed specifically for freelancers and independent contractors, offering digital tools that allow you to sort your business and personal expenses, save for taxes and accept payments from customers within a single account.

Benefits:

The mobile-only Lili bank account has no monthly fees, no minimum opening deposit and no transaction fees. This account includes fee-free ATM access through the MoneyPass network and allows you to deposit cash through Green Dot locations.

What to keep in mind:

You are required to apply for a Lili account with your social security number (and cannot apply with an employer identification number), so although it may be a worthwhile option for freelancers, more established businesses will likely need to separate their finances with a dedicated business checking account.

A free business account that earns cash back on expenses like shipping, gas and ride sharing services when you use your Oxygen business debit card.

Benefits:

You can open an Oxygen account via the mobile app — in fact, that’s the only way to open an account — and manage your cash flow, pay bills and flag deductible expenses from your smartphone. Oxygen’s business account has no monthly fee or minimum balance requirement.

What to keep in mind:

Wells Fargo has more than 5,000 retail branches across 37 states — more than any other bank in the United States — which is ideal for self-employed professionals who prefer to bank in person. And you can open an account online, over the phone or in person.

Benefits:

Three business checking accounts make it easy to find one that fits your needs. The entry-level account, Initiate Business Checking, has a $10 monthly fee that can be avoided if you meet the minimum balance requirement ($500 average daily or $1,000 average monthly balance).

All Wells Fargo business checking accounts include online bill pay, mobile deposit and other digital banking tools. The bank also offers business savings accounts, credit cards and small-business loans.

What to keep in mind:

NBKC offers a truly free business checking account, with no monthly fees, overdraft fees, stop payment fees or transaction fees.

Benefits:

In addition to its practically nonexistent fee structure, NBKC also offers mobile check deposit, as well as free cash deposits via certain MoneyPass ATMs, a rare feature among online business bank accounts.

What to keep in mind:

NBKC does charge for outgoing wire transfers ($5 for domestic, $45 for international) and invoicing software, an optional add-on, is $10 per month after a free 60-day trial.

NBKC business bank accounts are primarily online accounts, but the bank does have four brick-and-mortar branches, all in the Kansas City area.