6 Best Business Bank Accounts for Freelancers, Self-Employed of August 2022
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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 using a business checking account. 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 needs. But generally, business accounts should be easy to open, easy to access and charge minimal fees. (The same rules apply for the best personal checking accounts.) Here are some of the best business checking accounts for freelancers and the self-employed.
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 using a business checking account. 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 needs. But generally, business accounts should be easy to open, easy to access and charge minimal fees. (The same rules apply for the best personal checking accounts.) Here are some of the best business checking accounts for freelancers and the self-employed.
Best Business Bank Accounts for Freelancers, Self-Employed
at Bluevine, Deposits are FDIC Insured
Bluevine Business Checking
Monthly fee
$0APY
1.50%With $0 min. balance for APY
Min. opening deposit
$0at Bluevine, Deposits are FDIC Insured
Chase Business Complete Banking℠
Monthly fee
$15.00Waived with $2,000 minimum balance
APY
N/AMin. opening deposit
$0
at Novo, Deposits are FDIC Insured
Novo Business Checking
Monthly fee
$0APY
N/AMin. opening deposit
$0at Novo, Deposits are FDIC Insured
at Lili, Deposits are FDIC Insured
Lili Business Checking
Monthly fee
$0APY
N/AMin. opening deposit
$0at Lili, Deposits are FDIC Insured
Oxygen Business Account
Monthly fee
$0APY
N/AMin. opening deposit
$0nbkc Business Account
Monthly fee
$0APY
N/AMin. opening deposit
$0Compare 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 June 29, 2022
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, LendingClub Bank, NBKC, Navy Federal Credit Union, Novo, PNC, 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 August 2022
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.
