Quick picks for freelancer banks
Best Business Bank Accounts for Freelancers, Self-Employed
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 Best for High-yield business checking | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 Best for Free business management tools | $0 | N/A | $20 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 Best for Cash deposits | $16.00 | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 4.5/5 Best for Built-in payment processing | $15.00 Waived with $2,000 minimum balance | N/A | $400 Requirements to qualify | Learn more at Chase, Member FDIC |
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 4.9/5 Best for Unlimited transactions | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $0 | Learn more at LendingClub Bank, Member FDIC |
Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.3/5 Best for Early access to payments | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 Best for 1% cash back on debit card purchases | $0 | 2.25% With $0 min. balance for APY | $0 | Learn more at Grasshopper Bank, Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 Best for No-fee business account | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for ATM access | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Business savings account | $0 | 4.00% With $0.01 min. balance for APY | $0 | Learn more at Live Oak Bank, Member FDIC |
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 Best for High-yield business checking | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 Best for Free business management tools | $0 | N/A | $20 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 Best for Cash deposits | $16.00 | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 4.5/5 Best for Built-in payment processing | $15.00 Waived with $2,000 minimum balance | N/A | $400 Requirements to qualify | Learn more at Chase, Member FDIC |
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 4.9/5 Best for Unlimited transactions | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $0 | Learn more at LendingClub Bank, Member FDIC |
Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.3/5 Best for Early access to payments | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 Best for 1% cash back on debit card purchases | $0 | 2.25% With $0 min. balance for APY | $0 | Learn more at Grasshopper Bank, Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 Best for No-fee business account | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for ATM access | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Business savings account | $0 | 4.00% With $0.01 min. balance for APY | $0 | Learn more at Live Oak Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
High-yield business checking
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
With $0 min. balance for APY
Fees vary by location.
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.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Our pick for
Free business management tools
Found Small Business Banking
at Found, Deposits are FDIC Insured
$2 fee per deposit
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
Cons
- Phone support only available during business hours.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
- No outgoing wires. Can’t pay by check.
- Cash deposits limited to $2,000 per week; $4,000 per month. A $2 service fee applies.
- No bill pay feature.
Our pick for
Cash deposits
Bank of America® Business Advantage Fundamentals™ Banking
at Bank of America, N.A., Member FDIC
Up to $7,500 per statement cycle.
See offer page for more details
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Built-in payment processing
Chase Business Complete Banking℠
at Chase, Member FDIC
Waived with $2,000 minimum balance
Up to $5,000 per month.
Requirements to qualify
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.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
- Limit of $5,000 per month in free cash deposits.
Our pick for
Unlimited transactions
LendingClub Tailored Checking
at LendingClub Bank, Member FDIC
With $0 min. balance for APY
Waived with $500 minimum balance
Unlimited
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.
- Limits of $10,000 on both incoming and outgoing ACH transfers.
Our pick for
Early access to payments
Lili Basic Business Checking
at Lili, Deposits are FDIC Insured
Fee of up to $4.95 per cash deposit.
Pros
- No monthly fees, transaction fees or incoming wire fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- 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 wire transfers.
- Limits of $2,000 per day or $5,000 per month on incoming ACH transfers. No outgoing wire transfers.
- No bill pay feature in the free plan.
Our pick for
1% cash back on debit card purchases
Grasshopper Business Checking Account
at Grasshopper Bank, Member FDIC
With $0 min. balance for APY
No cash deposits.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
No-fee business account
nbkc Business Account
at nbkc bank, Member FDIC
Unlimited
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Our pick for
ATM access
Axos Bank® Basic Business Checking
at Axos Bank®, Member FDIC
Unlimited
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- 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.
Our pick for
Business savings account
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Do self-employed workers need a business bank account?
What documents do freelancers need to open a business bank account?
- A government-issued photo ID.
- Business license.
- Business tax ID (also called an EIN) or Social Security number.