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6 Best Business Bank Accounts for Freelancers, Self-Employed of December 2022

Dec 1, 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.

Best Business Bank Accounts for Freelancers, Self-Employed

Bluevine Business Checking
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at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

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 that earns 2.00% interest on balances up to and including $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:

Bluevine business checking pays interest on balances up to $100,000; anything above that threshold does not earn interest. You can use your Bluevine business debit card to deposit cash via participating Green Dot partners (think CVS, RiteAid, 7-Eleven and Walmart), but there is a $4.95 fee for each cash deposit.

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 $100,000. 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
Chase Business Complete Banking℠
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at Chase, Member FDIC

Chase Business Complete Banking℠

4.5

NerdWallet rating 
Chase Business Complete Banking℠

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

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 4,700 branches across 48 states.

What to keep in mind:

Chase Business Complete checking has a $15 monthly fee, which is waived if you maintain a daily minimum balance of $2,000 or meet other spending or deposit requirements. You are limited to 20 free “physical” transactions per month, which includes paper checks written from the account and in-person deposits and withdrawals. Additional physical transactions are 40 cents each.

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
Novo Business Checking
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at Novo, Deposits are FDIC Insured

Novo Business Checking

4.5

NerdWallet rating 
Novo Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Novo, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

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:

Novo Bank is entirely online, so there are no physical branches. You cannot deposit cash into your Novo account, but you can add funds via ACH transfer, mobile deposit, PayPal or Venmo. You can also mail checks to be deposited into your account.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions.

  • Refunds on all ATM fees worldwide.

  • Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.

Cons

  • Can’t deposit cash.

  • Can’t send domestic or international wires.

  • No recurring payments available with bill pay.

  • $27 fees for insufficient funds/uncollected funds returned.

Read Full Review
Lili Business Checking
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at Lili, Deposits are FDIC Insured

Lili Business Checking

4.5

NerdWallet rating 
Lili Business Checking

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.

Benefits:

Lili's entry-level 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 (fees apply).

What to keep in mind:

Your account 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 minimum opening deposit.

  • Unlimited fee-free transactions.

  • 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 with direct deposit allows you to receive funds up to two days sooner than you might 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, no third-party integrations.

Read Full Review

Oxygen Business Account

4.5

NerdWallet rating 
Oxygen Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

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:

Oxygen’s platform is fully app-based, which means you can’t log into your account via a web browser or visit a branch. Once you apply, It can take three to five weeks for your application to be approved. Cash deposits (up to $1,000 per deposit and up to $10,000 per month) are available via certain GreenDot locations, but are subject to a $4.95 fee per deposit. Oxygen charges $3 for out-of-network ATM withdrawals.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions.

  • No fees at Allpoint ATMs; cash deposits via Green Dot network (fees and limits apply).

  • Earn up to 5% cash back when using the Oxygen business debit card.

  • Ability to create an LLC through the Oxygen app before signing up for a business account.

Cons

  • App only, no web access.

  • Fee for using out-of-network ATMs.

  • Cash deposits limited to $1,000 per day; service fee of up to $4.95 per cash deposit.

  • Can’t send domestic or international wires; can’t receive international wires.

  • No multi-user accounts.

Read Full Review
nbkc Business Account
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at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

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.

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.

Applying for an account online only takes five minutes, according to the NBKC site, but it can take five to seven business days for that application to be processed. 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

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 December 1, 2022

Methodology

NerdWallet evaluated business checking accounts from dozens of financial institutions. We looked at fees, perks, APY and customer service availability, among other factors, to determine the best business checking accounts for freelancers and self-employed professionals.

To recap our selections...

NerdWallet's Summary of Best Business Bank Accounts for Freelancers, Self-Employed of December 2022

Frequently asked questions