Learn more Because sole proprietorships are almost always a one-person show, their owners need a small-business bank
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Best Business Bank Accounts for Sole Proprietors
| Bank/institution | Best for | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|---|
 Bluevine Business Checking at Bluevine, Deposits are FDIC Insured | Overall account for sole proprietors | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | at Bluevine, Deposits are FDIC Insured | |
| Pros
Cons
| ||||||
 American Express® Business Checking at American Express National Bank, Member FDIC | 24/7 customer support | $0 | 1.30% With $0 min. balance for APY | $30,000 Requirements to qualify | at American Express National Bank, Member FDIC | |
| Pros
Cons
| ||||||
 Grasshopper Innovator Business Checking Account at Grasshopper Bank, Member FDIC | Cash-back rewards on debit card spending | $0 | 1.80% With $25,000 min. balance for APY | N/A | at Grasshopper Bank, Member FDIC | |
| Pros
Cons
| ||||||
 U.S. Bank Business Essentials at U.S. Bank, Member FDIC | Free business checking (brick-and-mortar) | $0 | N/A | $500 Requirements to qualify | at U.S. Bank, Member FDIC | |
| Pros
Cons
| ||||||
 Business Premium Savings Account at Axos Bank®, Member FDIC | Dedicated business savings account | $0 | 3.80% With $0.01 min. balance for APY | $375 Requirements to qualify | at Axos Bank®, Member FDIC | |
| Pros
Cons
| ||||||
 Chase Business Complete Banking® at Chase, Member FDIC | Brick-and-mortar banking | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | at Chase, Member FDIC | |
| Pros
Cons
| ||||||
 Found Small Business Banking at Found, Deposits are FDIC Insured | Tax planning and invoicing tools | $0 | N/A | $125 Requirements to qualify | at Found, Deposits are FDIC Insured | |
| Pros
Cons
| ||||||
 nbkc Business Account at nbkc bank, Member FDIC | Cash deposits | $0 | N/A | N/A | at nbkc bank, Member FDIC | |
| Pros
Cons
| ||||||
 First Internet Bank Do More Business™ Checking at First Internet Bank, Member FDIC | Automatic transfers to savings | $0 | 0.50% With $10,000 min. balance for APY | N/A | at First Internet Bank, Member FDIC | |
| Pros
Cons
| ||||||
Best Business Bank Accounts for Sole Proprietors
Best overall online business checking account
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% 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 MoneyPass ATMs.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Best overall online business checking account
Bluevine Business Checking
Best for Overall account for sole proprietors
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% 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 MoneyPass ATMs.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
American Express® Business Checking
Best for 24/7 customer support
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Bonus
30,000 points
Requirements to qualify
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees, transaction fees or overdraft charges.
- Free, built-in bookkeeping and invoicing software.
- Free incoming domestic wires; low fees on other wire transfers.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Grasshopper Innovator Business Checking Account
Best for Cash-back rewards on debit card spending
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees, transaction fees or overdraft charges.
- Free, built-in bookkeeping and invoicing software.
- Free incoming domestic wires; low fees on other wire transfers.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Pros
- No monthly service fee.
- Welcome bonus for new customers (terms apply).
- Unlimited fee-free electronic and debit card transactions.
- Supports Zelle for Business.
- Account holders are assigned to a dedicated banker or customer support representative.
- Accept payments with free mobile card reader, no monthly software fee. Processing fees apply.
Cons
- $100 minimum opening deposit.
- Low limit on fee-free cash deposits.
- Fee for using out-of-network ATMs.
- High overdraft, wire transfer fees.
- $1 fee for outgoing domestic ACH transfers.
U.S. Bank Business Essentials
Best for Free business checking (brick-and-mortar)
APY
N/A
Monthly fee
$0
Bonus
$500
Requirements to qualify
at U.S. Bank, Member FDIC
Pros
- No monthly service fee.
- Welcome bonus for new customers (terms apply).
- Unlimited fee-free electronic and debit card transactions.
- Supports Zelle for Business.
- Account holders are assigned to a dedicated banker or customer support representative.
- Accept payments with free mobile card reader, no monthly software fee. Processing fees apply.
Cons
- $100 minimum opening deposit.
- Low limit on fee-free cash deposits.
- Fee for using out-of-network ATMs.
- High overdraft, wire transfer fees.
- $1 fee for outgoing domestic ACH transfers.
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$375
Requirements to qualify
at Axos Bank®, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
Business Premium Savings Account
Best for Dedicated business savings account
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$375
Requirements to qualify
at Axos Bank®, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$500
Requirements to qualify
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic and debit card transactions.
- Integrated credit card processing.
- 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.
- Supports Zelle for Business.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Chase Business Complete Banking®
Best for Brick-and-mortar banking
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$500
Requirements to qualify
at Chase, Member FDIC
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic and debit card transactions.
- Integrated credit card processing.
- 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.
- Supports Zelle for Business.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
APY
N/A
Monthly fee
$0
Bonus
$125
Requirements to qualify
at Found, Deposits are FDIC Insured
Pros
- No required monthly fee or minimum opening deposit.
- No excess transaction fees or overdraft fees; free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business and gig work apps, including Stripe, DoorDash, Uber, Etsy and PayPal.
- Account holders are assigned to a dedicated banker or customer support representative.
- Built-in payroll features for contractors.
Cons
- No weekend or after-hours phone support.
- Not available to partnerships or nonprofit organizations.
- No fee-free cash deposits.
Found Small Business Banking
Best for Tax planning and invoicing tools
APY
N/A
Monthly fee
$0
Bonus
$125
Requirements to qualify
at Found, Deposits are FDIC Insured
Pros
- No required monthly fee or minimum opening deposit.
- No excess transaction fees or overdraft fees; free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business and gig work apps, including Stripe, DoorDash, Uber, Etsy and PayPal.
- Account holders are assigned to a dedicated banker or customer support representative.
- Built-in payroll features for contractors.
Cons
- No weekend or after-hours phone support.
- Not available to partnerships or nonprofit organizations.
- No fee-free cash deposits.
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 and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
- Unlimited debit cards.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
nbkc Business Account
Best for Cash deposits
APY
N/A
Monthly fee
$0
Bonus
N/A
at nbkc bank, Member FDIC
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 and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
- Unlimited debit cards.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
APY
0.50%
With $10,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at First Internet Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Up to $10 in monthly refunds for ATM fees charged by other banks.
- APY of 0.50% with an average daily balance of $10,000 or more.
Cons
- No cash deposits.
- $15 fee for incoming wires.
First Internet Bank Do More Business™ Checking
Best for Automatic transfers to savings
APY
0.50%
With $10,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at First Internet Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Up to $10 in monthly refunds for ATM fees charged by other banks.
- APY of 0.50% with an average daily balance of $10,000 or more.
Cons
- No cash deposits.
- $15 fee for incoming wires.
Can you open a bank account as a sole proprietor?
Financial institutions typically don't limit business accounts to incorporated companies or restrict access based on factors like revenue or time in business. That means that sole proprietors can — and should — open a business bank account
How to open a business checking account as a sole proprietor
While business account requirements
- A government-issued photo ID.
- Business license.
- Business name registration certificate or “doing business as” documentation.
- Employer identification number (
EIN - Company details: industry and business type, when it was formed, and your business address and phone number.
You’ll also need to provide some personal information, including your date of birth, home address and phone number, and personal email address.
Do sole proprietors need business bank accounts?
A dedicated business bank account
If your business is more of a side hustle than a full-time operation, you may technically be able to use your personal checking account for business purposes (check your deposit agreement, though, as some banks prohibit this). But even then, using a dedicated business checking account can save you headaches come tax time and put you one step ahead if and when your business grows.
What sole proprietors should look for in a business account
Sole proprietors wear so many hats when running their business: CEO, social media manager, accountant, inventory specialist, tax preparer, tech support and more. Aim for a business account with features that let you take off at least one of those hats, even for a little while.
- Ease of access: The account you choose should be easily accessible, meaning there aren’t strict limits on transfers or deposits or high fees for activities that are routine for your business (if you do lots of wire transfers, for instance, or make frequent cash deposits). Take note of customer service hours, too. Some online business accounts rely primarily on email for customer support. That might work for some businesses but be a deal-breaker for others.
- Sub-accounts: Set funds aside for quarterly tax payments or upcoming expenses with dedicated sub-accounts, “envelopes” or savings buckets. Using these tools can make it easier to keep an eye on your business’s overall financial health — and in some cases, continue earning interest on your idle cash.
- Interest or cash back: Another way to put your business account to work for you? Have it earn you extra money with features like a high interest rate on your balance or cash back on debit card purchases.
- Tax planning: Several online business accounts include tax-planning tools that automatically categorize expenses, identify potential deductions and help calculate what you need to save for
self-employment taxes accounting software - Invoicing: A business account that includes free invoicing can cut down on the time it takes to get paid — that’s a real win for client services businesses. Make sure the account doesn’t limit the number of invoices you can send and that they can be customized with your logo.
Note on American Express® Business Checking : At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.