Because sole proprietorships are almost always a one-person show, their owners need a small-business bank that offers efficiency and affordability. Below are the best business checking accounts for sole proprietorships (plus a business savings account for your reserves).
Summary of the best business bank accounts for sole proprietors
- American Express® Business Checking: Best for 24/7 customer support.
- Bluevine Business Checking: Best overall account for sole proprietors.
- Chase Business Complete Banking®: Best for brick-and-mortar banking.
- Found Small Business Banking: Best for tax planning and invoicing tools.
- Grasshopper Innovator Business Checking Account: Best for cash-back rewards on debit card spending.
- Live Oak Bank Business Essential Checking: Best for establishing a relationship with a top SBA lender.
- Live Oak Bank Business Savings: Best dedicated business savings account.
- nbkc Business Account: Best for taking in-person payments.
- U.S. BankBusiness Essentials: Best sign-up bonus.
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
60+ business bank accounts rated with our objective, comprehensive business bank account rubrics (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
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Best Business Bank Accounts for Sole Proprietors
Best Business Bank Accounts for Sole Proprietors
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APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Bonus
$300
Requirements to qualify
Learn more
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.
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
Learn more
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
Learn more
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
Learn more
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.
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
$300
Requirements to qualify
Learn more
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
$300
Requirements to qualify
Learn more
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.
APY
N/A
Monthly fee
$0
Bonus
$500
Requirements to qualify
Learn more
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.
U.S. Bank Business Essentials
Best for Free business checking (brick-and-mortar)
APY
N/A
Monthly fee
$0
Bonus
$500
Requirements to qualify
Learn more
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
3.50%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
N/A
Learn more
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- 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.
Live Oak Bank Business Savings
Best for Dedicated business savings account
APY
3.50%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
N/A
Learn more
at Live Oak Bank, Member FDIC
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- 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.
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Bonus
$500
Requirements to qualify
Learn more
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
Learn more
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
Learn more
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
Learn more
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.
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
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.
nbkc Business Account
Best for Cash deposits
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
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
Learn more
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
Learn more
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. You can often open an account online or in person easily with the right documentation.
How to open a business checking account as a sole proprietor
While business account requirements will vary by bank, here's what you'll typically need as a sole proprietor:
- A government-issued photo ID.
- Business license.
- Business name registration certificate or “doing business as” documentation.
- Employer identification number (EIN) if you have one. Otherwise, your Social Security number.
- 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 can help sole proprietors separate business and personal finances. This makes it easier to track business income and expenses, file taxes, and apply for business loans and grants.
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. A few will even generate the necessary tax documents. You may also want to look for built-in bookkeeping software, like Autobooks, or direct integrations with your existing 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.Last updated on April 1, 2025
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, including services, fees, features and rewards. We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives.
Our editorial team regularly reviews and updates our data to ensure consistency and accuracy. We also update our scoring on an ongoing basis to reflect changing industry norms and business owner needs. For instance, in 2025, we introduced bonus points for notable built-in software features, like the ability to accept tap-to-pay payments from customers using a mobile app.
Final star ratings are presented on a scale of one to five stars, where a five-star score represents the best available product for the largest number of business owners. Learn more about how we rate business checking accounts.