Summary of the best business bank accounts for sole proprietors

American Express® Business Checking: Best for 24/7 customer support.
Bluevine Business Checking: Best online business account for sole proprietors.
Chase Business Complete Banking®: Best for in-person banking, cash deposits.
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.
nbkc Business Account: Best for no-fee ATM access, cash deposits (online bank).
U.S. Bank Business Essentials: Best sign-up bonus.

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How we chose the best bank accounts for sole proprietors

Can you open a bank account as a sole proprietor?

Do sole proprietors need business bank accounts?

What sole proprietors should look for in a business account

Online banks vs. traditional banks for sole proprietors

Table of Contents

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How we chose the best bank accounts for sole proprietors
Can you open a bank account as a sole proprietor?
Do sole proprietors need business bank accounts?
What sole proprietors should look for in a business account
Online banks vs. traditional banks for sole proprietors

How we chose the best bank accounts for sole proprietors

Our editorial team evaluated more than 60 business bank accounts to select the best options for sole proprietors. Accounts needed to earn at least 4.5 stars and be among our picks for best business checking accounts to be considered.

From there, we focused on accounts with tools that make day-to-day operations easier. Each business account on this list has something that adds value for sole proprietors, like:

Built-in invoicing.
Easy ways to take customer payments.
Low-cost wire transfers.
Seamless accounting integrations.

Here’s our full business bank accounts rating methodology.

Business accounts that earn 5 stars are exceptional. These are best-in-class accounts that deliver the most value for the greatest number of business owners.

Business accounts that earn 4.5 to 4.0 stars are excellent. They deliver terrific value and might be the best choice for your business depending on your needs.

Business accounts that earn 4.0 to 4.5 stars are good, and potentially great for business owners with relatively specific needs. But other accounts may offer fewer fees, more features or a better customer experience.

Business checking accounts that earn below 4 stars are lacking important features, have many high fees or both. You can likely find a better option.

Can you open a bank account as a sole proprietor?

Sole proprietors can open a bank account with any bank that offers small-business accounts. And it’s a smart idea to do so. A business bank account separates your business and personal finances. While that’s not legally required for sole props, it does make it easier to file taxes and apply for business funding.

Do you need an EIN?

No. Most banks let sole proprietors use either their Social Security number or Employer Identification Number (EIN) to open an account.

Documents needed to open a business account

Sole proprietors need to provide the following items to open most business checking accounts:

A government-issued photo ID. Driver’s license, passport or state ID.
Tax identification. SSN or EIN.
Business license/permit.
DBA (“doing business as”) or trade name certificate.
Proof of business address. Utility bill or lease to verify business address.

Applications also ask for your industry and business type, when it was formed, and your business address and phone number. You’ll also need to provide some personal information: date of birth, home address and phone number, and personal email address.

Do sole proprietors need business bank accounts?

No laws require sole proprietors to have a designated business bank account. But we always recommend using a dedicated account for your business.

Doing separates your business and personal finances, making it easier to track business income and expenses. That simplifies everything from tax filing to applying for a business loan or grant.

What sole proprietors should look for in a business account

Your business checking account should make running your business easier.

Must-haves for any sole proprietor business checking account include low or no monthly fees and easy access to customer support (phone or in-person). Additional features to look for:

Low fees, high limits. For ACH, wire transfers, deposits, etc.
Accounting integrations. Syncs directly with QuickBooks, Zero, Wave, etc.
Invoicing and bill pay. Supports one-time and recurring payments and unlimited, customizable invoices.
Subaccounts or high-yield savings account. Set funds aside for quarterly tax payments or upcoming expenses.
Room to scale. Offers features that support your business as it grows, like the ability to add users and customize permissions.

Here’s how our top picks compare:

Account	Wire transfer fees & limits	Invoicing	Bill pay	Account permissions	Accounting integrations
American Express® Business Checking	Incoming: $0. Outgoing: $25. No outgoing international wires.	No.	One-time and recurring. Limit of $15K per payment; $30K per day.	Admin and view-only.	QuickBooks*.
Bluevine Business Checking	Incoming: $0 domestic, $15 international. Outgoing: $15 domestic, $25 international. Limit: $20,000.00 per outgoing wire; up to $100,000.00 per 30-day period for outgoing wire and ACH transfers combined.	Yes.	One-time and recurring.	Admin and accountant.	QuickBooks.
Chase Business Complete Banking®	Incoming: $15 domestic or international.** Outgoing: $25 domestic, $40 international.	Yes.	One-time and recurring.	Multiple users with role-based access.	QuickBooks, Xero, FreshBooks.
Found Small Business Banking	Incoming: $0. Outgoing: $15. No international wires.	Yes.	One-time payments.	Admin and accountant.	QuickBooks.
Grasshopper Innovator Business Checking Account	Incoming: $0 domestic, $5 international. Outgoing: $10 domestic, $25 international.	Yes.	One-time and recurring.	Multiple users with role-based access.	QuickBooks, Xero.
nbkc Business Account	Incoming: $0 domestic, $45 international. Outgoing: $5 domestic, $45 international.	Additional fee.	One-time and recurring.	Multiple users with role-based access.	QuickBooks.
U.S. Bank Business Essentials	Incoming: $14 domestic, $20 international. Outgoing: $30 domestic, $75 international.	Yes.	One-time and recurring.	Multiple users with role-based access.	QuickBooks, Xero.
No expense categorization. *No charge if incoming wire sent from another Chase account (branch, online or in-app)

Online banks vs. traditional banks for sole proprietors

Choosing between an online bank or a traditional bank comes down to priorities and how your business operates.

Online banks are better for low fees, high interest rates and free tools. They’re a good fit for digital-first businesses who don’t need in-person support.

Traditional banks are best for businesses that regularly handle cash, or need in-person support. They also offer access to a broader suite of products, such as business loans or merchant services, all under one roof.

Here’s a look at how these options generally compare:

	Online banks	Traditional banks
Fees	Low/no fees: No monthly fees, low wire transfer fees and often no overdraft fees.	Higher fees: Monthly fees (can often be waived). High wire transfer, overdraft fees. Additional fees for excess transactions, deposits.
Earning interest	High-yield: High-yield savings and/or checking often available.	Low-yield: Savings and money-market accounts typically earn very low APY.
Customer support	Email/in-app support: Relies heavily on email support, with phone and after-hours service limited.	Real-time support: In-person support at branch locations. Phone support available nights, weekends. Some banks offer 24/7 support and/or dedicated business support.
Cash handling	Limited: Cash deposits often require third-party services with fees, limits for each deposit.	Easy: Easy, free cash deposits at branch locations (up to a monthly account limit).
Tools and features	Digital focus: Free digital tools (invoicing, bill pay, etc) and easy software integrations.	Full suite: Access to a broader suite of products, such as business loans and merchant services.

» MORE: Best online business bank accounts

Are online business checking accounts reliable?

Online business checking accounts are secure and reliable. Many come from financial technology companies known as “neobanks.” Neobanks partner with a traditional FDIC-insured bank to protect deposits. That’s the case for Bluevine and Found. Other online banks, like Grasshopper and NBKC, are fully FDIC-insured financial institutions.

Some small-business owners have complained (to NerdWallet directly and in online forums) about online banks freezing accounts. This isn't an issue with just online options. All banks must comply with regulations meant to prevent fraud and money laundering. But online banks may have automated triggers that flag suspected activity more often.

Account freezes can take weeks to resolve, leaving your business locked out of its funds. Online accounts may add to those frustrations if they rely on email for customer support. We recommend having multiple business bank accounts to hedge against freezes.

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.

Notes on Found: Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.

*Found's core features are free. Optional subscriptions to Found Plus for $35/month or $315/year or Found Pro for $80/month or $720/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read Found Fee Schedule.

¹Customers who have signed up for an account after Nov. 1, 2025 will earn a bonus equal to 2.00% Annual Percentage Yield on the portion of their account balance up to $20,000 for a given month only if they spend $5,000 in qualifying debit card transactions during the month and satisfy other eligibility requirements as described in the Card Spend Bonus Terms. No bonus will be earned on the portion of account balances over $20,000.

²Welcome offer: Earn $125 when you deposit $5,000 within the first 30 days of account creation and maintain it for another 30 days. Offer valid until 12/31/26. Terms Apply.

To view rates and fees of The American Express Blue Business Cash® Card, see this page.

To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page.

To view rates and fees of the American Express® Business Gold Card, see this page.

Last updated on March 4, 2026

Methodology

NerdWallet’s writers and editors evaluate more than 60 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets and the largest credit unions by membership, along with notable and emerging fintech companies and online banks.

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 2026, we adjusted our expectations for APYs due to falling interest rates.

Final ratings range from one to five stars. 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.

Meet the editorial team

Kelsey Sheehy

Senior writer | Small business, personal finance

Kelsey Sheehy is a senior writer and NerdWallet authority on small business. She started at NerdWallet in 2015 and spent six years as a personal finance writer and spokesperson before switching gears to cover the financial decisions and challenges faced by small-business owners. Kelsey’s work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the "Today" show, NBC News and ABC’s "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice, among other publications. Prior to joining NerdWallet, Kelsey covered college (and how to pay for it) for U.S. News & World Report. She is based in Washington, D.C.

Best Business Bank Accounts for Sole Proprietors of 2026

Summary of the best business bank accounts for sole proprietors

Bluevine Business Checking

Best for Online business account for sole proprietors

Bluevine Business Checking

Best for Online business account for sole proprietors

American Express® Business Checking

Best for 24/7 customer support

American Express® Business Checking

Best for 24/7 customer support

Grasshopper Innovator Business Checking Account

Best for Cash-back rewards on debit card spending

Grasshopper Innovator Business Checking Account

Best for Cash-back rewards on debit card spending

U.S. Bank Business Essentials

Best for Sign-up bonus

U.S. Bank Business Essentials

Best for Sign-up bonus

Chase Business Complete Banking®

Best for In-person banking, cash deposits

Chase Business Complete Banking®

Best for In-person banking, cash deposits

Found Small Business Banking

Best for Tax planning and invoicing tools

Found Small Business Banking

Best for Tax planning and invoicing tools

nbkc Business Account

Best for No-fee ATM access, cash deposits (online bank)

nbkc Business Account

Best for No-fee ATM access, cash deposits (online bank)

How we chose the best bank accounts for sole proprietors

Can you open a bank account as a sole proprietor?

Do you need an EIN?

Documents needed to open a business account

Do sole proprietors need business bank accounts?

What sole proprietors should look for in a business account

Online banks vs. traditional banks for sole proprietors

Are online business checking accounts reliable?

Methodology