Quick picks for sole proprietor banks
Best Business Bank Accounts for Sole Proprietors
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 Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for 24/7 customer support + ATM fee rebates | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 Best for High-yield checking with cash-back rewards | $0 | 2.25% With $0 min. balance for APY | $0 | Learn more at Grasshopper Bank, Member FDIC |
Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 Best for Branch access, payment processing | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 Best for E-commerce businesses | $0 | N/A | $20 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Sign-up bonus | $0 | N/A | $800 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 Best for Cash deposits, dedicated support | $16.00 | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 Best for No-fee business checking account | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Dedicated business savings account | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | 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 Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for 24/7 customer support + ATM fee rebates | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 Best for High-yield checking with cash-back rewards | $0 | 2.25% With $0 min. balance for APY | $0 | Learn more at Grasshopper Bank, Member FDIC |
Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 Best for Branch access, payment processing | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 Best for E-commerce businesses | $0 | N/A | $20 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Sign-up bonus | $0 | N/A | $800 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 Best for Cash deposits, dedicated support | $16.00 | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.9/5 Best for No-fee business checking account | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Dedicated business savings account | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
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Our pick for
Earning interest
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
24/7 customer support + ATM fee rebates
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
High-yield checking with cash-back rewards
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
Branch access, 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.
- 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
E-commerce businesses
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
Sign-up bonus
U.S. Bank Silver Business Checking
at U.S. Bank, Member FDIC
Up to $2,500 per month.
Requirements to qualify
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at 4,700 U.S. Bank ATMs and access to 2,900 branches.
- No fees if account is overdrawn by $50 or less.
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Cash deposits, dedicated support
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
No-fee business checking 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
Dedicated business savings account
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Requirements to qualify
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.
Can you open a bank account 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.
Do sole proprietors need business bank accounts?
What sole proprietors should look for in a business account
- Bookkeeping: Look for a business account that has built-in bookkeeping software, like Autobooks, or one that easily syncs with your existing accounting software.
- 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, saving you time when you file.
- Invoicing: A business account that includes free invoicing can cut down on the time it takes to get paid — that’s a real win. Make sure the account doesn’t limit the number of invoices you can send, and understand whether the invoices can be customized to include your business logo.
- Ease of access: The account you choose should also 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.
- Interest or cash back: Another way to put your business account to work for you? Have it earn you extra money with features a high interest rate on idle funds or cash back on debit card purchases.