Sponsored partner picks for
Best Bank Accounts for Freelancers, Self-Employed
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Online banking Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
24/7 customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | 30,000 points Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
1% cash back on debit card purchases Grasshopper Innovator Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.8/5 | $0 | 1.80% With $25,000 min. balance for APY | $300 Requirements to qualify | Learn more at Grasshopper Bank, Member FDIC |
Tax planning, bookkeeping and invoicing tools Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.3/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Accepting in-person payments Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.6/5 | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | Learn more at Chase, Member FDIC |
Low fees on wire transfers Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.8/5 | $0 | N/A | N/A | Learn more at Relay, Deposits are FDIC Insured |
Cash deposits and withdrawals nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.6/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
Business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.60% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
Saving for short-term goals QuickBooks Money | 4.2/5 | $0 | 3.00% With $0 min. balance for APY | N/A | |
Early access to payments Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.1/5 | $0 | N/A | N/A | Learn more at Lili, Deposits are FDIC Insured |
Automatic transfers to savings First Internet Bank Do More Business™ Checking Learn more at First Internet Bank, Member FDIC | 4.3/5 | $0 | 0.50% With $10,000 min. balance for APY | N/A | Learn more at First Internet Bank, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Online banking Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
24/7 customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | 30,000 points Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
1% cash back on debit card purchases Grasshopper Innovator Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.8/5 | $0 | 1.80% With $25,000 min. balance for APY | $300 Requirements to qualify | Learn more at Grasshopper Bank, Member FDIC |
Tax planning, bookkeeping and invoicing tools Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.3/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Accepting in-person payments Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.6/5 | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | Learn more at Chase, Member FDIC |
Low fees on wire transfers Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.8/5 | $0 | N/A | N/A | Learn more at Relay, Deposits are FDIC Insured |
Cash deposits and withdrawals nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.6/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
Business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.60% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
Saving for short-term goals QuickBooks Money | 4.2/5 | $0 | 3.00% With $0 min. balance for APY | N/A | |
Early access to payments Lili Basic Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.1/5 | $0 | N/A | N/A | Learn more at Lili, Deposits are FDIC Insured |
Automatic transfers to savings First Internet Bank Do More Business™ Checking Learn more at First Internet Bank, Member FDIC | 4.3/5 | $0 | 0.50% With $10,000 min. balance for APY | N/A | Learn more at First Internet Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
Online banking
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
With $0 min. balance for APY
Fees vary by location.
Requirements to qualify
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.
Our pick for
24/7 customer support
American Express® Business Checking
at American Express National Bank, Member FDIC
With $0 min. balance for APY
No cash deposits.
Requirements to qualify
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.
- Only one debit card per account.
Our pick for
1% cash back on debit card purchases
Grasshopper Innovator Business Checking Account
at Grasshopper Bank, Member FDIC
With $25,000 min. balance for APY
No cash deposits.
Requirements to qualify
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.
Our pick for
Tax planning, bookkeeping and invoicing tools
Found Small Business Banking
at Found, Deposits are FDIC Insured
$2 fee per deposit
Requirements to qualify
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.
Our pick for
Accepting in-person payments
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 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.
Our pick for
Low fees on wire transfers
Relay Business Checking
at Relay, Deposits are FDIC Insured
Unlimited
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible Allpoint ATMs.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
- Account holders are assigned to a dedicated banker or customer support representative.
- Direct integration with Shopify.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
Our pick for
Cash deposits and withdrawals
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 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.
Our pick for
Business savings account
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
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.
Our pick for
Saving for short-term goals
QuickBooks Money
With $0 min. balance for APY
Fees of up to $5.95 may be collected by retailers when depositing cash to your account at their locations.
Pros
- Account holders can set money aside for specific purposes and earn 3% APY on it.
- Built-in invoicing.
- Built-in payment processing, which means same-day availability for some funds.
Cons
- Only four free ATM withdrawals per month; $3 per withdrawal after that.
- Does not offer jointly owned accounts.
- Only one debit card per account.
Our pick for
Early access to payments
Lili Basic Business Checking
at Lili, Deposits are FDIC Insured
Fee of up to $4.95 per cash deposit.
Pros
- No monthly fees, transaction fees or incoming wire fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
- Direct integrations with Square, Shopify, Etsy and eBay.
Cons
- Fee for using out-of-network ATMs.
- No fee-free cash deposits.
- Low monthly limits for cash deposits, incoming ACH transfers.
- Bill pay not included; must upgrade to Lili Smart or higher.
- Not available to nonprofit organizations.
- No spend controls on employee debit cards.
Our pick for
Automatic transfers to savings
First Internet Bank Do More Business™ Checking
at First Internet Bank, Member FDIC
With $10,000 min. balance for APY
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.
Do self-employed workers need a business bank account?
- Not all personal accounts can be used for businesses activity. Some financial institutions specify in their depositor agreement that personal accounts can't be used for business purposes. Business accounts, on the other hand, are designed specifically for business use.
- Managing self-employment taxes can be easier. If you make more than $400 in a year from freelancing, you’ll owe self-employment taxes. The tax rate for those earnings is 15.3%. Keeping your business earnings in a separate account can make it easier to set aside funds for those taxes in advance so that you’re not surprised by a bill at tax time. Some accounts, including Found, will automatically set aside tax payments for you.
- Business bank accounts offer helpful tools. Freelancer business accounts may come with features like invoicing, payment processing and expense tracking, which can make it easier to run your business. Others may integrate directly with payment, e-commerce and gig work apps, helping you access the money you’ve earned sooner.
- Separating your business finances sets you up for the future. If you decide to expand your business in the future, your business bank account will have a record of your revenue and expense history — which can be helpful when applying for a small-business loan.
💬 From our Nerds: What I wish I knew when I was a freelancer
What documents do freelancers need to open a business bank account?
- A government-issued photo ID.
- Business license.
- Business tax ID (also called an EIN) or Social Security number.
