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Best Bank Accounts for Freelancers, Self-Employed of April 2025

Written by

Kelsey Sheehy

Edited by

Ryan Lane

Last updated on February 7, 2025

Fact checked and reviewed
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The best bank accounts for freelancers and the self-employed are easy to open, easy to access online and charge minimal fees. A dedicated business checking account also helps formally separate your business finances from your personal affairs — a smart move whether you run your own brick-and-mortar business or pick up tasks and gigs as a side hustle. The following accounts are great choices for self-employed workers with a variety of needs.

Best Bank Accounts for Freelancers, Self-Employed

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Bluevine Business Checking

5.0 

Best for Online banking

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

Bluevine Business Checking

Best for Online banking

5.0 
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

American Express® Business Checking

5.0 

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

American Express® Business Checking

Best for 24/7 customer support

5.0 
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

Grasshopper Innovator Business Checking Account

4.8 

Best for 1% cash back on debit card purchases

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

Grasshopper Innovator Business Checking Account

Best for 1% cash back on debit card purchases

4.8 
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

Found Small Business Banking

4.3 

Best for Tax planning, bookkeeping and invoicing tools

APY
N/A
Monthly fee
$0
Bonus
$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Found Small Business Banking

Best for Tax planning, bookkeeping and invoicing tools

4.3 
APY
N/A
Monthly fee
$0
Bonus
$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Chase Business Complete Banking®

4.6 

Best for Accepting in-person payments

APY
N/A
Monthly fee
$15.00

Waived with $2,000 minimum balance

Bonus
$500

Requirements to qualify

Learn more

at Chase, Member FDIC

Chase Business Complete Banking®

Best for Accepting in-person payments

4.6 
APY
N/A
Monthly fee
$15.00

Waived with $2,000 minimum balance

Bonus
$500

Requirements to qualify

Learn more

at Chase, Member FDIC

Relay Business Checking

4.8 

Best for Low fees on wire transfers

APY
N/A
Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

Relay Business Checking

Best for Low fees on wire transfers

4.8 
APY
N/A
Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

nbkc Business Account

4.6 

Best for Cash deposits and withdrawals

APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

Best for Cash deposits and withdrawals

4.6 
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at nbkc bank, Member FDIC

Live Oak Bank Business Savings

5.0 

Best for 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

Live Oak Bank Business Savings

Best for Business savings account

5.0 
APY
3.50%

With $0.01 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at Live Oak Bank, Member FDIC

QuickBooks Money

4.2 

Best for Saving for short-term goals

APY
3.00%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A

QuickBooks Money

Best for Saving for short-term goals

4.2 
APY
3.00%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A

Lili Basic Business Checking

4.1 

Best for Early access to payments

APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Lili, Deposits are FDIC Insured

Lili Basic Business Checking

Best for Early access to payments

4.1 
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Lili, Deposits are FDIC Insured

First Internet Bank Do More Business™ Checking

4.3 

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

First Internet Bank Do More Business™ Checking

Best for Automatic transfers to savings

4.3 
APY
0.50%

With $10,000 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at First Internet Bank, Member FDIC

Do self-employed workers need a business bank account?

Technically, no. A business bank account isn’t required if you're self-employed.
But opening one is a good idea for the following reasons:
  1. 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.  
  2. 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. 
  3. 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.
  4. 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

"I had some freelance clients before I joined NerdWallet, though I didn't have a business checking account. I used several different tools to send invoices and take payments. Then, I kept a spreadsheet to track how much I'd earned and how much I owed in quarterly tax payments.
"If I were in the same position today, I'd look for a business bank account with built-in invoicing and tax planning tools. Using one tool just feels so much simpler than using two or more — especially when I had to build one of them myself."
Rosalie Murphy, lead writer covering small business

What documents do freelancers need to open a business bank account?

The exact documents required will vary by bank and your business type. If you're a sole proprietor, you'll likely need to provide at least the following documents:
  • A government-issued photo ID.
  • Business license.
  • Business tax ID (also called an EIN) or Social Security number.
Other business entities, like single-member LLCs, will require additional information. If you wanted to open a business bank account for an LLC, for instance, you’ll likely need to supply your operating agreement.
Learn more with our complete guide to what you need to open a business bank account.
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 February 7, 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.
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