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. BankSilver Business Package: 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.
Objective comprehensive business bank accounts rubric (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 for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Overall account for sole proprietors 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 | N/A | Learn more at American Express National Bank, Member FDIC |
Cash-back rewards on debit card spending 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 |
Sign-up bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.1/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Dedicated business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Brick-and-mortar banking 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 |
Tax planning 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 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 |
Establishing a relationship with a top SBA lender Live Oak Bank Business Essential Checking Learn more at Live Oak Bank, Member FDIC | 3.9/5 | $10.00 | N/A | N/A | Learn more at Live Oak Bank, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Overall account for sole proprietors 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 | N/A | Learn more at American Express National Bank, Member FDIC |
Cash-back rewards on debit card spending 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 |
Sign-up bonus U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.1/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Dedicated business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Brick-and-mortar banking 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 |
Tax planning 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 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 |
Establishing a relationship with a top SBA lender Live Oak Bank Business Essential Checking Learn more at Live Oak Bank, Member FDIC | 3.9/5 | $10.00 | N/A | N/A | Learn more at Live Oak Bank, Member FDIC |
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Our pick for
Overall account for sole proprietors
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Bluevine’s free business checking account boasts a competitive APY:
Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
The account can easily sync with popular accounting software, including QuickBooks Online, Wave and FreshBooks, to streamline your bookkeeping. Just beware: Bluevine's cash deposit fees are higher than some competitors and the limits may be restrictive.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
Read Review
Learn more
at American Express National Bank, Member FDIC
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
N/A
Bonus
N/A
American Express offers a compelling online business checking account with 24/7 customer support, no monthly fees or transaction limits and a competitive APY on balances up to $500,000. The major drawback: No cash deposits.
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
Cash-back rewards on debit card spending
Grasshopper Innovator Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Sole proprietors can get a lot of value out of Grasshopper’s free online business account. For starters, the account earns up to
1.80%
APY, depending on your balance. Plus, you can earn unlimited 1% cash back on qualified debit card purchases. Built-in bookkeeping, invoicing and cash management tools sweeten the pot for solo business owners.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
Sign-up bonus
U.S. Bank Silver Business Checking
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$400
Requirements to qualify
U.S. Bank is one of the only major brick-and-mortar banks to offer a free business checking account. If that wasn’t a draw on its own, you can also earn a generous welcome bonus:
Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
- Supports Zelle for Business.
- Unlimited debit cards.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- Low limit on fee-free cash deposits compared to other brick-and-mortar banks.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Dedicated business savings account
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
3.70%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$200
Requirements to qualify
Simply looking for a place to park your business's earnings? Consider a dedicated business savings account like Live Oak's. You won't get features like check writing or debit card access, but the interest rate on this free account is top notch.
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
Brick-and-mortar banking
Chase Business Complete Banking®
Read Review
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$500
Requirements to qualify
This brick-and-mortar business bank has one of the largest branch networks in the country, perfect for business owners who prefer to bank in person. But Chase Business Complete Banking also delivers convenient online banking and a highly rated mobile app that includes QuickAccept, a built-in payment-processing tool that allows you to accept credit card payments right from the app (associated processing fees apply). This account does have a monthly fee, though, and in-person transactions are capped at 20 per month.
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
Tax planning and invoicing tools
Found Small Business Banking
Read Review
Learn more
at Found, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
$2 fee per deposit
Overdraft fees
$0
Bonus
$125
Requirements to qualify
Found’s free business checking account offers direct integration with Etsy, Stripe and Square, as well as popular payment apps and gig apps, allowing for quick access to payments. Other standout features include built-in bookkeeping, unlimited invoicing, and tax-planning tools to estimate and save for your business taxes. Found’s business account does lack some important features, though — you can’t deposit checks or write checks from your account, for example.
Pros
- No monthly fees 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 businesses with multiple owners or nonprofit organizations.
- No fee-free cash deposits.
- Only one physical debit card per account (though users can create up to 20 virtual cards).
- No checks.
Our pick for
Accepting in-person payments
nbkc Business Account
Read Review
Learn more
at nbkc bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
NBKC’s business checking account offers no-frills, no-fees online business banking. Plus, NBKC customers who use iPhones can accept tap-to-pay payments from competitors' credit cards, debit cards and mobile wallets at competitive payment processing rates. And this free account offers unlimited fee-free cash deposits via compatible MoneyPass and Allpoint ATMs.
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
Establishing a relationship with a top SBA lender
Live Oak Bank Business Essential Checking
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
N/A
Monthly fee
$10.00
Min. opening deposit
$0
Free cash deposits
No
Overdraft fees
N/A
Bonus
N/A
Live Oak's business checking account is a good online account from a bank that is one of the biggest issuers of SBA 7(a) loans by volume year after year. Establishing a banking relationship with Live Oak could put you in a stronger position if you might apply for a loan down the road. Its business checking account offers straightforward banking services — unlimited transactions, checks, wire transfers and fee-free ATM access (although not cash deposits) — for a monthly fee of $10, which can be waived with a minimum balance of just $1,000.
Pros
- Easy access to phone support.
- No minimum deposit or excess transaction fees.
- No fees at Allpoint ATMs; third-party fees may apply at non-Allpoint ATMs.
Cons
- Can’t deposit cash.
- Limited integration with business apps.
- Long deposit hold for new customers.
- Relatively low mobile app ratings.
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 January 3, 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.
