Best Business Bank Accounts for Freelancers [2024]

BANKING - CHECKING ACCOUNTS
Save time and money with these top business bank accounts.
Updated March 22, 2024
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Freelancing gives you a lot of flexibility, but you also have to stay organized and on top of your work. That means sending invoices, monitoring your cash flow, and staying on a budget. The best bank accounts for freelancers make it easier to perform these vital tasks.

Our top picks for bank accounts for freelancers are U.S. Bank Silver Business Checking and Lili. These accounts have tools and resources that will streamline your finances so you can focus on your freelance clients.

Learn more about our picks for the top bank accounts for freelancers to consider.

In this article

Key takeaways

  • Freelancers can save money and time with the right business bank accounts.
  • Our top picks are U.S. Bank Silver Business Checking and Lili.
  • These accounts also let you organize your finances better so you are more prepared for the tax season.
  • The best bank accounts for freelancers have advanced features that you won’t find in a personal bank account.
  • Freelancers should consider factors like a high annual percentage yield (APY) and few fees when comparing accounts.1

The 7 best bank accounts for freelancers

Best bank accounts for freelancers comparison

Best for Annual percentage yield Monthly fees
U.S. Bank Silver Business Checking Physical branches and ATMs 0.00% APY None2
Lili Yield 4.15% (as of Oct. 11, 2023) APY (must have a Lili Pro or higher account to access)3 None for Lili Basic
Grasshopper Partner Marketplace Up to 2.25% (as of May 9, 2023) APY with Innovator Checking None
Bluevine Cashback 2.00% (as of Sep. 13, 2023) APY None
Found Taxes 1.50% (as of Mar. 21, 2024) APY on balances up to $20,000 with Found Plus None
Chase Business Complete Banking Bonuses 0.00% APY $15
Novo Integration with Business Tools 0.00% APY None

U.S. Bank Silver Business Checking

Pros
  • No monthly fees
  • Large ATM network
  • Physical branches
Cons
  • Free paper statements are not available
  • Doesn’t pay interest

The U.S. Bank Silver Business Checking account lets you make up to 125 free transactions per statement cycle. Transactions cost $0.50 apiece after you surpass the limit. You are also allowed $2,500 of free cash deposits or 25 free cash transactions per statement cycle, depending on which comes first.

While the account has limits on the number of fee-free transactions you can make, you won’t have to worry about any monthly maintenance fees. U.S. Bank also offers no-fee transfers at any of its ATMs.

Free paper statements are not available for these accounts. If you prefer to receive your statement in the mail, you will have to open a Gold Business Checking account or a Platinum Business Checking account. You will have to make a $100 initial deposit to open these accounts.

A major downside to this account is that it will not accrue interest. You will have to upgrade your bank account if you want it to grow over time. If you value a high APY, or interest in general, this account may not be the right fit for you.

Member FDIC.

Visit U.S. Bank

Lili

Pros
  • 4.15% APY for qualifying account holders
  • Unlimited transactions
  • Tax and accounting tools
  • Supports joint business accounts
Cons
  • Must have a paid account to receive 4.15% (as of Oct. 11, 2023) APY; free accounts have 0% APY
  • 4.15% (as of Oct. 11, 2023) APY only applies to business savings of up to $100,000
  • Many features available only with paid accounts

Lili is a great bank account for freelancers who want their banking, accounting, and taxes all in one place. Two of Lili’s premium plans, Lili Smart and Lili Premium, have features like smart bookkeeping and auto-generated tax reports that can save you a lot of time preparing for tax season. You can even connect your favorite accounting software, such as QuickBooks, Xero, and others, to streamline your tax preparation. That way you can focus on growing your business and not on tax preparation.

Lili business checking accounts are available for all types of businesses. You can operate a sole proprietorship, LLC, or S-Corporation and still open an account. The online bank has resources that let you stay on top of your expenses and know exactly what is happening within your business.

Lili does not have any minimum deposit requirements. It also doesn’t have overdraft fees, ACH fees, foreign transaction fees, or incoming domestic wire transfer fees. You can make an unlimited number of transactions with your business checking account, and the company even supports joint business checking accounts.

The bank offers a generous 4.15% (as of Oct. 11, 2023) APY, but you must have a paid account to receive interest. The rate only applies up to the first $100,000 of your balance.

Lili’s accounts are FDIC insured through its partner bank, Choice Financial Group.

Visit Lili | Read our Lili review

Grasshopper

Pros
  • Up to 2.25% (as of May 9, 2023) APY
  • No monthly fees
  • Unlimited transactions
  • Rewards debit card that offers 1% cashback
Cons
  • $100 minimum deposit to open
  • No weekend customer service

Grasshopper offers a business checking account that offers a high yield for a checking account, cashback on online and signature-based purchases, and no monthly fees. The bank has several features freelancers will enjoy, too, such as sending digital invoices, managing cash flow, and automated bookkeeping.

The online bank also has a partner marketplace that is filled with discounts for popular business tools like Slack, Visme, and Ramp. Perks range from a free monthly subscription and product discounts to sign-on bonuses and a free credit line of up to $10,000.

Grasshopper doesn’t even have a minimum balance requirement. However, if you encounter any issues over the weekend, you're on your own. Grasshopper’s customer support team is only available on weekdays from 9 a.m. to 9 p.m. Eastern, excluding federal holidays.

Member FDIC.

Visit Grasshopper

Bluevine

Pros
  • No monthly fees
  • FDIC insurance up to $3 million
Cons
  • Must fulfill an activity requirement to get the 2.00% (as of Sep. 13, 2023) APY
  • Debit card does not offer cashback on non-business purchases

Bluevine is a fintech company where eligible customers could earn 2.00% (as of Sep. 13, 2023) APY with its checking account.

To qualify for the rate, you must spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine checking account. The 2.00% (as of Sep. 13, 2023) APY applies for the first $250,000 in your account, which means you could earn up to $5,000 per year in interest.

When you use the Bluevine debit card, you can earn a lot of cash back from your purchases. Some business services offer up to 20% cash back, while eligible hotels and restaurants result in 4% cashback if you use them for business.

You’ll also get 1% cashback on fuel for business travel at eligible gas stations. These rewards are great, but consider using another card when a spending category does not qualify for cashback.

Bluevine also offers unlimited transactions, no monthly fees, and FDIC insurance of up to $3 million through Coastal Community Bank and the program banks that participate in its sweep network.

Visit Bluevine

Found

Pros
  • Smart tax tools
  • Cash flow analysis and budget creation resources
  • No minimum balance requirements
  • Unlimited transfers
Cons
  • 1.50% (as of Mar. 21, 2024) APY only applies for balances up to $20,000, which is lower than many business checking accounts
  • Must have a Found Plus account to get the APY
  • 1.50% (as of Mar. 21, 2024) APY only applies for balances up to $20,000, which is lower than many business checking accounts
  • Must have a Found Plus account to get the APY
  • Found makes it easy to analyze your cash flow, create budgets, and is one of the best online banks for tax season. Found has tax tools that calculate your tax bill in real time. The tool also uses auto-categorization to help you find tax write offs, and you can pay your tax bill right from the app.

    Like many other accounts on this list, Found doesn’t have any minimum balance requirements or maintenance fees. Found is also useful if you have a team and want to give them unique debit cards.

    A unique feature is that you can create and share virtual debit cards on Found in a matter of seconds. Business owners can track each debit card, set limits, and lock any card if necessary.

    However, Found is not the best choice for consumers who want to accumulate interest. You must become a Found Plus member, which costs $19.99 per month. You can save money by opting for $149.99 per year membership. Most people will be just fine with a free account, but you need a paid account to earn interest.

    Even with the paid account, the interest isn’t much. The 1.50% (as of Mar. 21, 2024) APY caps out after your balance exceeds $20,000. That means you can only earn up to $300 per year in interest. That’s not much considering you have to pay $149.99 per year for the privilege to collect interest from a Found checking account. Found has great tools and resources for freelancers, but you will get higher yields with other online banks.

    Found is FDIC insured through its partner bank, Piermont Bank.

    Visit Found

    Chase Business Complete Banking

    Pros
    • Several ways to waive the monthly maintenance fee
    • Unlimited debit card purchases and Chase ATM transactions
    • No minimum opening deposit
    Cons
    • Monthly maintenance fee
    • Limited to $5,000 in no-fee cash deposits per statement cycle

    We recommend Chase Business Complete Banking if you’re looking for a traditional bank and Chase is convenient for you. The Chase business account comes with a monthly service fee, but Chase offers several ways to waive this.

    • $2,000 minimum daily ending balance
    • $2,000 in eligible deposits
    • $2,000 in eligible purchases from your Chase Ink Business Card
    • Maintain a qualifying linked Chase account
    • Meet Chase Military Banking requirements

    You have to meet at least one of these requirements each statement period to waive the $15 per month fee.

    You can use this account to accept credit card payments without any hidden fees or monthly contracts via Chase QuickAccept. Deposits arrive in your account on the same day for no additional charge.

    One downside with this account, however, is that it is not an interest-bearing checking account.

    Chase is FDIC insured.

    Visit Chase Business Complete Banking

    Novo

    Pros
    • Get paid faster with Novo Boost
    • No monthly fees
    • ATM fee reimbursements
    • Partnerships with leading brands can help you save money
    Cons
    • 0% APY
    • Can’t deposit cash

    Novo is a fintech company that offers a suite of online business banking solutions in one platform. Every account includes a free physical and virtual debit card that you can access at any time. You can monitor, freeze, and unfreeze any debit card whenever it becomes necessary.

    The bank’s Novo Reserves feature makes it easier to allocate funds for specific categories for budgeting purposes. It’s similar to having multiple personal checking accounts. Novo does not have any monthly fees or minimum balance requirements.

    Unfortunately, Novo does not offer any interest payments. You get access to great resources, but the trade-off is often a low yield or no interest at all.

    The fintech company reimburses ATM fees, which is a nice perk. You could also save some money through the company’s partnerships with top business brands like QuickBooks, Gusto, and Hubspot. However, you should look elsewhere if a high yield is your main motivation.

    A Novo account also isn’t right for you if you need to make cash deposits. Novo does not support this kind of transaction. There is a workaround where you can buy a money order and then deposit the money order into your account, but not everyone will want to take those extra steps when alternatives are available.

    If you don’t have much physical cash for your business and/or do everything online, this disadvantage is easier to ignore.

    Novo is FDIC insured through its partner bank, Middlesex Federal Savings.

    Visit Novo

    How to choose the best bank account for freelancers

    The best checking account can do a lot for your business. It can help you save time and earn extra money. However, freelancers should prioritize different features and perks that fit your business best. Here are some to consider.

    APY

    Annual percentage yield is a good starting point. Some business checking accounts will pay you just to keep money in your account. You may need to store funds while saving up for a big purchase or if you aren’t sure how to use your extra cash yet. The APYs for some banks can get high, which is good for you, but other banks do not offer interest-bearing accounts at all.

    You also have to be careful if a bank requires you to join a monthly subscription to receive interest payments. The subscription fee will minimize your interest payouts, and it isn’t always worth the effort.

    Tools and resources

    It’s a good idea to consider the business checking account’s tools and resources. Some bank accounts offer tools that simplify your taxes, invoicing, budgeting, and ability to stay on top of your cash flow. Receiving auto-generated reports can save time and help you identify opportunities to reduce spending without weakening your business.

    Rewards

    Rewards should also play a big role in your decision-making process when choosing a bank. Some banks offer more than 1% cashback on every purchase. Those rewards can add up over time, especially if you make big investments into your freelance business.

    Business checking accounts without reward programs aren’t as favorable since you won’t earn as much. Business banks without rewards need top-tier tools and features that make up for the money you lose by not receiving at least 1% cashback on your business purchases. Some accounts don’t have rewards programs or interest-bearing accounts, which makes them less enticing.

    Cash deposits

    Freelancers should also consider how often they need to make transactions and if they need to deposit cash into their business accounts. Some business checking accounts do not accept cash deposits and have complex workarounds for those, which may make them not worth the effort. Many banks offer unlimited transactions, but some of them charge a small fee per transaction if you exceed a threshold.

    Fees

    A monthly maintenance fee should disqualify most banks unless that financial institution offers reasonable ways to waive the fee. These monthly fees are archaic and can indicate that the bank charges more fees than other ones.

    Customer support

    No matter which bank you select, you will probably have questions along the way. A good customer support team that is available 24/7 can assist when problems emerge unexpectedly. Checking online reviews can help you gauge the quality of a bank’s customer support. Don’t take the company at its word that it has a great customer service team.

    FAQ about bank accounts for freelancers

    What type of bank account is best for freelancers?

    Business checking and savings accounts are best for freelancers. Look for accounts geared toward small business owners.

    Choosing the best business account comes down to comparing your choices and knowing what you want. It is a good idea to compare many banks to better understand which bank account is best for your needs.

    Can I use a personal bank account as a freelancer?

    You can use a personal bank account as a freelancer. However, business bank accounts come with more benefits and allow you to separate your personal finances from your business finances. This distinction will make tax preparation easier.

    Should I open a bank account for my side hustle?

    You may want to open a bank account for your side hustle. It depends on whether you intend to make the side hustle a fixture within your finances or if it is a short-term venture that will only last a few months. It makes more sense to open a bank account for your side hustle if you see yourself working on the side gig for years, especially if you believe you can turn it into a full-time career.

    Best bank accounts for freelancers: bottom line

    Comparing bank accounts for freelancers will help you find the right choice for your business. While earning interest is helpful, some online banks that have 0% APY accounts offer notable perks that help out in other areas.

    Those extra perks and discounts will have to be meaningful to compensate for the lack of an interest-bearing account. However, there’s more to a business checking account than collecting interest. Invoicing, tax tools, and cashback rewards are some of the notable factors to consider when comparing checking accounts for your business.

    Comparing the business checking accounts on this list can offer a good starting point for your research.

    Methodology

    The companies we chose for our best bank accounts for freelancers list may be current or past FinanceBuzz partners. We did not review all companies in the market. When evaluating these companies, we considered factors such as monthly fees, APY, and business features like software integrations.

    Lili Banking Benefits

    • Save money when even if your income fluctuates
    • Track personal and business expenses
    • Maximize your freelance tax savings

    Author Details

    Marc Guberti, CPFC Marc Guberti is a Certified Personal Finance Counselor (CPFC) known for his extensive expertise in personal finance matters. With a degree in finance from Fordham University, Marc has written on everything from investing to banks and credit cards for more than five years.

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