As a self-employed business owner, it’s important to find a bank account that meets the specific needs of your business. Like most businesses, when choosing an account, you’ll want to avoid as many fees as possible, have access to the services you need—whether that be software integrations or the ability to deposit cash—and have the potential to earn interest on your business account balances.
With these criteria in mind, we have selected the following five banks as the best for providing accounts for self-employed business owners.
- BlueVine: Best overall bank for self-employed business owners
- Novo: Best for simple, low-cost business checking
- First Internet Bank: Best for multiple high-yield business accounts
- LendingClub Bank: Best for earning rewards on business debit card purchases
- Bank of America: Best for traditional and cash-based banking
BlueVine: Best Overall Bank for Self-employed Business Owners
BlueVine
What We Like
- No monthly fee
- No transaction fees
- $0 opening deposit
What's Missing
- Cash processing is limited
- No branch locations
- No business savings account options
Additional Features
- Integrates with accounting software, including QuickBooks Online, Wave, and FreshBooks
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Offers small businesses lending options
- BlueVine Business checking debit card
BlueVine’s fee-free business checking account is an excellent option for self-employed professionals. Not only does this account offer one of the highest annual percentage yields (APYs) available, but there are also no monthly maintenance fees or transaction limits. That means you won’t get hit with unexpected bank fees later, keeping your costs low and freeing up your money for important expenses. You can also write checks, pay vendors through online transfers, and use your debit card at more than 38,000 ATM locations nationwide.
Who it’s best for: BlueVine’s business checking is best for self-employed individuals who are comfortable with an online-only banking experience and want to earn interest on their business checking account.
Fees & Terms
- Monthly fee: None
- Transaction fees: None
- Cash deposit fees: Cash deposits options are limited to Green Dot locations, and subject to a $4.95 fee per deposit
- ATM fee: No charge for in-network ATMs nationwide (38,000 ATMs)
- Minimum deposit to open: None
- Minimum balance requirement: None to maintain the account
- Annual percentage yield: 0.60% on balances up to $100,000
Why We Like It
BlueVine makes it easy for even the smallest of small businesses to have access to fee-free banking. As an online-only banking option, self-employed individuals anywhere in the country can access this interest-earning checking account. While this bank doesn’t have physical branches, you can still deposit cash at Green Dot locations nationwide.
Novo: Best for Simple, Low-cost Business Checking
Novo
What We Like
- No monthly maintenance fees
- Refunds all ATM fees
- Integrates with business tools like QuickBooks, Slack, Stripe, Xero, Wise, Shopify, and Zapier
What's Missing
- No physical branch locations
- No outgoing wire service
- Doesn’t earn interest
Additional Features
- Mobile and online banking
- Free business debit card
- Check deposits directly through the mobile app
- Cash deposits by purchasing United States Postal Service (USPS) money order and depositing via remote deposit capture
Novo is a terrific option for self-employed professionals who like to keep their banking simple and low-cost. The Novo checking account has no monthly fees, no minimum balance requirements, and no fees for transfers, mailed checks, or incoming wires. Novo also refunds all ATM fees and integrates with other small business tools.
Who it’s best for: A Novo business checking account is a good choice for freelancers and self-employed individuals seeking a simple and straightforward checking account with fee-free ATM access nationwide.
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fees: None
- ATM fee: Refunds all ATM fees
- Minimum deposit to open: $50
- Minimum balance requirement: None
Why We Like It
Similar to BlueVine, Novo is an online-only bank that offers a fee-free small business checking account. What sets this bank apart, though, is that free ATM usage isn’t limited to a specified network; rather, Novo will reimburse you for all ATM fees—even international fees. If you’re looking for a simple checking account and don’t often have a need to deposit cash, Novo might be the best choice for your business.
First Internet Bank: Best for Multiple High-yield Business Accounts
First Internet Bank
What We Like
- No transactions fees
- No monthly maintenance fees on the business checking account
- Interest-bearing business accounts are available
What's Missing
- No physical branches
- Average daily balance of $10,000 required to earn APY
- Business savings accounts require a minimum balance to avoid monthly fee
Additional Features
- Debit cards available
- A variety of business bank accounts, including savings, money markets, and certificates of deposit (CDs)
- Mobile and online banking with remote and scanned deposit options and electronic statements
- Bill payments, wire transfers, and ACH payments are available
For those looking for robust returns on both business checking and savings accounts with one bank, First Internet Bank is your best pick. This bank’s business checking account has no monthly maintenance or transaction fees and earns a high APY on deposits of $10,000 or more. Plus, you can gain even higher APYs by using its business money market and business savings accounts. With these perks, you can see why First Internet Bank is one of the best for the self-employed.
Who it’s best for: First Internet Bank is a standout choice for self-employed business owners who need more than one interest-earning business account to meet their business needs.
Fees & Terms
- Monthly fee: None
- Transaction fees: None, offers unlimited transactions
- Cash deposit fees: Not available
- ATM fee: None, reimburses ATM fees charged by other banks up to $10 per month
- Minimum initial deposit: $100
- Minimum balance requirement: None to maintain the account
- Annual percentage yield: 0.30% on balances over $10,000
Why We Like It
Another internet-only banking option, First Internet Bank offers a full suite of banking products and services; the only aspects it’s lacking over a traditional bank are the brick-and-mortar presence and the ability to deposit cash. If you’re looking for a variety of business account options, including savings, money markets, and CDs, First Internet Bank offers all of those and more.
LendingClub Bank: Best for Earning Rewards on Business Debit Card Purchases
LendingClub Bank
What We Like
- 1% cash back on debit card purchases
- Interest-earning business checking
- No transaction limits or fees
What's Missing
- $5,000 minimum balance to avoid monthly account fee
- $5,000 minimum balance to earn debit card rewards
- No branch locations
Additional Features
- Online and mobile banking including bill pay
- Remote deposit capture
- Invoicing services via Autobooks
- SBA loans and other business loans
- Business credit cards
There’s nothing like earning rewards, but very few banks allow businesses to earn cash back on debit card purchases. That’s where LendingClub Bank sets itself apart: allowing you to earn unlimited 1% cash back on signature-based debit card purchases. However, be prepared to maintain an average balance of $5,000 or more to qualify for rewards and interest on this account.
Who it’s best for: Self-employed individuals who want to earn rewards on everyday business checking account purchases will enjoy having their business checking account with LendingClub.
Fees & Terms
- Monthly fee: $10—waived by maintaining an average balance of $5,000 or more
- Transaction fee: None
- ATM fee: None—refunds external ATM fees at the end of each statement cycle
- Minimum initial deposit: $100
- Minimum balance: None
- Annual percentage yield: 0.10% on balances of $5,000 or more
Why We Like It
While LendingClub does charge a $10 monthly maintenance fee, the fee is waived easily by carrying an average monthly balance of $5,000 or more. As an online-only bank, it has many of the same features as other banks on our list—it refunds ATM fees like Novo and offers an interest-bearing account like BlueVine and First Internet Bank. However, LendingClub is the only bank on our list that offers a cash back incentive for using your debit card, making it easy for self-employed business owners to earn rewards for simply using their account.
Bank of America: Best for Traditional and Cash-based Banking
Bank of America
What We Like
- Up to $500 introductory bonus
- Up to $7,500 free monthly cash deposits
- Nationwide branch locations
What's Missing
- $100 minimum deposit to open an account
- Multiple criteria required to earn the introductory offer
- Rewards program requires a combined three-month average balance of $20,000 or more to qualify
Additional Features
- Offers a variety of loan products
- Allows accounting software integration
- Offers payroll and merchant services
- A variety of savings account products
- Small business credit cards
Bank of America’s Business Fundamentals checking account offers the best in business banking for cash-handling self-employed professionals. This bank offers cash processing and is ideal for business owners who prefer physical deposits and in-person banking over digital. You’ll also get some of the best business features and a nationwide bank network that includes hundreds of branches and more than 16,000 ATMs. We named Bank of America as one of the best banks for small businesses.
Who it’s best for: Bank of America’s Business Fundamentals checking is best for self-employed professionals that have a cash-based business or prefer having the option of visiting a branch to do their banking in person.
Fees & Terms
- Monthly fee:
- FundamentalsSM account setting: $16—waived if you meet one of the following criteria during each checking statement cycle:
- Spend $250 on new net purchases with your Bank of America business debit, credit card, or charge card
- Maintain a $5,000 combined average monthly balance
- Become a member of Preferred Rewards for Business—first four checking accounts per enrolled business
- Relationship setting: $29.95—waived if you maintain a $15,000 combined average monthly balance
- FundamentalsSM account setting: $16—waived if you meet one of the following criteria during each checking statement cycle:
- Transaction fee:
- No fee for the first 200 transactions, then 45 cents per item
- No excess transaction fee for automated clearing house (ACH), debit card transactions, online bill pay, electronic debits, and checks deposited through remote deposit online
- Cash deposit fee:
- FundamentalsSM account setting: Deposit up to $7,500 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
- Relationship account setting: Deposit the first $20,000 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
- ATM fee: Free access to more than 16,000 ATMs nationwide—$2.50 per transaction on out-of-network ATMs
- Minimum deposit: $100
- Minimum balance: None
- Annual percentage yield: None
Why We Like It
Not all self-employed business owners can manage to do their banking entirely online, especially businesses that handle cash on a regular basis. While Bank of America’s Business Fundamentals checking account does have a monthly fee, the fee is waived easily by making a few purchases with your debit card each month. Additionally, this account allows you to deposit up to $7,500 in cash each month without charging a cash deposit fee.
How We Evaluated Self-employed Bank Accounts
We reviewed several factors to determine the best for self-employed professionals, including features that are helpful for self-employed professionals, such as mobile banking, accounting, and payment software integration. We also prioritized banking costs, including monthly maintenance fees, transaction fees, and minimum balances that could affect your cash flow. We chose the bank accounts that represent the best of these features.
Do You Need a Business Bank Account If You’re Self-employed?
Anyone running a business can benefit from a business checking account, whether as a freelancer or a brick-and-mortar business owner. Business bank accounts separate your business finances from your personal finances, making accounting easier. You’ll also get customer support designed for just business owners.
It’s common for freelancers and side hustlers to use personal bank accounts for business, but a business bank account is a better option. Commingling personal and business funds can lead to unwanted attention from the IRS. Doing that could get you flagged for a tax audit, and you could also get hit with unnecessary IRS penalties and fees.
What You’ll Need to Open a Self-employed Bank Account
It’s fairly simple to open a business bank account. When opening an account at a branch location, you’ll need to provide identification for you and any business co-owners. You’ll also need to bring copies of any relevant business documents, including your business license, as these will be needed for the bank to verify your business identity. If you open your account online, the bank will let you upload documents electronically or send them in later via email, mail, or fax. It takes only minutes to open, and you’ll usually have full access to your account within a day or two.
Bottom Line
The best banks for self-employed business owners offer more than just low-cost business checking accounts. These banks also offer a way to safely put away your money and access it easily online or via mobile apps and ATMs. Plus, the accounting software integration makes it easier to consolidate your books at the end of the quarter. Regardless of what bank you choose, be sure it offers the pricing and features that are most important to you and your business.
