7 Best Bank Accounts for Self-employed Professionals in 2022
This article is part of a larger series on Business Banking.
The best bank accounts for self-employed professionals provide you with an excellent checking product and outstanding business support whether you have just started freelancing or have been for years. You should consider a no- or low-fee account that has the features that best align with your business as every freelancer has different needs from its bank, including support for cash deposits, mobile check deposits, invoicing, tax preparation, and potentially full-service banking products.
Here are the seven best bank accounts for self-employed professionals:
- Bluevine*: Best bank account overall for self-employed with a high interest yield checking
- Lili*: Best for new freelancers needing digital tax preparation assistance
- Novo*: Best digital-only bank for frequent ATM withdrawals and cash deposits
- First Internet Bank: Best for freelancers wanting a full-service digital-only bank
- Axos Bank: Best for interest-earning checking and unlimited ATM fee reimbursements
- Found*: Best for freelancers looking for detailed expense tracking
- Bank of America: Best for self-employed individuals seeking a traditional bank
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine, Choice Financial Group, Inc. for Lili, Middlesex Federal Savings for Novo, and Piermont Bank for Found)
Best Bank Accounts for Self-employed Professionals at a Glance
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
|---|---|---|---|---|---|---|
 Business Checking | None | None | 1.5% on qualifying balances up to $100,000 | $4.95/deposit (Green Dot locations) | Free at MoneyPass ATM locations nationwide | None |
 Business Checking Basic | None | None | None | $4.95/deposit (Green Dot locations) | Free at MoneyPass locations; $2.50 for nonnetwork | None |
 Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
 Small Business Checking | None | None | 0.50% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | $100 |
 Business Interest Checking | $10 (waivable) | 100 free, then 50 cents each | 1.01% less than $50,000; lower % above $50,000 | Accepted through MoneyPass and Allpoint ATMs | Refunds all domestic ATM fees | $100 |
 Business Checking | None | None | N/A | Cash deposits not accepted | None; third-party ATM fees may apply | None |
 Fundamentals Business Checking | $16; waivable | 200 free, then 45 cents each | N/A | Free up to $7,500/month; 30 cents/$100/statement cycle | Free at Bank of America ATMs nationwide; $2.50 for nonnetwork | $100 |
Bluevine: Best Bank Account Overall for Self-employed With High Interest Yield Checking
Bluevine
What We Like
- Interest-earning checking with 1.5% APY on balances of $100,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
What's Missing
- No savings, money market, and CD accounts
- No physical branch locations
- No customer service on weekends
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Bluevine Business Checking Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free |
International Wire Fees | $15 for outgoing; incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.5% on balances of up to $100,000, once qualifications are met |
Review | |
Open an Account |
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|---|---|
Debit Card | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Two free checkbook orders per year |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, PayPal, and Expensify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | N/A |
Other Products Available | Line of credit |
Review | |
Open an Account |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
When To Use Bluevine Business Checking
Bluevine is the best bank account for freelancers thanks to its interest-earning business checking account, lack of monthly fees, and great software integrations. You can earn 1.5% APY on balances up to $100,000 if you spend $500 a month with the debit card or receive $2,500 in customer payments in a month.
If you’re looking for a digital-only bank with no monthly fees, minimum balance requirements, and monthly transaction limits, Bluevine is an excellent choice. If you need business financing as your business grows, it offers the best business line of credit on the market.
It provides two free checkbook orders annually and great software integrations with accounting and payment software. Wire transfers are relatively inexpensive, with outgoing wires costing $15.
One of the few drawbacks to Bluevine is the cost of cash deposits. You must make cash deposits at Green Dot retail locations, which cost $4.95 per transaction. Bluevine also charges $2.50 for out-of-network ATM withdrawals, in addition to third-party fees.
If your business deposits and withdraws cash regularly, you may consider a bank with a physical location, like Bank of America.
Lili: Best for New Freelancers Needing Digital Tax Preparation Assistance
Lili
What We Like
- No monthly fees for basic tier
- Lili Pro plan includes an automatic savings account that earns 1.5% APY
- Tax Optimizer helps with tax preparation for small businesses
What's Missing
- No physical locations
- Limits business accounts to doing-business as (DBA) setups and single-owner limited liability companies (LLCs)
- No wire transfers
Features
- Free Visa business debit card
- Mobile banking
- Invoice software: Unlimited invoice creation
- Tax Optimizer: Tracks tax write-offs
- Balance Up: Fee-free overdraft coverage feature
Lili Business Checking Basic Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Unavailable |
International Wire Fees | Unavailable |
ATM Fees | Free at 38,000 MoneyPass ATMs (third party ATM fees may apply); $2.50 for out-of-network |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | None |
Review | |
Open an Account |
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|---|---|
Debit Card | Free Visa debit card |
Physical Checks | Unavailable |
Accounting Software Integrations | Built-in expense tracking and QuickBooks |
Business Payment Integrations | Includes Venmo, PayPal, and CashApp |
Customer Service | Phone: (855) 545-4380, Monday to Friday, 9 a.m. to 7 p.m. Eastern time Email: support@lili.co |
Invoicing Products | Advanced invoicing software with unlimited invoices available with Lili Pro |
Other Products Available | Lili Business Checking Pro for $4.99/month |
Review | |
Open an Account |
*Lili is a business fintech platform backed by FDIC-insured Choice Financial Group, Inc.
When To Choose Lili
Lili works well for new freelancers because it offers an outstanding business checking product along with a robust tax optimizer inside the app. The tax optimizer lets you track potential write-offs, set aside money in a tax bucket, scan receipts, complete your schedule C automatically, and produce quarterly and annual expense reports. It’s a very powerful tool included in the Lili app.
You get two checking options: Lili Basic, which is free, and Lili Pro, which is $4.99 a month. Both accounts provide you with a debit card, the option to get paid faster with direct deposit two days early, built-in expense tracking, and no hidden fees.
The basic business checking account has no monthly fees, transaction limits, and minimum balances requirements. Meanwhile, the perks of Lili Pro include 1% cash back rewards on all purchases, fee-free overdrafts up to $200, a savings account with a 1.5% APY, and the ability to create and send unlimited invoices.
Unfortunately, Lili doesn’t allow you to send or receive wire transfers, and you cannot order checks or send them from the app. Like Bluevine, you can deposit cash, but it must be done through Green Dot retail locations for $4.95 a transaction.
What gives Lili a slight edge over a similar competitor, Found, is the ability to deposit cash and a little more robust tax preparation integration.
Novo: Best Digital-only Bank for Frequent ATM Withdrawals & Cash Deposits
Novo
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Free unlimited transactions
What's Missing
- No interest-earning accounts
- No lending and savings products
- No cash deposits
Features
- Integrates with business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
Novo Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Review | |
Open an Account |
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|---|---|
Debit Card | Virtual debit card available immediately, one free physical debit card per user |
Physical Checks | Paper checks can be sent straight from the app |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, Square, PayPal, Wise, and Shopify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | Free unlimited invoicing |
Other Products Available | No lending products |
Review | |
Open an Account |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.
When To Use Novo
For self-employed individuals who frequently withdraw money from ATMs for their business or need to make frequent cash deposits, Novo is an excellent option. It refunds all ATM fees at the end of each month, and the cost of cash deposits generally is lower than Bluevine and Lili.
Novo is another business checking option with no monthly fees, minimum balance requirements, and transaction limits. It also offers excellent integrations with accounting and business payment software and allows for free unlimited invoicing through the app.
Cash deposits are also possible, and Novo doesn’t charge for them. However, to make a cash deposit, you must purchase a money order and deposit it through the app. Many locations sell money orders, including US Postal Service (USPS) locations, for up to $1.95 for money orders of up to $1,000.
You cannot purchase checks, but you can send checks directly from the app for free. Novo doesn’t have lending products, and you cannot send wires—but you can send domestic ACH transfers for free.
If you’re looking for a digital-only bank, Novo may be the best account for freelancers who regularly handle cash as part of their business.
First Internet Bank: Best for Freelancers Who Want a Full-service Digital-only Bank
First Internet Bank
What We Like
- Interest-earning checking and savings accounts available
- Up to $10 ATM refund each month
- No monthly maintenance fees
What's Missing
- 0.50% APY on checking only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Small Business Administration (SBA) loans and commercial loans
- Other business bank accounts available, including savings, money markets, and certificates of deposit (CDs)—ranked among our best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
First Internet Bank Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing; $15 for incoming |
International Wire Fees | $50 for outgoing; $15 for incoming |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposited | No cash deposits accepted |
APY | 0.50% on balances of $10,000 or more |
Review | |
Open an Account |
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|---|---|
Debit Card | Free, with first replacement card free as well ($5 for each additional replacement) |
Physical Checks | Cost varies depending on the type of checks ordered |
Accounting Software Integrations | QuickBooks |
Business Payment Integrations | N/A |
Customer Service | Phone and email available during business hours |
Invoicing Products | N/A |
Other Products Available | Business savings, business CDs, lending products |
Review | |
Open an Account |
When To Use First Internet Bank
If you’re a self-employed individual looking for the convenience of a digital-only bank combined with the offerings of a full-service traditional bank, First Internet Bank is a great choice. Not only does it have an interest-bearing business checking account, but it also provides savings and CD accounts that earn interest. If your business grows, it has commercial checking, treasury management, and merchant services.
You can earn 0.50% APY with an average daily balance of at least $10,000 in your business checking account. Savings and CD rates are even higher.
What sets First Internet Bank aside from other digital-only banks is its offering of lending products. It has SBA lending, commercial real estate loans, commercial lending, and public finance loans. SBA microloans are one of the top forms of startup financing, which can help your freelance business grow.
First Internet Bank has software integrations with QuickBooks, shared account access, and no-fee bill payment.
Drawbacks include more limited software integrations than the fintech options on this list. Also, cash deposits aren’t accepted, so freelance businesses needing to deposit cash should consider an alternative, such as Axos Bank.
Axos Bank: Best for Interest-earning Checking & Unlimited ATM Fee Reimbursements
Axos Bank
What We Like
- No monthly fees for basic business checking
- Unlimited ATM fee reimbursements at domestic ATMs
- Interest-bearing checking and savings accounts available
What's Missing
- Fees apply for outgoing wire transfers (after first two free transfers)
- Fees for interest-bearing checking
- APY on savings is low compared to competitors
Features
- Interest-earning checking account available with up to 1.01% APY on balances less than $50,000
- Business savings available, along with money market and CDs
- SBA loans available
- Mobile and online banking
- Workplace banking for low-fee accounts for your employees
- Cash deposits at MoneyPass or Allpoint ATMs
- All domestic ATM fees reimbursed
- 50 free checks
Axos Bank Business Interest Checking Terms & Features
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100, then 50 cents each; up to 60 items per month in Remote Deposit Anywhere |
ACH Fees | None |
Monthly Fee | $10; waivable with daily average balance of $5,000 |
Domestic Wire Transfer Fees | First two domestic wires monthly are free; otherwise incoming are free; $15 for outgoing |
International Wire Fees | Incoming are free; $50 for outgoing |
ATM Fees | Unlimited domestic ATM fee reimbursements |
Cash Deposited | Cash deposits via MoneyPass and Allpoint networks |
APY |
|
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Open an Account |
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|---|---|
Debit Card | Visa debit card with enhanced Visa benefits |
Physical Checks | First set of 50 checks free |
Accounting Software Integrations | QuickBooks |
Business Payment Integrations | N/A |
Customer Service | 24/7 customer service available at a toll-free number or by email |
Invoicing Products | N/A |
Other Products | Interest-earning checking, business savings, money market, CDs, SBA lending, mobile and online banking, workplace banking low-fee accounts for your employees |
Review | |
Open an Account |
When To Use Axos Bank
While Axos Bank offers a monthly fee-free basic business checking account, its business interest checking is a great choice for a tiered interest-earning account with unlimited ATM fee reimbursements. You earn 1.01% APY on balances less than $50,000, 0.20% APY on balances from $50,000 to $249,999.99, and 0.10% on balances from $250,000 to $4,999,999.99. Balances of $5 million or more may still earn interest, but you have to contact the bank for more information.
One of the first perks you can get with Axos Bank is a welcome bonus. If your LLC was incorporated after June 1, 2020, you can earn a $200 bonus (use promo code NEWBIZ200). If your business doesn’t qualify for the new business bonus, you can still receive a $100 bonus at signup (promo code NEWAXOSBIZ).
Axos Bank is another digital-only provider that allows you to deposit cash. It lets you make cash deposits at all Allpoint and MoneyPass ATMs and will refund all domestic ATM fees.
With its Remote Deposit Anywhere feature, you can deposit up to 60 items monthly. It also offers business savings, money market, CDs, SBA lending, and mobile and online banking. You also get a workplace banking option to offer low-fee accounts to your employees. It’s another great option for a digital-only, full-service bank.
Found: Best for Freelancers Looking for Detailed Expense Tracking
Found
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
What's Missing
- Cannot currently deposit checks made out in your business’ name
- Does not accept cash deposits
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your schedule C directly from the app
Found Bank Business Checking Terms & Features
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Wire transfers unavailable |
International Wire Fees | Wire transfers unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Review | |
Open an Account |
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|---|---|
Debit Card | Business Debit Mastercard available |
Physical Checks | Cannot purchase or send physical checks |
Accounting Software Integrations | Integrated bookkeeping and tax software |
Business Payment Integrations | Can connect to payment apps such as Cash App, PayPal, Square, Venmo, and eBay |
Customer Service | Can email customer service; contact them through a form on the website; use the site’s support center and guides |
Invoicing Products | Can create and send unlimited invoices free directly from the app |
Other Products Available | Bookkeeping, tax software, and invoicing built into the app |
Review | |
Open an Account |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank.
When To Use Found
Found is very similar to another digital-only banking option on this list, Lili, and they’re likely competing for the same freelance customers. The one area where Found seems to have a slight advantage over Lili is in more detailed expense tracking. If that’s important to your freelance business, Found is the better option.
Its other slight edge is out-of-network ATM withdrawals. It doesn’t charge for any ATM withdrawals, while Lili charges $2.50 for out-of-network ATM withdrawals. All out-of-network ATM withdrawals would be subject to third-party fees.
However, Found doesn’t list its ATM network on its website. Lili is a part of the MoneyPass network, which allows free ATM usage at more than 38,000 locations. Additionally, Found doesn’t allow you to make cash deposits and deposit checks in the app, whereas Lili does.
Both offer fee-free business checking options without transaction limits, have robust tax tracking and preparation software, allow you to complete and send our schedule C directly from the app, and let you pay your tax bill directly from the app. Neither allows you to send wire transfers.
Found is a good option for freelancers. If detailed expense tracking and out-of-network ATM withdrawals are essential, and you don’t need to deposit cash or checks, Found is probably the right choice. Otherwise, Lili would get the edge.
Bank of America: Best for Self-employed Individuals Seeking a Traditional Bank
Bank of America
What We Like
- 200 free transactions per month
- $7,500 in free cash deposits per month
- Ongoing rewards
What's Missing
- Charges a monthly maintenance fee unless balance or transaction minimums are met
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Allows you to check your business credit score through a partnership with Dun & Bradstreet
Bank of America FundamentalsTM Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fees vary |
International Wire Fees | Fees vary |
ATM Fees | Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents, per $100, per statement cycle |
APY | N/A |
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Open an Account |
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Debit Card | Free debit card |
Physical Checks | Cost varies depending on the type of checks ordered |
Accounting Software Integrations | QuickBooks, ADP (for payroll services), and TurboTax |
Business Payment Integrations | Business payment solutions, including Zelle® |
Customer Service | Phone and in-branch customer service available during business hours; message through social media direct messages |
Invoicing Products | Merchant services through Expensify and cash flow tools available |
Other Products Available | Business Advantage Relationship Banking, business savings, CDs, lending products, financial analysis through Merrill financial advisor |
Review | |
Open an Account |
When To Choose Bank of America’s Business Checking Account
If you’re a freelancer who would like the convenience of going to a physical banking location, Bank of America is a great choice. The bank offers two different business checking accounts with waivable monthly fees and great ongoing rewards: Business Advantage FundamentalsTM and Business Advantage Relationship Banking.
Its Business Advantage Fundamentals is one of the best low-tier business checking accounts on the market, with waivable fees and plenty of free transactions.
The $16 monthly fee of Business Advantage FundamentalsTM can be waived in one of three ways:
- Maintain a $5,000 combined average monthly balance
- Spend at least $250 in new net purchases on a business debit card
- Become a member of Preferred Rewards for Business.
With the company’s preferred rewards for business, you can earn 25%–75% bonus rewards on credit cards and get a 5%–20% higher interest rate on business advantage savings accounts.
Bank of America is also known for its outstanding customer service and online experience. In the recently-released Keynova Group 2022 Small Business Banker Scorecard report, Bank of America ranked first for digital customer experience capabilities catered to small businesses.
As your freelance business grows, it can scale its services along with your business needs. Those offerings include merchant services, lending products, investments, and other small business resources.
With more than 4,000 branch locations in 37 states and over 17,000 ATM locations, Bank of America can cater to most self-employed professionals wanting physical access to the bank. And for those who only need online access, accounts are available nationwide.
How We Evaluated the Best Bank Accounts for Self-employed Professionals
When we evaluated the best bank accounts for self-employed professionals, we considered:
- Whether accounts were available to sole proprietors, self-employed individuals, or freelancers
- Monthly fees, if any, and how easily they’re waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service and customer reviews
What You Need To Open a Business Bank Account
Each provider on this list may require different documents to open a business bank account. Generally, you’ll need:
- Employer identification number (EIN) or Social Security number, if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Frequently Asked Questions
Do I need a business bank account if I’m self-employed?
Yes, having a business bank account is essential even if you’re self-employed because it allows you to separate your business and personal finances. This makes tax preparation and business financial planning much easier and helps you avoid any potential issues with the IRS.
How many bank accounts can you have at once?
There’s no limit to the number of business bank accounts you can have at any one time. However, keeping accounts open and not using them opens you up to potentially having a dormant business bank account.
Can freelancers open a business bank account?
Not only are freelancers allowed to open a business bank account, but freelancers should open a business bank account. Doing so allows you to earn the benefits of some of the best small business checking accounts and keep your personal and business finances separate.
Bottom Line
The best bank accounts for self-employed professionals should provide an account with low or no fees, excellent software integration, and other features necessary to your freelance business. Some freelance businesses operate entirely in the digital space while others deposit and withdraw cash regularly. Consider what features you need from your business bank account and choose the provider that best fits those needs.
