6 Best Bank Accounts for Self-employed Professionals in 2022
Tom has 15 years of experience helping small businesses evaluate financing and banking options. He shares this expertise in Fit Small Business’s financing and banking content.
This article is part of a larger series on Business Banking.
As a self-employed business owner, it’s important to find a bank account that lets you avoid as many fees as possible. It’s also beneficial to have access to the services you need, such as software integration, the ability to deposit cash, and the potential to earn interest on your business account balances. With these criteria in mind, we have selected the five best bank accounts for self-employed professionals:
- BlueVine:* Best overall bank for self-employed business owners
- Novo:* Best for simple, low-cost business checking
- First Internet Bank: Best for multiple interest-bearing business accounts
- Axos Bank: Best for unlimited ATM fee reimbursements
- Lili:* Best for new freelancers
- U.S. Bank: 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.
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
|---|---|---|---|---|---|---|
 | None | None | 1.50% on balances up to $100,000 | Cash deposits accepted at Green Dot locations; $4.95/deposit | No fees at more than 38,000 MoneyPass ATM locations nationwide | None |
 | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | $50; recommended |
 | None | None | 0.30% on balances of $10,000 or more | None; cash is deposited through money orders | None; refunds up to $10 per month in ATM fees | $100 |
 | None | None on basic account | N/A | Cash deposits accepted at Green Dot locations; $4.95 per deposit | Unlimited United States ATM fee reimbursements | None |
 | None | None | N/A | Cash deposits accepted at Green Dot locations; $4.95 per deposit | No fees at more than 38,000 MoneyPass ATM locations nationwide | None |
 | None | First 125 transactions fee per billing cycle, then 50 cents per transaction | N/A | Up to $2,500 per month free, charge applies thereafter | No charge for out-of-network ATMs, although operator fees apply | None |
BlueVine: Best Overall Bank for Self-employed Business Owners
BlueVine
What We Like
- No monthly fee
- No transaction fees
- 1.50% APY on balances up to $100,000
What's Missing
- Fee for depositing cash
- No other business deposit accounts
Features
- Free debit card
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Integration with QuickBooks
- Live customer support from dedicated professionals
- Business line of credit available
Why We Recommend BlueVine: 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 APYs available for business checking, but there are no monthly maintenance fees or transaction limits. This also makes it one of our choices for the best small business checking accounts.
BlueVine’s account allows you to write checks, pay vendors through online transfers, and use your debit card at more than 38,000 ATM locations nationwide without getting charged. While BlueVine doesn’t have physical branches, you can still deposit cash at Green Dot locations nationwide for a $4.95 fee per transaction. BlueVine is a business financial technology platform backed by Coastal Community Bank.
BlueVine Is Best For:
BlueVine’s business checking is best for self-employed individuals who are comfortable with an online-only banking experience, have a limited need to deposit cash, and want to earn interest on their business checking account.
Fees & Terms
- Monthly fee: None
- Transaction fees: None
- Cash deposit fees: Cash deposits can be made at Green Dot locations and are subject to a $4.95 fee per deposit
- ATM fee: No charge for in-network ATMs nationwide (38,000 ATMs in MoneyPass network)
- Minimum deposit to open: None
- Minimum balance requirement: None
- Annual percentage yield: 1.50% on balances up to $100,000
Novo: Best for Simple, Low-cost Business Checking
Novo
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Free unlimited transactions
What's Missing
- Unable to directly deposit cash
- Lack of conventional savings accounts and lending products
- No interest on checking account
Features
- Integrates with other business tools such as QuickBooks, Slack, Xero, Stripe, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Mobile and online banking
Why We Recommend Novo: Similar to BlueVine, Novo is an online-only financial platform that offers a fee-free small business checking account. While Novo doesn’t offer interest on its account, Novo will reimburse you for all ATM fees—even international fees. If you’re looking for a simple checking account and don’t need to deposit cash, Novo might be the best choice for your business. Novo’s financial services are provided by Middlesex Federal Savings.
Novo Is Best For:
A Novo business checking account is a good choice for self-employed business owners who travel often and need access to a large ATM network.
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fees: Not available
- ATM fee: Refunds all ATM fees
- Minimum deposit to open: $50 recommended
- Minimum balance requirement: None
First Internet Bank: Best for Multiple Interest-bearing Business Accounts
First Internet Bank
What We Like
- Fee-free banking
- Up to $10 refund for third-party ATM fees
- Other interest-bearing business accounts available
What's Missing
- Average balance of $10,000 required to earn APY on checking accounts
- No cash deposit functionality
Features
- Personal accounts available
- Other business bank accounts available, including savings, money markets, and certificates of deposit (CDs)
- Business and personal lending options available
Why We Recommend First Internet Bank: First Internet Bank offers a full-service complement of checking, savings, and lending products for businesses and individuals. First Internet Bank’s business checking account has no monthly maintenance or transaction fees and earns a high APY on deposits of $10,000 or more. Unlike many of our recommendations, First Internet Bank also offers interest-bearing savings and money market accounts, along with CDs.
First Internet Bank Is Best For:
First Internet Bank is a standout choice for those businesses who desire a full suite of banking services and are willing to use an online-only bank.
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
- Annual percentage yield: 0.30% on balances over $10,000 in checking account
Axos Bank: Best for Unlimited ATM Fee Reimbursements
Axos Bank
What We Like
- No monthly fees for Basic Business Checking
- US ATM fees refunded
- Unlimited transactions on Basic Checking
What's Missing
- Transaction limit on Interest Checking
- Balance minimum of $5,000 on Interest Checking
Features
- QuickBooks compatible
- Dedicated relationship managers
- Savings and money market accounts with competitive rates
Why We Recommend Axos Bank: Axos Bank’s Basic Business Checking offers an account with no transaction limits, no minimum balance to maintain, and refunds on all US ATM surcharges. An Interest Checking account is available for those who want a competitive interest rate―up to 0.81% APY―for their main operating account. However, the account is subject to transaction limits and has a $5,000 minimum. The Basic Business Checking is a better option for those with heavier transaction volume. Eligible businesses that switch to Axos can receive a bonus of up to $200.
Axos Bank Is Best For:
Axos Bank’s Basic Business Checking is best suited to self-employed businesses with heavy transaction volumes.
Fees & Terms
- Monthly fee: None
- Transaction fees: None on Basic Business Checking
- Cash deposit fees: Cash deposits can be made at Green Dot locations and are subject to a $4.95 fee per deposit
- ATM fee: Unlimited US ATM fee reimbursement
- Minimum initial deposit: None
- Minimum balance requirement: None
Lili: Best for New Freelancers
Lili
What We Like
- No monthly fees or balance requirements
- Ability to receive direct deposit up to two days earlier than expected delivery date
- Automatic savings account with 1% APY
What's Missing
- Cannot send wire transfers
- Cannot use EIN to open account
- Basic plan has a limit of $6,000 on mobile check deposits
Features
- Expense categorizing to help assist with business taxes
- Ability to download expense reports on a quarterly or annual basis
- Lili Pro tier offers invoice capability and fee-free overdrafts of up to $200 in debit card purchases
Why We Recommend Lili: Lili is a financial platform designed for freelancers. Unlike the other banks on our list, Lili can accommodate freelancers who haven’t completely separated their personal and business finances. Lili requires that you sign up with a social security number and not an employer identification number (EIN). This will help those freelancers who are just starting out and have yet to fully establish themselves as a business entity.
Lili’s basic tier offers no minimum balance requirements nor transaction limits; however, you’re limited to just $6,000 in monthly mobile check deposits. An automatic savings account can help you stash away excess cash at a competitive 1.00% APY.
As you grow, Lili’s $4.95-per-month pro tier may make more sense as it provides the ability to produce invoices. Like some of our other choices on the list, cash deposits can be made at Green Dot locations for a fee of $4.95 per transaction. Lili’s financial services are provided by Choice Financial Group.
Lili Is Best For:
Lili is best for freelancers who are just starting out and aren’t fully incorporated yet.
Fees & Terms
- Monthly fee: None
- Transaction fees: None, offers unlimited transactions
- Cash deposit fees: Cash deposits can be made at Green Dot locations and are subject to a $4.95 fee per deposit
- ATM fee: No charge for in-network ATMs nationwide (38,000 ATMs in MoneyPass network)
- Minimum initial deposit: None
- Minimum balance requirement: None
- Annual percentage yield: 1.00% in automatic savings account, none for checking
U.S. Bank: Best for Self-employed Businesses Seeking a Traditional Bank
U.S. Bank
What We Like
- No monthly fee
- 125 free monthly transactions
What's Missing
- All electronic and physical transactions count towards transaction limits
- Cash deposit fee after $2,500 per month
Features
- Zelle® to send and receive money
- Digital invoicing and payment systems integration on U.S. Bank’s platform
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Integration with credit cards and overdraft protection
- Credit card options available
Why We Recommend U.S. Bank: U.S. Bank’s Silver Business Checking account allows 125 transactions per month with no minimum balance requirement or monthly service charges. The account also allows business owners to deposit up to $2,500 in cash each month without fees. Businesses that need higher transaction or cash deposit allowances can take advantage of U.S. Bank’s Gold or Platinum business checking accounts, both of which require a minimum balance or larger bank relationship to avoid monthly charges.
U.S. Bank Is Best For:
U.S. Bank’s Silver business checking account is best suited to self-employed businesses that are seeking a traditional bank with a large branch network.
Fees & Terms
- Monthly service fee: None
- Transaction fee: First 125 per month free, 50 cents per transaction thereafter
- Cash deposit fee: Up to $2,500 per month free
- ATM fee: No charge for out-of-network ATMs, although operator fees may apply, plus free access to U.S. Bank’s ATM network
- Minimum deposit: None
How We Evaluated Self-employed Bank Accounts
When evaluating the best bank accounts for self-employed professionals, we considered several factors, including balance requirements, ATM network size or surcharge reimbursement, the ability to integrate bank account information with accounting software and other services, and the ability to earn interest. Customer service rankings and the ease of opening an account were also considered.
Why A Self-employed Business Account Makes Sense
It’s common for self-employed business owners and freelancers to use personal bank accounts for business, but a business bank account is a better option. Business bank accounts separate your business finances from your personal finances, making accounting easier and potentially limiting the risk of being flagged by the IRS for an audit. If your business grows and a loan becomes necessary to fund further expansion, having your business and personal monies separated will help lenders make a better determination of the viability of your business.
Bottom Line
Self-employed business owners have many bank account options to choose from. The best self-employed bank account offers ease of access to services or products, good technology, and the ability to integrate bank account information with accounting software. Each of these providers can assist any self-employed individual with their business banking needs.
