8 Best Business Bank Accounts for Sole Proprietorship

The best sole proprietorship bank accounts come with free or easily waivable monthly fees and extend services such as domestic and international wires, automated clearing house (ACH), merchant services, and software integrations to make banking more affordable and convenient. As a sole proprietor, partnering with the right bank builds a strong financial management system for your business. This is a key component when running an entity with one member.

After reviewing many business banks, here are best business bank accounts for sole proprietorships, with links directly to the provider’s websites:

• Found : Best overall for sole proprietors needing integrated checking and bookkeeping
• Bluevine : Best for earning interest on deposits and low fees
• U.S. Bank : Best free business checking from a traditional bank
• North One : Best for small businesses looking for a low-cost concierge bank
• Chase : Best for full-service banking and in-person customer service
• Novo : Best for sole proprietorships needing rapid access to funds and faster payments
• Lili : Best for sole proprietors needing digital tax preparation assistance
• Relay : Best for sole proprietors seeking financial organization

Best Sole Proprietorship Business Bank Accounts At a Glance

	Monthly Fee	Free Monthly Transactions	APY	Free Cash Deposit Limit	New Account Promos
Business Checking	No required monthly fee*	Unlimited	N/A	Cash deposits are accepted for $1.75 at 79,000 + retail locations nationwide	Free 30-day trial to upgrade to Found Plus****
	Visit Found
Bluevine Standard	$0	Unlimited	1.3% on balances up to $250,0000	No limit; fees apply	Earn $500
	Visit Bluevine
Business Essentials Checking	None	Unlimited digital transactions	N/A	25 free Teller transactions	$400 - $1,200
	Visit U.S. Bank
North One Standard	$0	Unlimited	N/A	Deposit at Green Dot for a $4.95 fee	N/A
	Visit North One
Business Complete Banking	$15 Waivable	20	N/A	$5,000 per month	Earn up to $500 when you open a Business Complete Banking account
	Visit Chase
Business Checking	$0	Unlimited	N/A	Cash deposits not accepted	N/A
	Visit Novo
Lili Core	$0	Unlimited	Lili Pro, Lili Smart, and Lili Premium offer savings accounts with 2.50% APY on balances between $0.01 to $500,000 and 4.00% APY on balances over $500,000.	Deposit at Green Dot for a $4.95 fee	30 days free plus 40% off Lili Smart fee for 3 months
	Visit Lili
Business Checking	$0	Unlimited	N/A	No limit at Allpoint ATMs; $4.95 at Green Dot	Get $50 when you fund a relay account
	Visit Relay

Found: Best Overall for Sole Proprietors Needing Integrated Checking and Bookkeeping

Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution. The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

Why We Like Found

Found is our overall best business bank for sole proprietors. It has an all-in-one banking solution that streamlines financial management.

Features include the following:

• A checking account with no required monthly fees* and unlimited transactions
• Internal bookkeeping tools integrated directly into online banking, allowing you to categorize expenses, capture receipts, and set custom rules
• Unlimited free and customizable invoicing
• Multiple options for invoice payments through payment apps like Cash App, PayPal, Square, and Venmo
• Tax pockets that allow you to save money for quarterly or annual tax payments; automation allows income to be allocated based on percentages between your primary and your tax pockets

Other Benefits

Built-in tax management is a huge perk for sole proprietors. Found’s contractor management allows you to request and manage W-9s,1099 payment reports,1099 NECs, and more. When tax time rolls around, Found Plus* provides robust tax tracking and preparation software, allowing you to pay your tax bill along with completing and paying your Schedule C directly in the app.

If you’re looking for an interest-earning option, Found Plus* is offering a 30-day free trial**** on an interest-bearing account. The current interest rate is 1.5% APY on balances up to $20,000.

User Reviews

When I was reading through the reviews on Trustpilot^[1]—where Found has an excellent rating of 4 out of 5—I noticed a majority of them are positive. Business owners love how many free perks the accounts have. One business owner even commented, “This is how business banking should be.”

Bluevine: Best for Earning Interest on Deposits and Low Fees

Bluevine is a financial technology company, not a bank. Bluevine deposits are FDIC-insured through Coastal Community Bank, Member FDIC, and our program banks.

Why We Like Bluevine

Bluevine is one of our top recommended online business banks. It’s great for business owners that collect funds electronically since it’s an online-only business model. With Bluevine, sole proprietors can do the following:

• Earn interest on qualifying balances
• Send payments to 32 countries in various currencies
• Deposit up to $3 million that’s insured with partner relationships

Other Benefits

Bluevine has two additional premium accounts to choose from: Bluevine Plus and Bluevine Premier. The main advantage over the standard account is priority customer support on both accounts and access to treasury services on the Premier account.

The APY also grows higher with each account upgrade. Plus is currently paying 1.75% and Premier 3.0% . Both accounts have waivable monthly fees. For more in-depth information, check out our Bluevine business checking review.

Bluevine also has the best business line of credit product of the dozens we’ve reviewed. As long as you have been in business for at least 24 months, a personal credit score of at least 625, and more than $10,000 in monthly revenue and $120,000 in annual revenue, you can qualify for the weekly repayment plan line of credit in minutes.

User Reviews

I reviewed quite a few of the comments on Trustpilot^[2] for Bluevine. Overall, Trustpilot gives it 4.3 out of 5 stars. Many left great reviews on how easy it was to get help with account issues when reaching out to the customer support team, and several of the support team members were mentioned by name in the reviews since they did such a great job at solving the issue at hand.

Other customers were pleased with the online banking experience and how easy it was to transfer money internally and between banks. Many mentioned that the subaccounts were very helpful in segmenting funds for other purposes. Overall, customers are pleased with all the free features of the accounts and love how simple it is to get the account up and running.

If Bluevine’s business model is not the perfect fit for your business, check out our roundup of the best online business banks.

U.S. Bank: Best for Free Business Checking From a Traditional Bank

Why We Like U.S. Bank

Sole proprietors needing access to an in-person bank account will likely find a good fit with U.S. Bank. The Business Essentials Checking has many great options for those looking for a budget-friendly account. This account is available nationwide and tops our list of the best small business checking accounts. With it, sole proprietors can enjoy:

• No monthly maintenance fees or minimum balances
• Unlimited digital transactions and 25 free teller transactions per statement cycle
• Shared access for employees

Other Benefits

U.S. Bank has five different business bank accounts to choose from: four are traditional accounts, and one is for nonprofit organizations. The monthly fee for upgrading to one of the premium business accounts is between $20 and $30 monthly, depending on the account you choose. This fee can be waived by meeting the individual qualifying requirements based on the account type.

The bank also has a large ATM network, 24/7 customer support, and a large variety of credit card options for business owners. With such a huge variety of benefits, you’ll be able to find an account that’s right for you.

User Reviews

For U.S. Bank, I used WalletHub^[3] since there were a larger number of reviews to consider. The final score is 3.9 out of 5 stars. Users like the credit card programs that partner with different stores for rewards points. Partners such as Harley-Davidson and Kroger have yielded some happy customers. Many expressed concerns related to customer service and issues resolving problems quickly.

North One: Best for Small Businesses Looking for a Low-cost Concierge Bank

Features

• Two checking accounts to choose from
• Same day ACH
• Bill pay
• $0 to receive a domestic wire
• Two free ATM withdrawals per month
• Banking for teams
• QuickBooks integration
• Envelopes budgeting system

North One Standard Terms

Required Opening Deposit	$50
Required Balance Minimum	$0
Monthly Maintenance Fee	$0
Transaction Limit Before Fees	Unlimited
Domestic Wire Transfer Fees	$0 incoming$20 outgoing
International Wire Fees	N/A
ATM Fees	Reimbursement of one monthly transaction; third-party fees apply to all other transactions
Cash Deposited	Cash accepted at Green Dot locations for a $4.95 transaction fee
APY	N/A
Customer Service	Available through the app
Other Products	Business line of credit, business term loan, around 60 software integrations, physical and virtual debit cards

North One is a fintech company, not a bank. Banking services provided by The Bancorp Bank, N.A., Member FDIC.

Why We Like North One

North One has included treasury products in its business account that are usually only found in the upgraded versions of online banking with other banks. With North One, these products are included at little or no cost, providing sole proprietors and small businesses with an affordable bank account. There are also two accounts to choose from, making North One a good option for future business growth. It also offers sole proprietors the following:

• Same day ACH
• Real-time synch with QuickBooks
• Mobile check deposit
• Wires
• Envelopes budgeting system

Other Benefits

North One offers lending options to business owners. It has a minimum requirement of $10,000, with a lending cap of $250,000. In addition, its online banking has enhanced bookkeeping and accounting tools to save time and costs. Its online revenue dashboard is also very robust, showing transactions and income deposits at a glance.

With the low fee schedule and many upgrades, North One has a great product line for sole proprietors. For more information, read our North One business checking review.

User Reviews

For North One, I searched Trustpilot^[4]. It is rated 4.4 out of 5 stars. Many customer service agents are mentioned by name since the situation was handled so well. There were only a handful of negative reviews. The few I found had a response offering a resolution. Also, the positive reviews had replies to the customer thanking them for their feedback and for choosing North One.

Chase: Best for Full-service Banking and In-person Customer Service

Why We Like Chase

Chase is one of our favorite in-person banks. It has a presence in 48 mainland states, making it available to most of the nation. It offers three different accounts to choose from, which allows business owners to pick the one that’s the best fit for them.

In addition, Chase provides the following:

• Full-service business banking in person and online
• Business savings, credit cards, line of credit, POS systems, and industry-specific payment portals designed for medical offices and restaurants
• Money management integrations

Other Benefits

Chase currently holds the title of the largest bank in the US. It has branches in every state except Alaska and Hawaii. There is also a huge network of ATMs totaling more than 15,000.

Chase is currently offering the opportunity to earn a cashback bonus by opening an account and completing qualifying activities. See Chase’s website or our guide to the best business bank account promotions for details. For more information regarding Chase’s business products, read our Chase Business Complete Banking review.

User Reviews

I read reviews on WalletHub^[5] for Chase. It has nearly 28,000 reviews, so there were plenty to choose from. The overall score is 3.8 out of 5 stars. Many were pleased with the credit card program and loved the rewards attached to them.

There were also a few negative reviews to consider. Some stated their accounts were allegedly frozen or closed without a good explanation even after contacting customer service. Overall, the reviews were positive, with most users enjoying their experience.

Novo: Best for Sole Proprietorships Needing Rapid Access to Funds & Faster Payments

Why We Like Novo

Novo is one of the best banks for sole proprietors specializing in ecommerce or collecting most of their payments electronically. With the Novo Boost program, you can receive payouts up to two days faster.

Novo also features the following:

• Monthly ATM reimbursement up to $7 per statement cycle, making withdrawals more affordable
• No monthly maintenance fee, no minimum balance requirement, no transaction limits, and no minimum opening balance

Other Benefits

Novo integrates with Stripe, Square, PayPal, Apple Pay, Google Pay, and Venmo. These integrations make money transfers fast and easy with shorter wait times than most banks. Adding Express ACH will also speed up money transfers.

It does not have provisions for check orders; however, you can have a check sent through the app. To make segmenting funds easier, Novo allows up to 10 reserve accounts. Read our Novo business checking review to see if the provider is a good fit.

User Reviews

Novo’s reviews were taken from Trustpilot^[6]. Overall, it has 4.4 stars out of 5, which is an excellent score. Many expressed how pleased they are with the service they received with their business account. Other comments mentioned how helpful reserves are for allocating funds or setting them aside for special projects. Finding a negative review was a little harder. A few customers felt support was slow and accounts were closed without a good explanation.

Lili: Best for Sole Proprietors Needing Digital Tax Preparation Assistance

Why We Like Lili

Lili is one of the best options for sole proprietors looking for some additional help with tax preparation. Users have access to the following:

• Four different account types organized in a tier format
• No required opening deposit, minimum balance, or monthly fee
• Savings accounts paying up to 4.00% APY with balances up to $500,000 under the upgraded account types

Other Benefits

Lili partners with Green Dot, allowing access to 90,000 different deposit locations. It also partners with MoneyPass ATMs, allowing for customer withdrawals at no cost. Domestic incoming wires are free, and you can get electronic payouts up to two days early.

Lili is a financial institution a business can grow with since it has four accounts set up in tiers. As businesses grow, they can move up to the next tier for more access to business products and services. Check out our review of Lili business checking to learn what each account provides.

User Reviews

To get a good overview of Lili, I reviewed Trustpilot^[7]. Lili has the highest rating I’ve noticed to date. It came in at 4.7, with 86% of reviewers giving it 5 stars. Most customers are very pleased with the service they received and love the app and all the perks it’s loaded with.

It was difficult to find recent negative reviews. The few seemed to involve paperwork issues. Lili offered a resolution to every issue with courteous comments, even thanking the positive reviewers for their time.

Relay: Best for Sole Proprietors Seeking Financial Organization

Features

• Create up to 20 checking and two savings accounts
• Payments via ACH transfer
• 50 virtual or physical debit cards
• Free withdrawals at Allpoint ATMs
• QuickBooks and Xero integration
• Upgraded account has many business organization tools
• Access to accountants and bookkeepers

Relay Business Checking Terms

Required Opening Deposit	$0
Required Minimum Balance	$0
Monthly Maintenance Fee	$0
Transaction Limit Before Fees	Unlimited
Domestic Wire Transfer Fees	Incoming: $0Outgoing: $5
International Wire Transfer Fees	Incoming: $0Outgoing: $10
ATM Fees	None at Allpoint ATMs
Cash Deposited	No cash deposits accepted
APY	N/A
Customer Service	Chat available through the site
Other Products	Receipt management capture, robust business banking with bill pay, accounting organization tools, software integrations

Relay is a fintech company, not a bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC.

Why We Like Relay

Relay has many tools available to help streamline accounting and bookkeeping tasks. You can have up to 50 physical or virtual debit cards with up to 20 checking accounts. These features allow you to segment funds for upcoming expenses like taxes, payroll, or special projects. When using team banking, you have the ability to set permissions with spending limits for each team member.

Relay users also enjoy the following:

• Accounting software integrations with real-time updates
• High FDIC insurance limits over the standard $250,000
• Same-day ACH available with upgraded account types

Other Benefits

If you upgrade to the Pro account, you have access to many more financial management tools. These include free domestic and international wires, employee-level access for transaction approval, batch bill payments, and 50 same-day ACH transfers.

Relay also offers savings accounts with 1 to 3% interest based on account balances. Read our Relay business checking review for more information.

User Reviews

Relay has an excellent 4.5 out of 5 rating with Trustpilot^[8]. Many commented on the excellent customer service they received. Others love the online banking experience and the fact that they can connect with their external banks for easier money management. Negative reviews are mainly related to accounts frozen or issues with funds. Relay has replied to every comment and offered a resolution to any that needed further assistance.

How We Evaluated the Best Business Bank Accounts for Sole Proprietorships

To determine the best sole proprietorship business bank accounts, I first reviewed their introductory checking account to compare banks against one another. I also considered the following information:

• Required opening deposit
• Access to in-person branches
• ATM network
• Software integrations
• Size of bank footprint
• Perks that come with each account
• ACH and wire availability
• Convenience features for one-person business operation
• Low monthly maintenance fees
• Transaction limits
• Fees for cash deposits
• Other products offered such as savings accounts and loans
• Interest earning accounts
• Access to customer service
• Customer reviews

What You Need to Open a Business Bank Account

Opening a bank account for a sole proprietorship will be different from other entities. As a sole proprietor, you have the option to use an assumed business name or work under your personal name. If you use an assumed name, you will need documentation confirming you can use the business name chosen.

Also, a sole proprietor can decide if they want to register for an Employee Identification Number (EIN) or if they want to work under their Social Security Number (SSN). Which scenario you pick will largely determine the documents needed to open the account.

See our guide on how to open a sole proprietorship bank account for step-by-step instructions.

Additional Resources for Sole Proprietorships

When opening an account, you will likely have other questions regarding the formation of your business. We have a number of articles geared toward sole proprietorship that you may find helpful:

• If you’re trying to decide which entity type is the best fit for your business, check out our guide to what a sole proprietorship is. It includes examples of business types that make good sole proprietorships. This will help you decide if a sole proprietorship is a good fit for you. You can also check out our article on sole proprietorship pros and cons.
• If you’re unsure whether your company should be an LLC or a sole proprietor, see our single-member LLC vs sole proprietorship comparison.
• If you’re looking for a credit card for your business, check out our roundup of the best sole proprietorship business cards.
• Sole proprietors cannot be employees of their own companies and will never receive a paycheck. Check out our guide to self-employed payroll for guidance.

Frequently Asked Questions (FAQs)

Bottom Line

There are many different banks listed in this buyer’s guide that have great options for sole proprietors—there are traditional banks with in-person services and online-only banking models. The structure and income goals of your business will help you determine which of these banks is the best fit. The most important aspect is choosing an account that offers all the features you need to operate your business as a sole proprietor.

*Found’s core features are free. Optional subscription to Found Plus for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read more.

**The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

*** Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.

****Found Plus is a subscription service with a 30-day free trial. After the trial, users will be automatically charged $19.99 or $149.99 depending on their selected plan.

User review references:

[1]Trustpilot | Found
[2]Trustpilot | Bluevine
[3]WalletHub | U.S. Bank
[4]Trustpilot | NorthOne
[5]WalletHub | Chase 
[6]Trustpilot | Novo
[7]Trustpilot | Lili
[8]Trustpilot | Relay