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The 9 Best Business Bank Accounts For Freelancers & The Self-Employed In 2023

Looking for the best bank account for freelancers and independent contractors? Our list of the best self-employed business accounts has you covered.

    Kate Hoots
  • Last updated onUpdated

  • Chelsea Krause
  • REVIEWED BY

    Chelsea Krause

    Lead Staff Writer

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

The best banks for freelancers offer accounts that help self-employed people organize their finances, develop business credit records, and avoid tax trouble. Whether you’re an independent contractor, a freelancer, or otherwise self-employed, you need a bank account designed for your needs.

We spotlight nine of the best bank accounts for freelancers in this post. A self-employed bank account is similar to other types of business bank accounts, but with a few additional elements that make these accounts perfect for your business.

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CompanyBest ForNext StepsBest For
Live Oak Bank

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  • $0 monthly fee
  • $0 minimum balance
  • High APY
  • $0 monthly fee
  • $0 minimum balance
  • High APY

Visit Site

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Lili

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  • $0-$35 monthly fee
  • $0 minimum balance
  • High APY
  • $0-$35 monthly fee
  • $0 minimum balance
  • High APY

Visit Site

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Relay

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  • $0-$30 monthly fee
  • $0 minimum balance
  • No savings option
  • $0-$30 monthly fee
  • $0 minimum balance
  • No savings option

Visit Site

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Found

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  • $0 monthly fee
  • $0 minimum balance
  • 0% APY
  • $0 monthly fee
  • $0 minimum balance
  • 0% APY

Visit Site

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Grasshopper

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  • $0 monthly fee
  • $0 minimum balance
  • High APY
  • $0 monthly fee
  • $0 minimum balance
  • High APY

Visit Site

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Zil Bank

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  • $0 monthly fee
  • $0 minimum balance
  • High APY
  • $0 monthly fee
  • $0 minimum balance
  • High APY

Visit Site

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Novo Bank

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  • $0 monthly fees
  • $0 minimum balance
  • No savings
  • $0 monthly fees
  • $0 minimum balance
  • No savings

Visit Site

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NorthOne

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  • $10 monthly fee
  • $0 minimum balance
  • No savings
  • $10 monthly fee
  • $0 minimum balance
  • No savings

Visit Site

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LendingClub Business Loans

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  • $0-$10 monthly fee
  • $500 minimum balance
  • High APY
  • $0-$10 monthly fee
  • $500 minimum balance
  • High APY

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Read more below to learn why we chose these options.

Table of Contents

What Is A Bank For Freelancers & The Self-Employed?

The best bank accounts for independent contractors and other self-employed workers start with simple eligibility requirements, have low minimum balances, include few, if any, fees, and give you easy access to your funds.

Fortunately, business banking has undergone significant changes in the past few years, and freelancers and the self-employed will find it easier than ever to open a business bank account, with plenty of good options to choose from.

What To Look For In A Bank Account For Freelancers

Like many financial decisions, choosing a business bank account can feel overwhelming. To help you feel more comfortable, use this list of what to look for and what to avoid when considering your business banking options.

No matter which bank you choose to open your self-employed bank account, make sure that it offers many of these features:

What To Look For In A Business Bank Account


  • FDIC insurance
  • Checking account
  • Savings options, with high APY if possible
  • ATM access
  • Bill payment
  • Debit card
  • Mobile check deposit
  • Payment apps, such as Zelle or Venmo
  • Integrations with accounting software
  • Access to credit cards, loans, or lines of credit
  • Rewards and perks

What To Avoid In A Business Bank Account

Steer clear of any bank account that includes too many of the items on this list:

  • Monthly account maintenance fees
  • Minimum balance requirements
  • Limits on free transactions
  • High fees for wire transfers and/or ACH transfers
  • Fees for cash deposits (or no option for depositing cash)

The only truly “must-have” item on this list is FDIC insurance. Legitimate banks always offer protection for the funds you deposit. If you come across a bank that does not offer FDIC insurance, please walk away.

Do I Need A Bank Account For My Work As A Freelancer Or Independent Contractor?

Freelancers and independent contractors are not required to use business bank accounts. But while using your personal bank account to run your business is possible, it’s not advisable.

That’s because there are differences between business and personal bank accounts, and opening a business account can deliver some valuable benefits.

Here’s a summary of how using a business bank account can help you run your business:

  • Separate personal and business expenses
  • Protect personal assets from bankruptcy or legal action against your business
  • Solidify your brand identity and help you create a professional image with customers and vendors
  • Expand your access to credit

Wondering whether to open a business bank account? A business bank account is usually better than a personal bank account used for business. Whether you’re a full-time freelancer, an established independent contractor, or just someone whose hobby has turned into a profitable side hustle, it’s probably a good idea to open a separate bank account for your business.

The 9 Best Bank Accounts For Freelancers

Fortunately, it’s not hard to find great options for bank accounts aimed at freelancers, independent contractors, and the self-employed. No matter how big or small your business, you can find a good fit among our top choices: Live Oak, Lili, Relay, Found, Grasshopper, ZilBank, NorthOne, Novo, and LendingClub.

Live Oak: Best Freelance Bank Account For Savings

Live Oak Bank


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Pros

  • $0 monthly fees
  • Free ATM network
  • High APY
  • QuickBooks integration

Cons

  • Online only
  • No cash deposits

Why We Chose Live Oak For The Best Bank For Freelancers

Live Oak Bank offers a checking account designed for self-employed freelancers or contractors. Its accounts are FDIC insured, include mobile check deposits and ATM Access through the Allpoint network, and come with a low opening deposit of just $100.

Although Live Oak is an online-only bank, it advertises live customer service options for customers.

Live Oak stands out for its relatively high interest rate on savings. At the time of this review, the national average for savings accounts stands at 0.45%. Live Oak blows that out of the water with a current APY on business savings accounts of 4.00% and up to 5.40% APY on CD accounts.

Live Oak Bank Fees & Minimum Balance

A Live Oak account comes with almost no fees. That means no ongoing monthly account fees and no fees for in-network ATM transactions, ACH transfers, check deposits, or debit transactions.

While incoming wire transfers are free, expect to pay $19 for outgoing domestic wire transfers.

Live Oak does not have minimum balance requirements, so you won’t have to worry about triggering fees if your account balance dips down.

Live Oak Transaction Limits

Live Oak is not suitable for large organizations with a huge number of monthly transactions. Live Oak allows up to $2,500 in POS/debit purchases, up to $10,000/day, or $25,000/30-day period in incoming and outgoing ACH transfers combined, and up to $1,000/day in ATM withdrawals.

If your business typically sees transaction levels above those limits, Live Oak will not be the right choice for you.

Live Oak Eligibility & Application Process

Live Oak accounts are available to US citizens and permanent residents with valid Social Security numbers. All business types are served, from sole proprietorships to corporations, including nonprofits.

Applications for Live Oak bank accounts are completed entirely online.

Live Oak Is Best For Freelancers Who...

  • Need a relatively small number of monthly transactions
  • Do not deposit cash
  • Use QuickBooks accounting software
  • Take business payments from customers via Venmo, Square, PayPal, or Stripe
  • Want a high APY on business savings

Get Started With Live Oak Bank

Read our in-depth review

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Lili: Best Bank Account For Freelancers With Free Business Tools

Lili


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Pros

  • $0 minimum balance
  • $0 monthly fees
  • High APY on savings
  • Cash back rewards

Cons

  • Fees for cash deposits
  • No wire transfers

Why We Chose Lili For The Best Bank For Freelancers

Lili offers banking services to freelancers and self-employed workers of all kinds.

Lili accounts have no fees, no minimum balance requirements, and easy ATM access nationwide. Lili users can earn up to 4.15% APY, with options for automatic transfers to savings.

Although Lili offers a completely free account, users willing to pay a monthly fee for a premium account will unlock additional business management tools. These tools include free invoicing software, a signature accounting integration, and an in-house tax optimizer. The optimizer helps you categorize expenses, automatically save for your tax payments, and generate quarterly and yearly expense reports.

Although we are fans of $0 fees, it seems that Lili delivers good value in exchange for a reasonable $9 monthly fee on the Lili Pro account. On the other hand, we think the tools included in the Lili Smart and Lili Premium accounts are not worth the $20-$35 monthly fees those accounts require.

Lili Fees & Minimum Balance

Lili charges almost no fees for its basic bank account. That means no account fees, no overdraft fees, no ATM fees, no fees for mobile check deposits, and no foreign transaction fees. The only fee we could uncover was a $4.95 charge for cash deposits via the GreenDot network.

Lili also offers three types of paid accounts: Lili Pro ($9/month). Lili Smart ($20/month), and Lili Premium (($35/month). The paid plans come with additional business tools in exchange for the monthly fee.

There are no minimum balance requirements with a Lili bank account.

Lili Transaction Limits

You can use Lili’s Visa debit card to spend up to $3,000/day or withdraw up to $500/day at ATMs. Monthly limits are up to $15,000 for transactions and up to $3,000 in cash withdrawals.

There’s no limit on incoming ACH payments (direct deposit) and a $1,000 daily limit ($5,000/month) on outgoing ACH payments, with a maximum of one per day and two per month. Cash deposits are limited to $1,000/day and $9,000/month. Mobile check limits are $50,000/month or $5,000/day, with a maximum of $5,000/check, daily limits of two checks, and a monthly maximum of 15 checks.

Lili Eligibility & Application Process

If you’re interested in applying for a Lili bank account, you must be at least 18 years old with a Social Security number and a US address. You’ll also need a mobile phone number with a major US carrier.

Businesses of all types can use Lili, from sole proprietors to corporations. Applications are completed entirely online.

Live Oak Is The Best Bank For Freelancers Who...

  • Don’t make many cash transactions
  • Want a basic bank account with no fees or balance requirements
  • Want free nationwide ATM access and no foreign transaction fees
  • Deposit less than $50,000 in check payments and could use unlimited ACH/direct deposits

Get Started With Lili

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Relay: Best Freelance Bank For Non-US Citizens

Relay


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APY

Up to 3%

Monthly Fee

$0

Business Size

All

Pros

  • No fees or minimum balance
  • Multiple checking accounts & debit cards are available
  • Integrations with eCommerce & payment apps
  • Cash deposits accepted

Cons

  • No savings account option
  • Bookkeeping integrations require a paid account

Why We Chose Relay For The Best Bank For Freelancers

Relay is an online banking platform that includes room for small businesses to grow and become larger businesses with more complex banking needs.

Relay allows business users, including sole proprietors, to maintain up to 20 checking accounts, issue up to 50 physical and virtual debit cards, and assign secure banking access to team banks offering comparable services. Strikingly, Relay also allows non-US citizens to apply for banking services so long as the business operates within the US.

Relay Fees & Minimum Balance

Relay charges almost no fees. You won’t find monthly account fees, overdraft fees, or ACH transfer fees. If you plan to send outgoing wires, you’ll encounter fees of $5 for each domestic payment and $10 for each international payment. Relay also charges a 1% exchange rate fee for international wire payments. ATM transactions are free at AllPoint ATMs.

Although Relay offers a generous free account, you’ll also find a paid account, Relay Pro, with fees starting at $30/month/business. The main benefits of the paid account are free wire payments, approval rules for bill payments, and auto-import with QuickBooks Online and Xero.

Most freelancers and independent contractors will be more than satisfied with the free plan, but the Pro plan will always be there if your business growth requires it.

There is no minimum balance requirement with a Relay bank account.

Relay Transaction Limits

A free Relay bank account comes with generous transaction limits. For example, you can make up to $1 million per day in direct deposits or ACH transfers and the same in incoming wire payments. Withdrawals are limited to $100,000 per day via ACH, $200,000/day via wire payments, $40,000/day via bill payment, and $1 million/day via internal transfer.

Relay Eligibility & Application Process

Relay serves corporations, sole proprietors, and everything in between. Business banking services through Relay are available to non-US citizens, including residents of 200+ countries, so long as the business operates within the US.

Relay’s application process is entirely online, and applications generally are approved within minutes.

Relay Is The Best Bank For Freelancers Who...

  • Are not a US citizen or permanent resident and operate a freelance business within the US
  • Have a small business with big plans for growth
  • Want to make international payments
  • Need to deposit cash

Get Started With Relay

Read our in-depth review

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Found: Best Bank Account For A Side Hustle

Found


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Pros

  • No monthly or ongoing fees
  • No minimum balance
  • Unlimited transactions
  • Free expense tracking and tax tools

Cons

  • No savings
  • No cash deposits
  • No check deposits

Why We Chose Found For The Best Bank For Freelancers

Found banking offers a free checking account for freelancers and self-employed workers with many of the financial tools you need but may have overlooked or don't want to pay for. Found may offer just what you need if you've started making serious money off a side hustle or hobby.

That includes unlimited customizable invoices, connections to apps such as QuickBooks and Stripe, a Mastercard debit card and virtual card, and free built-in expense tracking and tax tools. That means you can categorize expenses and save receipts within the app, run business reports, see tax estimates, and automatically save the amount you'll need before tax time rolls around.

Found Fees & Minimum Balance

You won’t find any fees with Found banking. That means no monthly fees and no hidden fees to surprise you. Although Found does not accept cash or check deposits, you can link your Found account to Venmo, PayPal, Apple Pay, and Google Pay, and ACH transfers are free.

There’s no minimum balance requirement with a Found account.

Found Transaction Limits

Found offers unlimited transactions.

Found Eligibility & Application Process

Found is specifically aimed at freelancers and self-employed workers. The application process is entirely online, with fast approval promised.

Found Is The Best Bank For Freelancers Who...

  • Want an all-in-one banking solution that includes bookkeeping and tax tools
  • Do not accept payment via check
  • Need a no-fee bank account with no account minimum
  • Want unlimited fee-free transactions

Get Started With Found

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Grasshopper: Best Freelance Bank With Cash Back

Grasshopper


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Pros

  • 1% cash back rewards
  • No monthly fee
  • High APY
  • Unlimited transactions

Cons

  • No cash deposits
  • $100 opening deposit

Why We Chose Grasshopper For The Best Bank For Freelancers

Grasshopper offers a digital checking account for small businesses with some unusual perks: a high APY (currently at 2.25%) and cash-back rewards of 1% on purchases made with the Grasshopper debit card.

Because of a partnership with the corporate card Ramp, Grasshopper offers another unusual perk: access to one of the top-rated corporate cards available. Although your business may not be big enough right now to require a corporate card, it's nice to know you'll have access to Ramp's top-tier tools and perks.

Grasshopper also offers access to SBA loans, venture capital, and private equity lending. So if your small business goals include big growth, Grasshopper is worth taking a look at.

Grasshopper Fees & Minimum Balance

Grasshopper’s Innovator Business Checking account comes with no monthly fees. You can use your Grasshopper debit card fee-free at MoneyPass and SUM ATMs nationwide. You’ll be able to make unlimited free transactions via ACH and enjoy free incoming wires. Outgoing domestic wires cost $10, and outgoing international wires cost $25. International wire transfers cost $5 each.

There are some additional fees for unusual transactions, such as $5 for lost debit cards and $5 for inactive accounts.

Notably, Grasshopper pays its users via an unlimited 1% cash-back reward on online and signature-based purchases. This reward is redeemed each month automatically as a credit to your account.

Although Grasshopper requires a $100 opening deposit, you’ll find no ongoing minimum account balance requirements.

Grasshopper Transaction Limits

Grasshopper promises its users unlimited transactions.

Grasshopper Eligibility & Application Process

Grasshopper banking services are aimed at small businesses and startups. To open an account, you must be 18+ and a US citizen or permanent resident with a verifiable address in the 50 states or the District of Columbia. Residents of US territories, including Puerto Rico, are not eligible.

The application process is entirely online, with a decision promised within 10 minutes.

Grasshopper Is The Best Bank For Freelancers Who...

  • Have a small business but are planning for growth
  • Want unlimited fee-free transactions
  • Would like an unlimited 1% cash back on purchases
  • Have business savings and would like to earn a high APY
  • Want access to credit and a corporate card

Get Started With Grasshopper

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ZilBank: Best Bank Account For New Freelancers

Zil Bank


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Pros

  • No fees
  • $0 opening deposit
  • Includes checks
  • Can apply from overseas

Cons

  • No check deposit

Why We Chose ZilBank For The Best Bank For Freelancers

ZilBank offers an all-in-one banking platform that caters to freelancers and startups but also offers some advanced tools that larger companies will appreciate. ZilBank allows users to open multiple checking accounts, meaning if you're juggling multiple revenue streams, you'll be able to separate your business funds.

And because ZilBank offers users the chance to build their credit score, it's an opportunity for new freelancers working to establish their businesses.

ZilBank Fees & Minimum Balance

ZilBank is almost completely free of most fees. However, we did uncover a couple of fees. The first is a foreign transaction fee that can range from 1%-3%. Second, Zil charges $15 for domestic wire transfers and $25 for international wire transfers.

ZilBank does not have any minimum balance requirements.

ZilBank Transaction Limits

ZilBank allows users to send and receive money via printable checks/echecks, check drafts, ACH transfers, wire transfers, and RTP (real-time payments). There are some limits regarding cash transactions, with a $2,000 cash withdrawal limit per day, $500 per transaction, and a maximum of 25 transactions per day.

A standard default limit of $10,000 applies. Users can request higher limits from Zil.

ZilBank Eligibility & Application Process

ZilBank stands out by offering business accounts to non-American citizens. All that’s required is a passport and an EIN. Applications are taken online only, with same-day approval and same-day setup.

ZilBank Is The Best Bank For Freelancers Who ...

  • Are building a new freelance business and seeking a free bank account that helps build business credit
  • Don’t need check deposits
  • Don’t live in the US but do business here

Get Started With Zil Bank

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Novo: Best Freelance Bank With Integrations

Novo Bank


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APY

0%

Monthly Fee

$0

Business Size

Small to medium sized

Pros

  • $0 fees
  • No minimum balance
  • ATM reimbursements
  • Free transfers

Cons

  • No savings account
  • No cash deposits

Why We Chose Novo For The Best Bank For Freelancers

Novo is an online bank with no fees, no minimum balance requirements, and dozens of native integrations that let you connect your online store, accounting software, and payment processor to your bank account.

Novo banking also offers a range of perks and rewards that include discounts and credits with software partners, such as QuickBooks, Gusto, Snapchat Ads, and more. You'll also unlock a 6% cash-back offer on travel booked through Booking.com, $20,000 in fee-free payment processing from Stripe, and $3,000 in Google Cloud credits.

Novo Fees & Minimum Balance

You won’t find too many fees with Novo banking. That means no monthly, minimum balance, transaction, or hidden fees. Novo also has $0 foreign transaction fees and ATM fees. The only fees you might encounter with Novo are uncommon ones, such as $27 for overdrafts or returned payments.

Novo does not have any minimum balance requirements. However, you must make a $50 deposit to open your account.

Novo Transaction Limits

Novo’s transaction limits include $1,250 in ACH pull transactions and $5,000/day in push ACH payments. You’ll be limited to $20,000 in check deposits per day or $40,000/month (20 check limit total per month). POS transactions are limited to $5,000/day (20 transactions max) and an ATM withdrawal limit of $1,000/day.

Novo Eligibility & Application Process

Freelancers and self-employed workers can apply for a Novo bank account with personal identification and a DBA certificate, if they have one. You’ll also need a valid US mailing address and Social Security number or EIN.

Novo Is The Best Bank For Freelancers Who...

  • Want a business checking account with $0 fees
  • Don’t need to make cash deposits
  • Are looking for eCommerce, payment, and accounting integrations
  • Fit within Novo’s transaction limits

Get Started With Novo Bank

Read our in-depth review

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NorthOne: Best Freelance Bank For eCommerce

NorthOne


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Pros

  • Free ATM network
  • No minimum balance
  • Cash deposits allowed
  • Integrations with POS/payment processors

Cons

  • Monthly fee
  • No savings

Why We Chose NorthOne For The Best Bank For Freelancers

If your freelance work involves an online store, you'll probably find much to like about NorthOne Bank. You can connect your NorthOne bank account to Amazon Pay, PayPal, Shopify, and Stripe, depositing money from sales directly into your NorthOne account.

You'll also see invoice and order numbers for each transaction. Connect your accounting via integrations with Expensify, QuickBooks, or Wave, and you'll never have to match transactions manually again.

NorthOne Fees & Minimum Balance

NorthOne charges a nonwaivable $10 monthly fee for business banking services. In return, you’ll receive unlimited free transactions via ACH, deposits, transfers, or purchases. The only additional fees will be $15 for sending or receiving domestic wire transfers and a cash deposit fee of $4.95 via Green Dot.

NorthOne does not have any minimum balance requirements. A minimum $50 funding deposit is required.

NorthOne Transaction Limits

Incoming ACH transactions are allowed in unlimited number with a $500K maximum per deposit, per day. You can deposit unlimited checks per day, with a $5 minimum and $50K maximum per check and a $50K maximum per rolling 30-day period.

Cash deposits via Green Dot are limited to a maximum of four per day, with limits of $1,500/day, $3,500/week, and $5,000/month. There is a rolling limit for check deposits of $15,000 each 24-hour period and $50,000 every 30 days. Cash withdrawals are limited to five a day, with a $2,000 daily limit.

Domestic outgoing ACH transfers are limited to $10K/day with a maximum of $300,000/calendar month. The same daily and monthly limits apply to same-day ACH transactions, and same-day ACH fee of 1.5% applies (minimum $1 and maximum $15). Outgoing domestic wire payments come with a $20 fee and are limited to $200K per wire, per day with a $300K monthly limit.

You can make unlimited electronic bill pays each day, with a maximum of $100K/check. While there’s no limit to POS signature/PIN transactions, you’ll be limited to five ATM transactions per day, with a $2,000 daily limit.

NorthOne Eligibility & Application Process

All business types are eligible for NorthOne banking. Be prepared to verify your name, address, date of birth, and other identifying information. You’ll also need to show personal identification, such as a driver’s license.

NorthOne Is The Best Bank For Freelancers Who...

  • Need to make some cash deposits
  • Want unlimited free transactions
  • Can use NorthOne’s eCommerce and accounting integrations
  • Do not want a business savings account

Get Started With NorthOne

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LendingClub: Best Overall Bank Account For Freelancers

LendingClub Business Loans


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Pros

  • Monthly fee can be waived
  • High APY
  • Cash back rewards
  • Business checks available

Cons

  • A $500 minimum balance required

Why We Chose LendingClub For The Best Bank For Freelancers

Best known as a peer-to-peer lender, LendingClub was one of the first lenders to offer online personal loans. In 2020, LendingClub joined the rank of online banks, offering its Tailored Checking account to business customers.

The Tailored Checking account lets you earn a high APY (1.50% at the time of this posting) on balances up to $100,000 and unlimited cash back on debit card purchases.

Integrations are available for accounting powerhouses Mint, QuickBooks, and Quicken, and you can also use Autobooks to create and send digital invoices and process payments.

LendingClub Fees & Minimum Balance

LendingClub’s Tailored Checking account charges customers a $10 monthly account maintenance fee that can be waived relatively easily. All you need to do is maintain a minimum balance of $500 in your account.

The only other common banking fees charged by LendingClub banking are for wire transfers. Expect to pay $18 for an outgoing domestic wire and $40 for each outgoing international wire.

LendingClub’s Tailored Checking does not have a minimum balance requirement. However, to avoid the $10 monthly fee, you’ll need to keep at least $500 in your account.

LendingClub Transaction Limits

LendingClub’s Tailored Checking account comes with fairly generous transaction limits. You’ll be limited to $10,000 in both incoming external ACH transfers and outgoing external ACH transfers. You can deposit up to $25,000 daily in checks via the mobile app. Wire transfers are limited to $25,000 per day. And you can use your debit card to withdraw up to $2,000 or spend $5,000 daily.

LendingClub allows cash deposits.

LendingClub Eligibility & Application Process

Only US residents and resident aliens are eligible to open a LendingClub Tailored Checking account. You’ll need to share your company’s legal name and DBA, EIN or tax ID, and your address. If your business has multiple owners, you’ll need to provide additional information about each of them.

LendingClub Is The Best Bank For Freelancers Who...

  • Need to deposit cash
  • Want cash back rewards on purchases
  • Can use an accounting integration with major software
  • Are able to maintain a $500 balance to avoid fees
  • Want to be able to write business checks

Get Started With LendingClub Business Loans

Read our in-depth review

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Our Methodology For Choosing The Best Banks For Freelancers

In compiling this list of the best bank accounts for independent contractors, freelancers, and the self-employed, we considered fees, features, account requirements, and eligibility. We looked for banks that actively court freelancers and make business banking both convenient and affordable for them.

Merchant Maverick rates business banking providers according to a set list of criteria. Banking services providers are given an aggregate score to compare them to similar banking providers. Only banking options that include FDIC insurance are considered. We also consider users’ satisfaction with each banking provider.

To put together this list, we look at 20 different banking platforms. We looked for reasonably priced entry-level bank accounts and considered those that include higher-priced accounts your business might grow into someday.

Information was gathered from each banking provider’s website and company representatives. Information is reviewed by our editors and senior staff experts to ensure accuracy.

Choosing The Best Bank Account For Freelancers & The Self-Employed

As you can see, there are many choices available for bank accounts for freelancers and other self-employed workers. Each offers something a little different, and you should be able to find the mix of features to suit your exact business needs.

If you’re looking for something a little different, check out our list of the best business bank accounts overall. It includes some traditional banking options, such as big-name banks with brick-and-mortar branches you can visit. We also highlight some of the best free business bank accounts, so be sure to check out that list if $0 fees are your top requirement.

Whichever bank you’re interested in, make sure you’re ready to apply for the account you want by using our checklist for opening a business bank account.

And, if your freelance work takes place in a home office, consider our suggestions for home-based business insurance. Many business owners are surprised to learn that their homeowners insurance doesn’t cover business activities — learn about your options now, before you need to file a claim.

Once you have your bank account set up and you’re ready to look for funding to grow your business, check out our list of the best loan options for freelancers.

After all, your business may be small today, but if your business dreams are big, you deserve the chance to grow and succeed!

FAQs: Best Banks for Freelancers, The Self-Employed, & Side Hustles

What type of bank account do I need if I'm self-employed?

Self-employed workers, such as freelancers and independent contractors, should open a business bank account to handle their business finances, rather than relying on a personal account. Although there’s no requirement to do so, opening a business account can help you avoid personal legal liability for your business and steer clear of trouble with the IRS.

What's the best business bank account for the self-employed that works with Mint or QuickBooks?

LendingClub’s Tailored Checking account works well with both Mint and QuickBooks. NorthOne and Novo also offer business checking accounts for freelancers who use QuickBooks.

Do I need a business bank account if I'm self-employed?

Although there’s no requirement to use a business bank account to handle your finances as a freelancer, independent contractor, or self-employed worker, there’s very little reason not to. Find a business bank that caters to the self-employed and offers low fees, low or no minimum balance, and rewards and perks such as cash back, high APY, and integrations to software for eCommerce and accounting.

What bank is best for freelancers?

Self-employed people, including freelancers, independent contractors, and anyone making money from a side hustle or hobby, have many great options when choosing a business bank account.

We like LendingClub’s Tailored Checking for its high APY, low fees, and cashback rewards. Other great choices for the self-employed include Live Oak, Lili, Relay, Found, Grasshopper, ZilBank, Novo, and NorthOne banks.

In Summary: The 9 Best Bank Accounts For Freelancers

  • Live Oak Bank:
    • $0 monthly fee
    • $0 minimum balance
    • High APY
  • Lili:
    • $0-$35 monthly fee
    • $0 minimum balance
    • High APY
  • Relay:
    • $0-$30 monthly fee
    • $0 minimum balance
    • No savings option
  • Found:
    • $0 monthly fee
    • $0 minimum balance
    • 0% APY
  • Grasshopper:
    • $0 monthly fee
    • $0 minimum balance
    • High APY
  • Zil Bank:
    • $0 monthly fee
    • $0 minimum balance
    • High APY
  • Novo Bank:
    • $0 monthly fees
    • $0 minimum balance
    • No savings
  • NorthOne:
    • $10 monthly fee
    • $0 minimum balance
    • No savings
  • LendingClub Business Loans:
    • $0-$10 monthly fee
    • $500 minimum balance
    • High APY
Kate Hoots

Kate Hoots

Senior Staff Writer at Merchant Maverick
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
Kate Hoots
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