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

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 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 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.

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.

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.

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.

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.

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 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.

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 offers unlimited transactions.

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

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 promises its users unlimited transactions.

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.

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 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 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.

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’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.

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.

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.

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.

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.

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’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.

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.