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The 8 Best Bank Accounts For Freelancers, Independent Contractors, & The Self-Employed
Looking for the best bank account for freelancers and independent contractors? Our list of the best self-employed business accounts has you covered.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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The best banks for freelancers offer accounts that help the self-employed organize their finances, build business credit scores, 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.
Luckily, there are several bank accounts with features and perks designed specifically for freelancers. We looked at over 30 business bank accounts and only a few earned a spot as one of the best banks for freelancers. Let’s see which made the cut!
Do You Need A Separate Bank Account For Freelance Work Or Self-Employed Wages?
While you can technically use a personal bank account for your freelance business, we highly recommend having a separate account for your self-employed earnings and expenses — and so do most accountants!
Not only does having a freelance bank account keep your finances more organized, but you could also be eligible for far more perks and benefits with a business bank account than your personal bank account.
Benefits Of Opening A Freelance Bank Account
Separate personal and business expenses
Protect personal assets from bankruptcy or legal action against your business
Solidify your brand identity and create a professional image with customers and vendors
Expand your access to business credit
Access business perks like higher APY earnings or discounts on business software
Track self-employed taxes, deductions, and overall finances more easily
The Best Banks For Freelancers & The Self-Employed
There are many great business bank accounts that accept freelancers, and even a few that are designed specifically with the self-employed in mind. Whether you have a small side hustle or plan to grow and scale your self-employed business, you can find a good freelance bank account among our top picks for your specific needs.
Square is a popular choice for payment processing and POS among freelancers and small business owners. Add in a free bank account with 1% APY on savings, and Square becomes a great multi-functional business platform for self-employed business owners.
With Square, you can accept payments, send invoices, have a handheld POS, and have a business checking and savings account -- all at a competitive price.
A general Square account is free, and so is Square banking, so you'll only pay for payment processing and the POS hardware and service.
APY:1% on Savings
Monthly Fee:$0/month
OpeningDeposit: $0
Minimum Balance:$0
Square Banking Fees
Square Banking has no monthly fees, no ATM fees, no wire transfer fees, and no minimums. The only fees you’ll find are traditional Square payment processing fees for payments accepted through the Square app.
Check out the fees below:
Square Business Banking Category Fees
Value
Monthly Fee Range
$0/month
Monthly Checking Fee
$0/month
Monthly Savings Fee
N/A
ATM Fee
None
Overdraft Fee
N/A
ACH Fee
$0
Incoming Domestic Wire Transfer Fee
N/A
Outgoing Domestic Wire Transfer Fee
N/A
Incoming International Wire Transfer Fee
N/A
Outgoing International Wire Transfer Fee
Unknown
Wire Transfer Fee Start Point
N/A
Wire Transfer Fee Range
N/A
Cash Deposit Fee
$0
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
None
Square Banking Features & Perks
One of the biggest perks of Square Banking is the integration of the entire Square ecosystem, including Square payments, POS, and invoices.
But when it comes to Square Banking specifically, you’ll also find some noteworthy features, including instant access to funds, a discount when purchasing from other Square sellers, and access to Square loans.
Square Banking Is The Best Fit For Freelancers Who...
Need a business checking account and a savings account
Already use Square’s other products or who plan on using Square payment processing
Want to earn APY on savings
Want a business bank account that provides loan options
Need an easy-to-qualify-for bank account that doesn’t require income verification or credit checks
Grasshopper is unique in that it offers high APY and cash-back checking rewards. If you want your hard-earned freelance income to work for you, Grasshopper is a great choice.
APY:1.00%-3.55%
Monthly Fee:$0/month
OpeningDeposit: $100
Minimum Balance:$0
Grasshopper Fees
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.
Grasshopper Bank Category Fees
Value
Monthly Fee Range
$0/month
Monthly Checking Fee
$0/month
Monthly Savings Fee
N/A
ATM Fee
$0
Overdraft Fee
$0
ACH Fee
$0
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$10
Incoming International Wire Transfer Fee
$5
Outgoing International Wire Transfer Fee
$25
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0 – $25
Cash Deposit Fee
N/A
Foreign Transaction Fee
0%
Excessive Transactions Fee
N/A
Stop Payment Fee
$0
Grasshopper Features & Perks
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 Bank Is The Best Fit For Freelancers Who...
Want a high-earning reward checking account with APY and cash-back on purchases
If your freelance work involves an online store, you'll probably find much to like about North One.
You can connect your North One account to Amazon Pay, PayPal, Shopify, and Stripe, depositing money from sales directly into your North One 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, making running your freelance eCommerce business much easier.
APY:1.5%-3%
Monthly Fee:$0-$20/month
OpeningDeposit: $0
Minimum Balance:$0
North One Fees
Here are a list of North One’s fees and costs:
North One Category Fees
Value
Monthly Fee Range
$0-$20/month
Monthly Checking Fee
$0-$20/month
Monthly Savings Fee
N/A
ATM Fee
None
Overdraft Fee
None
ACH Fee
0%-1.5%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$15 – $20
Incoming International Wire Transfer Fee
N/A
Outgoing International Wire Transfer Fee
N/A
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0 – $20
Cash Deposit Fee
Varies
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
$4
North One Features & Costs
North One’s biggest perks are its eCommerce integrations, though you will also find accounting integrations, bill pay, envelope budgeting, and real-time payment options for fast access to funds.
Much like Novo, North One’s perks include integration discounts like 30% off QuickBooks, six months free with Gusto, up to $20K in free Stripe processing, and more.
Cash deposits are also available.
North One Is The Best Fit For Freelancers Who...
Need to make some cash deposits
Want unlimited free transactions
Can use North One’s eCommerce and accounting integrations
With built-in accounting and freelance tax tools, unlimited invoices, and no minimums, Found's spot as the best overall freelance bank account on this post and our best online bank accounts post is well-deserved. Found banking offers a free checking account for freelancers and self-employed workers, while the paid Found Plus plan gets you: up to 1.5% APY and priority support. This makes Found an all-around great choice for freelancers of every size and budget.
APY:up to 1.5%
Monthly Fee:$0-$19.99/month
OpeningDeposit: $0
Minimum Balance:$0
Found Fees
You won’t find any fees with the basic Found banking plan, including monthly fees and hidden fees. This plan includes Found’s freelance-specific accounting and tax tools, a checking account, unlimited invoices, and more.
There are no minimum balance requirements with a Found account.
Found Category Fees
Value
Monthly Fee Range
$0-$19.99/month
Monthly Checking Fee
$0-$19.99/month
Monthly Savings Fee
N/A
ATM Fee
$0
Overdraft Fee
$0
ACH Fee
$0 (1.75% for instant deposit)
Incoming Domestic Wire Transfer Fee
N/A
Outgoing Domestic Wire Transfer Fee
$15
Incoming International Wire Transfer Fee
N/A
Outgoing International Wire Transfer Fee
$15
Wire Transfer Fee Start Point
$15
Wire Transfer Fee Range
$15
Cash Deposit Fee
$0
Foreign Transaction Fee
Varies
Excessive Transactions Fee
$0
Stop Payment Fee
$0
Found Features & Perks
Found offers “smart banking” to help freelancers auto-categorize expenses, find tax deductions, and automatically save for self-employment taxes. Found also offers invoicing, budgeting, and reporting. Found Plus customers get access to additional bookkeeping perks like custom bookkeeping categories and time-saving automations.
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.
Found Is The Best Fit 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
Lili offers a competitive banking option with no fees, no minimum balance requirements, easy ATM access nationwide, up to 3.65% APY, and several noteworthy built-in accounting features. Lili users get basic bookkeeping, unlimited invoices, expense management, and a unique in-house tax optimizer. The optimizer helps you categorize expenses, automatically save for your tax payments, and generate quarterly and yearly expense reports.
APY:up to 3.65%
Monthly Fee:$0-$35/month
OpeningDeposit: $0
Minimum Balance:$0
Lili Fees
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.
Here are Lili’s fees:
Lili Category Fees
Value
Monthly Fee Range
$0-$35/month
Monthly Checking Fee
$0-$35/month
Monthly Savings Fee
$0-$35/month
ATM Fee
$0
Overdraft Fee
None (covers overdrafts up to $200)
ACH Fee
$0
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$15
Incoming International Wire Transfer Fee
$15
Outgoing International Wire Transfer Fee
$25
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0 – $25
Cash Deposit Fee
$0
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
None
Lili Features & Perks
The two biggest draws of Lili are the accounting tools it offers and its rewards. Lili Bank offers up to 3.65% APY on balances up to $100,000 with its savings accounts and cash-back with its checking accounts. This savings return is almost unmatched with freelance bank accounts except for Live Oak, and very few companies offer both rewards checking and savings in one platform (often you need two separate banks to maximize these types of rewards).
Lili supports invoicing, wire transfers, unlimited ACH payments, cash app integrations, and accounting integrations.
Lili is also one of the only banks we’ve seen that offers $200 overdraft coverage.
Lili Is The Best Fit For Freelancers Who...
Want high APY savings and cash-back checking
Want a minimal fees bank
Want built-in invoicing, bookkeeping, and tax features
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
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 0.63%. Live Oak blows that out of the water with its current APY on business savings accounts and CD accounts.
Its accounts are FDIC insured, include mobile check deposits and ATM Access through the Allpoint network, and come with a low opening deposit.
APY:2.00%-4.10%
Monthly Fee:$0-$100/month
OpeningDeposit: $0
Minimum Balance:$0
Live Oak Bank Fees
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.
Here are Live Oak’s fees and costs:
Live Oak Bank Category Fees
Value
Monthly Fee Range
$0-$100/month
Monthly Checking Fee
$0-$100/month (waivable)
Monthly Savings Fee
$0/month
ATM Fee
None for in-network ATMs (3% for out-of-network ATMS)
Overdraft Fee
Varies
ACH Fee
$0
Incoming Domestic Wire Transfer Fee
$10
Outgoing Domestic Wire Transfer Fee
$19
Incoming International Wire Transfer Fee
$10
Outgoing International Wire Transfer Fee
$40
Wire Transfer Fee Start Point
$10
Wire Transfer Fee Range
$10 – $40
Cash Deposit Fee
$0
Foreign Transaction Fee
3%
Excessive Transactions Fee
None
Stop Payment Fee
$25
Live Oak Features & Perks
Live Oak sets itself apart with: up to 3.35% Savings APY: up to 4.10%APY on CDs. Live Oak regularly offers sign-on bonuses.
Live Oak offers lending options as well, including SBA loans, USDA loans, and commercial small business loans.
Live Oak currently doesn’t offer savings accounts, though the company says that this offering is coming soon.
Live Oak Is The Best Fit For Freelancers Who...
Want a high APY on business savings
Need a relatively small number of monthly transactions & don’t deposit cash
Use QuickBooks accounting software
Take business payments from customers via Venmo, Square, PayPal, or Stripe
Want a bank that offers SBA loans and other lending options
Multiple checking accounts & debit cards are available
Cash deposits accepted
Cons
Bookkeeping integrations require a paid account
Why We Chose Relay
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.
Relay also allows non-US citizens to apply for banking services so long as the business operates within the US.
APY:1.03%-3.03%
Monthly Fee:$0 - $120/month
OpeningDeposit: $0
Minimum Balance:$0
Relay Fees
Relay charges almost no fees. You won’t find monthly account fees, overdraft fees, or ACH transfer fees.
Relay Category Fees
Value
Monthly Fee Range
$0 – $120/month
Monthly Checking Fee
$0 – $120/month
Monthly Savings Fee
$0 – $120/month
ATM Fee
$0
Overdraft Fee
$0
ACH Fee
0%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$5 – $8
Incoming International Wire Transfer Fee
$0
Outgoing International Wire Transfer Fee
$1.50 – $25
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0 – $25
Cash Deposit Fee
$0
Foreign Transaction Fee
1%
Excessive Transactions Fee
$0
Stop Payment Fee
$34
Relay Features & Perks
Relay’s big appeal is it’s scalability for growing businesses or multiple businesses. Relay offers up to 20 checking accounts and 50 debit cards.
You’ll find FDIC-insurance and 24/7 support, as well as accounting, payroll, and payment processing integrations.
Relay Is The Best Fit For Freelancers Who...
Are not a US citizen or permanent resident and operate a freelance business within the US
Novo is a fintech that offers checking accounts (provided by Middlesex Federal Savings, F.A., Member FDIC) 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. If you are looking to save on business software, Novo might be the right bank for you.
APY:0%
Monthly Fee:$0/month
OpeningDeposit: $0
Minimum Balance:$0
Novo Fees
You won’t find too many fees with Novo banking. That means no monthly, minimum balance, transaction, or hidden fees. Novo also has no foreign transaction fees and ATM fees.
Here’s a breakdown of what to expect:
Novo Category Fees
Value
Monthly Fee Range
$0/month
Monthly Checking Fee
$0/month
Monthly Savings Fee
N/A
ATM Fee
Varies
Overdraft Fee
$0
ACH Fee
0%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
up to $30
Incoming International Wire Transfer Fee
$0
Outgoing International Wire Transfer Fee
N/A
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0 – $30
Cash Deposit Fee
N/A
Foreign Transaction Fee
0%
Excessive Transactions Fee
None
Stop Payment Fee
None
Novo Features & Perks
Novo doesn’t offer traditional perks like APY or cash-back with its checking accounts. However, you can apply for a business credit card (issued by Continental Bank) that offers up to 2% cash back.
Qualifying customers may also qualify for funding through Novo. This includes merchant cash advances up to $10,000 and an invoice financing product called Invoice Flex. All accounts also include invoicing, bookkeeping, and budgeting tools.
Novo also offers business software integrations, as well as discounts and offers from partners including Slack, Asana, Dropbox, QuickBooks, TurboTax, and more.
Novo Is The Best Fit For Freelancers Who...
Want a business checking account with no fees
Don’t need to make cash deposits
Are looking for eCommerce, payment, and accounting integrations
Fit within Novo’s transaction limits
Want discounts on important business software tools
We spend hours researching and evaluating each business banking service we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Fees & Rates 25%
Services 15%
Rewards 15%
Features 15%
Eligibility Requirements 10%
Application Process 5%
Sales & Advertising Transparency 5%
Customer Service 5%
User Reviews 5%
When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.
Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.
What To Look For In A Good Self-Employed Bank Account
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 self-employed bank account options.
Good Freelance Bank Accounts Should Include:
FDIC insurance
APY
ATM access
Bill payment
Physical & virtual debit cards
Mobile check deposit
Payment apps, such as Zelle or Venmo
Integrations with accounting software
Rewards & perks
Bonus points go to bank accounts with access to credit cards, loans, or lines of credit and to accounts with high APYs.
Monthly account maintenance fees (unless additional services like accounting are provided)
Minimum balance requirements
Limits on free transactions
High fees for wire transfers and/or ACH transfers
High transfer limits
Fees for cash deposits (or no option for depositing cash)
Choosing The Best Self-Employed Bank Account For Your Business
While choosing a bank account isn’t easy, we made sure that every bank account on this post is a solid, trustworthy option for freelancers. We also structured the post to highlight the specific advantages of each freelance bank account, so there’s a bank account to match whichever benefits are most important to your business.
Whether you’re looking for high APY, cash back, eCommerce integration, or tax support, there’s something for you on this list of the best self-employed bank accounts.
Once you’ve narrowed down your top choices, be sure to:
Research the bank’s fees
Check the bank’s transaction limits, especially for transaction types you’ll use most
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.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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