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

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 0.33%. Live Oak blows that out of the water with a current APY on business savings accounts of 3.50% and up to 4.60% APY on CD accounts.

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.

• Your business needs a relatively small number of monthly transactions
• You do not need to make cash deposits
• You use QuickBooks to manage your business
• You take business payments from customers via Venmo, Square, PayPal, or Stripe
• You want a high APY on your business savings

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 1.50% APY, with options for automatic transfers to savings.

Although Lili offers a completely free account, users willing to pay $4.95/month 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 $4.95 monthly fee.

Lili charges almost no fees for its basic bank account. That means no account fees, no overdraft fees, no ATM fees, no fee 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 a paid account called Lili Pro, which comes with a $4.95 fee and a host of valuable business tools that can more than make up for the monthly cost.

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’ll need to 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.

• Your business doesn’t make many cash transactions
• You want a basic bank account with no fees or balance requirements
• You don’t mind a low fee that unlocks advanced business tools
• You want free nationwide ATM access and no foreign transaction fees
• You deposit less than $50,000 in check payments and could use unlimited ACH/direct deposits

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 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 are not a US citizen or permanent resident, and you operate a freelance business within the US
• Your business is small, but you have plans for growth
• You’d like to be able to make international payments
• You need to deposit cash

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.

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.

• You want an all-in-one banking solution that includes bookkeeping and tax tools
• Your business does not accept payment via check
• You’d like a no-fee bank account with no account minimum
• You want unlimited fee-free transactions

Grasshopper offers a digital checking account for small businesses that offers some unusual perks: a high APY (currently at 1.51%) 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’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 costs $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.

• Your business is small now, but you’re planning for growth
• You want unlimited fee-free transactions
• You would like an unlimited 1% cash back on purchases
• You have business savings and would like to earn a high APY
• You’d like access to credit and a corporate card

Zil offers an all-in-one banking platform that caters to freelancers and startups but also offers some advanced tools that larger companies will appreciate. Zil 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 Zil banking offers users the chance to build their credit score, it’s a great opportunity for new freelancers working to establish their businesses.

Zil banking is almost completely free of 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.

Zil banking does not have any minimum balance requirements.

Zil banking 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.

Zil 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.

• Yours is a new freelance business, and you’d like a $0 bank account that lets you build your business credit
• You don’t need check deposits
• You don’t live in the US, but you do business here

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.

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 will be required to 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 you have one. You’ll also need a valid US mailing address and Social Security number or EIN.

• You want a business checking account with $0 fees
• You don’t need to make cash deposits
• You want eCommerce, payment, and accounting integrations
• Your business income fits within Novo’s transaction limits

If your freelance work involves an online store, you’ll probably find a lot to like with 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 be able to 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 charges a nonwaivable $10 monthly fee for business banking services. In exchange, 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.

NorthOne allows unlimited daily direct deposits with no dollar limit. ACH transfers are unlimited per day, with a maximum of $500,000/transaction. 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.

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.

• Your business needs to make limited cash deposits
• You want unlimited free transactions
• You can use NorthOne’s eCommerce and accounting integrations
• You’re not looking for a business savings account

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’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.

• You need to deposit cash
• You want cash back rewards on purchases
• You can use an accounting integration with major software
• You can maintain a $500 balance to avoid fees
• You need to be able to write business checks