Found Banking Review
Freelancers are the target demographic for Found, an online bank that has built-in expense tracking and basic tax support, too.
Found At A Glance
- Found features unique built-in bookkeeping and tax support for freelancers
- Found Bank has few fees, is easy to use, and has a great mobile app
- Found Bank helps with finding tax deductions, estimating quarterly taxes, & more
- Up to 1.5% APY
- No minimum balance
- Unlimited transactions
- Free built-in expense tracking, invoicing, & basic tax support
- Freelance-specific tools & features
- Unlimited free ACH transfers
- No savings account
- APY on the paid plan only
- Some bookkeeping & tax features with paid plan only
- No outgoing wire transfers
- Purchase limits apply
Table of Contents
Services Offered By Found
- Checking accounts
Found Banking Overview
Found Bank is an online bank aimed specifically at freelancers and self-employed individuals. Found Bank stands out with little to no fees and built-in “smart banking” that helps with expense tracking, basic bookkeeping, and taxes.
Found Bank’s freelance-specific features like auto-categorizing tax deductions and automatic savings for self-employment taxes are especially compelling. While the company only offers a checking account, the APY is competitive for rewards checking and the freelance-specific features make Found Bank a top choice on our best bank accounts for freelancers list.
Best Suited For
- Self-employed individuals & freelancers
- Getting an APY return on a business checking account
- Managing a checking account, invoicing, basic bookkeeping, and freelance taxes in one location
What To Watch Out For
- Found Bank does charge for its bookkeeping and tax support services
- Found Bank does not have a savings account
- You can’t send wire transfers with Found
- Found Banking is strictly designed for freelancers, self-employed, and micro businesses with a single owner
- Found Bank will close accounts that have a negative balance for 30 calendar days
Found Banking Rewards & Perks
The biggest perks that Found offers are its unique bookkeeping and tax features designed to help freelancers manage their expenses, invoices, and taxes with ease.
In terms of traditional features, you won’t find quite as many perks with Found as with other business checking accounts like Bluevine Checking or Axos. Found does offer 1.5% APY but only with the Found Plus account, which costs $19.99/month, and only up to $20,000.
On the one hand, many business checking accounts don’t offer APY at all. On the other hand, compared to other rewards checking accounts, Found’s APY rate is low, earning cap is low, and earning APY comes with a monthly charge. Most others have no monthly charge for their APY with both slightly higher rates and earning caps. For example, Axos offers 3.30% on its rewards checking accounts currently and Bluevine offers 2% on up to $100k.
All-in-all, Found Bank’s rewards are a plus if you want or need its freelance-specific features. If you don’t want the freelance features or are looking specifically to maximize your checking account rewards, other online bank account options might be a better fit.
Found Banking Fees
|Found Bank Fees
|Monthly Maintenance Fee
|$0 – $19.99/month
|Minimum Opening Deposit
|Wire Transfer Fee
|0% (1.75% if instant deposit is needed)
|Cash Deposit Fee
|Foreign Transaction Fee
|Excessive Transactions Fee
|Stop Payment Fee
Found Bank has very few fees, and the company is relatively transparent about its fee schedule. Notably, Found has no ACH fees, overdraft fees, or monthly fees unless you opt for the Found Plus plan.
The Found free plan offers business checking with an impressive number of free features including:
- Expense tracking
- Customizable invoicing
- Basic customer management
- Basic tax support
The big kicker is that you don’t get any APY earnings on your checking account unless you opt for the $19.99/month ($149.99/year) Found Plus plan.
There is a free 30-day trial of Found Plus. If you decide not to use Found Plus after the trial, don’t forget to cancel as Found Bank will automatically deduct the subscription cost from your bank balance, which is a bad practice we couldn’t overlook in our rating.
If you use Found Bnk’s invoicing feature to accept customer payments, you’ll also find payment processing fees. Found Bank uses Stripe for payment processing fees. Fees start at 1% per transaction and vary based on the customer’s payment method.
|Domestic Incoming Wire Transfer
|Domestic Outgoing Wire Transfer
|International Incoming Wire Transfer
|International Outgoing Wire Transfer
|$2,000/week or $4,000/month
While Found Bank has “unlimited” transactions, Found Bank does have a card purchases and transfers limit of $4,000. For a freelancer, this limit might not be a huge problem, but for self-employed individuals needing a larger purchase maximum, this could be a problem.
Found Bank does allow you to request limit increases.
Transaction Processing Times
|1-2 days for first $225
|Up to business 5 days
|Mobile Check Deposits
|Up to 5 business days
Payments from one Found holder to another are instant and don’t cost anything.
Found Bank Eligibility Requirements
To be eligible for a Found Bank account, you have to be the sole owner of your business, even if you have your business set up as an LLC. Freelancers and self-employed individuals can use Found regardless of their business structure, so long as they are the sole owner.
You’ll also need an SSN and will need to use your legal name for setting up your account. Opening a Fond Bank account does not affect your credit score.
How To Open A Found Bank Account
To sign up for a Found account you’ll need your legal name, address, SSN, and date of birth, plus basic income and tax filing information. You can then sign up for Found from the Found mobile app or your desktop. Found will walk you through the signup process step by step.
Once you open your Found Bank account, you’ll get a routing number and account number and can start requesting virtual and/or physical cards.
Found Bank Features
Every Found Bank offers a seriously impressive number of features for freelancers to manage expenses, invoices, and taxes directly from a desktop or the Found mobile app. The depth of the free features is also impressive from an invoicing and bookkeeping perspective.
Some of the checking features are left wanting on the free plan, but the benefit of built-in bookkeeping and tax support may be more than worth it for freelancers looking to manage their self-employed finances in one spot.
- Physical & virtual debit cards
- Pockets to organize funds
- FDIC insurance up to $250k
- Cash deposits
- Mobile check deposits
- Incoming wire transfers
- Unlimited ACH transfers
- Found mobile app
- Payment integrations
- Link card to Apply Pay or Google Pay
You can use your Found debit card anywhere that accepts Mastercard. You can also have your business name displayed on the front of your Found debit card.
Found Bookkeeping & Tax Support
For all Found Bank accounts, you’ll find these tax and bookkeeping benefits:
- Expense management
- Automatic expense categorization
- Customizable invoicing
- Accepting invoice payments from customers’ bank accounts, Cash App, PayPal, Zelle, or Venmo accounts
- Saving items & invoices
- Saving customer information
- Scheduling recurring invoices
- Automatic payment reminders
- Auto-savings for taxes
- Tax estimates
- Tax deduction tracking
- Accounting integrations
If you opt for the Found Plus account, you’ll also get access to these features:
- Custom expense categorization rules, categories, & tags
- Automatic receipt capture with mobile app
- Bank, Credit card, Venmo, & PayPal activity importing
- Auto-generated Schedule C forms
You’ll also get Priority support and APY earning options with Found Plus.
Found Bank Customer Service
Found Bank has a detailed Help Center that answers many FAQs about getting started with and using Found. When you need to talk to a customer support rep, there are several avenues available and existing customers report overwhelmingly positive customer service experiences.
Found Plus users get priority customer support, which means shorter phone wait times.
|Dedicated Support Representative
|Knowledge Base or Help Center
|Videos & Tutorials
Found Bank Reviews
While Found Bank was only Founded in 2019, the company has already gained a loyal following and a large number of happy customers according to reviews.
Found Bank receives 4.6/5 stars on Trust pilot with 85% of those reviews being 5-stars. Found Bank also receives 4.7/5 stars on the Google Play Store based on 9,200+ ratings and 4.8/5 on the Apple Store based on 1,300+ ratings.
Negative Found Banking Reviews & Complaints
- A couple reports of freezing accounts with money still in them
- One report where Found wouldn’t refund an unauthorized transaction
- The inability to write checks
Positive Found Banking Reviews
- Great mobile app
- Easy to use
- Simple set-up process
- Freelance-specific tax tools & features
- Convenience of having everything in one place
Is Found Banking Safe?
Found Bank uses industry-standard security methods including data encryption and two-factor authentication. Found Bank also has 24/7 fraud monitoring. Found accounts also have FDIC insurance up to $250,000 through Piermont Bank.
How Does Found Bank Compare To Other Banking Options?
|Bluevine Business Checking
|APY Earning Balance Maximum
|Minimum Account Balance
While Found Bank’s rewards-checking features aren’t quite as built out as other competitors, the company’s freelance-specific features are almost unmatched. While many other cards include invoicing and some like Lili even include bookkeeping, Found Bank’s freelance tax support features really make Found stand out.
While we would like to see Found Bank have a lower monthly fee for the APY rewards and a higher max, it’s worth noting that the Found monthly subscription would be tax deductible. We also took into account that the lower max of $20k is targeted specifically at freelancers while Axos and Bluevine Business Checking’s accounts are geared toward small businesses, so the $20k max may be more than sufficient for most self-employed individuals.
The Bottom Line: Is Found Bank Worth It?
For freelancers, Found Bank is worth looking into. Found’s built-in bookkeeping and tax support is a huge plus and makes tracking expenses, taking deductions, and filing self-employed taxes much easier.
For small business owners, you’ll likely find better rewards-checking options elsewhere.
For self-employed individuals who are looking to grow their business, Found might also not be the best fit as it won’t scale alongside your business. Check out our top online business bank accounts to see all of your best banking options.
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