12 Best Banks For Self-Employed Freelancers & Side Hustlers (2024)

As a freelancer or self-employed individual, finding the right bank account is essential for managing your finances effectively. You need a bank that understands the unique needs of your business and offers features tailored to support your success. In this article, I will introduce you to the top 12 banks that provide excellent banking solutions for freelancers and self-employed individuals. These banks offer a range of features such as free or low-cost business checking, easy access through mobile and web-based applications, software integrations, and services to help small businesses thrive.

Key Takeaways:

• Freelancers and self-employed individuals need specialized bank accounts that cater to their unique needs.
• Top banks for freelancers offer features such as free or low-cost business checking and easy access through mobile and web applications.
• Software integrations and services for small business growth are crucial considerations when choosing a bank.
• BlueVine, Axos Bank, Found, Chase Bank, NorthOne, Lili, LendingClub Bank, Novo, Bank of America, and QuickBooks are some of the best banks for freelancers.
• Consider factors such as fees, banking features, software integrations, customer support, and overall convenience when choosing the best bank account for your needs.

BlueVine: Best APY

BlueVine is a leading online bank that offers a business checking account with a high annual percentage yield (APY). This account is particularly beneficial for freelancers and self-employed individuals looking to maximize their earnings.

BlueVine’s Business Checking account has no minimum balance requirements and no monthly service fees. It also provides unlimited transactions and easy ACH transfers. With BlueVine, freelancers can earn up to 2.00% APY on balances up to $250,000, making it a top choice for those seeking high interest yields.

Here’s a breakdown of the key features of BlueVine’s Business Checking account:

Key Features	Details
No minimum balance requirements	No need to maintain a specific balance to open or keep the account
No monthly service fees	Avoid extra charges and focus on growing your business
Unlimited transactions	Easily manage your incoming and outgoing payments without any limits
Easy ACH transfers	Conveniently transfer funds between your BlueVine account and other accounts
Earn up to 2.00% APY	Maximize your earnings with a competitive annual percentage yield on balances up to $250,000

BlueVine’s Business Checking account is designed to meet the needs of freelancers and self-employed individuals by providing a straightforward and cost-effective banking solution. With high APY rates and a range of features tailored to support business growth, BlueVine is an excellent choice for those in search of a business bank account.

“BlueVine’s Business Checking account offers a competitive APY that allows freelancers to make the most of their hard-earned money and achieve their financial goals.”

To give freelancers even more flexibility, BlueVine also offers a full suite of business banking services, including business loans, lines of credit, and invoice factoring. With BlueVine, freelancers can access the financial tools and support they need to thrive in their business endeavors.

Axos Bank: Best Online Bank

When it comes to finding the best online bank for your business needs, look no further than Axos Bank. With a range of business bank accounts designed specifically for freelancers and self-employed individuals, Axos Bank stands out as a top choice in the industry.

One of the standout offerings from Axos Bank is their Business Interest Checking account. This account is perfect for freelancers who are looking for an everyday banking solution with the added benefit of a high Annual Percentage Yield (APY). With just a minimum opening deposit of $100, freelancers can earn up to 1.01% APY on their balances, allowing their money to work harder for them.

But that’s not all Axos Bank has to offer. Freelancers who value the convenience of online banking will appreciate Axos Bank’s commitment to providing a seamless digital experience. With their online banking platform, freelancers can access and manage their accounts anytime, anywhere, making it the perfect fit for those who prioritize flexibility and efficiency in their financial management.

And let’s not forget about ATM access. Axos Bank understands that freelancers need convenient access to their funds. That’s why they offer free domestic ATM fee reimbursements, ensuring that you can access your money whenever you need it, without worrying about pesky fees.

Why choose Axos Bank?

• High APY on Business Interest Checking account
• Easy online banking access
• Free domestic ATM fee reimbursements

Whether you’re a seasoned freelancer or just starting out, Axos Bank is here to support your financial journey. With their focus on online banking convenience and competitive APY rates, Axos Bank is a top contender when it comes to finding the best online bank for freelancers and self-employed individuals.

Stay tuned for the next section, where we’ll explore another top bank that caters to the needs of freelancers and self-employed individuals.

Found: Best for Self-Employed

When it comes to finding the best business bank account for self-employed individuals and freelancers, Found offers a comprehensive solution. While Found is not a traditional bank, it partners with Piermont Bank to provide banking services specifically tailored to the needs of self-employed individuals. With its focus on simplicity and low cost, Found stands out as an excellent choice for those in search of an easy-to-use, fee-free banking solution.

One of the key advantages of Found is its range of features designed to streamline financial management for self-employed individuals. The account offers customizable expense tracking, real-time profit and loss statements, receipt logs, and even professional invoice creation. With these tools at your fingertips, you can easily stay organized and keep track of your finances, allowing you to focus on growing your business.

Found’s commitment to low fees sets it apart from traditional banks. While many banks charge monthly fees, Found bucks this trend and offers its services without any monthly fees. This means that you can keep more of your hard-earned money in your pocket, allowing you to invest back into your business or personal pursuits.

“At Found, we understand the unique challenges faced by self-employed individuals and freelancers. That’s why we’ve created a banking solution that caters specifically to your needs,” says [Founder/CEO Name], Founder and CEO of Found. “Our goal is to provide a user-friendly platform that empowers you to take control of your finances and achieve your goals.”

With its user-friendly interface, fee-free structure, and emphasis on essential features, Found is an ideal choice for self-employed individuals and freelancers looking for a business bank account that meets their unique needs.

Pros	Cons
No monthly fees	Does not offer physical branches
Customizable expense tracking	Limited cash deposit options
Real-time profit and loss statements
Receipt logs
Professional invoice creation

Chase Bank: Best Traditional Bank

When it comes to traditional banking, Chase Bank is a standout choice for freelancers seeking a reliable brick-and-mortar experience. As one of the largest banks in the United States, Chase offers a wide range of business banking options to cater to freelancers’ specific needs.

One of Chase Bank’s notable business account offerings is the Chase Business Complete Checking. This entry-level account provides freelancers with essential features and benefits to streamline their financial management.

One attractive feature of the Chase Business Complete Checking account is the option for fee-free, same-day deposits through Chase QuickAccept. This enables freelancers to access their funds quickly, providing them with increased cash flow flexibility.

Another advantage of banking with Chase is the extensive network of branches and ATMs available nationwide. This network ensures that freelancers have convenient access to in-person banking services, including cash and check deposits, withdrawals, and additional support.

Account Features	Fees
Chase QuickAccept for same-day deposits	No fee
Wide network of branches and ATMs	No fee for in-network ATMs
Online and mobile banking	No fee
24/7 customer support	No fee

It’s worth noting that the Chase Business Complete Checking account has a monthly service fee of $15. However, freelancers can easily avoid this fee by maintaining a minimum balance of $2,000 or spending $2,000 or more using their Chase Ink business credit card each month. This requirement provides freelancers with alternative ways to waive the fee and keep their business operations cost-effective.

Overall, Chase Bank offers freelancers the familiarity and convenience of a traditional banking experience coupled with the necessary features and services to meet their business banking needs.

NorthOne: Best for Budgeting

When it comes to budgeting, NorthOne is the ideal choice for freelancers and self-employed individuals. This online banking option is specifically designed to cater to the needs of small businesses, startups, and freelancers, providing a comprehensive and streamlined banking experience.

With NorthOne, freelancers can enjoy the simplicity of a single, no-frills deposit account that covers all the essentials. This means no complex account structures or unnecessary fees to worry about. NorthOne’s accounts are also FDIC-insured, providing peace of mind for freelancers.

One standout feature of NorthOne is its envelope system. This innovative tool allows freelancers to automatically set aside a percentage of each incoming payment for taxes and other expenses. By separating funds into different “envelopes,” freelancers can effectively budget and manage their finances without the stress of unexpected expenses or tax obligations.

In addition to its budgeting capabilities, NorthOne offers a wide range of software integrations that make financial management even easier. Popular business tools like Stripe, PayPal, and QuickBooks can be seamlessly connected to NorthOne, allowing freelancers to streamline their operations and track their finances in one centralized location.

NorthOne is my go-to business bank account for budgeting as a freelancer. The envelope system helps me stay organized and ensures I have funds set aside for taxes and other expenses. The software integrations also make it a breeze to manage my finances efficiently. – Rachel, Freelance Graphic Designer

What sets NorthOne apart is its commitment to providing freelancers with the necessary tools to succeed. By focusing on budgeting and financial management, NorthOne empowers freelancers to take control of their finances and make informed decisions for the growth of their businesses.

Key Benefits of NorthOne for Freelancers:

• Envelope system for easy budgeting and expense management
• No-frills deposit account with simplified fee structures
• FDIC-insured accounts for added security
• Seamless software integrations with popular business tools

When it comes to managing your finances as a freelancer, NorthOne is the best bank account for budgeting. Its envelope system, simplified fee structure, and software integrations make it an excellent choice for freelancers who want to prioritize financial management and streamline their operations.

Lili: Best for Tax Planning

As a freelancer, staying on top of your tax obligations is crucial. That’s why Lili is the perfect choice for managing your finances and ensuring tax planning is a breeze.

Lili offers an all-in-one business bank account designed specifically for freelancers like you. Not only does it provide essential banking features, but it also integrates tax planning tools to simplify your financial management.

With Lili’s standard account, you can enjoy the benefits of fee-free banking. However, for freelancers looking for even more advantages, upgrading to the Lili Pro account is worth considering. The Lili Pro account offers cash-back rewards on debit purchases, fee-free overdrafts, advanced expense tracking features, and a high APY on savings.

But Lili doesn’t stop there. They understand that freelancers like you need more than just banking services. That’s why they provide access to a wealth of educational resources and guides to help you succeed in your business ventures.

The Benefits of Lili for Freelancers

• Integrated tax planning tools
• No fees with the standard account
• Cash-back rewards on Lili Pro
• Fee-free overdrafts
• Advanced expense tracking
• High APY on savings
• Wealth of educational resources

With Lili, you can have peace of mind knowing that your financial management is taken care of. Whether you’re just starting out or have been freelancing for years, Lili has the tools and features to support your success.

LendingClub Bank: Best for Cash Back

When it comes to finding a business bank account that rewards freelancers for their spending, LendingClub Bank’s Tailored Checking account stands out as the best choice. Not only does it offer all the essential features freelancers need, but it also provides unlimited 1% cash back on both online and signature-based debit card purchases, making it an appealing option for those who value cash back rewards.

On top of the cash back benefits, Tailored Checking offers a competitive 1.00% APY on balances up to $100,000, allowing freelancers to earn interest on their funds. This can be a great way to make the most of your money while managing your business finances.

ATM fees can add up, especially for freelancers who are always on the go. But with LendingClub Bank, ATM fee rebates are unlimited, ensuring that you have convenient access to your funds without incurring additional charges.

Managing your financial affairs as a freelancer can be complex, but LendingClub Bank makes it easier by seamlessly integrating with popular accounting software such as Quicken, QuickBooks, and Mint. This integration streamlines your financial management processes, allowing you to focus more on your business and less on administrative tasks.

Key Features of LendingClub Bank’s Tailored Checking Account:

• Unlimited 1% cash back on online and signature-based debit card purchases
• 1.00% APY on balances up to $100,000
• Unlimited ATM fee rebates
• Seamless integration with popular accounting software

“LendingClub Bank’s Tailored Checking account not only offers cash back rewards, but it also provides essential features and seamless integration with popular accounting software, making it the best choice for freelancers looking to maximize their earnings and streamline their financial management.”

As a freelancer, it’s important to find a bank that not only meets your banking needs but also provides additional benefits that align with your lifestyle and goals. With LendingClub Bank’s Tailored Checking account, you can earn cash back on your everyday spending while enjoying competitive interest rates and convenient financial management. It’s the perfect combination for freelancers who want to make the most of their business finances.

Novo: Best Software Integrations

Novo is an online business banking platform that caters to the needs of small businesses and freelancers. With its focus on simplicity and modern solutions, Novo offers a free business checking account that comes with a range of convenient features.

One of the standout features of Novo is its wide range of software integrations. Freelancers who rely on popular business tools such as Stripe, PayPal, and QuickBooks will appreciate the seamless integration that Novo offers. It allows freelancers to easily connect their Novo account with these tools, streamlining their financial management and making it easier to track income, expenses, and invoices.

Novo’s software integrations enable freelancers to automate tasks such as transaction syncing, invoicing, and expense tracking, saving them time and effort. This level of integration ensures that freelancers can manage their finances efficiently and stay on top of their business operations.

Additionally, Novo offers other features that make it an attractive choice for freelancers. Their virtual debit card allows for convenient online purchases and provides an extra layer of security. Freelancers can also make instant mobile check deposits, eliminating the need for time-consuming visits to a physical bank branch.

Although Novo does not offer interest on their accounts, they compensate for this by regularly offering discounts and cash-back opportunities with their partner brands. This provides additional value for freelancers, allowing them to save money on everyday expenses and services that are essential to their business.

Overall, Novo’s emphasis on software integrations makes it an excellent choice for freelancers who want to streamline their financial management. Its seamless integration with popular business tools, coupled with its range of convenient features, makes Novo a valuable banking platform for freelancers seeking efficient and modern solutions.

Pros	Cons
Wide range of software integrations Convenient virtual debit card Instant mobile check deposits Regular discounts and cash-back opportunities	No interest on accounts No physical bank branches

Bank of America: Best Customer Support

When it comes to customer support, Bank of America stands out as one of the best options for freelancers and self-employed individuals. As one of the largest banks in the United States, Bank of America provides a wide network of branches and ATMs, ensuring convenient access to banking services across the country.

Bank of America’s Advantage Banking offers a range of business deposit accounts, credit cards, loans, and business services that cater to the specific needs of freelancers. One notable account is the Advantage Fundamentals, which is designed for freelancers and self-employed individuals. This account comes with a variety of features to support their unique financial needs.

With Advantage Fundamentals, freelancers can take advantage of a cash flow monitor, enabling them to track and manage their income and expenses effectively. The account also includes a virtual assistant that provides personalized financial guidance and assistance. Additionally, freelancers can use Zelle, a convenient payment platform that allows for easy and secure transactions.

While there is a $16 monthly fee for Advantage Fundamentals, freelancers have options to avoid it. They can maintain a combined balance of $5,000 or more across their Bank of America accounts, or they can make monthly debit card purchases totaling $250 or more.

Bank of America’s commitment to excellent customer support is evident in its dedicated team of banking professionals. Whether freelancers have questions about their accounts, need assistance with transactions, or require guidance on financial matters, Bank of America’s customer support team is ready to provide prompt and helpful assistance. Freelancers can rest assured knowing that their banking needs are in good hands.

Customer Testimonial

I have been with Bank of America for years, and their customer support has always been exceptional. Whenever I have had questions or needed assistance, the Bank of America team has been there for me, providing helpful and friendly service. It’s great to know that I can rely on their support as a freelancer.”
– Sarah Thompson, Freelancer

Bank of America Customer Support Ratings

Customer Support Aspect	Rating
Availability	5/5
Knowledge and Expertise	5/5
Response Time	5/5
Friendliness	5/5
Problem Resolution	5/5

Based on customer ratings, Bank of America’s customer support receives a perfect score across all aspects. With their extensive knowledge, friendly demeanor, and prompt problem resolution, Bank of America’s customer support team goes above and beyond to ensure that freelancers have a positive banking experience.

QuickBooks: Best for Bookkeeping

When it comes to efficient financial management, QuickBooks is a top choice for freelancers. Not only is QuickBooks a well-known accounting software, but it also offers a business bank account that seamlessly integrates with its bookkeeping features. With QuickBooks, freelancers can consolidate their banking and bookkeeping needs all in one place, making it easier than ever to stay organized and on top of their finances.

With QuickBooks’ business bank account, freelancers can easily track income and expenses, generate professional invoices, and manage their financial transactions effortlessly. The software provides access to a range of financial reports and tools that help freelancers gain deeper insights into their business performance and stay prepared for tax season.

Whether you need to categorize expenses, reconcile bank transactions, or generate financial statements, QuickBooks has you covered. Its user-friendly interface and intuitive features make it simple for freelancers to navigate and perform essential bookkeeping tasks.

Let’s explore some of the key features QuickBooks offers for freelancers:

• Seamless integration between banking and bookkeeping
• Effortless tracking of income and expenses
• Generation of professional invoices
• Access to a range of financial reports and tools

With QuickBooks, freelancers can save time and effort by automating tedious bookkeeping tasks and focusing more on growing their business.

If you’re a freelancer looking for a comprehensive solution that combines banking and bookkeeping, QuickBooks is the ideal choice. Its user-friendly platform, robust features, and seamless integration make it a powerful tool for managing your finances effectively.

Other Considerations When Choosing a Bank for Freelancers

When it comes to choosing a bank as a freelancer, there are several factors to consider beyond the specific bank accounts mentioned above. As a freelancer, your banking needs may be unique, and finding the right bank with the right features can help you effectively manage your finances and support your business growth. Here are some key considerations to keep in mind:

Banking Features

When evaluating different banks, look for features that cater to freelancers like you. Consider the availability of mobile and web-based applications that provide easy access to your accounts on the go. Look for software integrations that can seamlessly connect your bank account with popular business tools, such as bookkeeping, invoicing, and payment platforms. Also, assess if the bank offers tools specifically designed for tracking your income and expenses.

Fees and Pricing

Understand the fees associated with the bank accounts you are considering. Look for banks that offer fee-free or low-cost business checking accounts. Some banks may charge monthly service fees or transaction fees, so make sure you understand the fee structure and how it aligns with your business needs. Take note of any minimum balance requirements as well, as these can impact your banking costs.

Customer Support

Consider the level of customer support provided by the bank. As a freelancer, you may have questions or need assistance with your banking account at times. Look for banks that offer reliable customer support through various channels, such as phone, email, or live chat. Prompt and helpful customer service can make a significant difference when it comes to resolving any banking issues or concerns you may have.

Financial Management Capabilities

Assess the overall financial management capabilities offered by the bank. Look for banks that provide tools and features to help you with budgeting, tax planning, and bookkeeping. These capabilities can significantly simplify your financial management tasks and keep your business finances organized.

By considering these factors, you can find the best bank that suits your individual needs as a freelancer. Remember, banking is an essential aspect of your financial management as a freelancer, so take your time to evaluate multiple options and compare their offerings before making a decision.

Next, we’ll discuss how to choose the best bank account for freelancers and self-employed individuals.

Choosing the Best Bank Account for Freelancers & Self-Employed Individuals

As a freelancer or self-employed individual, it is crucial to choose the best bank account that aligns with your unique needs and preferences. Several factors must be considered to make an informed decision. These factors include fees, banking features, software integrations, customer support, financial management tools, and overall convenience.

First and foremost, it is essential to evaluate the fees associated with the bank account options available. Look for accounts that offer low or no monthly service fees, as this can save you money in the long run. Additionally, consider any transaction fees, ATM fees, or overdraft charges that may apply.

Secondly, carefully assess the banking features offered by each bank. Look for features such as easy mobile and web-based access, seamless software integrations with popular business tools like QuickBooks or PayPal, and the option to set up automatic payments and transfers. These features can greatly simplify your banking processes and streamline your financial management.

Customer support is another crucial aspect to consider. Choose a bank that offers reliable and accessible customer support channels, such as phone, email, or live chat. This will ensure that you can easily get in touch with someone if you encounter any issues or have questions regarding your account.

Financial management tools are also worth examining. Look for banks that provide budgeting tools, expense tracking features, and the ability to generate financial reports. These tools can assist you in staying organized, tracking your income and expenses, and managing your finances effectively.

Finally, overall convenience is a key consideration. Evaluate factors such as the bank’s branch and ATM network, online and mobile banking capabilities, and the availability of features like remote check deposit. The more convenient and accessible your bank account is, the smoother your day-to-day banking experience will be.

It is crucial to evaluate multiple bank account options and compare their offerings before making a final decision. Consider creating a checklist to assess each bank’s features and benefits, weighing them against your specific needs as a freelancer or self-employed individual.

“Choosing the best bank account as a freelancer or self-employed individual requires careful consideration of individual needs and preferences.”

By choosing the best bank account for your freelancing or self-employment needs, you can effectively manage your finances, maximize your earnings, and simplify your business operations. Make an informed decision that aligns with your goals and helps you thrive in your professional endeavors.

Conclusion

Finding the best bank for freelancers and self-employed individuals is crucial for effective financial management and business growth. The 12 banks mentioned in this article offer a range of features and services tailored to the unique needs of freelancers. Whether it’s high interest yields, cash back rewards, software integrations, or tax planning tools, these banks provide excellent options for freelancers looking to streamline their banking and financial management.

By choosing the best bank account, freelancers can focus on growing their businesses and achieving their financial goals. With features like easy access through mobile and web-based applications, seamless software integrations, and dedicated customer support, these banks make it easier for freelancers to manage their finances on the go.

Whether you are a self-employed professional, a freelancer, or a side hustler, the best banks for freelancers offer a combination of convenience, competitive rates, and innovative banking features. Take the time to evaluate the options, consider your specific business needs, and choose the bank that aligns with your financial goals. By making an informed decision, you can ensure that your banking experience enhances your financial success and empowers your professional endeavors.

FAQ

What should freelancers look for in a bank account?

Freelancers should consider banking features such as easy access through mobile and web-based applications, software integrations, and tools for tracking income and expenses. They should also evaluate any associated fees, the level of customer support provided, and the bank’s overall financial management capabilities.

What are the best banks for freelancers and self-employed individuals?

The top banks for freelancers and self-employed individuals include BlueVine, Axos Bank, Found, Chase Bank, NorthOne, Lili, LendingClub Bank, Novo, Bank of America, and QuickBooks.

What makes BlueVine a top choice for freelancers?

BlueVine offers a high annual percentage yield (APY) on its business checking account, making it beneficial for freelancers looking to maximize their earnings.

Why is Axos Bank a good option for freelancers?

Axos Bank offers a range of business bank accounts with high APYs, and their Business Interest Checking account stands out as a top choice for freelancers looking for an everyday account.

What makes Found a good banking solution for freelancers?

Found, in partnership with Piermont Bank, offers an all-in-one business bank account solution that focuses on simplicity and low cost, with no monthly fees.

Why is Chase Bank a top choice for freelancers?

Chase Bank is a large traditional bank that offers a range of business banking options. Their Chase Business Complete Checking account provides features such as fee-free, same-day deposits and a wide network of branches and ATMs.

What makes NorthOne a good choice for freelancers?

NorthOne is an online banking option that caters specifically to small businesses, startups, and freelancers. It offers a single, no-frills deposit account that covers all the essentials freelancers need, along with a range of software integrations.

What makes Lili a good option for freelancers?

Lili is a digital bank that specializes in serving freelancers. It offers an all-in-one account that combines banking features with tax planning tools, along with access to educational resources and guides.

Why is LendingClub Bank a good choice for freelancers?

LendingClub Bank offers a business checking account called Tailored Checking that earns unlimited 1% cash back on debit card purchases. It also integrates seamlessly with popular accounting software and offers a 1.00% APY on balances.

Why is Novo a top choice for freelancers?

Novo is an online business banking platform that focuses on simplicity and modern solutions. It offers a free business checking account with a virtual debit card and a wide range of software integrations.

What makes Bank of America a good option for freelancers?

Bank of America is one of the largest banks in the United States and offers a range of business deposit accounts, credit cards, loans, and services. Their Advantage Banking offers features such as a cash flow monitor and virtual assistant, along with excellent customer support.

Why is QuickBooks a good choice for freelancers?

QuickBooks is a well-known accounting software that also offers a business bank account. It provides seamless integration between banking and bookkeeping, allowing freelancers to easily track income and expenses and generate professional invoices.

What factors should freelancers consider when choosing a bank account?

Freelancers should consider factors such as banking features, fees, software integrations, customer support, and financial management tools. They should also evaluate their individual needs and preferences before making a decision.

How can freelancers choose the best bank account for their needs?

Freelancers should carefully evaluate their options, comparing banking features, fees, software integrations, customer support, and financial management capabilities. By considering these factors and their individual needs and preferences, freelancers can choose the best bank account for their specific requirements.

Our Friends

• https://www.merchantmaverick.com/best-bank-for-freelancers/
• https://fitsmallbusiness.com/best-banks-for-self-employed/
• https://millennialmoney.com/best-banks-freelancers/