Want to Level Up? 14 Best Banks for Freelancers

Managing finances as a freelancer or entrepreneur doesn’t have to be a headache. With the right business checking account, you can keep your income and expenses organized, save time, and focus on growing your business.

If you’re in a hurry, NorthOne is our top pick for freelancers in 2025. It’s fast, simple, and designed with entrepreneurs like you in mind. Click here to open an account and make freelancing easier today.

For those who want to explore more options, we’ve reviewed the best banks for freelancers to help you find the perfect fit. Whether you need low fees, easy integrations, or extra perks, there’s something here for everyone.

Best Business Bank Accounts for Freelancers and Self-Employed Workers

Being self-employed covers everything from running your own business to freelancing as a side hustle. No matter what you do, having a business checking account is a simple way to keep your personal and business finances separate.

This makes tracking income and expenses easier, simplifies bookkeeping, and helps you stay prepared for taxes—without the year-end stress.

Setting up a business account is straightforward, and most options are quick to open, easy to manage, and come with low fees. Below are some of the best business checking accounts for freelancers and self-employed workers to help you get started.

1. NorthOne – Simplify your freelance banking

NorthOne is completely free and built specifically for freelancers who want to simplify their finances while growing their money.

With just $50 to open an account, you’ll earn an impressive 3.00% APY, which is 38x the national average—helping you make the most of every dollar.

NorthOne integrates seamlessly with tools like Stripe, QuickBooks, and Shopify, so managing payments and expenses is effortless. Its unlimited Envelopes feature allows you to budget for taxes, savings, and other needs with ease.

Everything is mobile-friendly, from depositing checks to real-time tracking, making branch visits a thing of the past.

With no monthly fees and freelancer-focused features, NorthOne is a smart, stress-free way to handle your business finances.

Open your account today and let your money work as hard as you do.

Monthly fee:	$0
Minimum opening deposit requirement:	$50
APY:	3.00% APY
Transactions:	Unlimited fee-free transactions
Bonus:	None

2. Current

If you don’t have a business EIN or haven’t been freelancing for long, Current could be a great fit for your banking needs. While it’s not specifically a business checking account, it offers the convenience of a digital-only app, making it easy to separate your business and personal spending.

With Current, you can access up to $500 before payday by setting up direct deposit, giving you extra flexibility when you need it. You’ll also get your paychecks up to two days faster than traditional banks, helping you manage your cash flow more effectively. Plus, managing your finances is a breeze with mobile banking, online check deposit, and the ability to earn 15x points on purchases at participating merchants, which you can redeem for cash.

There’s no minimum balance required, and you’ll never have to worry about hidden fees. Current keeps things simple so you can focus on growing your freelance career.

Monthly fee:	$0
Minimum opening deposit requirement:	$0
APY:	None
Transactions:	Unlimited
Bonus:	$50 bonus by setting up direct deposit ($200+) with code WELCOME50 during sign up

3. Lili Bank Account

Lili is a bank for freelancers that opens its business checking services to anyone who wants to join. Lili offers banking, expense management and other tax-saving tools designed to save you time and money.

There are no monthly fees with a Lili account, minimum balance requirements, or a minimum opening deposit. You can withdraw your money for free with ATM access through the MoneyPass network.

When you’re paid via direct deposit, your money is available in your Lili account up to 2 days earlier than if you were banking with a traditional bank. And they have an app that makes it easy for you to check your balance and transfer funds from anywhere you are.

Monthly fee:	$0
Minimum opening deposit requirement:	$0
APY:	None
Transactions:	Unlimited fee-free transactions
Bonus:	None

4. Found Business Checking

Found’s free business banking is built for the self-employed. It stands out from the crowd thanks to smart tax and bookkeeping features. The Found business debit Mastercard automatically tracks and categorizes your expenses, helping you save on taxes. Found estimates your tax bill in real time—then sets aside the right amount so you’ll have enough saved for taxes.

Send custom invoices, save receipts, run reports, even pay your taxes right in the app—all for free. Link Found to your payment apps or other bank accounts for seamless money movement. Found’s features eliminate the need to toggle between platforms or pay for clunky financial tools. In all, Found offers reliable business banking and robust features, with no fees or minimums—saving you time and money.

Monthly fee:	$0
Minimum opening deposit requirement:	$0
APY:	None
Transactions:	Unlimited
Bonus:	None

Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. While Found’s core services are free, Found also offers an optional premium paid solution, Found Plus.

5. Axos Basic Business Banking

Axos Bank has a Basic Business Checking account designed for small businesses and freelancers with moderate account activity. The Axos Basic Business Banking account has no monthly maintenance fees and a low minimum deposit requirement of $1,000 to open an account.

If you want to have interest checking you can upgrade to Business Interest Checking (0.81%). Small business owners can also benefit from small business savings accounts with APY’s starting at 0.20%. Axos has one of the best business bank accounts overall. For a limited time, get a $400 bonus with promo code NEW400 through this link.

Monthly fee:	$0
Minimum opening deposit requirement:	$1,000
APY:	None
Transactions:	– Up to 200 fee-free items per month, 30 cents per item after – Up to 60 fee-free remote deposits per month, 30 cents per deposit after
Bonus:	$400 welcome bonus for eligible freelancers

6. Novo

If you’re looking for a business checking account that has low fees, Novo could be the right place for you. Unlike some major banks, Novo doesn’t charge a monthly service fee and is fee-free. Business accounts at Novo banks are free to open with no monthly minimum balance requirement.

Manage your business finances on the go. Connect Novo to your tools, send invoices, pay, get paid, and much more. Link your other bank accounts to Novo for seamless transfers. A neat feature is Novo Reserves, which allow you to set aside funds for taxes, profit, payroll, and other large business expenses.

And, if you want to withdraw your money for free, there’s also an option that lets you do just that. Small businesses and self-employed freelancers alike would benefit from a free business checking account from Novo.

Monthly fee:	$0
Minimum opening deposit requirement:	$50
APY:	None
Transactions:	Unlimited
Bonus:	None

7. Chase Business Complete Checking®

The Chase Business Complete Checking® account is another good solution for freelancers with larger businesses that need more advanced banking services.

This account offers unlimited transactions and a free business debit card, online bill pay, and a mobile app to keep up with your expenses.

You’ll also get a dedicated banker to help you manage your money so filing taxes is less of a hassle.

Monthly fee:	$15 (multiple ways to waive including maintaining a minimum daily balance of $2,000).
Minimum opening deposit requirement:	$0
APY:	None
Transactions:	– Unlimited electronic deposits – 20 free teller and paper transactions per month
Bonus:	up to $500 sign-up bonus

8. CIT eChecking

CIT’s eChecking account that is one of the best banks for freelancers because they let you open a business checking account with just $100 to get started.

If you don’t have your business license yet but don’t want to comingle your personal and freelancing finances — CIT eChecking is a great place to start.

Forget about monthly fees or minimum balance requirements when using this bank because there are none – ever! CIT Bank does not charge ATM fees. Get up to $30 in other bank’s ATM fees reimbursed per month.

Plus you can deposit checks and make unlimited withdrawal and disbursements with the CIT Bank mobile app. You can also easily set travel alerts or stop/restrict use on your debit card.

Monthly fee:	$0
Minimum opening deposit requirement:	$100
APY:	0.25%
Transactions:	Unlimited
Bonus:	None

Other Traditional Banks to Consider

The business checking accounts below are from top national banks and come with hefty fees and minimum requirements. So they aren’t best suited for freelancers, but you can take a look and see if they are for you.

9. Live Oak Small Business Checking

Live Oak’s small business checking account has the key components of a business checking account without the unnecessary features and fees found at a typical bank. Designed with simplicity for newly-formed businesses, solopreneurs, gig-workers, freelancers, and side-hustlers.

This account is a good fit for businesses that:

•   Take payment via Venmo, Square, PayPal or Stripe
•   Make smaller or limited monthly transactions
•   The business owner manages the finances
•   Do not need to make cash deposits

Live Oak also provides one-on-one onboarding guidance to customers to help them transition their business to Live Oak.

In addition to being the nation’s top SBA lender, Live Oak offers high-yield business savings accounts and small business checking accounts built for the self-employed. The small business checking account can be opened and managed online for free and provides human-powered customer support. Overall, it’s one of the best free business checking accounts available.

Monthly fee:	$0
Minimum opening deposit requirement:	$100
APY:	None
Bonus:	None

10. LendingClub Business Checking

As a business owner, you may have used LendingClub banks as a way to get a startup business loan. In fact, LendingClub has acquired Radius Bank and now has business checking accounts designed specifically for entrepreneurs and freelancers so they can manage their money more effectively.

LendingClub offers you 0.10% APY on balances of $5,000+ on your money and gives you access to your cash without monthly withdrawal limits. And it also has mobile banking and online check deposit services that make it easy for you to manage your money from anywhere.

Monthly fee:	$10 (waived with average monthly balance of $5,000+)
Minimum opening deposit requirement:	$100
APY:	0.10% on balances of $5,000+
Transactions:	Unlimited
Bonus:	None

11. NFCU Business Checking

Navy Federal Credit Union is a great credit union for small business owners who want to make their money grow. It has no monthly fees, low minimum balances, and you can make cash deposits or withdraw your money for free from any NFCU locations or Allpoint ATMs. If you use any other ATM, you’ll face ATM fees. You also get personalized service from the credit union’s knowledgeable staff when you open an account. If you’re currently a Navy Federal Credit Union member, it’s easy to sign up for a free business checking account, and quite convenient.

Monthly fee:	$0
Minimum opening deposit requirement:	$100 for sole proprietorships, $105 for all other entity types
APY:	0.01%
Transactions:	– Unlimited fee-free electronic transactions – Up to 30 fee-free non-electronic transactions per month, then 25 cents per item
Bonus:	None

12. Capital One Spark Business Basic Checking

If you’re a freelancer who banks online, check out Capital One’s Spark Business Basic Checking. Each month you’ll get unlimited transactions included, along with free Overdraft Protection with a linked Capital One small business deposit account. Also, you’ll get a business debit card, online bill pay and online and mobile checking at no additional cost. It’s the checking account your business can count on for its cash flow management needs.

Monthly fee:	$15, waived with a minimum balance of $2,000+ over 30- or 90- day average, whichever is greater.
Minimum opening deposit requirement:	$250
APY:	None
Transactions:	Unlimited
Cash deposits:	Up to $5,000 per month with no fee, after that $1 fee per $1,000 deposited.
Domestic wire transfers:	$15 for incoming domestic wires, $25 for outgoing domestic wires.
Bonus:	None

13. Wells Fargo’s Initiate Business Checking

For freelancers with larger businesses that require more than just an average business checking account, consider applying for Wells Fargo’s Initiate Business Checking account. This is designed specifically for ambitious business owners building a foundation. Here you can reinforce your brand by adding your logo to checks and your business debit card. Plus you can convenience of paying vendors, employees, and bills using the full range of payment services. All include enhanced safety and security. The monthly service fee is $10 but is waived with a minimum daily balance of $500 or $1,000 average ledger balance.

Monthly fee:	$10, waived with a minimum daily balance of $500 or $1,000 average ledger balance.
Minimum opening deposit requirement:	$25
APY:	None
Transactions:	Up to 100 fee-free transactions per month, then 50 cents per transaction after that.
Cash deposits:	Up to $5,000 per month with no fee, after that 30 cents per $100 deposited.
Waived incidental fees:	None
Bonus:	None

14. Bank of America Business Advantage Checking Account

Bank of America offers another reliable business checking account traditional features you’ll get from most national banks that offer checking accounts. You’ll get unlimited check writing and a free Visa debit card to make managing your money easier, in addition to access to 17,000 Bank of America ATMs and 4,300 branch locations across the U.S.

Monthly fee:	$16 (waived with a $5,000 combined average monthly balance or by spending $250 in net new qualifying purchases on a business debit card)
Minimum opening deposit requirement:	$100
APY:	None
Transactions:	Unlimited fee-free electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM). Up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items), then 45 cents per item.
Cash deposits:	Up to $7,500 free, then 30 cents per $100 deposited.
Waived additional fees:	None
Bonus:	There are a few Bank of America new account bonuses available.

Best Bank Accounts for Entrepreneurs FAQs

Should I have a separate bank account for freelance?

Yes. Even if you only freelance part-time, it’s important to keep your businesses separate. This makes it much easier to manage your money and make tax preparations at the end of the year too.

How do banks for freelancers make their money? 

Many banks make most of their money by charging customers high transaction fees or monthly minimum balances that prevent a lot of people from using their accounts. Some banks also use overdraft fees and other bank fees to generate extra revenue as well. You can avoid bank fees by using no-fee banks like Lili.

How long does it take to set up a business checking account? 

On average, setting up a business checking account takes about 10 minutes for online banks and longer for brick-and-mortar locations. You’ll need an employer identification number (EIN) and a list of banks where you currently do business.

What banks for freelancers offer free transactions?

Many banks and credit unions offer free standard transactions, but there are some banks that will charge customers extra fees based on the amount they’re using their accounts for. These include overdraft and service fees in the hundreds of dollars every month. In order to keep these types of charges from building up, it’s best to find a bank designed specifically for entrepreneurs who need lower rates when making larger transactions.

How does interest work with banks for freelancers? 

In general, banks have higher interest rates when you deposit more money in your regular checking account or in a savings account. Some banks also have different tiers which give you access to even higher interest rates on a monthly or daily basis.

How can banks for freelancers help my business? 

Banks specifically designed to manage your money have better tools and features that can keep track of your transactions, warn you of overdrafts, and allow you access to funds faster. In addition, some banks offer business banking products such as credit cards tailored specifically for entrepreneurs who make up their own company name instead of using the traditional “incorporated” label.

Best Banks for Freelancers Summary

If you’ve been struggling with keeping up with all of your expenses while freelancing, these banks offer some great options for managing your money better and streamlining your tax season. Even if you’re just starting out, a good business checking account can save you time and headaches in the future.

Freelancers now have more options than ever when it comes to banks where they can manage their money and grow their businesses. And if you’re unsure about how much your current bank is charging you for checking accounts, fees or minimum balance requirements it might be time to check out what these banks have to offer instead.