7 Best Business Bank Accounts for Freelancers

As the gig economy continues to grow, more professionals are turning to freelancing as their primary source of income. One of the most crucial steps a freelancer can take toward managing their finances effectively is opening a dedicated business bank account. Not only does this help in tracking income and expenses, but it also makes tax season far more manageable. In this comprehensive guide, we’ll explore the best business bank accounts for freelancers, including online business banking options and freelancer checking accounts that offer flexibility, low fees, and powerful features.

Why Freelancers Need a Business Bank Account

Before diving into specific accounts, it’s important to understand why freelancers should separate their business and personal finances:

• Professionalism: Invoicing from a business account adds credibility.
• Tax Simplicity: Makes it easier to track deductible expenses and income.
• Financial Clarity: Understand how much you’re actually making and spending on your freelance business.
• Legal Protection: Helps maintain the corporate veil if you operate as an LLC or corporation.

Key Features to Look for in Freelancer Checking Accounts

• Low or No Monthly Fees
• No Minimum Balance Requirements
• Integrated Invoicing and Payment Processing
• Mobile App and Online Business Banking Access
• Unlimited Transactions
• ATM Fee Reimbursements
• Customer Support Accessibility

Best Business Bank Accounts for Freelancers in 2025

1. Novo

Best for Tech-Savvy Freelancers

• Pros:
  • No monthly fees
  • No minimum balance
  • Free ACH transfers, mailed checks, and incoming wires
  • Integrates with QuickBooks, Stripe, PayPal, and Slack
  • Excellent mobile app
• Cons: No cash deposits, no physical branches

Best For: Freelancers who work digitally and want an intuitive banking solution.

2. Bluevine

Best for High-Interest Checking

• Pros:
  • 2.0% interest on balances up to $250,000
  • No monthly fees
  • Free ATM access through MoneyPass network
  • Cash deposits via Green Dot
  • QuickBooks integration
• Cons: No joint accounts, limited physical support

Best For: Freelancers who maintain high balances and want to earn interest.

3. Lili

Best for All-in-One Freelancer Financial Management

• Pros:
  • Built-in tax tools and expense categorization
  • Automatic savings for taxes
  • No hidden fees or minimum balance
  • Early access to payments
  • Mobile-first interface
• Cons: Limited to one account, no check-writing capability

Best For: Freelancers who need a comprehensive tool for managing money and taxes.

4. Found

Best for Expense Management and Tax Tools

• Pros:
  • Free business checking account
  • Automated expense tracking and tax calculation
  • Invoicing features
  • Direct deposit
  • No monthly fees
• Cons: Online-only, no physical branches

Best For: Freelancers who want built-in tools to simplify financial tracking.

5. Axos Bank Basic Business Checking

Best for Established Freelancers

• Pros:
  • No monthly fees
  • Unlimited domestic ATM fee reimbursements
  • First set of 50 checks free
  • Free mobile deposits and bill pay
• Cons: $1,000 minimum opening deposit, limited free cash deposits

Best For: Freelancers with regular business needs and who may require traditional banking services.

6. Chase Business Complete Banking™

Best for Freelancers Needing In-Person Support

• Pros:
  • Access to over 4,700 branches
  • $300 welcome bonus (terms apply)
  • Integrated merchant services
  • Mobile app and online banking
• Cons: $15 monthly fee (waivable), lower interest rates

Best For: Freelancers who want a hybrid of online and in-person banking.

7. Mercury

Best for Tech Startups and Digital Freelancers

• Pros:
  • No monthly fees or transaction limits
  • Intuitive dashboard
  • API access for developers
  • Integrates with Stripe, PayPal, and others
• Cons: No cash deposits, online-only

Best For: Freelancers with a technical background who value automation and integrations.

Online Business Banking vs. Traditional Banks

How to Choose the Right Freelancer Checking Account

Consider these questions when choosing:

• Do you need to deposit cash? Opt for accounts that allow ATM or retail cash deposits.
• Do you write checks? Choose banks that offer check-writing capabilities.
• Prefer mobile or in-person support? Online banks excel in digital; traditional ones offer branches.
• Want built-in accounting tools? Try Lili or Found for integrated tax features.
• Maintain high balances? Look for high-yield accounts like Bluevine.

Steps to Open a Business Bank Account as a Freelancer

1. Choose Your Bank: Match features to your needs.
2. Gather Documentation:
   • Government-issued ID
   • SSN or EIN
   • Business license (if applicable)
   • Proof of address
   • LLC/corporation formation docs (if applicable)
3. Apply: Most applications can be completed online.
4. Fund the Account: Meet the minimum deposit requirement.
5. Set Up Online Access: Link your payment and accounting tools.

Conclusion

Choosing the best business bank accounts for freelancers is essential to maintaining clear, organized finances. Whether you prefer the digital simplicity of online business banking or the traditional experience with in-branch support, there’s a solution tailored for your freelance lifestyle.

Options like Novo, Bluevine, Lili, and Found provide unmatched convenience with no fees and robust integrations. If your freelance business involves cash deposits or you value face-to-face service, consider Chase or Axos Bank.

Take the time to evaluate your specific needs and pick a freelancer checking account that supports your business growth and financial success.