The Best Banks for Self-Employed Professionals & Freelancers

Business banking gets hard to compare once every account starts sounding the same, but with different branding. For self-employed professionals, the differences that matter usually come down to fee rules, transfer options, and how cleanly the account fits recordkeeping, tax prep, or client-facing payments from day one. A dedicated business account isn't legally required for sole proprietors, but it usually makes that work cleaner.

This guide covers what to compare when choosing a business account, a side-by-side summary of ten providers, detailed breakdowns of six online platforms and four traditional banks, and a short matchup of which setup fits which kind of self-employed work. The goal is to get you to a shortlist of two or three accounts worth a closer look.

Pricing and terms are approximate and may change; confirm current details on each provider's site before opening an account.

Business Bank Account Comparison At A Glance

The table below compares the ten providers covered in this guide on the criteria self-employed professionals usually check first. Start with fees, accounts, savings APY (annual percentage yield), and cash handling, then move to the provider sections for detail.

Savings APYs are approximate, may change without notice, and are typically tiered by balance and plan. Confirm the current rate on each provider's site before opening an account.

What To Compare When Choosing A Business Bank Account

Focus first on the practical details. Fee rules, transfer options, account limits, and bookkeeping fit usually matter more than headline features.

• Fees and minimum balances. Monthly fees range from $0 at most online platforms to $15–$95 at traditional banks, with waiver thresholds between $500 and $100,000. For uneven income, no monthly fee and no minimum balance is the most predictable structure.

• Payments and transfers. ACH is usually free at online platforms; traditional banks may charge per item after a cap. Domestic wires commonly run $15–$30 and international wires $40–$50.

• Cash deposits. Online platforms route cash through retail networks (Green Dot, AllPoint+) with per-deposit fees. Traditional banks accept cash at branches, sometimes with processing fees above a monthly threshold.

• FDIC insurance. Coverage runs up to

  $250,000 per depositor, per institution

  . Many online platforms hold deposits through a partner bank, so the partner's name is worth confirming.

• Software and accounting fit. Direct sync to QuickBooks Online or Xero saves real bookkeeping time. Integrations with Stripe, Square, or PayPal matter if those platforms handle most of your receivables.

For owners following the Profit First method or another envelope-style cash flow approach, multiple checking accounts or sub-accounts make the allocation routine easier to maintain.

Best Online Bank Accounts For Self-Employed Professionals

The provider summaries below cover fee setup, payment tools, and mobile experience.

Relay

Relay supports up to 20 individual checking accounts¹ with unique account and routing numbers, two savings accounts, and up to 50 physical or virtual debit cards². It's built for you if you want separate accounts for income, expenses, taxes, and profit without monthly fees or minimum balances.

• Up to 20 checking accounts with unique account and routing numbers

• Up to 50 physical or virtual debit cards

• ACH payments included; same-day ACH on Scale tier

• Direct QuickBooks Online and Xero sync

• FDIC insurance up to $3M available through Thread Bank, Member FDIC³

• No physical branches; cash deposits run through the AllPoint+ ATM network and Green Dot retail locations

• Higher APY tiers require Grow or Scale plans

Best for: Self-employed professionals who want separate accounts for income, expenses, taxes, and profit.

Notable fees: No monthly maintenance fees on the Starter plan, no minimum balance, no overdraft fees. Grow runs $30 per month and Scale runs $120 per month, with savings APY rising from 1.11% on Starter to 1.75% on Grow and 3.00% on Scale. Outgoing domestic wires are $8 on Starter and $5 on paid plans.

FDIC Coverage: Through Thread Bank, Member FDIC.

¹Relay is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. ²The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.

Bluevine

If you keep more cash in checking, Bluevine pays interest on qualifying checking balances under stated activity requirements. That setup suits someone who leaves a larger operating cushion in checking instead of moving it out right away.

• Up to 3.00% APY on checking balances, with 1.30% on Standard (terms apply) and 1.75% on Plus

• Up to 5 sub-accounts on Standard, 10 on Plus, and 20 on Premier

• Free ACH and mobile check deposit

• FDIC insurance up to $3 million through Coastal Community Bank and a sweep network

• Lending products available alongside checking

• Standard APY requires either $500/month in card spend or $2,500/month in customer payments

• Cash deposit fees apply at supported retail locations

• Higher interest tiers and premium features sit on paid plans

Best for: Businesses holding larger cash reserves that could earn interest.

Notable fees: $0 monthly fee on Standard. Plus costs $30 per month, waivable with an average daily balance of $20,000 or more and at least $2,000 per month in card spend. Premier costs $95 per month, waivable with a $100,000 average daily balance and at least $5,000 per month in card spend. Outgoing domestic wires start at $7.50, cash deposits at Green Dot locations cost $4.95, and out-of-network ATM withdrawals cost $2.50.

FDIC Coverage: Through Coastal Community Bank, Member FDIC.

Novo

Novo works well for solopreneurs and freelancers already using Stripe, Square, or PayPal, with integrations that pull payment activity into the same view as banking. It reimburses ATM fees and has no monthly fee.

• Integrations with Stripe, Square, PayPal, Shopify, and QuickBooks

• ATM fee reimbursement on qualifying withdrawals

• Sub-accounts called Reserves

• No monthly fee, no minimum balance

• No native wire transfers; wires happen through third-party integrations

• Same-day ACH and insufficient funds fees apply

• No interest on checking deposits

• No savings account or in-house lending

Best for: Freelancers who regularly send and receive payments through third-party platforms.

Notable fees: $0 monthly fee, $0 minimum balance. Same-day ACH costs approximately $5–$20 per transfer; insufficient funds fee around $27.

FDIC Coverage: Through Middlesex Federal Savings, Member FDIC.

Lili

Lili brings banking, invoicing, tax prep, and accounting tools into one platform. For you, that can mean sending an invoice, tracking spending, and pulling together tax records without switching between apps.

• Built-in invoicing, expense tracking, and tax tools

• Savings APY of 2.25% on balances up to $500,000 and 4.00% on balances from $500,000 to $1 million, available across all plans as of January 2026

• Standard ACH transfers, incoming domestic wires, FX fees on debit card purchases, and cash withdrawals at 40,000+ MoneyPass ATMs at $0

• No monthly fee on the Core (formerly Basic) plan

• FDIC insurance up to $3M through partner Sunrise Banks and a sweep network

• Balances over $1,000,000 do not earn interest

• Higher-tier features require a paid plan

• Single checking account, no multi-account support

Best for: Sole proprietors who want banking and basic accounting in one platform.

Notable fees: Core plan is $0/month; Pro, Smart, and Premium plans run approximately $15, $35, and $55/month.

FDIC Coverage: Through Sunrise Banks, N.A., Member FDIC.

NorthOne

NorthOne centers on one checking account with sub-accounts it calls envelopes. It supports cash deposits at GreenDot locations and ACH is included.

• Unlimited envelopes for separating cash

• Cash deposits at GreenDot retail locations

• Free ACH transfers

• Mobile-first app with accounting and payment integrations

• Monthly fee applies regardless of balance

• No wire transfers

• No business savings account

Best for: Small businesses that deposit cash regularly.

Notable fees: Approximately $10/month account fee, charged regardless of balance. No wire transfer support.

FDIC Coverage: Through The Bancorp Bank, Member FDIC.

Live Oak Bank

Live Oak Bank makes more sense when lending options and savings rates matter more than ATM access. Its savings accounts have no monthly maintenance fees and its business savings rates are competitive.

• 2.85% APY on business savings with no monthly fee, interest earned with a balance of $0.01, and daily compounding

• 12-month business CDs earning 3.90% APY with a $2,500 minimum deposit

• More than $17 billion lent through the SBA 7(a) loan program over the past 10 years

• FDIC-insured directly as a bank

• No support for cash deposits

• Three business checking tiers with monthly fees from $10 (Essential) to $100 (Business Plus Analysis)

• Single checking account, no multi-account or sub-account structure

Best for: Businesses that prioritize lending options and savings rates over ATM or branch access.

Notable fees: $0 monthly fee on business savings, no minimum balance. Checking fees range from $10/month (Essential) to $100/month (Business Plus Analysis), with waivers tied to balance thresholds.

FDIC Coverage: FDIC-insured (Live Oak Banking Company).

Best Traditional Bank Accounts For Self-Employed Professionals

Physical branch access matters for businesses that deposit cash every week. Traditional banks can still be the better fit, even if monthly fees and balance minimums show up more often.

Capital One

Capital One pairs online tools with branch access. It offers business checking plans with digital transactions, including free ACH payments and online bill pay.

• Branch network plus mobile app

• Unlimited free digital transactions including ACH and online bill pay

• Mobile check deposit

• Two business checking tiers

• Monthly fees waived only at $2,000 or $25,000 balance thresholds

• Fees apply for certain outgoing and incoming domestic wires

• Branch network is smaller than the largest national banks

Best for: Businesses wanting online tools alongside physical branch access.

Notable fees: Basic Checking is approximately $15/month, waived with a $2,000 average monthly balance. Enhanced Checking is approximately $35/month, waived with a $25,000 average balance. Domestic wires run around $15–$25 per item depending on plan.

FDIC Coverage: FDIC-insured.

Chase

Chase may appeal more if you want checking, loans, and lines of credit in one place. The Chase Business Complete Banking plan includes mobile banking, ACH, and Chase ATM access.

• Large national branch and ATM footprint

• Unlimited debit card and Chase ATM transactions

• Lending, business credit cards, and merchant services

• Mobile banking with online account opening

• Monthly fee unless qualifying conditions met

• Outgoing ACH payment services are optional add-ons with per-item fees

• Non-Chase ATM fees not reimbursed

Best for: Businesses that want banking, lending, and credit from a single provider.

Notable fees: Approximately $15/month, waived with around $2,000 in average daily balance, qualifying deposits, or card spend. Non-Chase ATM fees aren't reimbursed.

FDIC Coverage: FDIC-insured.

Bank Of America

A large branch network is the main draw with Bank of America, along with a choice between business checking plans. Both include mobile banking alongside branch access.

• Large national branch and ATM network

• Mobile banking with ACH

• Business credit cards with rewards

• Two business checking plans at different tiers

• Monthly fees on both plans unless balance or activity requirements are met

• Standard ACH is not same-day, and fees may apply

• Transaction and cash deposit limits apply by plan

Best for: Businesses that prefer in-branch banking with a large national footprint.

Notable fees: Business Advantage Fundamentals Banking is approximately $16/month; Business Advantage Relationship Banking is approximately $29.95/month. Both can be waived with combined balance or activity thresholds (Fundamentals around $5,000 in qualifying balances).

FDIC Coverage: FDIC-insured.

Wells Fargo

Wells Fargo offers a few checking options with different transaction limits and fee structures. You can apply online and use mobile check deposit.

• Three business checking tiers

• Online application and mobile check deposit

• Business credit cards with cash-back options

• Branch and ATM access across most of the country

• Monthly maintenance fees unless minimum daily balance requirements are met

• Cash deposit processing fees once a plan-specific threshold is crossed

• Typical minimum opening deposit of $25

Best for: Small businesses looking for tiered plan options with branch access.

Notable fees: Initiate Business Checking starts around $10/month, waived with a $500 minimum daily balance. Navigate runs approximately $25/month, and Optimize approximately $75/month, both with higher waiver thresholds. Cash deposit processing fees apply after a plan-specific monthly threshold.

FDIC Coverage: FDIC-insured.

Best Account By Type Of Self-Employed Worker

Different kinds of self-employed work make some features matter more than others.

• Freelancers and remote consultants: Relay or Novo. Multiple checking accounts or sub-accounts and accounting integrations matter most here.

• Contractors with regular cash deposits: NorthOne, Bank of America, or Chase. Branch access or GreenDot deposit support.

• Side hustlers and sole proprietors: Lili. Banking and tax tools in one app.

• High-balance solo consultants: Bluevine or Live Oak Bank. Interest on checking or competitive savings rates.

• Owners who want banking and lending in one place: Chase or Live Oak Bank. Same provider for checking and loans.

Match Your Banking To How You Work

Cash deposits and bookkeeping sync usually decide the shortlist.

Choose the account based on how money moves through your business, especially where deposits come from, how often transfers go out, and how cleanly transactions sync to bookkeeping.

Relay separates income, expenses, taxes, and profit across multiple checking accounts¹, and it includes two savings accounts plus direct QuickBooks Online and Xero sync. It fits best for self-employed professionals who want that structure without monthly fees or minimum balances. Open a Relay account today.

¹Relay is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. ²The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.

³Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when Thread Bank places them at program banks in its deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.

⁴For Relay Subscription Plans with an interest-bearing deposit account, the interest rate and Annual Percentage Yield on your account are accurate as of 05/01/2026 and are variable and subject to change based on the target range of the Federal Funds rate. Fees may reduce earnings:

• When you are subscribed to the Starter Plan, the interest rate on your savings accounts is 1.10% with an APY of 1.11%.

• When you are subscribed to the Grow Plan, the interest rate on your savings accounts is 1.74% with an APY of 1.75%.

• When you are subscribed to the Scale Plan, the interest rate on your savings accounts is 2.96% with an APY of 3.00%.

Frequently Asked Questions

Do I Need An LLC To Open A Business Bank Account?

No. Sole proprietors can usually open a business checking account using their Social Security Number and a DBA (doing business as) if applicable. An LLC can make separation between the business and the owner more formal, but it is not the only way to open a business account.

Do I Need An EIN To Open A Business Bank Account?

Not always. Sole proprietors can typically open a business account with a Social Security Number alone. LLCs, corporations, and partnerships generally need an EIN. Even sole proprietors who don't need one for tax purposes sometimes choose to apply for an EIN to keep their SSN off business paperwork.

How Long Does It Take To Open A Business Bank Account?

Online platforms often approve an application in the same day, with the account funded and usable within 1–3 business days. Traditional banks may take longer if part of the process happens in a branch, and approval can extend to a week or more if additional documentation is requested.

What Kind Of Bank Account Does A Freelancer Need?

At minimum, a business checking account usually makes the day-to-day side of freelance work easier to manage. If you're setting aside money for quarterly estimated taxes or building a cash reserve, a business savings account can give that money its own place instead of leaving it mixed into checking. The right setup depends on how clients pay you and how often money moves back out for business purchases.

How Many Bank Accounts Should A Self-Employed Person Have?

Most self-employed professionals start in a better place with a checking account for day-to-day business activity and a savings account for taxes or reserves. Some add more accounts for profit, payroll, or project-specific spending when the business gets more complex and they want cleaner separation.

What's The Difference Between A Sole Proprietor And An Independent Contractor?

A sole proprietor owns an unincorporated business. The business hasn't been registered with a state as a separate entity like an LLC or corporation.

An independent contractor performs work for a client under a contract rather than as an employee. Most of their income usually comes from that contract work.

The two categories overlap often. A sole proprietor may do contract work alongside selling products or services directly. An independent contractor is frequently operating as a sole proprietor for tax purposes unless they've formed an entity.