The Best Bank Accounts for Freelancers and Side Hustlers
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Freelancers usually aren’t as prolific as small or midsize businesses when it comes to payments. But side hustlers with complex gigs, like successful dropshipping businesses, can quickly run over their monthly transaction allotments. That’s why we prefer banks and accounts that waive transaction limits or set them so high that they don’t trouble most freelancers and side hustlers.
We prefer banks that dispense with minimum balance and deposit requirements entirely. Failing that, we look to banks with reasonable minimums or alternative options for avoiding fees tied to those minimums, such as recurring direct deposits.
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Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Manage Money BankingThe Best Bank Accounts for Freelancers and Side Hustlers
By Brian Martucci Date October 20, 2022FEATURED PROMOTION
Millions of Americans work as freelancers or juggle side hustles alongside their 9-to-5 jobs. Whether they use a formal business entity or not, and regardless of how they think of themselves, these people are small-business owners. That doesn’t mean they have the same degree of access to the business banking system, however. Just as the universe of credit cards for freelancers is smaller than the universe of small-business credit cards, many business-friendly banks choose not to deal with freelancers and people with side gigs. Fortunately, many do. If you’re looking for a bank account to manage your freelance or side hustle finances, it’s time to get familiar with the names on this list.The Best Bank Accounts for Freelancers and Side Hustlers
These are the best bank accounts for freelancers and people with side gigs right now. Each does at least one thing really well, and we believe that our best overall pick offers the best value for the greatest number of would-be users.Best Overall Lili Lili Account
The Lili Account is one of the few checking accounts designed specifically for people who work for themselves — whether they call themselves freelancers, side hustlers, microbusinesses, sole proprietors, or anything else. It’s built around a powerful package of tools that simplify and streamline business: Tax management tools for those with lots of revenue streams and expensesInternal invoicing capabilitiesInstant expense categorization for qualifying purchasesCash deposit at 90,000 locations around the U.S. (fees may apply)An automated savings tool that lets you set aside as little as $1 per day in an “emergency bucket” that earns up to 1.00% APYThe option to get paid up to two days early with qualifying direct deposit And Lili works for managing personal finances as well. It could be the only bank account you need as a self-employed person. Additional features: Use your business debit card anywhere Visa is acceptedEnjoy fee-free ATM withdrawals at nearly 40,000 locationsEarn cash-back rewards on eligible purchasesNo minimum balance or hidden fees Open an Account with LiliBest Bank Account Bonus Chase Business Complete Checking
Chase Business Complete Checking has the best new account bonus opportunity of any freelancer-friendly institution. Simply open a new account online or in person with no minimum deposit required to earn a $300 bonus. Additional features: Avoid the $15 monthly maintenance fee by maintaining a qualifying minimum daily balance or making qualifying purchases on your Chase Ink Business credit cardEnjoy unlimited electronic deposits, ACH transfers, and mobile check deposits using Chase QuickDepositAccess ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI Open an Account with ChaseBest for Interest on Checking Balances BlueVine
Bluevine Business Checking is one of the few business checking accounts that pays interest on checking balances — currently 2.00% APY on balances up to and including $100,000 when you meet a monthly activity goal. Just do one of the following: Spend $500 per month with your Bluevine Business Debit Mastercard, ORReceive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider Bluevine is one of the only freelancer-friendly business checking accounts with this benefit, making it a strong choice for anyone looking to earn a little extra on their walking-around money. Bluevine has plenty of other features worth noting: No minimum balance requirements or monthly feesUnlimited transaction allowanceConnect your account to QuickBooks Online, Wave, and Freshbooks — some of the top online accounting platforms aroundLink with external revenue and expense management tools, including Expensify, PayPal, and StripeAdd up to 2 subaccounts to your existing BlueVine Business Checking account Enjoy mobile features like mobile check deposit and biometric securityPay no fees at nearly 40,000 ATMs in the U.S.Deposit cash at more than 90,000 Green Dot locations in the U.S. Open an Account with BluevineBest for ATM Fee Reimbursements NBKC Business Checking
The NBKC Business Checking Account has virtually no fees, which is better than most freelancer-friendly accounts can say. The account has no balance requirements, no monthly maintenance fees, and no transaction fees. Particularly notable is the offer of up to $12 in monthly refunds against ATM fees charged worldwide — not just in the United States. That’s on top of the 30,000-plus U.S. ATMs at which NBKC business customers pay no withdrawal fees at all. If your side hustle or freelance enterprise requires a steady stream of cash to cover expenses, NBKC is your best bet. And you can take advantage of a slew of additional value-added features here as well: Seamless mobile and desktop check depositUse mobile bill pay to cover expenses on the goTake advantage of NBKC’s courtesy overdraft sweep (see its account disclosures for details)Enjoy unlimited free transactionsPay no monthly maintenance feeNo minimum balance or deposit requirements Open an Account with nbkcBest for Payment and P2P Money Transfer App Integration Novo
Novo is another freelancer-friendly bank account sponsored by Middlesex Federal Savings, F.A. It has no monthly maintenance fees or minimum balance requirements. But its best value comes thanks to an unusual breadth of integrations with complementary small-business tools like: Zelle for peer-to-peer (P2P) transfers and paymentsFreshbooks, Zoho, and QuickBooks for easy accountingAn internal invoicing tool that integrates with Stripe and PayPal, allowing clients to pay you with a few clicks or taps on your invoice Novo boasts some additional features worth noting as well: Easy application process that takes just 10 minutes to completeThousands of dollars in exclusive perks (see Novo’s website for details)$50 minimum opening depositVirtually no fees other than an overdraft and returned item fee Open an Account with Novo Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings F.A.; Member FDIC.Best for Earning Checking Account Rewards LendingClub Bank Tailored Checking
LendingClub Bank Tailored Checking is a rewards checking account that earns up to 1% cash back on eligible signature-based debit card purchases when you keep an average balance of $5,000 or more. There’s a rewards-free period of 30 days after account opening, so you won’t earn anything during the first month. But moving forward, there’s no limit on what you can earn. Additional features: Earn interest on balances over $5,000No transaction limits or feesMake check deposits and lock your debit card on the go using the LendingClub Bank appMaintain a minimum daily balance of $5,000 or more to waive the $10 monthly maintenance feeEnjoy unlimited ATM fee rebates Open an Account with LendingClub BankBest for High-Yield Savings Small Business Bank Business High Yield Savings
Small Business Bank is an aptly named financial institution that caters to freelancers, microbusinesses, and growing small businesses. Its Business High Yield Savings account is aptly named as well — it offers an impressive yield on all balances with no maximums or fees. That makes it a great choice for successful freelancers and side hustlers looking to grow into something more. The Business High Yield Savings account’s tiered yields range from 0.20% APY for balances under $25,000 to 1.00% APY for balances of $500,000 and above. Additional features: Free mobile check depositNo monthly maintenance feesRapid online approvalLink to a free checking account with a Mastercard debit card and other great features Open an Account with Small Business BankBest for Savings Subaccounts NorthOne Business Banking
NorthOne Business Banking is one of the few freelancer-friendly bank accounts that offers savings subaccounts. These accounts-within-accounts make it easy to manage piles of money earmarked for specific purposes, like estimated taxes, payroll, or new equipment purchases. For a limited time, get $20 off when you open and fund a new NorthOne account. NorthOne Business Banking does have a $10 monthly fee. But it’s worth the cost thanks to a slew of additional features: Unlimited payments, transfers, deposits, and debit card transactionsMore than 300,000 in-network ATMsMobile check deposit and bill payFor a limited time, NorthOne is offering an exclusive deal for Money Crashers readers who sign up for a new account: one month of free business banking when you sign up using the link below. Open an Account with NorthOneBest for Free Checks Axos Bank Basic Business Checking
Plenty of business bank accounts offer check-writing privileges, but only Axos Bank Basic Business Checking delivers your first order of business checks for free. That’s up to 50 payments made the old-fashioned way — perfect if you have vendors or contractors who prefer to get paid with paper. There’s more. Axos Bank Basic Business Checking’s notable additional features include: Unlimited free transactionsNo monthly maintenance feeGet a free debit card when you open your accountMake mobile check deposits and bill payments with the mobile appNo minimum balance requirements New account bonus offer worth up to $200 if you’re a new business incorporated after June 1, 2020, or $100 if you’re an established business new to Axos Bank Open an Account with Axos BankMethodology How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We use several important factors to assess the best bank accounts for people with side gigs and freelance jobs. Each relates in some way to the overall cost of the account, its ease of use, its flexibility, or its ability to create value for the account holder.Monthly Maintenance Fee
The monthly maintenance fee isn’t necessarily the most important or costly bank account fee. Overdraft fees can add up quickly if you’re not careful, for example. But the monthly maintenance charge is the fee that first comes to mind for most would-be account holders, and it’s often the most difficult to avoid. So, all else being equal, we prefer freelancer-friendly banks with no monthly maintenance fees or low maintenance fees that can be waived with a minimum balance or other qualifying activities.Other Account Fees
Other common bank account fees include overdraft and nonsufficient funds (NSF) fees, paper statement fees, ATM withdrawal fees, and wire transfer fees. Few bank accounts are truly fee-free, but we give preference to those that are, then look to accounts with fewer and lower fees than average.Transaction Limits
It’s rare for consumer checking accounts to limit transaction volumes, but many business bank accounts do just that. These limits can be quite low for businesses with lots of expenses — sometimes just 50 or 100 transactions per month.Freelancers usually aren’t as prolific as small or midsize businesses when it comes to payments. But side hustlers with complex gigs, like successful dropshipping businesses, can quickly run over their monthly transaction allotments. That’s why we prefer banks and accounts that waive transaction limits or set them so high that they don’t trouble most freelancers and side hustlers.
Minimum Balance and Deposit Requirements
Many business bank accounts impose high minimum balance or initial deposit requirements that price out sole proprietors. In some cases, these minimums don’t prevent you from opening an account but you’ll need to meet them to avoid maintenance fees or other charges.We prefer banks that dispense with minimum balance and deposit requirements entirely. Failing that, we look to banks with reasonable minimums or alternative options for avoiding fees tied to those minimums, such as recurring direct deposits.