Freelancers and self-employed individuals should look for business checking accounts that meet these criteria: they should be simple to open, provide convenient access, and have low or no fees. Having tools and integrations that simplify bookkeeping and help you plan for self-employment taxes should also make it simpler to run your business.
Whether you run a full-fledged business out of your home or just dabble in odd jobs on the side, it’s a good idea to open a separate bank account for your professional endeavors.
Over 30 business checking accounts from national, regional, and online banks were analyzed by Rudebees, who rated them based on a variety of criteria, including fees, perks, and accessibility. Only business profiles with a minimum of four stars were considered for inclusion. The best business checking accounts, in our opinion, are those that cater to freelancers and the self-employed.
Best Business Bank Accounts for Freelancers, Self-Employed
| Bank/institution | Rudebees rating | Monthly fee | APY | Min. opening deposit | Learn more |
|---|---|---|---|---|---|
| Bluevine Business Checking | 5.0
/5 |
$0 | 2.00%
With $0 min. balance for APY |
$0 | LEARN MORE
at Bluevine, Deposits are FDIC Insured |
| Chase Business Complete Banking℠ | 5.0
/5 |
$15.00
Waived with $2,000 minimum balance |
N/A | $0 | LEARN MORE
at Chase, Member FDIC |
| Lili Business Checking | 4.5
/5 |
$0 | N/A | $0 | LEARN MORE
at Lili, Deposits are FDIC Insured |
| nbkc Business Account | 5.0
/5 |
$0 | N/A | $0 | LEARN MORE
at nbkc bank, Member FDIC |
| Grasshopper Business Checking Account | 5.0
/5 |
$0 | 1.51%
With $0 min. balance for APY |
$100 | LEARN MORE
at Grasshopper Bank, Member FDIC |
| Found Small Business Banking | 4.0
/5 |
$0 | N/A | $0 | LEARN MORE
at Found, Deposits are FDIC Insured |
| Bank of America Business Advantage Fundamentals™ Banking | 5.0
/5 |
$16.00
Waived with $5,000 minimum balance |
N/A | $0 | LEARN MORE
at Bank of America, N.A., Member FDIC |
| Axos Bank® Basic Business Checking | 5.0
/5 |
$0 | N/A | $0 | LEARN MORE
at Axos Bank®, Member FDIC |
| LendingClub Tailored Checking | 5.0
/5 |
$10.00
Waived with $500 minimum balance |
1.50%
With $0 min. balance for APY |
$100 | READ REVIEW |
Explore additional banking selections geared toward commercial enterprises
Need to find more options for small business banking? You can use the tool on NerdWallet to find and compare business checking accounts with the features that are most important to you, such as no monthly fees, no minimum opening deposits, and unlimited transactions and free ATM use.
Methodology
More than 30 business bank accounts from national, regional, and online banks are compared and rated by NerdWallet. Banks with the most assets, the most frequently searched for terms online, and other major players in the industry are all represented here, along with notable newcomers.
Each account is evaluated based on over 20 criteria, including fees, perks, and ease of use. Our sources include the websites and customer service representatives of various financial institutions. Also, our editorial staff makes sure all data is correct by reviewing it after it has been collected.
Ratings are presented as a final star rating out of a possible five stars, with one representing “poor” and five “excellent.” Find out how we evaluate business checking accounts.
Just to review the options we chose…
In January 2023, NerdWallet compiled a summary of the best business checking accounts for freelancers and the self-employed.
- Bluevine Commercial Checking
- Bank of America Corporation
- Chase Business Banking Services
- N.B.K.C.
- Lili’s Business Account Business Checking Account
- Grasshopper Business Account Loans for Small Businesses
- Axos Bank® Basic Business Checking
- LendingClub Tailored Checking
Questions that usually arise
When operating independently, is it necessary to open a separate bank account for my business?
Specifically, that’s not true. Freelancers can get by without opening a separate business checking account. However, when it comes time to file taxes, things can get complicated if you mix business and personal spending. A business checking account is often required when applying for a business credit card or a small business loan.
Could you tell me what I need to open a business bank account?
The specific paperwork needed to open a business bank account will change based on the type of business and the bank you choose. For instance, if your business structure is an LLC, the operating agreement would be required paperwork. It’s possible that the following paperwork will also be needed to open a business bank account:
A valid picture ID with the appropriate government seal.
Permission to operate as a business.
Business Social Security number or Employer Identification Number (EIN).
Read this tutorial to find out all the steps involved in establishing a business bank account.
Please explain the key distinctions between a personal bank account and one used for business.
Business checking accounts may have restrictions on your monthly deposits and withdrawals that don’t apply to your personal account. In addition to the benefits of having a dedicated business checking account, many services, such as online invoicing and payment processing, are included with most business checking accounts.