10 Best Bank For Freelancers And Self-Employed In USA
Being a freelancer is like a dream come true. You have full authority to control your work schedule, along with choosing suitable clients and projects. Basically, you are your boss. But then again, with positives, there are always negatives to balance the equation.
Why? Because you have the sole responsibility of handling all the financial procedures, which may be quite an ordeal when making transactions with both USA and international clients. That’s why we are here to suggest the 10 best banks for freelancers self-employed in USA to assist you with your monetary concerns.
Please go through our list of business bank accounts that have information about interest rates, withdrawal and deposit fees, and more to help you decide which is appropriate for your needs.
Overview of the best banks for freelancers
| Name Of Bank Account | Monthly Fee | Minimum Opening Deposit | Recommended For |
| BlueVine | $0 | $0 | Freelancers that want high-interest rates on their bank account balance. |
| Novo Best Business Checking | $0 | $0 | The self-employed who often withdraw money from ATMs for their business and carry out cash deposits. |
| Lili | $0 | $0 | Freelancers who need to separate finances for taxation purposes. |
| Axos Basic Business Checking | $0 | $0 | Those who are looking for free access to ATMs throughout the USA. |
| NBCK Business Checking | $0 | $0 | Business owners and freelancers who are looking for a hassle-free way of dealing with transactions. |
| Chase Complete Banking | $15 | $0 | Small business owners who require bank loans and credit cards. |
| LendingClub Business Checking | $10 | $100 | Those who want the facility of earning interest and cash rewards. |
| Bank of America Business Checking | $16/$29.95 | $100 | The self-employed who are looking for a range of business facilities online. |
| NorthOne Business Bank Account | $10 | $50 | Freelancers who want to cover all their banking needs at a low cost online. |
| Oxygen Business Account | $0 | $0 | Those who want the facility of managing all their finances digitally. |
10 Best Bank For Freelancers And Self-Employed In USA
1.BlueVine
The first and foremost benefit of the BlueVine Business Checking Account is that you can open one with zero minimum balance, perfect for those of you who are new to the world of freelancing. To top it up, there are no monthly account maintenance fees.
BlueVine is also an ideal bank for those freelancers who are aiming to carry out regular cash-receiving transactions, as it is free of cost.
You can earn 1.5% APY on balances up to $100,00, either by spending $500 using your debit card or receiving an amount of $2500 through customer payments.
If you are a business owner but facing a financial downfall, then BlueVine offers a line of credit to those customers who qualify for the service.
Those who need to use the domestic outgoing wire transfer service have to pay $15 per transaction, while there is no charge for receiving cash.
The same conditions also apply to international wire transfers, $15 for outgoing and $0 for incoming. Those who work with national or international clients can quickly receive payment without paying any extra charges.
The BlueVine Business Checking Account entitles you to carry out transactions using the mobile app, which includes payments and check deposits. You can also sync your account with software FreshBooks, Wave, QuickBooks Online, and Wave.
Features of BlueVine Business Checking Account:
- $0 opening balance requirement.
- One debit card and two checkbooks every year, free of cost.
- No monthly fees.
- No transaction limit.
- $4.95 cash deposit fee per transaction.
- It is linked with other payment solutions, including Paypal, Strife, and Expensify.
- Efficient customer support available on weekdays.
| Pros | Cons |
| 1. Availability of a line of credit.2. Interest-bearing facilities.3. No monthly fees. | 1.Cash depositing fees.2. No physical branch. 3. No savings account. |
How to apply?
- You can open your account either from the BlueVine website or the app.
- Your full name, address, Social Security number, date of birth, and mobile number are required.
- The name, phone number, and address of your business are needed.
- The certificate of incorporation, partnership agreement, and Doing Business As (DBA) documentation must also be submitted.
Next Step
Within three days, your application should get approval, after which you can easily fund your account and apply for a debit card.
BlueVine Website link: www.bluevine.com
2. Novo
Novo is one of the best banks suitable for freelancers because its Business Checking Account’s topmost advantage is that you can fund your account using several avenues that include Paypal, ACH transfer, Venmo, and many more. Not to mention zero monthly and opening deposit fees.
The online banking facility includes the payment of bills, depositing checks, and invoicing. You can send paper checks through their mobile app.
Once becoming a customer of Novo bank, you will receive a virtual debit card for immediate use. And within a few days, the bank will also provide you with a card that can be used in ATMs.
The cash deposit fees are relatively lower compared to other banks. But you must purchase money orders to make cash deposits through their app.
Not to mention at the end of each month, you will get a refund for all your ATM fees.
Features of Novo Best Business Checking account:
- $0 minimum balance requirement.
- No fees for incoming wire transfers.
- No limit to transactions.
- Make and receive payments on the same day through ACH express.
- No ACH fees.
- Mastercard debit card.
- The cost of cash deposits is lower in comparison to other banks.
| Pros | Cons |
| 1. All atm fees are refunded.2. Easy to make fast payments.3. No maintenance fees. | 1.No savings account.2. Lack of lending products.3. No interest rate facilities. |
How to apply?
- You must provide your personal information, such as date of birth, address, mobile number, etc.
- It is compulsory to present your identification and legal documents of your business.
- Your Social Security number, phone number, and resident and mailing address so you can be contacted via email are also required.
Next Step
As soon as your application is submitted, Novo will go through it and contact you if additional information or documents are required to complete the procedure.
Within three days, you will be notified regarding your application getting approved by the bank. Then given access to Novo’s online banking facilities.
Make sure you remember the username and password that you created when applying for the account because it will be required to log in to your account.
Now all you have to do is download the mobile app, and you are good to go.
The mobile app allows you to increase the number of users for your account in case you have partners, and you can also apply for debit cards through the platform.
By doing so, the others will also have full access to the account, which includes withdrawing, depositing, and transferring funds.
Novo website link: https://www.novo.co/
3. Lili
Lili offers you two accounts, Lili Free and Lili Pro, which benefit freelancers who have just started their journey. Both accounts require zero deposit fees and $0 account balances.
Lili provides tax buckets allowing you to save money for taxes. Along with that, you can make unlimited transactions of high amounts.
The biggest advantage would be the built-in expense tracking facility which allows you to control how much you spend.
But then again, Lili doesn’t allow you to make wire transfers and send checks through their mobile app.
Features of Lili Free:
- $0 opening deposit and minimum balance requirement.
- Visa business debit card free of cost.
- Tax bucket for keeping money separately to make tax payments.
- The tax optimizer app scans receipts, produces expense reports, and also keeps funds aside for the tax bucket.
- The account can be accessed through your browser.
Features of Lili Pro:
- $0 opening deposit and minimum balance requirement.
- 1.5℅ APY on savings account
- A cashback of 1% is given on all purchases.
- No fees are required for overdrafts up to $200.
- Facility to send unlimited invoices.
- Premium Visa debit cards earn you rewards.
- Higher atm usage limits than the Lili Free account.
| Pros | Cons |
| 1.By using your Lili card, you can categorize your expenses when purchasing something.2. There are facilities to help you keep money separately for taxes.3.No fees for overdrafts or returned checks. | 1. It is a mobile-based financial organization.2. External bank transfers are limited.3. Wire transfers are not available. |
How to apply?
- Your Lilli bank account can be opened through their mobile app or online.
- You must provide your name, date of birth, Social Security number, mailing address, and mobile number.
- Also, include your business type and the industry you are involved in.
Next Step
Lilli provides efficient customer service, that’s why upon applying for an account, you are instantly notified regarding approval and given access
Those who applied online need to wait for a verification code that you will receive by mail or text messaging. The code will sync your account to the bank’s mobile app.
You will have access to using your virtual debit card through the app until the Lilli Visa debit card arrives, which usually takes up to a couple of weeks. Through their mobile app, you can track down the progress of your debit card, which requires activation when received by mail.
You must use the mobile app to deposit funds in your account for a mobile check deposit or ACH transfer.
Lilli website link: www.lilli.com
4. Axos
Axos Basic Business Checking Account holders can deposit and pay bills free through All Point and MoneyPass ATMs.
You will receive a free Visa debit card which can be used to make transactions and withdrawals without having to pay any fees.
The bank’s mobile app allows you to check your account balance, make deposits, and more.
Features Axos Basic Business Account:
- No monthly fees.
- No minimum balance or opening deposit requirement.
- Up to 200 free transactions per month.
- All ATM charges refunded.
- No charge for the first 50 checks.
- Customer service is available from Monday to Friday.
- Free Visa debit card provided with the account.
| Pros | Cons |
| 1. New customers will receive a welcome bonus.2. Deposits can be made through ATMs and Money Pass.3. You can make unlimited transactions. | 1.Fee-free transactions are limited.2. Lack of facility when it comes to using third-party apps.3. Wire transtransferices are not available. |
How to apply?
- The account can be opened by filling up a form and submitting it on the bank’s website.
- You need to provide your personal information, including your mobile number, address, Social Security number, etc.
- A valid form of identification is also required, which can be your passport or even driving license.
- The legal business documents, an email address, and a physical address are also needed.
Next Step
Once you have submitted your application, you can track its progress through Axos’s website.
Upon approval, the bank will provide you with your business debit card and checks if requested beforehand.
Now you are ready to log into your account through online banking or even by using the mobile app to deposit and withdraw funds.
Axos website link:
5. NBCK Bank
NBCK is a top bank ideal for freelancers because their Bank Checking Account is an easy way to manage all your finances. Plus, you can apply for debit cards for other users to your account free of cost.
Unlike other banks, NBCK provides a free savings account, allowing you to transact with your finances.
The NBCK Business Account has no fees for overdrafts, check deposits or non-sufficient funds. You can fully enjoy mobile and online banking services free of charge.
But there is a charge of $5 when sending domestic wire transfers. And $45 for sending or receiving international wire transfers.
Keep in mind that all your deposits will be held up to nine days in the first month of opening your account. This is a security measure for all new accounts to prevent fraud.
Another drawback is that NBCK bank has only four physical branches in the Kansas area, possibly creating a problem for some bank users. However, their online services do provide all the banking options.
Features of NBCK Business Checking Account:
- $0 monthly fees.
- Cash deposits can be made without any fees.
- A free savings account can be opened.
- No fees for incoming domestic wires and money orders.
- You can customize your account through NBCK online portal.
- Unlimited transactions that include transfers, deposits, and withdrawals.
- Access to just over 37,000 MoneyPass ATMs across the U.S.
| Pros | Cons |
| 1.No minimum opening deposit is needed. 2. No fees are required for overdrafts. 3. Unlimited transactions. | 1.Limited physical branches for customers to visit.2. High charges for international wire transfers.3. Customer support is unavailable after working hours. |
How to apply?
- All you have to do is log into the bank’s website and submit your application.
- Your basic information, such as date of birth, mobile number, address, and government-issued ID, must be included when applying.
- Your legal business documents, as well as business types and addresses, are required.
Next Step
It will take around 5 days to one week for your application to be reviewed.
After which, if you get approval then, the bank will send you an email with all the required information for you to manage and set up the account on their mobile app.
Upon this, you will receive your debit Mastercard and be eligible to add other users to your account and request debit cards for the others.
NBCK bank website link: https://www.nbkc.com/
6. Chase
If you are overloaded with work but need to sort out your finances, then the Chase Business Banking Account is what you need. With their mobile app, you will have access to all your transactions with the tip of your fingers.
The account entitles you to business loans and business credit cards without having to go through lengthy and complicated procedures.
Although there is a monthly fee of $15, there are opportunities for you to get it waived. That includes: maintaining a daily balance of $2000, depositing $2000 monthly, and purchasing goods and services worth $2000 using the bank’s business card.
Those of you who open a new account have the chance to receive a sign-in bonus of $300 only if you fulfill the conditions that include: depositing a minimum of $2000 within the first month and keeping that in the bank for a total of 60 days, carry out purchases on the debit card, transfer funds through debit and credit wire and ACH credits.
Features of Chase Business Banking Account:
- No minimum balance and opening balance are needed.
- Over 16,000 few free ATMs are available.
- The first 100 transactions can be done without paying any charges.
- Cash bonus offers are available, but there are terms and conditions.
- Unlimited electronic deposits
- Every month you will be entitled to 20 free paper transactions.
| Pros | Cons |
| 1.$0 opening deposit.2. Huge number of ATMs available countrywide.3. Easy to apply for bank loans and credit cards. | 1.$15 monthly fee.2. Monthly limit on fee-free cash deposits. |
How to apply?
- Those who are sole proprietors /freelancers can apply for an account online.
- You must provide your mobile number, personal address, Social Security number, and date of birth.
- Your business address and telephone number must be given.
- A government-issued photo ID and two documents proving your identification are needed.
- If you are a self-employed business owner, you need to provide a few documents of your organization that include the business license, DBA certificate, and others.
Next Step
Although there is no minimum deposit after your account is set up, you must transfer funds into it within 60 days; otherwise, bank authorities will close the account.
Once everything is set up properly, you can easily access all your account through online and the mobile app.
Chase website link: https://www.chase.com
7. LendingClub
Lending Club is the perfect bank for the self-employed who want to make unlimited transactions, digital banking tools, and debit card rewards.
Most of all, if the Business Checking Account holders have a balance of up to $10000, then an interest of 1.50% can be earned, and a balance higher than that will lower the interest rate to 0.10%.
The account allows you to withdraw and deposit cash free of charge from any ATM of your choice and gives you access to banking tools, making it easier for you to deal with all finances online.
The monthly fee of $10 will be waived on the condition that the account balance is always at least $5000.
Features of LendingClub Business Checking Account:
- $100 minimum opening deposit requirement.
- Withdraw fee-free cash from any ATM.
- Monthly fee waivers are available depending on the account balance.
- The facility to create digital invoices.
- Bills can be paid through the account.
- Access to digital banking tools allows you to make payments, pay bills, and transfer money.
| Pros | Cons |
| 1. $0 monthly balance requirement.2. Avail 1% cash back when making debit card purchases.3. Interest can be earned on balances over $5000. | 1. $100 minimum deposit requirement.2. A balance of $500 is needed to gain rewards on the debit card. |
How to apply?
- To open an account, you must be at least 18 years old and have a permanent address in the USA.
- Next, you have to fill out an application online, available on the LendingClub website.
- Your personal information, such as full name, date of birth, mobile number, and address, is required to complete the application process.
- Other necessary details are your business address, documents, and the industry you work in.
- Keep in mind that when applying, you must mention a debit card or an active bank account for funding your new account.
Next Step
Once the application is submitted, the bank will take up to five days to review it. If you are eligible and get approval, you will have access to operate your account through online banking.
You can also download the mobile app to set up your account and check all the necessary details, such as bank balance, payment details, etc.
Within 10 days of your account being activated, you will receive the business debit card, which can be used in ATMs.
LendingClub website link: https://www.lendingclub.com/business/tailored-checking/
8. Bank Of America
Bank of America offers two types of business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking.
The Business Advantage Fundamentals Banking account’s monthly fees are $16, which entitles you to 200 free transactions per month, after which you have to pay 45 cents if the limit is crossed. You can deposit up to $7500 for free, but if the amount is larger, a payment of 30 cents is needed for every $100 statement.
You have to pay $10 per month for a Business Advantage Fundamentals savings account, and charges apply when making domestic and international wire transfers.
The monthly fee of $16 for the Business Advantage Fundamentals account can be waived if you keep an average monthly balance of $5000, spend $250 on your business debit cards, or join the Preferred Rewards for Business scheme.
The Business Advantage Relationship Banking account’s monthly fees are $29.95, which gives you 500 free transactions per month, after which you have to pay 445 cents per item if the limit is crossed.
Domestic and international incoming wire transfers are free, but the outgoing fee varies. You can deposit up to $20,000 without any fee then the bank will charge 30 cents for every $100 statement. Also, there is no charge for a second savings account.
Although the monthly fees of the Business Advantage Relationship Banking account are $29.95, this can be waived by maintaining an average monthly balance of $15000 or by becoming a member of the Preferred Rewards for Business scheme.
Features of both accounts
- Option of two business checking accounts
- $100 minimum deposit requirement
- Digital tools and cash rewards
- Physical and digital debit cards
- Checking, depositing, and balance checking can be done on the mobile app of the bank
- Facility to deposit a large amount every month
- Investment and lending services are available
- Live chat and phone support
- Free access to over 16,000 ATMs countrywide
| Pros | Cons |
| 1. Upto 200 transactions per month can be made free of cost.2. Over 16,000 ATMs are available countywide.3. Unlimited fee-free transactions can be made. | 1. Opening deposit of $100 is required.2. No ATM fee refunds. |
How to apply?
- You can apply for a Business Checking account by submitting an online application and then reviewing it with a banking representative over the phone. Or you can simply go in person to the branch nearest to you and carry out all the necessary paperwork.
- The bank needs your basic personal information, which includes your mobile number, address, date of birth, Social Security number, and also any form of government-issued ID.
- You must also provide the legal name of your business, details of when the business was formed, and the industry it falls in.
- If your account application is completed online, then all the required documents have to be mailed or faxed to the bank within 11 days. If by any chance you are unable to do so within the given time frame, then the application will be declined, and resubmission will be required.
Next steps
After the Bank of America receives your application and documents, it could take as little as 24 hours for you to get approval.
After which you can start operating the account by making an opening deposit by using a Master or Visa debit card, as well as money order or check or transferring funds from an existing account of the bank
You also have the facility to apply for online banking facilities, which can be accessed by downloading the
Bank of America mobile app.
If you requested a debit card or checks when submitting the application, then it should be ready for you within 5-7 working days.
Bank of America website link:
https://promotions.bankofamerica.com/smallbusiness/
9. NorthOne
NorthOne is a financial tech company that is one of the most beneficial banking options for the self-employed, as the Business Bank Account users can access their accounts from anywhere through the mobile app or PC.
Domestic wire transfers, ACH transfers, and invoice payments can be made from your phone, making it easier to pay and receive funds.
NorthOne has integrated with a few payment platforms that include PayPal,Venmo, Stripe, and Square. Meaning you have the facility to accept payments from these companies and receive the funds directly on your mobile.
NorthOne has no extra charges for ACH transfers or overdrafts and a no-fee policy for non-sufficient funds in your account.
Although NorthOne allows you to deposit cash through Green Dot, you have to pay a charge of $4.95 per transaction. There are also limits on the amount you can deposit, which is $1500 per day, $3500 per week, and not more than $5000 in a month.
Features of NorthOne Business Bank Account:
- Monthly fees are $10.
- $50 – $250 opening deposit required.
- $15 for incoming and outgoing wire transfers.
- Customer service 7 days a week, 8 am – 10 pm.
- The bank’s unlimited Envelops gives you the facility of keeping funds aside for payroll, taxes, bill, and other expenses.
| Pros | Cons |
| 1. Access to digital tools that include bill pay, expense management, and unlimited Envelopes.2. Customer support can be reached through live chat, email, and phone.3. Fee-free transactions are unlimited. | 1.Mobile banking only has no physical branches.2. Not possible to send or receive international wires.3. No waiving options for the monthly fees. |
How to apply?
- Applying for a NorthOne account is very simple. All you need to do is visit their website or download the mobile app.
- Your home number and address are needed, along with your mobile number and date of birth.
- A Government-issued photo ID and your Social Security number must be provided.
- Details of your business that include the industry you are involved in must be mentioned.
- You must have a street address in the USA that is verifiable.
Next Steps
Once the application is submitted, NorthOne will inform you within 48 hours whether you are eligible to open an account. If yes, then you have to make a minimum deposit of $50 to start using your account.
After which, you are free to use their online and mobile app banking services to access your account and also pay bills, deposit checks, etc.
Your NorthOne business debit card should reach you within 10 days of opening the account. You are allowed to have four users in your account, all of which are eligible to own debit cards that can be used at any time.
NorthOne website link: https://get.northone.com
10. Oxygen
Those who are small business owners or have started their freelancing career can consider looking at what the Oxygen Business Account has to offer.
It is an online mobile banking platform that allows customers to deal with funds digitally.
You can open an account with a $0 balance, and there is no need to deposit anything, either. Not to mention there are no monthly account fees.
The unlimited transactions include direct deposits, ACH transfers, and mobile check deposits. The Oxygen Business Account has the feature that allows you to send mobile checks to other freelancers or small businesses.
Oxygen has over 55000 ATMs all over the world, which allows you to withdraw cash for free.
The Oxygen app can be used to create virtual debit cards, which can be used for making purchases over the phone or online.
When it comes to using your Visa debit card to make purchases you have the advantage of earning cash back.
Features of Oxygen Business Account:
- No funds are required to open an account.
- $4.95 charge for every cash transaction made.
- 5% daily cashback on purchasing with your debit card.
- Unlimited number of virtual cards.
- LLC can be created via mobile app.
- Customer service is available through a free-of-cost phone number, social media support, and email.
| Pros | Cons |
| 1.No opening balance requirement and $0 monthly fee.2. Temporary virtual cards are available.3.Enjoy cashback when using a debit card. | 1.No physical branches.2. Fees required for depositing cash.3. International wires cannot be sent or received. |
How to apply?
- The first step requires downloading the mobile app, and then you must create a login by providing a valid email id and password.
- Next, you have to type in your details, including date of birth, mobile number, mailing address, Social Security number, etc.
- Proof of identification, such as a photocopy of your driving license, may be needed along with all the business documents.
Next Step
It takes a long time, from three to five weeks, for the application to be approved after submission. But as soon as it’s done, you will have access to the Oxygen app, which can be used to deposit money into your account, deposit checks, look up your invoices, and so on.
Besides the virtual debit card, you will receive a physical card through the mail that requires activation before transactions are made.
Oxygen website link: https://oxygen.us/#business
Conclusion
The 10 best banks for freelancers self-employed in USA have been mentioned with all the details.
Now it’s up to you to evaluate all the pros and cons as well as facilities to decide which financial institutions would be the best for your freelancing career or small business.
Some banks give the facility of multiple users for one account who are all even entitled to receive debit cards.
Nonetheless, go through our guide, weigh the positives and negatives of what each account has to offer then decide whom you want to partner with.
