The NorthOne business bank account is a worthwhile option for any freelancer or small-business owner looking for an online business checking account. NorthOne offers unlimited fee-free transactions, fee-free in-network ATM access and a variety of digital tools all for free.
Are you a freelancer in the gig economy or one of the currently 44 million self-employed individuals in the United States? It’s best for you to manage your money by using a dedicated business account designed for freelancers and business owners rather than by using your personal checking account.
Of course, it’s not a necessity for you to open a separate bank account for your freelancing business, but it will help you a lot in running and managing your business later.
The good thing about opening an account with banks for freelancers is that these banking services will provide you with the business-specific features you might not get from your traditional bank accounts. Also, by opening a dedicated bank account for your freelancing business, you can separate your personal expenses from your business-related expenses, which can save you a lot of time when you need to do some accounting or tax filing for it.
Best Business Bank Accounts for Freelancers and Self-Employed Workers
There are many business bank accounts designed for freelancers and self-employed workers you can use today.
Most of them offer features that can help freelancers and business owners to manage and run their businesses. Here are recommended bank accounts for freelancers and self-employed workers:
1. NorthOne
NorthOne provides a business banking account for freelancers, self-employed individuals, and business owners. With no monthly fees, you can get access to the digital banking service that provides all the tools you need to save and manage your money. You can also use your bank account for budgeting and planning for your business.
Features:
- NorthOne provides digital banking tools with support for ACH and wire transfers, and also the option for you to deposit checks on the go.
- You will get a debit card for your account and you can make deposits anywhere.
- You can also use NorthOne to budget your money expenses for various purposes, such as taxes, rent, payroll, and more.
The NorthOne business bank account is a worthwhile option for any freelancer or small-business owner looking for an online business checking account. NorthOne offers unlimited fee-free transactions, fee-free in-network ATM access and a variety of digital tools all for free.
2. Found
Found is a business banking service designed specifically for self-employed individuals. It offers unique features such as smart tax and bookkeeping to help users manage their finances.
The Found business debit Mastercard is the perfect way to keep tabs on your expenses and save money for taxes. The card automatically categorizes purchases and estimates tax bills in real-time, so you'll always have enough set aside.
Features:
- Found allows you to manage your finances all in one place.
- Easily send invoices, save receipts, run reports, and even pay your taxes right from the app if you’re a Schedule C filer.
- Linking it to your payment apps or other bank accounts makes for effortless money management.
Found's features ease the burden of having to constantly cycle between platforms or pay for other financial tools that end up being ineffective.
All in all, Found provides dependable business banking and top-notch features—without minimums. In using Found, you're saving both time and money.
Found is a business checking account designed for a small one-person business. Manage all your finances from the Found app, including tracking your income and expenses, sending invoices and automatically setting aside taxes for your quarterly tax payments.
3. Novo
Novo provides a simple and powerful business banking solution with no hidden fees, easy transfers, and online banking system. You can sign up for a free business checking account and get access to various small business tools from your account. It also provides the virtual card that you can use for instant and secure spending from your Novo account.
Features:
- Novo provides a simple banking account for business owners, freelancers, and entrepreneurs, which you can use in the US and abroad.
- It also provides a list of apps you can access to make it easier for you to manage your business with your Novo account, such as Etsy, Quickbooks, Xero, Amazon, WooCommerce, and more.
- You can get the physical debit card from Novo with an EMV chip, along with the virtual card for digital transactions.
With no monthly fees, unlimited refunds for ATM charges and a focus on digital banking, Novo business checking is a great option for small-business owners on the go. But Novo bank cannot accommodate cash deposits, an essential feature for many businesses.
4. Axos Basic Business Banking
Axos Basic Business Banking is a business checking account from Axos that is designed for business owners with modest checking needs. You don’t need to pay any maintenance fee per month for your account, and there is no minimum balance you need to maintain. With this business checking account, you can send your first 50 checks for free.
Features:
- Axos Basic Business Banking provides the online banking services with various business tools you can use, which are also accessible via your mobile device.
- You can also create low-fee accounts for your employees via Axos Basic Business Banking, which can make it easier for you to send payroll to them.
- It can accept ACH payments, and it is compatible with QuickBooks.
Axos Bank offers two small-business checking accounts — Basic Business Checking and Business Interest Checking — that can be opened and managed completely online. Both of these accounts include unlimited domestic ATM fee reimbursements, free bill pay and mobile check deposit.
5. Lili
Lili Banking provides freelancers with the banking services they need, allowing freelancers and business owners to manage various aspects of their business finances in their account. With Lili, you will get a Visa debit card you can use in any ATM and merchants worldwide, with cashback rewards in participating merchants. Lili provides security and peace of mind for each transaction you make in your account.
Features:
- Lili provides various business tools any freelancers and business owners can use, including expense management, tax bucket, invoices, and Visa business debit card.
- It provides various features that ensure your banking security and peace of mind, including transaction notifications, the option to freeze and unfreeze your card, and FDIC-insured account.
- Lili also provides automatic savings with 1% APY and fee-free overdraft for up to $200.
The Lili bank account has no monthly fees, no minimum opening deposit and is completely mobile — with an app available for iOS and Android devices. Lili is designed specifically for freelancers and independent contractors, offering digital tools that allow you to categorize your business and personal expenses, save for taxes and accept payments from customers within a single account.
6. Current
Current is a financial technology company that offers better banking features than most traditional banks. It allows you to save and manage your money in your own way, and you can get your paycheck as early as 2 days before the pay day. There are plenty of features you can use with Current, which will give you better flexibility in handling your money.
Features:
- You can enroll to receive your paycheck 2 days early if you get paid via direct deposit.
- There are no hidden fees when you use Current banking services, and it also provides fee-free overdraft for you.
- Current also offers you various money management features, which allow you to manage your spending in a better way while keeping track of your cash flow.
Current is a modern banking app that gives you access to a payday advance of up to $750 with no interest or credit check. It also offers early direct deposit, cash-back rewards, and fee-free overdrafts to help you manage your money easily. With a user-friendly app and over 40,000 fee-free ATMs, Current makes banking simple and accessible.
Best Banks for Freelancers Summary
These are the banks for freelancers that you can use to help you run your freelancing business better. You can send invoices, deposit checks, send the payroll to your employees, and fill your tax information with these banks. You can also get other benefits, such as mobile banking, debit cards, rewards, and many others.
The NorthOne business bank account is a worthwhile option for any freelancer or small-business owner looking for an online business checking account. NorthOne offers unlimited fee-free transactions, fee-free in-network ATM access and a variety of digital tools all for free.
Best Bank Accounts for Entrepreneurs FAQs
It’s not a necessity, but it will depend on your needs. You can open a separate freelancing account if you want to separate between your business expenses and personal expenses.
You can set up a business checking account in an instant if you have met the requirements for setting the account. To set up a business account at a bank branch, you might need to wait for a few days before you can use your account.
You can use most banks listed in this guide, as many of them offer free transactions and no fees per month.
It will depend on the bank, but the interest will be offered to you as APY (Annual Percentage Yield), and you can earn the interest from the account balance you have.
Most banks for freelancers listed in this guide can help you operate your business. They offer various business-related tools to make it easier for you to run your freelancing business.
It’s best to avoid banks for freelancers that require you to reach a minimum balance just to waive the service fees per month. It’s also good for you to avoid banks for freelancers that require you to pay for service fees per month and go with the one that doesn’t charge any service fees per month.
Disclaimer:
Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc *Found's core features are free. Found also offers an optional paid product, Found Plus for $19.99 / month or $149.99 / year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here. here should lead to https://found.com/legal/fee_schedule
