How to choose the right bank account for your freelance business

No matter what other reasons you might have for starting your freelance business, you also want to make money. And when you do, you need to properly and securely manage the money you've earned. For this reason, you require a freelance bank account, also known as a business checking account, equipped with tools for handling day-to-day business finances.

When choosing a bank account for their work, freelancers take many factors into account many factors, including convenience, low fees, high deposit, and transaction limits, interest earnings, sign-up bonuses, and accessibility to and from anywhere in the world.

Our guide will teach you what to look for when choosing the best bank account for your freelance business. We have also made a list of the top five bank accounts for freelancers, along with the pros and cons of each, to guide you.

Let’s get in.

Why should freelancers have a bank account?

Freelancing is a lot of work. For the most part, you handle all aspects of running your own business by yourself, including sourcing and managing clients, marketing, accounting, and everything else. Balancing all of these roles may become even more difficult as your business expands. It really helps to have great banking services that assist you with accounting and simplify your business.

A freelance bank account helps you with business checking. This is the first step toward financial freedom. As a freelancer, you may be tempted to mix your earnings from your work with your personal funds, but a freelancer bank account allows you to keep your business and personal finances separate. This is a wise thing to do, whether you run a full-time freelance business or take on jobs on the side.

What should you consider when choosing a bank account?

There are a few factors to note when choosing a freelance bank account. The things to consider really depend on your preferences and line of work, but generally speaking, the best bank accounts for freelancers should have the following features:

  • It should be simple to open, access, and use.

  • Utilize tools and integrations to simplify the accounting process.

  • Offer free or affordable banking services. 

  • Support quick access via mobile devices and web-based applications 

  • Support virtual transactions.

  • Assist with tax deductions.

These features will enable freelancers to develop and compete at a global level. The accounting feature on Workee is excellent and satisfies all the above criteria. 

And now for our top five freelancer-friendly accounts:

We evaluated both local and online bank account service providers and curated our list based on costs, perks, accessibility, and other factors. Here are our top picks for the best business bank accounts for freelancers and small business owners, in no particular order:


Found was launched in 2019 and has become a favorite among freelancers. It includes automatic tax calculation, invoicing automation, and integration with popular payment apps. In June 2023, it added a few new features to its free business checking account, such as cash and mobile check deposit. Found is ideal for e-commerce businesses, employees, freelancers, and sole proprietors who need a quick solution for checking, invoicing, bookkeeping, and tax planning.


  • Deposits are FDIC-insured.

  • There is no minimum deposit required to open an account, and no monthly fees apply.

  • No overdraft or transaction fees are charged.

  • It provides built-in invoicing, bookkeeping, and tax planning for free.

  • It is compatible with well-known business applications such as Stripe, Etsy, and PayPal.


  • Cash deposits are limited to $4,000 per month and $1,000 per week, with a $2 service fee for each transaction.

  • No outgoing wire transfers.

  • Check payments are not accepted.

  • You must open the account under your real name and social security number, not the name of your business, although you can add your business’s registration number.

  • On weekends and after business hours, only email support is provided.

In summary:

Although Found's integrated bookkeeping, tax planning, and invoicing tools are beneficial for gig workers and independent contractors, the strict limitations on the amount of money that can go into and out of your account may be a challenge. However, it is cost-friendly, and you should consider it if your freelance business isn’t cash-heavy.


Online bank accounts for freelancers pride themselves on charging no fees and allowing an unlimited number of transactions. But Bluevine does more. Once you meet certain requirements, you can enjoy a free high-yield business account with an interest rate of up to 2.00% on balances of $250,000 and above. You also receive a Bluevine Business Debit Mastercard for withdrawals. With just a few clicks, you can add funds to your account, withdraw and transfer using your debit card, manage and pay bills, etc.  


  • Bluevine has no monthly fees, no transaction fees, and offers free ATM access at all MoneyPass locations.

  • It has a very fair interest rate of 2% on account balances up to $250,000.

  • Banking can be done entirely on the mobile app, and the app supports accounting software like QuickBooks Online, Wave, and FreshBooks.

  • It connects to third-party apps such as Expensify, Stripe, and PayPal.


  • There are no physical branches for in-person transactions.

  • Cash deposits at Green Dot locations are charged an additional $4.95 fee.

  • The maximum deposit amount is $500 per transaction and $2,000 per day.

  • There is no customer service available after hours or on weekends. 

In summary:

Bluevine is ideal for small business owners who want to earn a high-interest rate on their earnings and prefer to manage their finances online rather than visiting a physical branch.


Chase has a bank account option for you regardless of the size of your freelance business—small, medium, or large. Also, you have access to various financing options, such as SBA loans, commercial financing, and a business line of credit, to invest in the future of your business. Chase offers business debit and credit cards that make it easy, safe, and convenient to make payments, whether online, in person, or on the go. New subscribers receive a $500 welcome bonus and can begin making mobile transactions immediately. However, one disadvantage is that there is a monthly limit of only 20 free in-person transactions, which is a small number.


  • Users have access to both physical and digital banking services.

  • No opening deposit is required at all.

  • Electronic transactions are free of charge.

  • Comes with business debit and credit cards.

  • New customers are eligible for a welcome bonus, subject to some terms and conditions.

  • Overdrafts of less than $50 do not incur fees.


  • A monthly service fee of $15 is charged to customers with less than a $2,000 minimum balance.

  • Fee-free cash deposits are limited to $5,000 per month and 20 physical transactions.

  • Fee for using non-network ATMs.

In summary:

Chase is ideal for independent business owners who require physical access to a banking hall. It offers low-cost banking services, limitless electronic deposits, and loans, to reduce the burden of freelancing. 

Bank of America:

The best bank accounts for freelancers are usually ones that can be accessed online and while on the go. Nevertheless, Bank of America is on our list because, despite being a physical bank, it permits limitless, hassle-free transactions on both physical and virtual levels. The fact that Bank of America offers fee-free electronic transactions, high cash deposit limits, and three different ways to open an account sets it apart from other traditional banks. It has outstanding customer service, which includes live chat, phone support, and a responsive Twitter account. 


  • Electronic transactions are completely free.

  • It has a high cash deposit limit of $7,500 per month.

  • You can open a bank account entirely online.


  • Opening an account requires a deposit of at least $100.

  • You are charged for using ATMs outside their network.

In summary:

A Bank of America business checking account is perfect for freelancers who operate a cash-heavy business. With thousands of branch locations spread across 37 states and the capital, opening a business account with Bank of America is a great option for independent contractors who want access to both digital and in-person banking services.


Using the mobile app, opening a Lili bank account is easy and takes only a few minutes. With a Lili account, you can make direct deposits, Standard and Express ACH transfers, and mobile check deposits. In addition to being compatible with external bank accounts, Lili also supports third-party payment processors like PayPal and Venmo. It generates financial reports like expense, profit, and cash flow statements. Your transactions are automatically sorted, which makes bookkeeping easier for you. You also have access to insights that help you better understand the financial health of your company.

Lili is a fintech company, not exactly a bank, but Choice Financial Group seamlessly powers its banking services, and deposits are fully FDIC insured. 


  • There are no hidden or overdraft fees.

  • No fees are charged for using MoneyPass ATMs.

  • Cash deposits are permitted via the Green Dot network, subject to fees and limits.

  • With the early payment feature, you can receive funds up to two days earlier than with most other bank accounts.

  • An interest rate of 2% APY.


  • There is a fee for using ATMs that are not part of the network.

  • The maximum cash deposit is $1,000 per day and $9,000 per month. Each deposit incurs a service fee of up to $4.95.

  • Outgoing wire transfers are not permitted.

  • There are no checkbooks.

In summary, 

Lili is ideal for freelancers because there are no hidden fees, no overdraft fees, and no minimum deposit or balance requirement. Freelancers can receive an unlimited number of domestic wire transfers for free and earn a high-interest rate on their savings.

Freelancing is fantastic, and with the right tools, you can beat the competition and skyrocket your career with ease.

Receive payments on Workee

Did you know that Workee allows you to receive payments from anywhere in the world? Our integrated payment systems and 0% transaction fees provide so much freedom to freelancers. In one place, you can send invoices, receive payments, and have your taxes calculated for you. Our integration with Stripe and PayPal ensures that no matter where you are in the world, you get paid on time for your work.

Workee is the one-stop tool for all self-employed professionals and small business owners.  Here’s how Workee helps:

  • We offer a quick, no-code website for small businesses with seamless customization that can be set up and running in a minute.

  • Workee also helps you create your work schedule in seconds according to days, hours, or any other configuration you want.

  • It is incredibly easy to sell your professional jobs and services on the website you create on Workee. You can book services directly and manage job orders conveniently.

  • We help you manage your meetings and clients, track time, send invoices, and calculate taxes in one place.

There’s so much more! Sign up now.


A freelance bank account is needed to help you manage your business's funds from day to day. That’s why it must be simple to open, inexpensive, and integrate with other payment apps. 

Workee integrates with Stripe and Paypal to receive payments for freelancers directly on the website. We also help with accounting and work management, like automated invoicing, receipts, payments, and even tax deductions. Create a website now in less than a minute!

Ihor, CEO at Workee

Excited to start with Workee? Schedule a demo with our Manager!


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