7 Best Banks for Freelancers in 2025
We researched and compared 20+ bank accounts to find the best options for freelancers, independent contractors, and self-employed professionals. Our picks prioritize no monthly fees, tax-friendly features, and seamless accounting integrations.
How we chose: We evaluated each bank on monthly fees, minimum balance requirements, freelancer-specific features (tax set-asides, invoicing, categorization), accounting software integrations, FDIC insurance, and overall user experience. We focus on accounts that work well for sole proprietors and single-member LLCs.
1. Relay — Best Overall for Freelancers
Purpose-built for freelancers and small businesses. Up to 20 free checking accounts — perfect for profit-first budgeting and tax set-asides.
Why freelancers love it: The multiple sub-accounts are a game-changer for freelancers. Create separate accounts for taxes (25-30%), operating expenses, and profit. Money gets auto-allocated as invoices are paid. No more scrambling at tax time.
Visit Relay →2. Mercury — Best for Growing Freelancers
A sleek, modern banking platform that scales from solo freelancer to funded startup. Powerful API, treasury management, and venture debt when you need it.
Why freelancers love it: If you're a freelancer who might grow into an agency or startup, Mercury is the bank that grows with you. The UI is best-in-class, and Treasury lets you earn 4%+ on idle cash.
Visit Mercury →3. Found — Best Built-In Tax Tools
Banking, bookkeeping, invoicing, and tax filing — all in one app. Built from the ground up for self-employed workers.
Why freelancers love it: Found automatically sets aside your estimated tax on every deposit — so the money is always there when quarterly payments are due. It's the closest thing to "set it and forget it" tax management.
Visit Found →4. Novo — Best Free Integrations
Free business checking with a massive integration ecosystem. Connects to every tool freelancers already use.
Why freelancers love it: If you already use Stripe, Shopify, or other platforms, Novo plugs right in. Their Zapier integration means you can automate almost any banking workflow.
Visit Novo →5. Bluevine — Best Interest Rate
Earn up to 2.0% APY on your business checking — one of the highest rates available without locking funds in savings.
Why freelancers love it: Your idle cash actually earns meaningful interest. If you keep a $20K buffer (smart for freelancers), that's $400/year in passive interest — for free.
Visit Bluevine →6. Chase Business Complete — Best Traditional Bank
The largest branch network in America. For freelancers who need in-person banking, cash deposits, or the trust of a big-name institution.
Why freelancers love it: If you need to deposit cash, visit a branch, or want the credibility of a major bank, Chase is the best traditional option. The fee is easily waived by keeping $2K in the account.
Visit Chase →7. Lili — Best for Side Hustlers
Simple, clean banking for freelancers who want automatic tax savings without the complexity. Great free tier for getting started.
Why freelancers love it: Lili keeps it simple. If you're just starting out freelancing or running a side hustle, the free tier gives you everything you need — including the tax bucket that automatically sets aside money for quarterly payments.
Visit Lili →How to Choose the Right Bank for Your Freelance Business
Picking a bank comes down to what matters most to your workflow. Here's a decision framework:
- Tax anxiety? → Found or Relay (auto tax set-asides)
- Lots of integrations? → Novo (Zapier + everything)
- Growing fast? → Mercury (scales to startup)
- Want interest on cash? → Bluevine (2.0% APY)
- Need branches/cash deposits? → Chase (4,700+ locations)
- Just starting out? → Lili (simple & free)
- Best all-around? → Relay (free sub-accounts, great UX)
Regardless of which bank you choose, the most important thing is to separate your business and personal finances. It takes 10 minutes to open an account and saves hours of headaches at tax time.
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Frequently Asked Questions
Do freelancers need a separate business bank account?
While not legally required for sole proprietors, a separate business account is strongly recommended. It simplifies tax preparation, looks more professional to clients, and creates a clear paper trail that protects you during an IRS audit. Most accountants and tax professionals advise keeping personal and business finances separate.
Can I open a business bank account as a sole proprietor?
Yes. Most banks let sole proprietors open business accounts with just a Social Security Number — no EIN required. You'll typically need a government-issued ID, proof of address, and your business name (which can be your legal name). Online banks like Relay and Mercury make this process especially fast.
What should freelancers look for in a bank account?
The most important features are: no monthly fees, no minimum balance requirements, free ACH transfers, easy integration with accounting software (QuickBooks, FreshBooks), mobile check deposit, and ideally built-in tax savings or categorization tools. Sub-accounts for tax savings are a major plus.
Are online-only banks safe for freelancers?
Yes, as long as they are FDIC-insured (or partner with FDIC-insured banks). Online banks like Mercury, Relay, and Novo are all FDIC-insured through their banking partners. They often offer better features and lower fees than traditional banks because they have lower overhead costs.
How much should I set aside for taxes as a freelancer?
A common rule of thumb is 25-30% of your net income for federal self-employment tax and income tax combined. The exact amount depends on your tax bracket, state, and deductions. Use our Quarterly Tax Estimator to calculate your specific amount. Many freelancer-friendly banks offer automatic tax set-aside features to help with this.
Can I use a personal bank account for freelancing?
Legally, yes — if you're a sole proprietor. But it's a bad idea. Mixing personal and business transactions makes bookkeeping a nightmare, increases your audit risk, and looks unprofessional when clients see personal account details on invoices. Opening a free business account takes 10 minutes and saves hours at tax time.