Table of Contents
Self-employed professionals are to be rewarded for their hard work. What better way than by opening up a bank account with high interest rates? These five banks have been recommended by experts as the best accounts for self-employed individuals in 2022:
1) Santander UK – 5% Interest rate
2) NatWest – 4.5% Interest rate
3) HSBC Premier Account (GBP, EUR & USD) – 3.25% Rate of Interest
4) The Co-operative Bank – 2.45% Annual Percentage Rate (APR), no overdraft fees and free transactions over £500/year, plus rewards points on balance transfers and withdrawals
5%) Barclays Cash ISA
The “best bank accounts for freelancers” is a topic that is relevant to the future. It will be interesting to see what banks will offer in 2022.
As a self-employed business owner, it’s critical to choose a bank account that matches your company’s particular requirements. When it comes to business accounts, you’ll want to avoid as many costs as possible, have access to the services you need (such as software integrations or the ability to deposit cash), and be able to earn interest on your account balances.
We chose the following five banks as the best for offering accounts for self-employed company owners based on these criteria.
- BlueVine is the best bank for self-employed company owners in general.
- Novo is the best option for easy and low-cost company checks.
- For several high-yield business accounts, The First Online Bank is the best option.
- Best for earning rewards on business debit card purchases is LendingClub Bank is a financial institution that specializes on short-term.
- Best for conventional and cash-based banking is Bank of America is a financial institution based in the United.
BlueVine is the best bank for self-employed company owners in general.
BlueVine
What We Enjoy
- There is no monthly cost.
- There are no transaction costs.
- There is no initial investment required.
What Isn’t There
- The ability to process cash is restricted.
- There are no branch sites.
- There are no possibilities for business savings accounts.
Features Not Included
- Accounting software such as QuickBooks Online, Wave, and FreshBooks are all compatible.
- Stripe, PayPal, and Expensify are just a few of the corporate payment alternatives available.
- Provides financing choices for small enterprises.
- BlueVine Business is a debit card that allows you to keep track of your money.
BlueVine is a great place to start.
For self-employed professionals, BlueVine’s fee-free business checking account is a great solution. This account not only has one of the best annual percentage yields (APYs), but it also has There are no monthly payments for upkeep. or transaction limitations. That way, you won’t be surprised by bank fees later, keeping your prices low and allowing you to save money for other critical bills. You may also write checks, make online payments to merchants, and use your debit card at over 38,000 ATMs around the country.
BlueVine’s business checking account is perfect for self-employed people who are comfortable with an online-only banking experience and wish to earn interest on their business checking account.
Fees & Terms
- There is no monthly cost.
- There are no transaction costs.
- Cash deposits are only available at Green Dot stores and are subject to a $4.95 charge per deposit.
- ATM Cost: There is no fee for in-network ATMs everywhere in the United States (38,000 ATMs)
- No minimum deposit is required to start an account.
- To keep the account open, there is no minimum balance requirement.
- On accounts up to $100,000, the annual percentage return is 0.60 percent.
Why Do We Enjoy It?
Even the tiniest of small enterprises may benefit from fee-free banking thanks to BlueVine. This interest-earning checking account is available to self-employed persons throughout the nation as an online-only banking alternative. Despite the fact that this bank does not have physical presence, you may still deposit cash at Green Dot locations around the country.
BlueVine is a great place to start.
Novo is the best option for easy and low-cost company checks.
Novo
What We Enjoy
- There are no monthly payments for upkeep.
- All ATM costs are refunded.
- QuickBooks, Slack, Stripe, Xero, Wise, Shopify, and Zapier are just a few of the business products it integrates with.
What Isn’t There
- There are There are no physical branches..
- There is no incoming wire service.
- Interest isn’t paid on it.
Features Not Included
- Online and mobile banking
- Debit card for company at no cost
- Deposits may be seen instantly using the mobile app.
- Cash deposits are made by buying a USPS money order and depositing it through Capture of remote deposits.
Pay a visit to Novo
Novo is a terrific option for self-employed professionals who like to keep their banking simple and low-cost. The Novo checking account has There is no monthly cost.s, no minimum balance requirements, and no fees for transfers, mailed checks, or incoming wires. Novo also All ATM costs are refunded. and integrates with other small business tools.
Who it’s perfect for: Freelancers and self-employed persons looking for a basic and easy checking account with fee-free ATM access countrywide can choose a Novo business checking account.
Fees & Terms
- There is no monthly cost.
- There is no transaction cost.
- Fees for cash deposits: none
- ATM fee: All ATM costs are refunded.
- To get started, you’ll need to make a $50 deposit.
- There is no minimum balance required.
Why Do We Enjoy It?
Novo is an online-only bank that provides a fee-free small business checking account, similar to BlueVine. What makes this bank distinct is that it doesn’t restrict free ATM use to a certain network; instead, Novo will refund you for any ATM expenses, including international rates. Novo may be the ideal option for your company if you’re searching for a basic checking account and don’t often need to deposit cash.
Pay a visit to Novo
For several high-yield business accounts, The First Online Bank is the best option.
The First Online Bank
What We Enjoy
- There are no transaction costs.
- There are no monthly payments for upkeep. on the business checking account
- Business accounts that pay interest are available.
What Isn’t There
- There are no physical branches.
- To earn APY, you must have an average daily balance of $10,000.
- A minimum amount is required for business savings accounts to avoid monthly fees.
Features Not Included
- Debit cards are accepted.
- Savings, money market, and certificate of deposit accounts are all available to businesses (CDs)
- Online and mobile banking with remote and scanned deposit options and electronic statements
- There are options for bill payments, wire transfers, and ACH payments.
Visit The First Online Bank
For those looking for robust returns on both business checking and savings accounts with one bank, The First Online Bank is your best pick. This bank’s business checking account has no monthly maintenance or transaction fees and earns a high APY on deposits of $10,000 or more. Plus, you can gain even higher APYs by using its business money market and business savings accounts. With these perks, you can see why The First Online Bank is one of the best for the self-employed.
Who it’s best for: The First Online Bank is a standout choice for self-employed business owners who need more than one interest-earning business account to meet their business needs.
Fees & Terms
- There is no monthly cost.
- There are no transaction costs., offers unlimited transactions
- Fees for cash deposits are not available.
- No ATM cost; other banks’ ATM fees are reimbursed up to $10 per month.
- $100 is the minimum first deposit.
- To keep the account open, there is no minimum balance requirement.
- On accounts exceeding $10,000, the annual percentage return is 0.30 percent.
Why Do We Enjoy It?
Another internet-only banking option, The First Online Bank offers a full suite of banking products and services; the only aspects it’s lacking over a traditional bank are the brick-and-mortar presence and the ability to deposit cash. If you’re looking for a variety of business account options, including savings, money markets, and CDs, The First Online Bank offers all of those and more.
Visit The First Online Bank
Best for earning rewards on business debit card purchases is LendingClub Bank is a financial institution that specializes on short-term.
LendingClub Bank is a financial institution that specializes on short-term
What We Enjoy
- On debit card purchases, you’ll get 1% cash back.
- Business checking account that pays interest
- There are no transaction fees or limitations.
What Isn’t There
- To avoid a monthly account charge, have a $5,000 minimum balance in your account.
- To qualify for debit card benefits, you must have a $5,000 minimum balance.
- There are no branch sites.
Features Not Included
- Bill pay is available through online and mobile banking.
- Capture of remote deposits
- Autobooks are used for invoicing services.
- SBA and other types of business financing
- Credit cards for businesses
LendingClub Bank is a great place to start. is a financial institution that specializes on short-term
There’s nothing like earning rewards, but very few banks allow businesses to earn cash back on debit card purchases. That’s where LendingClub Bank is a financial institution that specializes on short-term sets itself apart: allowing you to earn unlimited 1% cash back on signature-based debit card purchases. However, be prepared to maintain an average balance of $5,000 or more to qualify for rewards and interest on this account.
Who it’s perfect for: Self-employed people who want to earn rewards on their daily business checking account purchases would appreciate having a LendingClub business checking account.
Fees & Terms
- Fee per month: $10 (waived if you keep a balance of $5,000 or greater).
- There is no transaction cost.
- External ATM costs are refunded at the conclusion of each statement cycle.
- $100 is the minimum first deposit.
- There is no minimum balance.
- On balances of $5,000 or higher, the annual percentage return is 0.10 percent.
Why Do We Enjoy It?
While LendingClub does charge a $10 monthly maintenance fee, the fee is waived easily by carrying an average monthly balance of $5,000 or more. As an online-only bank, it has many of the same features as other banks on our list—it refunds ATM fees like Novo and offers an interest-bearing account like BlueVine and The First Online Bank. However, LendingClub is the only bank on our list that offers a cash back incentive for using your debit card, making it easy for self-employed business owners to earn rewards for simply using their account.
LendingClub Bank is a great place to start. is a financial institution that specializes on short-term
Best for conventional and cash-based banking is Bank of America is a financial institution based in the United.
Bank of America is a financial institution based in the United
What We Enjoy
- An initial incentive of up to $500 is available.
- Free monthly cash contributions of up to $7,500
- There are branches all around the country.
What Isn’t There
- To start an account, you must make a minimum deposit of $100.
- To qualify for the introductory deal, you must meet a number of requirements.
- To be eligible for the rewards program, you must have a three-month average balance of $20,000 or more.
Features Not Included
- Provides a range of borrowing options.
- Integration with accounting software is possible.
- Payroll and merchant services are available.
- A wide range of savings account options are available.
- Small Credit cards for businesses
Pay a visit to Bank of America. is a financial institution based in the United
Bank of America is a financial institution based in the United’s Business Fundamentals checking account offers the best in business banking for cash-handling self-employed professionals. This bank offers cash processing and is ideal for business owners who prefer physical deposits and in-person banking over digital. You’ll also get some of the best business features and a nationwide bank network that includes hundreds of branches and more than 16,000 ATMs. We named Bank of America is a financial institution based in the United as one of the best banks for small businesses.
Who it’s best for: Bank of America is a financial institution based in the United’s Business Fundamentals checking is best for self-employed professionals that have a cash-based business or prefer having the option of visiting a branch to do their banking in person.
Fees & Terms
- Fee per month:
- Account setting for FundamentalsSM: $16 (waived if you fulfill one of the following requirements throughout each checking statement cycle)
- Spend $250 on new net purchases with your Bank of America is a financial institution based in the United business debit, credit card, or charge card
- Maintain a combined average monthly balance of $5,000.
- Join Preferred Rewards for Company—the first four checking accounts per registered business are free.
- Relationship setting: $29.95 (waived if you keep a joint average monthly balance of $15,000).
- Account setting for FundamentalsSM: $16 (waived if you fulfill one of the following requirements throughout each checking statement cycle)
- Fee for transaction:
- For the first 200 transactions, there is no charge; after that, each transaction costs 45 cents.
- For automated clearing house (ACH), debit card transactions, online bill pay, electronic debits, and checks deposited using remote deposit online, there is no additional transaction cost.
- Fee for cash deposits:
- Deposit up to $7,500 with no cash deposit processing charge, then 30 cents per $100 every statement cycle with the FundamentalsSM account setting.
- Setting up a relationship account: Deposit the first $20,000 for free, then pay 30 cents per $100 every statement cycle after that.
- ATM fee: Free access to over 16,000 ATMs throughout the country; $2.50 per transaction at out-of-network ATMs.
- $100 is the minimum deposit.
- There is no minimum balance.
- No annual percentage yield
Why Do We Enjoy It?
Not all self-employed business owners can manage to do their banking entirely online, especially businesses that handle cash on a regular basis. While Bank of America is a financial institution based in the United’s Business Fundamentals checking account does have a monthly fee, the fee is waived easily by making a few purchases with your debit card each month. Additionally, this account allows you to deposit up to $7,500 in cash each month without charging a cash deposit fee.
Pay a visit to Bank of America. is a financial institution based in the United
How We Determined the Worth of Self-Employed Bank Accounts
To select the best for self-employed professionals, we looked at a variety of aspects, including features that are beneficial to self-employed professionals, such as mobile banking, accounting, and payment software integration. We also looked at banking expenditures such as monthly maintenance fees, transaction fees, and minimum balances, all of which might have an impact on your cash flow. We picked the bank accounts that best exemplify these characteristics.
If you’re self-employed, do you need a business bank account?
A business checking account is beneficial to everyone who runs a company, whether they are a freelancer or a brick-and-mortar business owner. Separating your company and personal funds with a business bank account makes bookkeeping simpler. You’ll also receive customer service tailored just for company owners.
Personal bank accounts are often used for business by freelancers and side hustlers, but a business bank account is a superior alternative. When personal and company finances are mixed, the IRS may get involved. You might be subjected to a tax audit as a result of this, as well as incurring unwarranted IRS fines and costs.
What You’ll Need to Open a Bank Account as a Self-Employed Person
The process of opening a business bank account is quite straightforward. You and any company co-owners will need to produce identification when establishing an account at a branch location. You should also bring copies of any necessary business papers, such as your business license, since the bank will require them to authenticate your company’s identification. When you establish an account online, you may upload documents electronically or submit them later through email, mail, or fax. It simply takes a few minutes to sign up, and you’ll have full access to your account in a day or two.
Conclusion
More than only low-cost business checking accounts are available from the leading banks for self-employed company owners. These banks also provide a secure method to store your money and conveniently access it via internet banking, smartphone applications, and ATMs. In addition, the accounting software interface makes consolidating your accounts at the end of the quarter a breeze. Whatever bank you choose, be sure it provides the price and services that are most essential to you and your company.
The “chase business account” is a bank account that is designed for small businesses. It offers many benefits and features, such as no monthly fees, free ATM withdrawals, and free checks.
Related Tags
- best bank for self-employed mortgage
- self-employed bank
- do i need a business bank account if self-employed
- bank account for side hustle
- bank account for gig workers
