In the article, I will explore the optimal bank for freelancers, elucidating the leading banking services suitable for self-employed individuals.
A proper bank can ease your financial management by providing automated features, minimal restrictions, or assistance with unsteady income payments. To assist you in selecting the most suitable option, I will discuss both online and offline banks.
Key Point & Best Bank For Freelancers
| Bank | Key Point |
|---|---|
| Axos Bank | Fully online bank offering no-fee business checking and high-interest savings. |
| Mercury | Digital banking for startups with virtual cards and automated cash management. |
| Novo | Online business banking with easy integrations and no monthly fees. |
| BlueVine | High-yield business checking with credit line access for small businesses. |
| Chase | Nationwide branch access with robust business tools and lending options. |
| Bank of America | Extensive small business support and rewards programs for account holders. |
| Wells Fargo | Offers a wide range of business banking solutions and merchant services. |
| Huntington | Tailored small business checking with overdraft protection features. |
| Capital One | Online-focused business accounts with unlimited transactions. |
| PNC Bank | Business banking with integrated cash flow management and budgeting tools. |
1. Axos Bank
Due to presencing only online, Axos Bank skips branch expenses and provides a cost-efficient business checking account making it an excellent option for freelancers.
Their Basic Busines Checking does not charge a monthly fee, requires no minimum balance, and offers unlimited transactions which fits well with erratic income flows.
Business Interest Checking returns a 1.01% APY but needs a $5,000 balance to sidestep a $10 fee. Expense management is made easier with Unlimited ATM fee reimbursement and QuickBooks integration.
Payroll and treasury services also available are great for freelancers. An online application might require some business paperwork which is a small obstacle. Ideal for digital nomads where low-cost banking and branchlessness drives flexibility and efficiency in finances.
Axos Bank Features
- No fees: Basic Business Checking has no monthly fees, no minimum balance, and unlimited transactions.
- Interest option: Business Interest Checking earns up to 1.01% APY (5,000balancetowaive5,000balancetowaive10 fee).
- ATM reimbursements: Freed from restrictions on the number of ATM surcharges refunded.
- Integrations: Account management can be done through QuickBooks.
- Digital tools: The mobile app (4.7 stars) allows bill payment and mobile check deposits.
- Drawbacks: Limited to a website, cash injections via Green Dot incur a $4.95 fee.
2. Mercury
Mercury has carved out a niche for itself in the freelance market by providing no-fee business checking and savings accounts. It also offers up to $5 million in FDIC insurance through partner banks, a unique advantage for high-earning freelancers.
With no monthly fees and no minimums, it provides unlimited domestic/international wire transfers and transactions, which is beneficial for clients around the world. Through API access and integrations with Zapier and Xero, accounting and automation are made simple.
The control freelancers have over their finances is enhanced through tracking of real-time transactions and virtual debit cards. While lacking physical branches, the platform’s intuitive design allows for seamless online setup.
Ideal for freelancers looking to scale their banking, Mercury boasts high digital tools, high FDIC insurance, and robust protection.
Mercury
- Free of charge: No monthly fees, minimum deposits, or transaction limits.
- Significant FDIC Insurance: Acclaims up to $5 million through partner banks.
- International support: Domestic and international wire transfers are free for all clients.
- Account integrations: Available on Xero, Zapier, and QuickBooks.
- Digital features: Gives virtual debit cards, mobile apps for tracking, and even API access.
- Quick setup: Submit your application online without needing to visit a branch.
- Downsides: No cash deposits and no physical locations.
3. Novo
Novo is designed specifically for freelancers. It helps them to create a free business checking account without any maintenance charges or minimum balance restrictions.
It is also unique in that it helps with client work payment processing via Stripe, PayPal, and QuickBooks integrations. Novo has free ACH transfers, mailed checks, and unlimited invoicing which helps with the management of cash flow.
The mobile app is user-friendly, making expense tracking and budgeting effortless. However, they do not offer physical branches or interest-earning accounts, adding wire transfer fees only increases the disadvantages.
On the other hand, Novo does offer a $50 referral bonus which, alongside discounts on HubSpot business tools, adds to the value.
For new freelancers, Novo is perfect- the integrations alongside the straightforwardness allows efficient management of free lancing work.
Novo
- Account without charges: Monthly fees and minimum transactions do not apply.
- Account integrations: Stripe, PayPal and QuickBooks for easier payments and accounting.
- Flexible Payment Policies: ACH transfers, check mailing, and invoice submissions are all unlimited and free.
- Notable features: A mobile App that has 4.8 as its rating and facilitates expense tracking and budgeting.
- Promotions: $50 referral bonus alongside discounts on HubSpot and other featured tools.
- Drawbacks: Branch-less structure and $25 charges for wire transfers.
4. BlueVine
For freelancers, BlueVine has an all-in-one business checking account that comes with no monthly fees, no minimum balance, and unlimited transactions.
The account best serves freelancers looking to save due to its secondary high yield savings account, which lowers the balance requirement to $100,000 for an earning of up to 2.0% APY.
BlueVine also makes accounting easier by integrating with QuickBooks and PayPal as well as permitting free ACH transfers and two complimentary checkbook copies each month.
Enhanced convenience is provided through the mobile app that allows for bill payment and deposit capture. However, customers do incur a $15 fee for wire transfers and do not have access to physical branches.
BlueVine is best suited for freelancers looking to set up accounts quickly with its simple online application. People looking for digital banking solutions will enjoy the high interest, although cash deposits done via third-party services are required.
BlueVine
- No Fees: No monthly maintenance, minimums, or transaction cap.
- High APY: Earn up to 2.0% on balances under $100,000.
- Integrations: Accounting made easy with Quickbooks and Paypal.
- Payment Tools: ACHs at no cost, two checkbooks per month.
- Mobile App: Paying bills and depositing checks made easier, more intuitive design.
- Drawbacks: Cash deposits of 4.95viaGreenDot,outboundwiretransfers−4.95viaGreenDot,outboundwiretransfers−15.
5. Chase
For freelancers, Chase Business Complete Banking is a solid choice due to its mix of online and offline banking. To avoid the $15 monthly fee, maintain a balance of $2,000 or complete five specific activities.
It covers all electronic transactions, offers free incoming wires, and access to 4,700 branches and 16,000 ATMs, which is great for freelancers dealing with a lot of cash. Chase’s mobile app features include invoicing, QuickBooks integration, and mobile check deposits.
Client transactions are easily completed using same-day card payments through the QuickAccept feature. Outgoing wire transfers and transactions beyond a set limit do come with additional fees.
With excellent fraud protections and business tools, Chase is ideal for freelancers who appreciate personalized service but may be a challenge for those who need basic banking services.
Chase
- Flexible Fees: Monthly fee of 15whichiswaivablewith15whichiswaivablewith2k balance or set activities.
- Accessibility: Cash deposits available in almost 4,700 branches and 16k ATMs.
- Payment Tools: Card payments with QuickAccept available same day, and free incoming wires.
- Integrations: Deposits and invoicing available on the mobile app, and QuickBooks.
- Digital Banking: Comprehensive app, available support 24/7, fraud monitoring.
- Drawbacks: Excessive transactions at 0.40each,outgoingwires0.40each,outgoingwires25.
6. Bank of America
With Bank of America’s Basic Business Advantage Fundamentals Banking, freelancers are accommodated at $16 per month which is waived if there is a minimum balance of $5,000 or $250 in card transactions.
The account even comes with 200 free transactions per month which is fantastic for moderate activity. Bank of America also offers 4,200 branches and 16,000 ATMs which are convenient for cash deposits.
Some of the other benefits offered include interest rate discounts and fee waivers through the Preferred Rewards for Business program. Payments are made easier with integration into QuickBooks and Zelle, and the mobile app even makes expense tracking easier.
However, the charges for excess transactions and wires could lead to higher costs. Bank of America is great for freelancers that want high quality digital services alongside easy access to branches.
However, those with lower balances compared to online-only banks may have access fees that are unfavorable.
Bank of America
- Flexible Fees: Monthly fee of 16,untilfulfilledbyeithera16,untilfulfilledbyeithera5,000 balance or $250 in card purchases.
- Accessibility: Cash handling through 4,200 branches and 16,000 ATMs.
- Rewards: Preferred Rewards program offers discounts and waiver on fee terms.
- Integrations: Expense tracking and payments with QuickBooks and Zelle.
- Transaction Limits: Monthly limit of 200 free transactions, additional at $0.45 per transaction.
7. Wells Fargo
Wells Fargo gives freelancers access to Initiate Business Checking, which comes with a $10 monthly fee that can be waived if the user maintains a $500 balance or completes 10 transactions.
Users can grab their cash from 4,900 branches and 12,000 ATMs, with 100 transactions offered free every month. This is ideally suited for cash-based freelancers. The mobile app allows for bill pay, mobile deposits, and QuickBooks integration.
With business financing choices offered through their Business Choice program, Wells Fargo also sidelines speedy client payments through Zelle. Their controls for overdrafts, excess transaction fees, and wire transfers remain high, alongside very few options for earning interest.
This applies most to freelancers who are unfazed by steep fees, prefer face-to-face banking, and have low transaction volume. Online banks may suit those with more activity and a desire to pay less.
Wells Fargo
- Low fees: Monthly fee of 10,offsetbya10,offsetbya500 balance or 10 transactions.
- Accessibility: Cash deposits through 4,900 branches and 12,000 ATMs.
- Digital tools: Mobile deposits, bill payment, Zelle, and QuickBooks.
- Transaction limits: Set at 100 free transactions per month, excess at $0.50 each.
- Overdraft protection: Flexible policies in place made for variable incomes.
- Drawbacks: Wires set at $16 and interest options are very limited.
8. Huntington
Huntington’s Unlimited Business Checking is suitable for freelancers and other professionals with moderate transaction needs, offering $20 monthly fee which is waived if a balance of $10,000 is maintained.
It offers unlimited transactions and free incoming wires as well as access to 1000 branches and 1700 ATMs which is convenient for regional freelancers. The mobile app features invoicing, mobile deposit and QuickBooks integration.
Freelancers will appreciate the features of Huntington’s 24-Hour Grace overdraft protection which avoids fees if funds are deposited speedily. However, slow expansion Nationally limits the appeal of outgoing wire fees.
Its Business Hub with tools like payroll integration serves growing freelancers. For people in the service area, flexibly altered transaction caps with generous overdraft limits are appealing, but less so for fully remote freelancers.
Huntington
- Unlimited transactions: 20monthlyfeewhichiswaivablewitha20monthlyfeewhichiswaivablewitha10,000 balance.
- Accessibility: 1,000 branches, 1,700 ATMs, free incoming wires.
- Digital tools: Invoicing, mobile deposits, QuickBooks integration.
- Overdraft protection: 24-Hour Grace avoids fees if funds deposited quickly.
- Business Hub: Payroll integration for growing freelancers.
- Drawbacks: Wires costing $15, limited national presence.
9. Capital One
Basic Business Checking by Capital One is freelancer-friendly, with no monthly fees for electronic transactions and a $15 fee that can be waived with a balance of $2,000. It boasts unlimited digital transactions, complimentary wireless payments, as well as access to 750 branches and 70,000 ATMs, which is great for cash management freelancers.
The mobile app allows for mobile deposits as well as QuickBooks, which makes streams accounting easier. Capital One’s Spark Business Savings earns modest interest, appealing for freelancers who wish to focus on their savings.
However, physical check fees and limited branch locations may be inconvenient for some. For freelancers balancing between digital and in-person banking, it’s a great option considering the economical features and convenience offered, though those needing frequent wire transfers, higher interest rates, or advanced options may prefer fintech alternatives.
Capital One
- No digital fees: 15 monthly fee, waivable with 15monthly fee, waivable with2,000 balance.
- Accessibility: 750 cash handling branches, 70,000 ATMs.
- Digital tools: Mobile deposits, QuickBooks integration, unlimited digital transactions.
- Savings option: Spark Business Savings with modest interest.
- Payment tools: No charge on incoming wires, advanced mobile app.
- Drawbacks: 0.50 check fee, few branchs.
10. PNC Bank
Fiverr has the best approach while PNC allows freelancers to enjoy its services through the Business Checking account. This account comes with a $12 fee but can be waived if the freelancer has a minimum balance of $500 in the account, or $100 in card purchases.
The account also features 150 free transactions each month, access to over 2,400 branches and 18,000 ATMs, and other useful digital features such as mobile deposits as well as QuickBooks integration.
Also, Cash Flow Insight tool professionally tracks income and expenses which you can also use if you are a freelancer dealing with volatile cash flows. Client payments are made easy through Zelle and free incoming wires, however, there is no interest offered for excess transactions which is a major downside.
This account has limited options for earning interest, excess transaction fees, and having no option to earn interest. Freelancers that are living in the area, enjoy cash flow managing tools will find PNC the best bank, but freelancers that prioritize zero-fees are better off with online-only banks.
PNC Bank
- Low fees: Monthly fee is 12,butcanbeavoidedwitha12,butcanbeavoidedwitha500 balance or $100 in card purchases.
- Accessibility: Cash deposits are available at 2,400 branches along with 18,000 ATMs.
- Digital tools: Includes Cash Flow Insight, a tracker of income, and integration with QuickBooks, Zelle.
- Transaction limits: Up to 150 transactions per month are free, with each additional costing $0.50.
- Payment tools: Mobile deposits and incoming wires are free.
- Drawbacks: $15 fee for wire transactions and limited interest options.
Conclusion
As a freelancer, picking the best bank will depend on how you want to utilize it📈—no fee accounts, online access, credit, or tools for managing cash flow.
For fully online freelancers, Mercury, Axos, Novo, and BlueVine are suitable, while Chase, Bank of America, and PNC offer traditional banking and face-to-face assistance.
