| Bank | Key Benefits | Consider | Get Started |
|---|---|---|---|
| Lili Top Pick | 4.00% APY on balances up to $1M. Built-in tax tools and expense tracking. No hidden fees. | Advanced features cost extra. Mobile-first platform. | Open Account → |
| Found | Banking, bookkeeping, and tax tracking in one app. 2.00% APY. No monthly fees. | No business credit or lending options. Digital only. | Get Started → |
| Axos Business Checking $200 Bonus | $200 welcome bonus. No monthly fees. Unlimited transactions. ATM fee reimbursements. | No physical branches. Some features require large balances. | Claim Bonus → |
| Novo | No monthly fees or minimums. Integrates with QuickBooks, Shopify, and Stripe. | No interest on balances. Cash deposits not supported. | Get Started → |
Managing your business finances does not have to be complicated. The right business checking account helps you stay organized, save time, and focus on growing your business.
Explore our full guide to the best banks for freelancers and discover the ideal fit for your needs, whether you want low fees, easy integrations, or added perks.
Best Banks for Freelancers
Freelancers or anyone can open any of the accounts below, even without an LLC or EIN. Many banks allow you to use your Social Security Number (SSN) instead.
It’s a smart way to separate business and personal finances, making taxes and expense tracking easier.
Ready? Here are the best banks for freelancers:
Lili
Built specifically for freelancers and self-employed
Lili
Built specifically for freelancers with tax tools, expense tracking, and invoicing
- Automatic tax savings buckets (set aside 20-30%)
- Built-in expense tracking by category
- No hidden fees or minimum balance
Found
Banking + bookkeeping + taxes in one app
Found
All-in-one banking with automatic bookkeeping and quarterly tax estimates
- Automatic quarterly tax estimates
- Schedule C categories built in
- No monthly fees, ever
Novo
Best integrations with freelance tools
Novo
Connects with Stripe, PayPal, Shopify, and all the tools freelancers use
- Connects with Stripe, PayPal, Shopify
- Free invoicing built in
- No monthly fees or minimums
Axos Business Checking
$200 bonus + unlimited transactions
Axos Basic Business Checking
Traditional online bank with welcome bonus — good if you want a more established bank
- $200 bonus with qualifying deposit
- Unlimited transactions, no monthly fees
- All ATM fees reimbursed nationwide
1. Lili
Lili is a no-fee banking app built for freelancers, but anyone can join. It gives you business checking, expense tracking, and tax tools to keep your finances simple.
There are no monthly fees, no minimum balance, and no deposit required to get started. You can withdraw cash for free at MoneyPass ATMs, and if you get paid by direct deposit, your money shows up up to two days early compared to traditional banks.
Everything runs through the app, so you can check your balance, transfer money, and manage your business finances from anywhere—without ever stepping into a bank.
- Boost your business savings with 4.00% APY on up to $1M
- Move money globally fast with simple wire transfers
- Talk to real humans 7 days a week for instant support
2. Found
Over 500,000 businesses use Found because it’s built for freelancers and self-employed professionals who need a simple, hassle-free way to manage their money.
Found is a free business banking app that comes with tax and bookkeeping tools, so you can track expenses, send invoices, and even pay your taxes—all in one place.
Your Found Business Debit Mastercard automatically categorizes expenses and estimates your tax bill in real time, setting aside the right amount so you’re not scrambling later. It also connects with payment apps and other bank accounts, so you don’t have to switch between platforms to manage your money.
There are no fees, no minimum balance requirements, and no unnecessary hoops to jump through—just a straightforward banking solution designed to make your life easier.
- Earn 2.00% APY on up to $20K and watch your business savings grow faster
- Simplify your finances with built-in bookkeeping, tax tools, and smart insights
- No fees, no minimums—only more control over your money
3. Axos Basic Business Banking
Axos Bank’s Basic Business Checking is a solid option if you want a no-fee business account without a bunch of extra costs. You’ll need $1,000 to open, but after that, there are no monthly maintenance fees or minimum balance requirements to worry about.
If earning interest matters to you, you can upgrade to Business Interest Checking and get 0.81% APY, which is better than most banks. Their business savings accounts start at 0.20% APY, so you can grow your money while keeping it accessible.
You also get unlimited transactions, mobile banking, and free ATM access nationwide, so it’s easy to manage your business finances from anywhere. And right now, they’re offering a $200 bonus if you sign up with promo code START200. If you need a straightforward business banking option with no hidden fees, Axos is worth checking out.
- Earn up to a $200 cash bonus when you get started today
- Unlimited ATM fee refunds + free transfers keep your money moving freely
- Zero monthly fees, zero balance minimums—just easy business banking that works
4. Novo
If you want a no-fee business checking account, Novo is worth considering. Unlike big banks, Novo doesn’t charge monthly service fees or require a minimum balance, so you can keep more of your money.
Novo makes it easy to manage your business finances from anywhere. You can connect it to the tools you already use, send invoices, pay bills, and accept payments—all from the app. It also links with your other bank accounts for easy transfers.
A standout feature is Novo Reserves, which lets you set aside money for taxes, payroll, or big expenses so you’re not scrambling later. Plus, you can withdraw cash for free at select ATMs.
For small businesses and freelancers who want a hassle-free, fully digital banking option, Novo gets the job done.
- Award-winning, free business checking account
- No monthly fees, unlimited refunds for ATM charges
- Great option for small-business owners on the go
Best Bank Accounts for Entrepreneurs FAQs
Should I have a separate bank account for freelancing?
Yes. Even if you only freelance part-time, it's important to keep your businesses separate. This makes it much easier to manage your money and make tax preparations at the end of the year too.
How do banks for freelancers make their money?
Many banks make most of their money by charging customers high transaction fees or monthly minimum balances that prevent a lot of people from using their accounts. Some banks also use overdraft fees and other bank fees to generate extra revenue as well.
How long does it take to set up a business checking account?
On average, setting up a business checking account takes about 10 minutes for online banks and longer for brick-and-mortar locations. You'll need an employer identification number (EIN) and a list of banks where you currently do business.
Can anyone open a business checking account?
Yes, freelancers can open a business bank account, even without an LLC or EIN. Many banks allow you to use your Social Security Number (SSN) instead. It’s a smart way to separate business and personal finances, making taxes and expense tracking easier.
How can banks for freelancers help my business?
Banks specifically designed to manage your money have better tools and features that can keep track of your transactions, warn you of overdrafts, and allow you access to funds faster. In addition, some banks offer business banking products such as credit cards tailored specifically for entrepreneurs who make up their own company name instead of using the traditional “incorporated” label.
Best Banks for Freelancers Summary
| Bank | Key Benefits | Consider | Get Started |
|---|---|---|---|
| Lili Top Pick | 4.00% APY on balances up to $1M. Built-in tax tools and expense tracking. No hidden fees. | Advanced features cost extra. Mobile-first platform. | Open Account → |
| Found | Banking, bookkeeping, and tax tracking in one app. 2.00% APY. No monthly fees. | No business credit or lending options. Digital only. | Get Started → |
| Axos Business Checking $200 Bonus | $200 welcome bonus. No monthly fees. Unlimited transactions. ATM fee reimbursements. | No physical branches. Some features require large balances. | Claim Bonus → |
| Novo | No monthly fees or minimums. Integrates with QuickBooks, Shopify, and Stripe. | No interest on balances. Cash deposits not supported. | Get Started → |
If you've been struggling with keeping up with all of your expenses while freelancing, these banks offer some great options for managing your money better and streamlining your tax season. Even if you're just starting out, a good business checking account can save you time and headaches in the future.
Freelancers now have more options than ever when it comes to banks where they can manage their money and grow their businesses. And if you're unsure about how much your current bank is charging you for checking accounts, fees or minimum balance requirements it might be time to check out what these banks have to offer instead.