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Best Checking Accounts for Self-Employed – USA

Best Checking Accounts for Self-Employed

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USA – February 2024
  • Offerings are backed by regulated financial institutions, deposits are FDIC insured.
  • Suitable for: small businesses, freelancers & self-employed.
  • Compare fees to save money, compare features to save time.
Last Updated February 2024
  • All accounts are FDIC insured.
  • Compare fees to save costs.
  • Suitable for self-employed.

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Business Banks Pricing Card Regulation Main Advantages Score Open an Account
Free plan More Info Found Debit Mastercard FDIC
  • Automatic expense tracking for self-employed
  • Built-in tax calculator and tax-saving tools
  • No monthly fees, NSF, or minimum balances
9.8

Payments

Domestic Transfers
  • Unlimited free ACH transfers
  • Incoming Wire transfers only
International Transfers

N/A

Card

Business debit Mastercard

Cash

Deposit and withdrawal available at 79,000 locations

Checks

Check scanner

Accounting Tools

  • green-check-mark Unlimited free invoicing
  • green-check-mark Expense tracking
  • green-check-mark Tax estimation and saving tool
  • green-check-mark integration with Stripe, Square, PayPal & more

Security Features

  • Deposits up to $250k are insured by Piermont Bank; Member FDIC

Account Access

Based on 265 reviews
Free Plan
Pro Plan $30 More Info
Relay Debit Visa FDIC
  • Best-in-class accounting integrations
  • Open multiple individual business accounts
  • Account-based allocation of income and expenses
9.5

Payments

Domestic Transfers

Free ACH Bank Transfer

$5 fee for sending Wire transfer
International Transfers

Wire transfers

$10 fee for sending Wire transfer
Card

Relay Debit Visa

Cash

Deposits available at 55,000+ AllPoint ATMs.
Withdrawls are fee-free on any ATM

Check

Recieve: Check scanner
Send: Mailed for you on-demand.

 

Accounting Tools

  • green-check-mark Billpay
  • green-check-mark Savings account
  • close-mark-black Free unlimited invoicing
  • green-check-mark Expanse management
  • green-check-mark integration with QuickBooks, Xero, Gusto, Yodlee and more

Security Features

  • Deposits up to $2,500,000 are insured by the Evolve Bank & Trust and Thread Bank; Members FDIC.
  • Secure collaboration with accountants

Account Access

Based on 1,204 reviews
Free plan More Info Bluevine Debit Mastercard FDIC
  • Free ACH and incoming wire transfers
  • Robust bill pay platform
9.1

Payments

Domestic Transfers

Free ACH Transfers
Wire transfers

Standard ACH fee: $0
Same-day ACH fee: $10
Incoming Wire Fee: $0
Outgoing Wire Fee: $15
International Transfers

Transfers to 32 countries outside the U.S in 15 currencies

Outgoing transfer fee (USD): $25
foreign transfer fee: $25 + 1.5% on base payment amount
Card

Business debit Mastercard

Cash

Deposits and withdrawals available at 90,000+ Green Dot ATMs

Checks

Recieve: Check scanner.
Send: 2 free checkbooks.

After 2 checkbooks – $18.22 per checkbook, plus taxes and shipping.
Checking

Accounting Tools

  • green-check-mark Bill pay
  • green-check-mark Free unlimited invoicing
  • green-check-mark Expense Management
  • green-check-mark Payment approvals

Security Features

  • Deposits up to $3,000,000 are insured by Coastal Community Bank; Member FDIC and their program banks.

Account Access

Based on 7,503 reviews
Free plan More Info FDIC
  • No fees on incoming wire transfers
  • Foreign transactions available at 3% fee
8.8

Payments

Domestic Transfers

Free incoming/outgoing ACH
Free incoming wire, $19 on outgoing wire

International Transfers

$19 on outgoing wire

Min. Opening Deposit

$100 minimum opening deposit

Accounting Tools

  • green-check-mark Quickbooks

Security Features

  • Deposits are insured up to $250,000 by Live Oak bank, Member FDIC

Account Access

Based on 308 reviews
$0 / $9 / $20 / $35
According to plan More Info
Lili Debit Visa FDIC
  • Fee-free overdraft up to $200 (for Lili Pro users)
  • Built-in tax planning tools
8.5

Payments

Domestic Transfers
  • Free ACH Bank Transfer
International Transfers
  • Free debit transactions

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark QuickBooks, Venmo & more

Security Features

  • Deposits are insured up to $250,000 via Choice Financial Group, Member FDIC

Account Access

Based on 2,481 reviews
$15 / $30 / $95
monthly fee More Info
Chase Debit Visa FDIC
  • Fee-free ATMs at 15,000 locations
  • Same-day cash deposits at no additional cost
8.2

Payments

Minimum Balance

$2k min. balance

Domestic Transfers

ACH transfers: Outgoing: $25 per payment

Wire Transfers: Incoming: $15, Outgoing:$25/$35

International Transfers

Wire Transfers: Incoming: $15, Outgoing:$40

Accounting Tools

  • close-mark-black Accounting integration
  • green-check-mark Bill Pay
  • green-check-mark Payment processing
  • close-mark-black Invoicing

Security Features

  • Deposits up to $250k are insured by Chase Bank; Member FDIC

Account Access

Based on 1,474 reviews
$10 Per month
$5k min. balance More Info
Axos Debit Visa FDIC
  • Unlimited domestic ATM fee reimbursements
  • Eligible customers earn 1.01% APY up to $50k
7.9

Payments

Cash Deposits
  • N/A
Minimum opening deposit
  • $100
Domestic Transfers
  • Free ACH transfers
  • $15 for outgoing wire transfers
International Transfers
  • $50 for outgoing international wire transfer

Accounting Tools

  • green-check-mark Savings tools
  • green-check-mark Bill pay
  • close-mark-black Expense Management
  • close-mark-black Invoicing
  • green-check-mark QuickBooks integration

Security Features

  • Deposits up to $250k are insured by Axos Bank; Member FDIC

Account Access

Based on 119 reviews
Best for sole proprietors
1
  • Automatic expense tracking for self-employed
  • Built-in tax calculator and tax-saving tools
More Info + Free Plan
Best for employers
2
  • Best-in-class accounting integrations
  • Multiple individual business accounts
More Info + Free / $30 (Pro Plan)
Best for single-member LLCs
3
  • Free ACH and incoming wire transfers
  • Robust bill pay platform
More Info + Free Plan
4
  • Open online account in minutes
  • 4.0% APY with zero monthly fees
More Info + Free plan
5
  • Automated tax saving system
  • Expanse tracking feature & recipt scanner
More Info + Free Plan
6
  • Fee-free Chase ATMs at 15,000 locations
  • Same-day cash deposits at no additional cost
More Info + $15/$30/$95 month
7
  • Domestic ATM fee reimbursements
  • Eligible customers earn 1.01% APY up to $50k
More Info + $10/month

Why is it important to open a business bank account?

As a self-employed individual, it’s essential to have a separate bank account for your business. Not only does this help you segregate your personal and business finances, but it also facilitates organized tracking of your income and expenses. With a clear view of your financial position, you can better understand the health of your business and make informed decisions to drive growth and success.

Beyond just better accounting, having a dedicated business account makes it easier to track tax-deductible expenses and estimate tax payments, ensuring you remain compliant with regulatory requirements. Additionally, possessing a business account enhances your professional appearance, helping to build trust with clients and ultimately making it easier to secure new business opportunities. By taking this step to set up a business bank account, you’re setting yourself up for long-term financial success!

Why is it important to open a business bank account?

As a self-employed individual, it’s essential to have a separate bank account for your business. Not only does this help you segregate your personal and business finances, but it also facilitates organized tracking of your income and expenses. With a clear view of your financial position, you can better understand the health of your business and make informed decisions to drive growth and success.

Beyond just better accounting, having a dedicated business account makes it easier to track tax-deductible expenses and estimate tax payments, ensuring you remain compliant with regulatory requirements. Additionally, possessing a business account enhances your professional appearance, helping to build trust with clients and ultimately making it easier to secure new business opportunities. By taking this step to set up a business bank account, you’re setting yourself up for long-term financial success!

How to Compare and Choose the Best Business Checking Account?

Features Icon
Banking Features
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees Icon
Fees
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options.
Corporate Card
All business accounts include corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security Icon
Security
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. FDIC regulates deposit insurance to at least $250,000
Accounting Icon
Accounting Tools
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most banks also offer seamless integration with bookkeeping & accounting tools.
Access Icon
Account Access
Today, some banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

How to Compare and Choose the Best Business Checking Account?

Features Icon
Banking Features
Accordeon button
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees Icon
Fees
Accordeon button
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options.
Corporate Card
Accordeon button
All business accounts include corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security Icon
Security
Accordeon button
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. FDIC regulates deposit insurance to at least $250,000
Accounting Icon
Accounting Tools
Accordeon button
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most banks also offer seamless integration with bookkeeping & accounting tools.
Access Icon
Account Access
Accordeon button
Today, some banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

FAQ

What’s required to open a business checking account?
Each business banking provider has specific requirements for opening a business checking account. The most crucial consideration is the existence of a de facto business. Clients must present an EIN, business incorporation information, and meet age requirement of 18+. US-based clients should present SSN (Social Security Number), a valid mobile number, and ID verification.
When is the right time to transition to a business checking account?
Business checking accounts are required for transaction purposes. As your business starts growing beyond a one-man operation, a business checking account becomes an invaluable resource. There may need to transition to a business checking account for many reasons, notably an uptick in recurring internal transfers. Other need may occur as a growing number of employees need access to business banking services, enhanced security, oversight, and control functions for management.
What would protect my business checking account from theft?
Business listed on our site are under FDIC protection against loss, theft, or bank closure. Fund are protected for up to $250,000.
Other security measures to be aware of include SSL encryption, and multifactor authentication.
 
Some brands like Relay and Bluevine offers extra security feature that allows Secure access for collaboration with accountants and team members.
What’s the difference between a personal and a business checking account?
Personal accounts are for personal use, while business accounts are for business use. Business checking accounts designed to manage incoming and outgoing funds transfers. By contrast, a personal checking account is used for managing non-business funds only.

FAQ

What’s required to open a business checking account?
Accordeon button
Each business banking provider has specific requirements for opening a business checking account. The most crucial consideration is the existence of a de facto business. Clients must present an EIN, business incorporation information, and meet age requirement of 18+. US-based clients should present SSN (Social Security Number), a valid mobile number, and ID verification.
When is the right time to transition to a business checking account?
Accordeon button
Business checking accounts are required for transaction purposes. As your business starts growing beyond a one-man operation, a business checking account becomes an invaluable resource. There may need to transition to a business checking account for many reasons, notably an uptick in recurring internal transfers. Other need may occur as a growing number of employees need access to business banking services, enhanced security, oversight, and control functions for management.
What would protect my business checking account from theft?
Accordeon button
Business listed on our site are under FDIC protection against loss, theft, or bank closure. Fund are protected for up to $250,000.
Other security measures to be aware of include SSL encryption, and multifactor authentication.
 
Some brands like Relay and Bluevine offers extra security feature that allows Secure access for collaboration with accountants and team members.
What’s the difference between a personal and a business checking account?
Accordeon button
Personal accounts are for personal use, while business accounts are for business use. Business checking accounts designed to manage incoming and outgoing funds transfers. By contrast, a personal checking account is used for managing non-business funds only.

Efficient tracking of finance, tax, and invoices for Self-Employed

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