7 Best Online Bank Accounts For Freelancers

The best business accounts for freelancers and self-employed business owners help you manage all of your finances by yourself, charge no monthly fees, and offer helpful tools and app integrations for bookkeeping tasks or planning taxes.

Monito has evaluated dozens of banks based on these factors. To help you narrow down your search, we compare national banks, regional banks, online banks, credit unions, and neobanks to identify the highest quality choices for your specific business situation.

Without further ado, here are our top 7 picks for the best business checking accounts designed with freelancers and the self-employed:

1. Revolut Business — 🏦 Best for International Accounting Management
2. Novo — 💰 Best No Hidden Fee Domestic Account
3. Lili — 📱 Best Mobile-First Checking Account
4. Wise Business — 💱 Best for Foreign Account Numbers
5. Bluevine — 💸 Best for Unlimited Deposits and Payments
6. Payoneer — 🌍 Best for Global E-Commerce Businesses
7. Capital One — 💳 Best for Credit and Traditional Bank Services

Best Business Bank Accounts for Freelancers & Self-Employed

When it comes to finding the perfect business account for freelancers and the self-employed, it'll be important for you to find a service that helps you easily understand and manage all of your finances by yourself. Not only should these accounts be easy to open and manage, but they should also come with these valuable features for freelancers:

• No monthly fees that won't eat into your hard-earned profits;
• Helpful tools and budgeting to simplify bookkeeping tasks;
• Integration with accounting software for self-employment taxes;
• Issues and tracks invoices for free.

Having a dedicated business checking account provides you with a formal separation of personal and business finances. Whether you run a physical store or pursue side hustles, it helps you write off business expenses, separate taxes, and protect personal assets from business liabilities.

Best Business Account for International Accounting Management: Revolut Business

Revolut Business offers a mobile checking account and debit card in partnership with Lead Bank, Member FDIC and its savings and APY with Sutton Bank, which is fully FDIC-insured. Revolut Business has plans for you that range from $10 a month (ideal for freelancers) to $140 a month (for large businesses).

Revolut Business is ideal for freelancers that do business globally because the account allows you to hold and exchange 25 currencies, give your team members debit cards for free, and send money to hundreds of countries. You will get account numbers for US dollars, British pounds, and IBANs for accepting wires in several other currencies.

Even if you primarily do business domestically, Revolut is still a great option thanks to its free invoicing and invoice tracking, app integration with accounting software, and easy-to-use budget management dashboard.

Revolut Business Advantages

• Basic paid plans cheaper than company plans;
• Foreign exchange is done at the mid-market rate;
• Hold and exchange 25 currencies;
• Get paid like a local in the US and the UK;
• Issue up to 200 virtual cards;
• Connect to apps and accounting software for free;
• Creates and tracks your invoices;
• Accepts payments on your website;
• Provides API integrations.

Revolut Business Disadvantages

• Basic plan costs $10 per month;
• Basic plan has no free international transfer allowance;
• Free limits are set on domestic and international wire payments;
• No business loans or credit cards.

Revolut Business In Summary

Revolut Business is our top choice for freelancers because it offers a world class online finance management platform. You can manage balances with their FDIC-insured partner banks, track spending activity, and set budgets. It is also well-designed to receive money from customers because it processes cards, bank transfers, and Revolut Pay.

Best Overall Small Business Account: Novo

Novo offers one of the all-around best online checking accounts for small businesses in the United States. It has some great app integrations and one of the lowest fee schedules we've seen yet from an online business account, which provides great added value for freelancers. You can apply online in as little as ten minutes.

Novo charges no monthly or hidden fees and has no minimum deposit requirement. This includes free incoming and outgoing ACH payments, incoming domestic wires, and out-of-network ATM withdrawals (they even refund international withdrawals).

You can send and track free and unlimited invoices from the Novo interface online, which is a major draw for freelancers and contracters. The business checking account allows multi-user access for your team and connects you to a library of thousands of your favorite apps. A few of the most well-known native Novo integrations include Stripe, Amazon, Etsy, Square, Shopify, Slack, Wise, eBay, Xero, and Quickbooks.

Trusted by over 175,000 small business owners across the country, Novo's banking services are provided by Middlesex Federal Savings F.A., a member of the FDIC.

Novo Advantages

• No monthly fees and free incoming and outgoing ACH payments;
• No fees for both incoming domestic and international wire payments;
• Refunds at all out-of-network ATMs;
• Savings and cashback rewards at select stores;
• Large library of easily-integrated apps and software;
• Integrated with Wise for wires and with Stripe for instant payouts.

Novo Disadvantages

• Does not initiate outgoing wire transfers;
• Insufficient funds charge of $27;
• Must purchase a money order to deposit cash;
• No business loans or credit cards.

Novo In Summary

Novo is our top recommendation for freelancers who want a no-nonsense account with no hidden fees. Novo offers numerous benefits such as no monthly fees, free ACH payments, and no fees for incoming domestic and international wire payments. Additionally, freelancers can enjoy refunds at out-of-network ATMs, savings, cashback rewards, and seamless integration with a wide range of apps and software. Novo also provides convenient integration with Wise for international wire transfers and Stripe for instant payouts.

Best Mobile Banking for Freelancers: Lili

Lili is a sleek mobile-first banking app designed specifically for freelancers in the United States, and partners with FDIC member Choice Financial Group to insure your balances. It’s fee-free schedule rivals that of Novo. Lili charges no overdraft fee up to $200, but only if you are a Lili Pro member (Lili Pro costs $4.99 a month). While the platform has no hidden fees or minimum balances, its real power comes from its expense management, free invoicing, and tax refund optimization tools. Unlike Novo, however, Lili does charge ATM fees if withdrawals are made outside of its 38,000 ATM network.

Lili Advantages

• Categorizes expenses and creates financial reports;
• Get paid 2 days early;
• Alerts you on potential tax write-offs;
• Pre-fills your annual 1040 Schedule C form;
• Connect to popular online marketplaces and payment platforms.

Lili Disadvantages

• Designed for individual use and not team use;
• 1% APY for Lili Pro members only;
• Overdraft and invoicing are only allowed with Lili Pro.

Lili In Summary

Lili removes the headache of filing for business taxes, and its fee schedule and mobile app are easily on par with the rest of the providers on this list. That 1% APY is only available to Lili Pro members, who pay $4.99 a month. But as long as you hold an average of $6,000 in idle cash throughout the year, Lili Pro will pay for itself thanks to those interest payments. 

Best for Foreign Account Numbers: Wise Business

Wise Business is the business product of one of the cheapest and most transparent international money transfer companies in the world. Wise was founded in the UK in 2011, and its US subsidiary partners with different FDIC-insured bodies depending on the US state in which it operates. See this list of Wise’s licenses. 

Wise Business leverages an international transfer system that will work best as a supplement to another bank account already attached to your small business. With its transparent and industry-low fees, Wise Business can save you hundreds or thousands of dollars on large transactions that you make internationally. If you need to pay a foreign supplier, receive funding from an international investor, or transfer foreign-denominated revenue into USD, then Wise Business may be your best solution.

When pay a one-time fee of $31, Wise Business will give you unique international bank account details such as a European IBAN and a UK sort code. This platform is highly recommended by Monito if you want to save money when paying international suppliers.

Wise Business Advantages

• Use real exchange rate to withdraw revenue in foreign currency;
• Get bank account details in 10 currencies (USD, GBP, EUR, JPY);
• Batch pay up to 1,000 invoices and salaries at once;
• Industry-low fixed fees per international transfer payment;
• No monthly fees.

Wise Business Disadvantages

• Optional one-time fee of $31 to get the 10 bank account details;
• Minimal accounting software integrated;
• Local ACH transfers are not free;
• Not recommended to process customer payments.

Wise In Summary

Wise Business is one of the world's best known multi-currency accounts that reliably gives you one of the cheapest methods to send money abroad as well as exchange foreign currencies. Wise always applies the real mid-market exchange rate, and charges industry low fees, which can save freelancers that transact internationally in large lump sums.

Best for Unlimited Deposits and Payments: Bluevine

Bluevine’s mobile and desktop platform was designed for small businesses and makes paying business bills swift and stress-free. Founded in California in 2013, the company partners with FDIC member Coastal Community Bank to insure your deposits. 

Bluevine’s fee schedule is excellent. Their $15 fee to initiate a domestic wire transfer was the only fee that stood out to us (we recommend simply using ACH payments with Bluevine because they are free). In fact, you get an unlimited number of incoming and outgoing payments for free. You can even use their platform to pay your suppliers and partners by credit card so that you can free up your cash.

It's 2% APY is attractive, but only applies to your balances if at least one of the two following criteria are met: spend $500 with your Bluevine Mastercard per month or receive $2,500 in customer payments per month.

Bluevine Advantages

• Unlimited transfers with Bill Pay, ACH payments, and local transfers;
• Can connect to third-party tools like Stripe;
• Access to up to $250,000 lines of credit;
• Live phone support and online live chat function.

Bluevine Disadvantages

• 2% APY subject to monthly eligibility requirements;
• $2,000 cash withdrawal limit;
• $20,000 limit on mobile deposit of checks.

Bluevine In Summary

Bluevine is designed best for small businesses and freelancers that deal with a wide variety of contractors or suppliers. Bluevine’s system will make paying them fast and organized. They have an easy-to-use bill pay system and Bluevine never charges monthly maintenance fees.

Best for Global E-Commerce Businesses: Payoneer

Payoneer is a global financial platform founded in 2005 in New York that partners with a large network of FDIC insured banks. With a Payoneer account, which is free to sign up for, you will gain access to eight bank account details (including USD, GBP, and EUR).

Payoneer expands your reach to online customers around the world by seamlessly integrating your foreign currency accounts into e-commerce stores around the world. The account also allows you to get paid in the local currency of your customers abroad. When you are ready to deposit your revenue into your home account in USD, Payoneer will exchange the currency at the real mid-market exchange rate.

Payoneer Advantages

• Get international payments sent from customers to 8 local accounts;
• Withdraw funds into home account with mid-market exchange rate;
• Pay suppliers from your Payoneer balance for free.

Payoneer Disadvantages

• Withdrawing non-USD Payoneer balances to US banks costs up to 2%;
• Annual Payoneer debit card fee of $29.95.

Payoneer In Summary

Payoneer places you into a vast infrastructure of e-commerce where you can reach customers around the world, get paid in the local currency, and pay your suppliers like a local too. While the other providers on this list integrate into the world’s leading online marketplaces, Payoneer is the only one that gives you foreign bank details at the same time. Payoneer is a leader in its field and an innovative solution that Monito recommends to freelancers in the e-commerce industry without reservation.

Best for Credit and Traditional Bank Services: Capital One

Capital One Online Business Banking is a great option among large American banks thanks to its fee transparency and high-quality banking apps. All big American banks will charge maintenance fees, unless you maintain a certain minimum deposit limit. We tend to only recommend these kinds of bank accounts for established businesses who are seeking advanced financial services, like loans up to $5 million, capital management, or escrow services.

Unlike the digital finance platforms recommended on this page, Capital One and other big banks offer lines of credit and credit cards. You may apply for loans between $10,000 to $5 million with Capital One for real estate, cash flow, or other investments. Capital One offers some of the best credit cards in the industry too.

Be aware that you will be charged for domestic outgoing wires, Cashier's Check transactions, and all international wires. International wires with Capital One are very expensive, which is why we recommend you run a search on our international money transfer comparison engine instead.

Capital One Advantages

• Monthly fee waived if balance is over $2,000;
• Deposit $5,000 in cash per month without fees;
• Among the best credit card rewards program;
• Offers payment protection;
• Provides SBA loans, credit cards, and real estate terms.

Capital One Disadvantages

• Outgoing int'l wire cost: $40 + FX markup. Find cheap alternatives.
• Charges $15 monthly maintenance fee;
• ATM withdrawals only free in the Capital One network.

Capital One In Summary

Capital One is a technology leader in the American banking industry. Its business checking account is connected with Capital One's great mobile app. You account will accept major credit cards and gift cards, including contactless, PayPal, ApplePay, and Google Pay. As an FDIC-insured bank, Capital One also offers safe wealth management services, SBA loans, and lines of credit with top-class credit cards.

Recapping the Best Banks for Freelancers and Self-Employed

Here is a quick summary of the best banks for freelancers and self-employed workers in the United States:

1. Revolut Business — 🏦 Best International Bank Account For Freelancers
2. Novo — 💰 Best No Hidden Fee Checking Account
3. Lili — 📱 Best Mobile-First App
4. Wise Business — 💱 Best for Foreign Account Numbers
5. Bluevine — 💸 Best for Unlimited Deposits and Payments
6. Payoneer — 🌍 Best for Global E-Commerce Businesses
7. Capital One — 💳 Best for Credit and Traditional Finance Services