Here are the best business checking accounts that we could find for the self-employed in 2021.
How did we choose these products?
With so many banks and financial institutions, it can feel impossible to choose the right one. However, there are some especially important factors to consider when you are self-employed.
Small business owners in the U.S. that are 18 years of age and older are eligible for a BlueVine Business Checking account. BlueVine does not issue business checking accounts to those in specific industries, such as gambling, firearms, or cryptocurrency.
To help with your account, there is live support. In addition to its expansive online resources and tools, BlueVine offers an excellent mobile app that allows you to check your balance, deposit your paycheck, and address other account issues. If you lose your card, you can also go online to freeze and unfreeze your card to prevent theft.
Because BlueVine is a financial technology company and not a bank, deposits are FDIC-insured via Coastal Community Bank to at least $250,000 but are not guaranteed for more.
Fees
BlueVine has no monthly fees and does not charge you if there are insufficient funds. There are also no charges for incoming wires, and over 38,000 MoneyPass locations help you avoid ATM fees.
Pros
No monthly or NSF fees1% interest on account balanceHuge MoneyPass and Green Dot network
Cons
Interest capped at $100,000No incoming wire transfersNot a bank
Chase Online Banking makes mobile banking simple when you’re on the go. There are unlimited electronic deposits, and you can even receive same-day deposits with Chase QuickAccept via the Chase Mobile app. QuickAccept also makes it possible for you to accept payments right on your phone using the app. The Chase debit card includes chip technology with the added support of Fraud Protection Services. You have the option of adding Chase Business Debit Card Coverage, which includes Overdraft Protection from a linked backup bank account. However, overdraft charges of $34 per item may apply.
Fees
While there is no monthly contract, Chase Complete Banking allows up to 20 transactions before a fee of $0.40 per transaction is assessed. There are free deposits of up to $5,000 per billing cycle. There is a monthly fee of $15, but this can be waived if there is $2,000 in monthly activity for eligible accounts. However, you will pay fees for incoming wires with charges for both domestic and international wire transfers.
Pros
Over 4,700 branchesSame-day direct depositMilitary banking benefits
Cons
No interestConditional feesNot available in AK, HI, or U.S. territories
Online banking enables you to send domestic wires of up to $10,000. There is also the LendingClub mobile app, which is incredibly helpful in completing a number of functions. There is mobile check deposit, funds transfer, and bill pay, in addition to digital invoicing. The LendingClub app also accepts payments like ACH and lockbox payments, in addition to traditional card payments. LendingClub’s own internal Autobooks accounting feature offers easy integration into leading software programs like Mint, QuickBooks, and Quicken. There are some limitations to consider with mobile deposits. LendingClub places initial 30-day limits when you first open your account. For example, mobile check deposits are held for five days for the first 30 days you have the account, but after that, checks are processed within two business days. Tailored Checking accounts also have a daily limit of $25,000.
Fees
LendingClub has fees and restrictions for various parts of your account. A minimum deposit of $100 is required to open your account, but no minimum is required after that. There are no monthly maintenance fees when you maintain a balance of $5,000 or more. Otherwise, the cost is $10 per month. LendingClub will also refund all ATM fee rebates on an unlimited basis each year for your Tailored Checking account.
Pros
Both interest and cashback rewardsUnlimited ATM rebates$2,000 ATM/Debit daily limit
Cons
$100 required deposit to open accountMonthly fee for balances less than $5,000Daily limits apply
You can access your money without any fees at more than 38,000 ATM locations, and you receive cashback rewards when you use your Lili Visa Business Debit Card at participating merchants. You can also get paid two days earlier when you receive your funds via direct deposit. What makes Lili especially great for freelancers and small businesses is that it incorporates the accounting end of your finances, too. In addition to its savings feature, you can create invoices and organize taxes all within the mobile app. The Lili Visa Business Debit Card comes with real-time spending notifications to keep you informed, and, with additional security and encryption protocols, you can always freeze and unfreeze your card through the app.
Fees
Lili’s business checking account comes without many of the fees commonly associated with a checking account. There are no monthly fees, you do not have to maintain a minimum balance, and Lili does not charge overdraft fees, up to $200.
Pros
Three-minute sign-upInterest-bearing accountSavings buckets
Cons
Restricted cashbackMonthly balance stipulationsNo desktop access
Business checking accounts include unlimited desktop deposits with the ability for ACH payroll and vendor payments. There is easy merchant processing and an added overdraft sweep to help prevent additional fees and extra security tools.
Fees
In addition to free check deposits, nbkc charges no fees for its business checking account. That means no fees for returned checks, paper items, overdrafts, or insufficient funds. There is no minimum balance required to open your account, and you do not need to keep a minimum balance in your account, either.
Pros
No feesUnlimited free transactionsNo required minimum balance
Cons
Charges for wiresLimited branch accessNo third-party software integration
Insured through Middlesex Federal Savings, the Novo debit card is accepted worldwide and includes an EMV chip for added security. You have the option of instant notifications for every transaction made with your Novo card, so you never miss a charge. Novo partners with Stripe for easy debit and credit card payments, with up to $20,000 in free payment processing. There’s also built-in account integration, so you can easily handle accounting and payment tracking. Novo Reserves makes it easy to save and categorize spending, with the ability to use up to five separate reserves for things like payroll, taxes, and other expenses. You can link your Novo account to your bank accounts and allocate funds between your accounts with easy transfers and free check deposits.
Fees
Novo assesses very few fees and refunds all ATM fees. There are unlimited free transactions in the U.S. There is a required deposit of $50 to open an account, but no minimum balance is required after that. There also are not any monthly or early termination fees along with free ACH transfers and complimentary paper checks. ACH transfers and incoming wires are all free, but there is a $27 insufficient funds fee.
Pros
Multiple popular integrationsATM fee reimbursementUnlimited ATM fee reimbursement
Cons
No interest on balanceNo cashback rewardsMoney orders required for cash deposits
Interest: Some business accounts may be eligible to earn interest on your balance. Rewards: Many accounts also carry additional rewards, like cashback or other incentives meant to save you money. Transactions: There may be limits placed on the number of free transactions you have each month, so look for any additional restrictions or charges that may restrict your banking activity. Opening deposit: Some accounts may require an upfront deposit to open a business checking bank account, with some minimums much more expensive than others. Fees: Bank charges can quickly eat into your profits, so be sure to consider different fees like monthly fees, ATM charges, insufficient fees, and overdraft charges. Cash deposits: There may be limits regarding the amount or quantity of deposits that you are able to make without penalty each month. Integrations: Some business bank accounts may offer beneficial integrations that could prove valuable to your business, such as Quickbooks for accounting or Stripe for payment processing.
To find the best bank account for self-employed business owners, be sure to compare different banks for the right account for your company’s needs.
Which is the right one for you?
Want few fees? Choose Bluevine.
Want access to physical branches? Choose Chase Business Complete Banking.
Want rewards on everyday spending? Choose LendingClub Tailored Checking.
Want tools to manage your freelance business? Choose Lili Account.
Want fee-free banking instead of rewards? Choose nbkc Business Account.
Want to use any ATM worldwide without fees? Choose Novo Business Checking.
Bank of America Business Advantage Fundamentals BankingKabbage CheckingMercury Business Bank AccountRelay Wells Fargo Initiate Business Checking Account
