Choosing the best business bank account for freelancers matters more than it might seem, since separating business and personal money makes bookkeeping, taxes, and (if you have an LLC) liability protection dramatically simpler. Here’s how the most popular options compare in 2026.
Note: Fees, interest rates, and features change often. Confirm current details directly on each provider’s website before opening an account.
Do Freelancers Actually Need a Business Bank Account?
As a sole proprietor, you’re not legally required to have a separate account, but it’s strongly recommended: it cleanly separates income from personal spending, makes deductions and quarterly taxes far easier to calculate, and presents a more professional image to clients. If you operate through an LLC, a separate account is much more than a convenience — mixing funds can undermine the liability protection the LLC is meant to provide. See our guide on how to separate business and personal finances as a freelancer.
Quick Comparison
| Bank | Monthly Fee | Standout Feature | Best For |
|---|---|---|---|
| Found | $0 (paid tier optional) | Built-in tax set-aside and “Pockets” sub-accounts | Freelancers who dread calculating quarterly taxes |
| Novo | $0 | Deep integrations (Stripe, Shopify, QuickBooks) | Freelancers running most of their business online |
| Lili | $0 (paid tiers add features) | Mobile-first, tax buckets, high-yield linked savings | Gig workers and mobile-first freelancers |
| Bluevine | $0 | Interest-bearing checking (conditions apply) | Freelancers who carry a cash cushion |
| Relay | $0 | Up to 20 sub-accounts for bucket budgeting | Freelancers using a “Profit First”-style system, or with a bookkeeper needing their own login |
| Mercury | $0 | Startup-style tools, virtual cards per vendor | LLCs and registered entities wanting more advanced banking |
| Chase Business Complete | Waivable | Physical branches, cash deposits | Freelancers who regularly handle cash |
Found: Best for Automatic Tax Set-Aside
Best for: Freelancers who want taxes handled inside the bank itself.
Found’s free tier has no mandatory monthly fee, no minimum opening deposit, and no overdraft fees. Its standout feature is automatic tax set-aside: you can route a percentage of every incoming deposit straight into a dedicated tax “Pocket,” directly supporting the habit covered in our guide on how to set up a tax savings account as a freelancer. Found also offers up to 20 Pockets (sub-accounts) for organizing money by purpose, plus built-in invoicing and basic bookkeeping tools designed specifically around self-employment.
Novo: Best for Integrations
Best for: Freelancers whose business runs through Stripe, Shopify, or accounting software.
Novo offers fee-free business checking with no minimum balance requirements, plus “Reserves” — sub-accounts for setting money aside by category (taxes, savings, specific projects). Its biggest strength is how cleanly it connects with tools like Stripe, Shopify, and QuickBooks, along with perks like worldwide ATM fee refunds up to a monthly cap. One limitation: Novo doesn’t accept cash deposits, which matters if any part of your income comes in physical cash.
Lili: Best Mobile-First Option
Best for: Gig workers and freelancers who manage nearly everything from their phone.
Lili’s free Core plan includes no monthly fee, tax “buckets” that automatically set aside a percentage of deposits, basic invoicing, and expense tracking. A notable extra: Lili’s linked savings account can pay meaningfully higher interest than Novo or Found on saved balances, and it accepts cash deposits through a large retail network. Paid tiers add more advanced accounting and tax tools, which can be worth it if it replaces a separate paid bookkeeping subscription.
Bluevine: Best for Carrying a Cash Balance
Best for: Freelancers who tend to keep a meaningful balance in their checking account rather than sweeping it out regularly.
Bluevine stands out by paying interest directly on checking balances (commonly in the low single digits as an APY, up to a stated cap) when certain activity conditions are met, such as a minimum monthly spend on the debit card or a minimum amount in customer payments received. For a freelancer sitting on working capital rather than transferring it all to savings, this can add up to real money over a year that most other business checking accounts simply don’t offer. It also comes with no monthly fee and access to business lending products if needed later.
Relay: Best for Bucket-Style Budgeting
Best for: Freelancers who like to allocate money into labeled categories, or who work with a bookkeeper who needs their own separate login.
Relay offers up to 20 individual checking accounts under one login, with automatic transfer rules between them — ideal for a “Profit First”-style system where you split every deposit into taxes, savings, operating expenses, and owner’s pay automatically. It also supports multiple user logins with different permission levels, useful if you work with a bookkeeper or virtual assistant.
Mercury: Best for Registered Entities Wanting More Advanced Tools
Best for: Freelancers operating as a formally registered LLC who want startup-style banking features.
Mercury requires a formally registered business entity (a state-filed LLC or corporation) — it generally isn’t available to sole proprietors without formation documents. In exchange, it offers virtual cards you can issue per vendor or subscription, more advanced treasury and cash management tools, and free domestic and international wires. This fits freelancers who’ve already formed an LLC (see our guide on how to form an LLC as a freelancer) and want banking built for a slightly more complex operation.
Chase Business Complete: Best for Handling Cash
Best for: Freelancers who regularly deposit physical cash.
Most fintech-style options above don’t accept cash deposits at all, which makes a traditional bank like Chase relevant if any part of your income arrives as cash. Chase Business Complete carries a monthly fee that can typically be waived by meeting a minimum balance or transaction requirement, and it offers the advantage of physical branches and ATMs if in-person banking matters to you.
What to Compare Before Choosing
- Monthly fees and how to waive them. Many fintech options charge nothing at all; traditional banks often waive fees with a minimum balance
- Cash deposit support. Several popular fintech options don’t accept cash at all
- Interest on balances. A few options pay meaningful interest on checking; most pay none
- Tax set-aside tools. Found and Lili build this in directly, which can reinforce good habits
- Sub-accounts or “buckets.” Useful for separating taxes, savings, and operating funds without needing multiple separate bank relationships
- Integrations. If you invoice through Stripe or do bookkeeping in QuickBooks, check how well the bank connects
- Entity requirements. Some accounts (like Mercury) require an LLC or corporation; most fintech options support sole proprietors too
- FDIC insurance structure. Fintech banking apps partner with an FDIC-insured bank behind the scenes — confirm coverage details, especially for balances above standard limits
How to Choose Based on Your Situation
- Taxes stress you out most: Found or Lili, for the automatic set-aside feature
- You run your business through Stripe, Shopify, or similar tools: Novo
- You keep a meaningful cash cushion in checking: Bluevine, for the interest
- You like organized, labeled budgeting or work with a bookkeeper: Relay
- You have a registered LLC and want more advanced banking tools: Mercury
- You regularly handle cash: Chase or another traditional bank with local branches
The Bottom Line
There’s no single best business bank account for every freelancer — the right choice depends on whether taxes, cash handling, integrations, or interest on balances matters most to you. Found and Lili stand out for automated tax set-aside, Novo for integrations, Bluevine for interest on cash you’re holding, Relay for structured budgeting, and Mercury for freelancers with a registered LLC who want more advanced tools. Whichever you choose, opening a dedicated account and keeping it strictly separate from personal spending is the real win — the specific bank matters less than actually doing it.
This article is for general informational purposes and reflects publicly available information at the time of writing. Fees, interest rates, and features change frequently and vary by account tier. Verify current details directly with each provider before opening an account. Some links on this site may be affiliate links, which means we may earn a commission at no extra cost to you.