If you’re a freelancer, self-employed, or small business owner the best bank accounts for you must be easy to open, have user-friendly apps, and offer all-in-one solutions that streamline your business banking needs. But with so many options out there, what’s the best online business banking solution for you?

We looked at online banking options that offer low to no fees and features that help you better manage your business.

Top Pick

Found’s online banking solution is ideal for small business owners who want bookkeeping features and tax tools for no additional charge.

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1. Found

Found is an all-in-one banking solution for self-employed people, from freelancers, gig economy workers, and other self-employed people. It offers bookkeeping and tax tools, along with other financial tools to help you run your business.

💡 Found’s bookkeeping and tax tool features are a real market differentiator, saving you time and money. Found offers real-time expense tracking and categorization with easy receipt capture, and you also get automated tax saving, write-off tracking, and the option to pay taxes directly from Found.

What we like:

  • There are no required monthly fees or minimum opening deposits.
  • Sign up in just 5 minutes.
  • Offers free, built-in bookkeeping, invoicing, and tax-planning tools.
  • No overdraft fees and free incoming domestic wires.
  • Easily integrates with apps like Stripe, PayPal, and Etsy.

What we don’t like:

  • Accounts need to be opened with your name and SSN, but you can update later with your EIN.
  • Cash deposits are limited to $2,000 per week.

Found: Our Top Pick

Overall Rating


Found’s banking solution supports your business with two plan options, both with customer support, tax tools, and bookkeeping features, like automated expense tracking and unlimited custom invoices.


  • Free business checking account
  • Free Mastercard© debit card
  • Tax savings program
  • No minimum balance requirement
  • No hidden fees
  • Easy-to-use bookkeeping tools
  • Automatic expense tracking
  • 1.5% APY on balances up to $20K with Found Plus (Found’s core features are free. They also offer a paid product, Found Plus)

2. Relay

Relay offers a free online business account that’s suitable for freelancers and online business owners. It integrates with most popular accounting software, and has paid accounts starting at $30 a month if you want features like free outgoing wire transfers and accounts payable features.

What we like:

  • No monthly fees or minimum opening deposit.
  • Can make cash deposits at AllPoint ATMs.
  • Unlimited fee-free transactions and no overdraft fees.

What we don’t like:

  • No bill pay feature in Relay’s free plan.
  • Long hold time on deposited checks, up to 7 days.
  • Limited phone support.


Overall Rating



The Relay app has a user-friendly interface that can integrate a lot of services like Gusto, Plaid, Xero, and Quickbooks. Easily invite your partners and employees to your account for streamlined banking and bookkeeping services.

  • Monthly Fee: $0
  • APY: 1% with $1 min. balance
  • Up to 20 Checking Accounts
  • Issue Physical and Virtual Cards

3. Lili

Lili offers business owners multiple options, from a free business banking plan to paid premium banking solutions. While the free account has comparable features, many of its best features are available with a paid account.

What we like:

  • No transaction fees, incoming wire fees, or monthly fees.
  • Offers early payment feature.
  • Cash deposits at Green Dot network ATMs (no fees at MoneyPass ATMs).

What we don’t like:

  • Free plan has limited business tools and features.
  • Cash deposits are limited to $1,000 per day, fee of up to $4.95 per deposit.
  • Incoming ACH transfers limited to $2,000 per day and $5,000 per month.


Overall Rating


Lili is for self-employed individuals to businesses that are currently scaling. The lack of fees and minimums makes it easy to get started, and the built-in financial management tools can help you save time and money come tax season.


  • Monthly Fee: $0
  • APY of 4.15% on paid accounts
  • Cashback: Up to 5%
  • Deposits are FDIC Insured
  • Encryption security on accounts

4. Mercury

Mercury is a financial technology company that offers everything from corporate credit cards to automated workflows. However, not everything is included with Mercury’s advanced features. It focuses on tech-focused business and startups, so it might not be ideal for all business owners.

What we like:

  • No monthly fees or minimum opening deposits.
  • No overdraft fees and unlimited fee-free transactions.
  • API access and digital tools to automate your banking processes.

What we don’t like:

  • Mercury isn’t part of an ATM network.
  • No options for depositing cash.


Overall Rating


Mercury is a great option for startups of all sizes. It has a user-friendly mobile and web application that lets you easily pay your employees or vendors. It’s a great alternative to organize your business finances.


  • Monthly Fee: $0
  • APY: Up to 5.4% on Mercury Treasury investment account
  • Deposits are FDIC Insured
  • Issues physical and virtual cards
  • Easily automate recurring payments

5. Chase for Business

If you’re a small business owner that isn’t dealing with a lot of cash and wants brick-and-mortar access, Chase for Business might be right for you. There is a $15 monthly fee, but you can waive it by meeting a minimum daily balance of $2,000, linking your account to a private client account, receiving $2,000 in deposits from eligible Chase Merchant Services transactions, or have $2,000 in purchases on your Chase Ink® Business cards.

What we like:

  • Large branch and ATM network
  • Includes credit card processing
  • Unlimited electronic, ATM, and debit card transactions

What we don’t like:

  • Must signup in person.
  • There’s no option to earn interest.
  • Out-of-network ATM fees aren’t waived.

Chase for Business

Overall Rating


Chase for Business is a great option if having brick-and-mortar locations is an important for your business. Plus, they also offer convenient virtual services.


  • Monthly Fee: $15 (Waived with a $2,000 minimum balance)
  • APY: N/A
  • Physical locations if you want in-person banking access
  • Access to funds through the Chase App or Chase Business Online
  • Access to customer support team for consulting

6. Bluevine Business Checking

Bluevine is a financial technology company with banking services provided by Coastal Community Bank. The main draw of Bluevine is its higher-than-average APY, which is available on free accounts, but to earn the highest APY, you need a paid account at $95 month, which may be too much for many small business owners. Accounts can be opened online or in the Bluevine app.

What we like:

  • No monthly fees or minimum opening deposits.
  • Unlimited fee-free transactions and no overdraft fees.
  • Earn 2.00% interested on account balances up to $250,000. Terms apply.

What we don’t like:

  • No fee-free cash deposits.
  • Cash deposits at Green Dot locations are capped at $2,000/ day, and deposits at Allpoint ATMs are capped at $5,500/day.
  • No joint accounts or employee debit cards.


Overall Rating


Bluevine can be used to bank anywhere with a fully online business checking account. It requires no monthly fees, overdraft fees, or transaction fees.


  • Monthly Fee: $0
  • APY of 2.00% and up to 4.25% (with Premier, $95 monthly fee)
  • No overdraft fees
  • No minimum balance requirement

7. Bank of America Business Checking

As one of the largest financial institutions in America, Bank of America offers a range of products, including this online business checking account for people who want some in-person access. There’s a $16/month monthly fee that can be waived in several ways, and it’s ideal for business owners who handle a lot of cash and need to make frequent deposits.

What we like:

  • Offers fee-free transactions.
  • Good for cash-heavy businesses.

What we don’t like:

  • Fee for using out of network ATMs.
  • All business accounts have a fee.
  • $100 minimum opening deposit.

Bank of America

Overall Rating


Bank of America gives you access to thousands of physical locations and ATMs throughout the U.S. It is a great option for those who want a brick-and-mortar option to do their business banking


  • Monthly Fee: $16 (waived for the first 3 months or with a $5,000 average monthly balance)
  • APY: N/A
  • $0 electronic transaction fees
  • High cash deposit limits
  • $100 minimum opening deposit

Reasons To Consider a Business Bank Account

If you’re self-employed, there are a few major reasons why you should consider opening up a business bank account. Your business is a separate entity, meaning your business and personal finances should be separated as well. Beyond there, opening a business bank account allows you to build business credit, prepare for taxes, and even automate your bookkeeping.

1. Protect Yourself From Business Liability

One of the few benefits of having your business registered as an LLC is the distinction in your personal and business assets. In case something goes wrong and someone wants to sue your business, they wouldn’t be able to prosecute you at a personal level. This is why it is important to have a separate business bank account, so you aren’t personally liable for business losses.

2. Easier to Track Business Expenses

Tracking expenses can be incredibly tedious, from tracking your mileage as a food delivery driver to tracking office or software expenses. The best business bank accounts make it easy because you simply use the debit card that comes with your account to pay for your expenses and automatically categorizes them for you.

3. Tax Simplification

To be able to legally write off business expenses and tax deductions, your business needs to be legitimate and established. Having a separate business bank account makes it easy for the IRS to distinguish personal transactions from business transactions. The IRS needs to know you are running a legitimate business to validate deduction claims. One of the easiest ways to do it is to have a business bank account where you keep all your business income and expenses in a single place.

4. Adds Level of Professionalism

For new freelancers or small business owners, having a dedicated business banking solution shows clients and customers that you are taking your business seriously. Being able to share custom invoices with your business name and other branded items adds a level of professionalism that may seem small, but it goes a long way.

5. Establishing Business Credit

This is massively important if you plan to grow your business using credit or a loan. Your business bank account shows transaction history and bank statements. This can show a lender, how much revenue your business generates and therefore decide if the business is worth giving out loans or a credit line to. If you’re looking to hire more employees, buy equipment, or help your business cash flow, a favorable business credit history can help with just that.

What To Consider When Opening a Bank Account for Your Business

There are several things to consider when opening a business bank account. Some of the most important ones are features and fees.

Here’s a list of things to consider when opening up a business bank account:

  • Monthly fees
  • User-friendly app and online banking
  • Business features that matter to you, i.e., invoicing and bookkeeping tools
  • Interest rates for savings and checking accounts
  • Transaction fees
  • Minimum account balances
  • Overdraft fees
  • ATM withdrawal fees
  • Wire transfer Fees
  • Is it necessary to have a physical location

What You Need To Open a Business Bank Account

Here are some of the things you will need to open a business bank account. It will require a few more documents than if you were opening up a personal account, but overall, it’s an easy process.

Personal Information

  • Government-issued photo ID
  • Social Security number
  • Mailing address
  • Personal phone number
  • Personal email

Business Information

  • Employer Identification Number (EIN)
  • Business name and trade name or “doing business as” name, if there is one
  • Business address and phone number
  • Business entity type
  • Date business was established
  • Industry and type of business you operate

Business documentation

Depending on the type of business you are running, you will need different business documentation. Although some banks might ask for more, here are some of the most common business documents banks ask for.

  • Your business formation documents – this depends on what type of business you are running. If it is an LLC, sole proprietorship, or corporation, each entity will require different documents.
  • Ownership agreements
  • Business licenses
Top pick

Sign up with Found in just 5 minutes

Getting started with Found is a painless process that requires no credit check, no opening deposit, no minimum balance, and there are no hidden fees.

How To Open a Bank Account for Your Small Business

Here are 3 simple steps to take to open up your first business bank account:

1. Select a business checking account

There are several good choices for business bank accounts that don’t charge monthly fees or have any minimum balance requirements. Consider choosing one of these types of accounts that won’t accrue fees or charges against you when just starting up your account

2. Gather all the necessary documents and apply

Most business bank accounts can be opened up online and don’t require you to go in person. The best choices will have expert customer support to help you if you have questions along the way.

What you may need to submit in your application can vary by institution, but they will tell you in advance so you can be prepared.

3. Fund your new business bank account

After your application has been accepted, the next step is to fund your newly opened business bank account. Some banks require no opening deposit, but a lot of them do require anywhere from $25 to $100 to start.

Although a lot of banks will require a $0 opening deposit to start, most of them still require you to fund your account before a certain time frame.

Once the account has been funded, congratulations! You can start making transactions from this account and start building your business transaction history as you go. 

Chase for Business
Bank of America


Which bank is best for business?

Found.com is a great option if you want to have a flexible banking solution that provides invoicing, tax-simplification features, and a user-friendly platform.

Does your credit score matter when opening up a business bank account?

Although you might not need a high credit score to open up a business bank account, poor credit and a bad track record in banking could limit your options. If you are worried about being rejected when opening up a business bank account, another option could be smaller banks like credit unions that don’t use the ChexSystems.


Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

Found’s core features are free. They also offer a paid product, Found Plus.