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Keep Your Business Money Separate
Opening a dedicated business checking account is one of the smartest moves a freelancer can make. It makes bookkeeping easier, looks more professional to clients, and protects your personal finances. Here are the best options for freelancers and sole proprietors in 2026.
Rates and figures as of May 2026.
Top 6 Business Checking Accounts for Freelancers
1. Relay — Best Overall for Freelancers
Relay is built for small businesses and freelancers. It has no monthly fees and no minimum balance. You can open up to 20 checking accounts and 50 savings accounts in one place, which is perfect for budget envelopes. It connects directly to QuickBooks and Xero.
Relay pays interest on savings accounts. It does not have physical branches, but everything is handled online.
2. Found — Best for Self-Employed Tax Management
Found is designed specifically for freelancers. It automatically sets aside a percentage of every deposit for taxes. It also has built-in bookkeeping tools, invoice creation, and Schedule C preparation. The basic plan is free. Found Plus costs $19.99/month and adds more tax features.
If staying on top of quarterly taxes is your biggest challenge, Found is hard to beat.
3. Mercury — Best for Tech-Friendly Freelancers
Mercury is a favorite among startup founders and tech freelancers. It is free, has a clean interface, and includes virtual and physical debit cards. Mercury also offers Treasury accounts for higher yields on idle cash. API access is available for those who want to automate finances.
4. Novo — Best for Simple, Fee-Free Banking
Novo is a free business checking account with no monthly fees, no minimum balance, and free incoming wires. It integrates with Stripe, Square, Shopify, and QuickBooks. Novo reimburses ATM fees and offers Novo Reserves for setting aside money for taxes and expenses.
5. BlueVine — Best for High APY on Business Checking
BlueVine offers a business checking account with no monthly fees and one of the highest interest rates available on a business checking account. You earn a competitive APY on your balance without needing a savings account. It includes a debit card, free ACH transfers, and two free checkbooks.
6. Lili — Best for Freelancers Who Want Everything in One App
Lili combines banking, accounting, invoicing, and tax tools in one app. The free plan covers the basics. Lili Pro ($17/month) and Lili Smart ($35/month) add more accounting features, expense categorization, and tax forms. It is ideal if you want an all-in-one solution without connecting multiple apps.
What to Look for in a Freelancer Business Account
- No monthly fees (most freelancers do not need expensive bank features)
- Good accounting integrations (QuickBooks, Xero, or built-in tools)
- Easy invoicing or payment acceptance
- Tax savings features (automatic tax set-aside)
- No minimum balance requirements
Quick Comparison
| Account | Monthly Fee | Best For |
|---|---|---|
| Relay | $0 | Multi-account budgeting |
| Found | $0 / $19.99 | Tax automation |
| Mercury | $0 | Tech freelancers |
| Novo | $0 | Simple fee-free banking |
| BlueVine | $0 | High-yield checking |
| Lili | $0 / $17+ | All-in-one app |
Once you have a business account set up, keep a look at your personal finances too. A high-yield savings account works well for your personal emergency fund. Freelancers especially need a strong emergency fund since income can be unpredictable. And with your business finances organized, it is a good time to review your budgeting tools to manage both income streams.
Frequently Asked Questions
Do I need a business checking account as a sole proprietor?
You are not legally required to have one, but it is strongly recommended. Mixing personal and business finances makes bookkeeping harder and complicates your taxes.
Can I open a business account without an LLC?
Yes. All the accounts listed here allow sole proprietors to open a business account with their SSN or EIN.
Which bank is best for freelancers who want tax help?
Found is the standout choice. It automatically sets aside money for taxes and helps you prepare your Schedule C.
What is an EIN and do I need one?
An EIN is like a Social Security number for your business. Sole proprietors can often use their SSN instead, but getting a free EIN from the IRS adds privacy.