When you’re a freelancer, you have to work hard to keep your income stable and limit spending. That’s why having a separate business account can help you stay on top of your finances and file taxes properly.
If you’re looking for a good business bank account, there are plenty of options available. Whether you’re a small business owner, self-employed freelancer, or entrepreneur, there’s a business checking account that will suit your needs.
1. CIT checking
CIT Bank is a great choice for freelancers who are looking for an online-only bank. It offers a range of products, including savings, checking, and certificates of deposit.
It is FDIC-insured, charges no fees for account maintenance, and doesn’t charge ATM fees or incoming wire transfers. It also allows you to connect your checking account to one of its high-yield savings accounts for a higher interest rate.
In addition to a checking account, CIT also offers a high-yield savings account that requires a minimum deposit of $100. This no-fee option earns 0.40% APY on a monthly basis, but you can increase that to 1.00% APY by making a monthly deposit of at least $100 or maintaining an average balance of $25,000 or more.
This savings option is a great option for freelancers who don’t have a lot of cash but want to save for emergencies or vacations. You can also link this account to other CIT Bank products, such as its Savings Builder product, which rewards regular savers who set up automatic deposits to their linked checking account.
eChecking features a high APY, no monthly fee, and an incoming wire transfer reimbursement of up to $15 per month. You can make up to six withdrawals and payments per statement cycle, so you can use this account as a way to pay bills and pay for debit purchases.
The downside is that eChecking doesn’t have an ATM card or mobile check deposit. This can be a deal-breaker for some freelancers who like the convenience of ATM cards and mobile deposits.
You can also pay bills using your eChecking account, but it’s not as easy as just paying a bill in person. This account is best for freelancers who don’t need access to their money very often and don’t mind a slightly lower APY than some other high-yield options.
Another plus is that you can manage all your CIT Bank accounts online, avoiding the hassle of visiting a physical location to do so. You can also deposit and transfer funds electronically, monitor your CD maturity dates, and view your savings account balances online.
Bluevine offers a wide variety of business banking services, including a free online business checking account. It also offers a line of credit that can be used to fund projects and grow your business. It’s available for businesses that have been in business at least six months and pull in a minimum of $10,000 per month.
The business checking account pays interest and comes with paper checks, a unique benefit for an online-only bank. In addition, the account is tied to a MasterCard debit card, which can be used anywhere that accepts MasterCard.
It also allows you to add up to five subaccounts to your main account, which can help you manage your cash more effectively. These can be for different purposes and are a great way to separate your funds.
In addition, Bluevine also offers a number of business-specific features, such as mobile check deposit, recurring payments, and syncing with accounting software like QuickBooks, Xero, Wave, Expensify, and Wise. These features can save you time and money, helping you stay on top of your finances.
You can even use Bluevine’s online bill payment service to pay your bills online. It’s easy to set up and you can choose to send funds using ACH, wire transfer, or a check.
Another advantage of Bluevine is that it allows you to make fee-free withdrawals from partnered MoneyPass(r) network ATMs across the country. This is a good option for frequent travelers who need to withdraw cash without incurring fees.
Finally, Bluevine is one of the few online business bank accounts that offer a debit Mastercard for your business. This lets you make fee-free purchases for your business and makes it easy to keep your personal and business spending separate.
Bluevine’s business-focused banking services also include a line of credit, which is a great way to finance your projects and help you get out of debt. The lender does a soft credit pull of your business and personal credit before approving you for the line of credit, so it shouldn’t negatively impact your score.
The application process is fast and simple, and most small businesses can complete it in minutes. In addition, Bluevine has good customer support via chat and email. The company is also very quick to respond to inquiries and can sometimes fund your loan within hours of approval. However, you’ll need to pay a $15 wire transfer fee if you want to receive your loan proceeds immediately.
Axos Bank is one of the first digital banks in the world, and it offers plenty of perks for freelancers. Its online banking platform and mobile app are easy to use, and it doesn’t charge a lot of fees.
AXOS also offers checking and savings accounts, as well as a variety of other services for business owners. You can even send digital invoices from your account with Axos’ online accounting and budgeting tools.
The Essential Checking account is free and includes a variety of perks, including no overdraft or non-sufficient fund fees, unlimited reimbursement for domestic ATM charges, and up to two days early payday deposit with direct deposit. You can earn interest on your balances, too, with Rewards and Cashback checking accounts.
If you’re looking for a high-yield savings account, Axos Bank offers several options that pay up to 0.61% APY. You can also get a free ATM card upon request, and you don’t need to maintain a minimum balance.
Another option is Axos’ Golden Checking, which pays 0.10% APY and doesn’t require any monthly fees. It’s a good option for older account holders who don’t qualify for the higher rates on Rewards or Cashback checking accounts.
This account is also great for those who regularly use their debit cards. It offers a tier-based cash-back system, so you can increase your cash back if you meet certain requirements.
Axos Bank also offers a number of business loans, including Small Business Loans and Money Market accounts. You can also set up an investment portfolio and mortgage with Axos.
If you’re interested in banking with Axos, the best place to start is their website. Then, you can compare the different features and benefits of each option to decide which is best for your needs.
As a bonus, all Axos Bank accounts include unlimited domestic ATM fee reimbursements. This means you can use your debit card to access funds at over 90,000 locations across the country.
Axos Bank is a great choice for those who want a bank account that’s easy to use, doesn’t have many monthly fees, and has no minimum balance requirements. In addition, it has a strong mobile app and a nationwide ATM network.
NorthOne is an online bank that’s designed specifically for freelancers and small business owners. Founded by Justin Adler and Eytan Bensoussan, the company’s goal is to make banking simple for business owners. It offers a variety of free sub-accounts for different purposes, as well as the option to set aside profits for savings.
The app also allows users to pay bills and connect their business to a wide range of third-party apps, including QuickBooks, FreshBooks, Wave, and Etsy. The platform also features integrations with point-of-sale (POS) services and payment processors, which can speed up payment processing and increase customer satisfaction.
For example, it can integrate with Clover to allow users to accept many forms of digital payments on their mobile devices. In addition, NorthOne has a team of customer service representatives that can be reached via live chat, email, or phone.
Another benefit of NorthOne is its low fees and branchless design, which makes it easy to access your account on the go from a smartphone or tablet. It also has a web banking feature for those who prefer to do their banking from a computer.
The NorthOne customer support team is available Monday through Sunday, 8 a.m. to 10 p.m. Eastern Time and can be reached by chat, phone, or email.
This online bank is best for independent contractors, freelancers, and e-commerce entrepreneurs. Its low fees and wide range of integrations make it an ideal choice for small business owners looking to streamline their finances.
Its mobile app is very intuitive and can be downloaded on either iOS or Android phones. It also has a mobile check deposit app that lets you scan checks and deposit them directly into your NorthOne account.
One of the most impressive features of this business bank is its profit-first envelope system, which enables you to set a specific amount of money away each month for savings. This is a great way to ensure that you’re always building up your savings for the future.
In addition, the NorthOne app makes it easy to set up sub-accounts and create rules for automatic transfers into those accounts. This helps you save time and reduce your stress. You can even automate the transfer of a certain percentage of your deposits into each sub-account every week or month.