6 Best Self-employed Bank Accounts

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In this guide, I’ll cover the best self-employed bank accounts. I’ll cover each bank’s pros and cons, features, fees, and who each is best for.

As a freelancer and blogger who has lived overseas for several years, I’ve had a rough time finding a bank account. To help make your search easier, I’ve compiled the best bank accounts for freelancers, bloggers, or anyone working remotely.

I’ll cover various areas to help you find the right bank. These include:

  • Brief description
  • Who it’s best for
  • Features
  • Fees
  • Security
  • Pros and Cons

Let’s find you a bank.

Nothing I’ve written in this post constitutes financial or professional advice.

6 Best Self-Employed Business Bank Accounts

Here are the best bank account options for solopreneurs:

Bank or ServiceBest ForBank?
WiseMulti-Currency AccountsNo
KabbageInterest bearingNo
LiliOverdraft feesNo
RevolutFeatures No
NearsideBusiness debit cardNo
nbkcFinancingYes
Best banks for freelancers compared.

The following sections will cover important information about each financial institution. Features, fees, account security, and more.

Keep reading, and we’ll get started.

1. Wise: Best for Receiving Multiple Currencies

Pros of Wise

  • No monthly fees for their features
  • One of the best accounts for receiving foreign currencies
  • Supports various currencies
  • Fantastic exchange rate
  • No fees, for the most part

Cons of Wise

  • Not a bank
  • Doesn’t give a reason to keep money in their accounts
  • Fees to transfer money to your bank

Wise financial services work best for

* Multi-Currency ReservesTOTP 2FA W/ Mobile AppThird-Party App Integrations
Payment Approval RulesAutomatic Currency ConversionsDecent User Experience
Free Digital CardNo Minimum Balance1–5 Day International Transfer Speeds

* These reserves allow you to set money aside for specific goals, occasions, or expenses. For instance, you could set up a jar where you’d put your taxes.

If you’re receiving foreign currencies from clients, they’ll usually support sending it to Wise if they have experience working with foreign freelancers.

Wise bank, formerly TransferWise, gives you a free banking routing number from the US, Singapore, the UK, and more.

You’ll need to pay transfer fees and fees for withdrawing by using their debit card. I don’t recommend using their debit card for withdrawals. Because it’s $1.50 per withdrawal under $100. Moreover, they charge a 2% fee per transaction of more than $100.

Wait, you also will need to pay a 0.40% fee if you hold a balance of more than €15,000 in EUR. So, you might want to use Wise to receive payments.

Wise isn’t FDIC insured. However, they store your money in multiple external accounts. Moreover, with logging in, either use SMS 2FA or download a mobile app and use it to “securely” login.

Wise’s most notable and favorite feature is its multi-currency accounts. Hold and convert more than 54 currencies. Then, if you don’t want to deal with currency conversion fees, put your foreign currencies to work and trade them for stocks.

When you hold currency as stock, you’ll need to pay BlackRock, their investment management integration, a 0.15% fee annually. Moreover, you’ll need to pay Wise a 0.40% fee annually. Those fees add up to 0.55% annually.

Wise account fees include [1]:

CategoryAmount
Maintenance FeesNone
Receiving Payments$4.14
ATM Fees (Over $100/Mo.)$1.50 + 2%
Sending Money0.41%+
Multi-Currency Debit Card$9.00 (one-time)
Transferwise fees.

2. Kabbage Business Checking Account: Best for Interest

Pros of Kabbage Bank

  • Able to apply for a line of credit
  • Great interest-bearing account
  • Custom pay links

Cons of Kabbage Bank

  • Not a real bank
  • No third-party integrations

Kabbage works best for those within the United States who need an online financial services account that gives you access to credit. Otherwise, this account could be better for expatriates or those living outside the U.S.

Here are the features you’ll find:

  • 1.10% APY
  • Lines of credit
  • Send invoices

Kabbage allows you to apply for a line of credit between $1,000 and $150,000—something many services on this list don’t offer.

Your Kabbage business checking account is FDIC insured through their partner, Green Dot Bank. Moreover, they use 128-bit encryption on their website to securely transfer your data. Otherwise, they don’t offer anything special regarding two-factor authentication.

Kabbage bank fees include:

CategoryAmount
Maintenance FeesNone
ATM FeesNone
Foreign Transaction Fee3%
Kabbage fees.

3. Lili Online Business Bank Account: Best for Managing Overdrafts

Pros of Lili Bank

  • Cashback rewards (Lili Pro)
  • Expense management, even though it’s a common feature among banks
  • No account fee
  • Overdraft protection up to $200
  • Digital debit card

Cons of Lili Bank

  • Less than ideal out-of-network fee
  • Must pay a monthly fee for an interest-bearing account
  • Two-factor authentication options

Lili is a well-rounded tool for helping freelancers and self-employed folks track expenses. It’s also a fantastic tool to help you get access to cashback rewards from certain companies and stores.

I can’t recommend Lili for withdrawing money outside MoneyPass network ATMs, though.

Features you’ll find include:

1.50% APYOverdraft protection up to $200Cashback rewards
Receipt scannerThird-party software integration (e.g., Shopify)Tax write-off tracker
Prefill Schedule C FormNo minimum depositFDIC insured

Within the Lili app, organize your expenses by category. It’s a handy way to manage your expenses. Or set up a tax bucket. It pulls money from your payments and sets it into a separate account for taxes.

Want more features?

Pay a monthly fee for Lili Pro. It gives you access to additional features like:

  • Cashback rewards with more than 14,000 merchants
  • 1% APY with their savings account
  • Expense tracking

They also offer other features, but these are the best ones I could pull from their landing page. I recommend Lili Pro if you shop with one of their merchants and set a fair sum into their savings account.

Lili’s is FDIC insured through their banking partner. Moreover, they only offer email and SMS two-factor authentication.

Lili’s fees are as follows [2]:

CategoryAmount
Maintenance FeesNone
ATM Fee (Domestic)$2.50
ATM Fee (International)$5.00
Card Replacement Fee$5.00
Overdraft FeeNone
Lili bank fees.

4. Revolut: Best for Integrations

Pros

  • Plenty of currencies accepted
  • Many virtual debit cards
  • It comes with travel insurance; though, I haven’t tested to see whether it’s worth the price

Cons

  • Must pay a subscription to access many features
  • Not the most remarkable customer service

Revolut banking service overview:

  • Multi-currency account for more than 30 currencies
  • Up to 200 virtual debit cards for your team
  • FDIC-insured through partner banks
  • More than 50,000 fee-free ATMs
  • No hidden fees

Revolut is great for freelancers if they don’t make many ATM withdrawals. Otherwise, you’ll end up paying a lot.

The paid versions of Revolut could work well if you want to get Revolut’s travel insurance, more flexibility with ATMs, or purchase protection. Otherwise, you’re better off with a different bank or financial service.

Here are features this financial service offers:

2.25% APYCashback & rewardsAccess to other investment vehicles (e.g., precious metals)
Multi-currency business accountControllable business cardOnline payment processing
Budget planner1% cashback on card spend (Revolut Pro)Invoice creation

The 200 virtual debit cards are nice. However, if you want more digital cards, pair this service with Privacy.com, a burner debit card website.

With your Revolut freelancer account, get up to three plastic cards per team member. However, if you want a stainless steel card, you’ll need to upgrade to a paid account.

With the free plan, you’ll get most of the features you need. However, upgrade to either of two premium plans to get features like overseas medical insurance, baggage and flight insurance, and more.

Fees Revolut enforces include [3]:

CategoryAmount
Replacement Card$5.34
ATM Fees (after 5 withdrawals)2% of transaction amount
Revolut fees.

5. Nearside Business Checking: Best Business Debit Card

    Pros of Nearside Business Checking

    • 1-year warranty
    • AfforGreat cashback rates for business debit cards
    • Eventual business setup service
    • Various platform integrations
    • Many additional cashback rewards
    • Not too many fees

    Cons of Nearside Business Checking

    • No reimbursement from out-of-network fees
    • Lack of funding options (e.g., loans)
    • $1000 transaction limit for the virtual card they provide until you receive your physical debit card

Nearside works best for anyone who wants a cashback debit card or who will frequently use AllPoint ATMs. Otherwise, Nearside’s reliance on the third-party money transfer software, Plaid, adds unnecessary work.

And you’ll get AllPoint ATM access and 1% cashback with your debit card.

With the 2.2% cashback, you also get additional cashback from particular vendors. For instance, sometimes, you can get 4% cashback when using your Nearside card to purchase Google Ads.

Speaking of vendors, a Nearside business checking account can also integrate with many platforms. Some of these include Quickbooks, Shopify, Venmo, and Amazon. That way, you can sync your accounting and deal with less bookkeeping.

They also have Nearside Sprout. It’s a “starter pack” that includes free small business resources, a bank account, and help to set up a limited liability company (LLC). You’ll provide information about your business.

Then they fill out the paperwork and submit it. Afterward, they’ll update you on your incorporation status.

The free resources refer to information on their blog. Something like what you’re reading now. I wouldn’t consider that a perk of getting a product.

Regarding security—Nearside is FDIC insured through the partner bank mentioned above. Moreover, their account logins support biometric authentication.

Nearside Business Bank fees include:

CategoryAmount
Maintenance FeesNone
Stop Payment Fee$25
ATM Fees$1.00 + out-of-network fee
Nearside Business Bank fees.

6. nbkc Bank Checking Account: Best Solutions for Businesses

    Pros of nbkc Bank

    • They’ll refund up to $12 of out-of-network ATM fees globally
    • No maintenance fees
    • Available funding options
    • Provides interest-bearing accounts
    • Has autopay features for bills

    Cons of nbkc Bank

    • No third-party integrations
    • It doesn’t support virtual debit cards
    • No ACH transfers to other bank accounts

You’ll love nbkc if you live in the Kansas City area. Because it’s the only area to access their physical branches. Otherwise, nbkc is viable if you want other financial growth vehicles like CDs or loans.

Features you’ll find include:

  • Reimbursed up to $12 for out-of-network ATMs
  • Access to 37,000+ MoneyPass ATMs
  • 1.26% APY interest
  • Certificate of deposit

You can sign up for a certificate of deposit (CD) and generate a max of 0.30% APY in interest. Unfortunately, some CDs have no deposit, while others require you to deposit $1,000,000. However, all their CD/IRA options need a $0.01 balance to obtain APY.

Otherwise, get loans, sign up for a money market account, participate in mobile banking, and other features.

It’s FDIC insured up to $250,000. Their website’s encrypted, and they use two-factor authentication to secure your account. As for information, they don’t lease or sell your data.

You can also purchase additional software (add-ons) to make your business run smoother and secure your account. Some add-ons include fraud tools and ACH credits.

nbkc fees are as follows [4]:

CategoryAmount
Maintenance FeesNone
ATM FeesNone
Sending Money$5.00: outgoing domestic wires
$25: incoming & outgoing international wires
Overdraft FeeNone
nbkc bank fees.

How To Choose a Bank Account

Consider the following factors when searching for a freelancer bank account:

  • Features: seek features that’ll improve your workflow
  • Fees: pay attention to ATM, maintenance, and other fees
  • Security: ensure they support two-factor authentication login
  • Currency support: aim for multi-currency accounts if you’re living in a different country

Don’t use this as a definitive criterion. Because everyone will have varying needs.

One more comment before I finish. Most banks have horrible two-factor authentication login. For instance, they’ll allow you to use SMS as your 2FA. This, and email 2FA, are the least secure login authentication methods.

If possible, try finding a bank with a time-based one-time password. It’s more secure than SMS and email 2FA. But not as much as using a hardware solution like YubiKeys.

Unfortunately, no banks care enough about account login security to add support for security keys.

Conclusion

There’s unfortunately no bank for self-employed folks that have great account login security. Once you break through that criteria, you’ll need to make sacrifices for features versus fees.

The available banking options for freelancers are disappointing to say the least. But it’s what’s available.
If you’re a digital nomad or a remote worker, explore my other guides. They’ll help you find tools and resources to potentially boost your workflow.

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