Freelance work is more popular than ever with the economy and job market as it is right now. With more people looking towards this field, either as a full-time career or extra income on the sides, they are also looking for alternatives to more than just regular banks to handle this type of income.
While established banks are easy for most people and are creating new account options for freelancers. So whether you are freelancing as a side hustle or looking to start your own small business, there are plenty of options out there. Continue reading to learn more.
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Novo Best Business Checking
One of the best options for freelancers, Novo’s Best Business Checking is designed to be a fully-integrated tool. Novo’s platform will sync up PayPal, Quickbooks, Zoho, Venmo, and most other major platforms for maximum convenience.
There’s no minimum balance or monthly service fees, and it does have a check-writing option. Unfortunately, none of the accounts are interest-bearing, there are no savings options and while ATM fees are refunded, Novo doesn’t have any in-network.
Axos Bank Basic Business Checking
Already known as a business-friendly bank, Axos Bank’s Basic Business Check is aimed at freelancers with moderate banking activity. There are no monthly fees but the bank does require $1,000 to open an account.
While there’s no interest available, there is an option to upgrade to Business Interest Checking. Small business owners are also eligible for a special savings account. However, there are no physical locations, which means no in-person banking and no means to deposit cash.
LendingClub Bank’s Tailored Checking
A LendingClub account has some great features, however it needs a relatively high balance in order to make use of them. With a $5,000 minimum balance, you’ll earn interest as well as one percent cash-back on all business-related purchases, and LendingClub waive the $10 monthly service fee.
The perks are how easy it is to generate digital invoices and other reports. Keep in mind that there is limited access, as you will need a website or social media account in order to be approved for this type of account.
A mobile-only operation, Lili is FDIC insured and offers two tiers of service: free and $4.99 per month. Both let you open and keep an account with a $0 balance. The paid option, Lili Plus, offers more advanced tracking options, overdraft protection, and higher limits on ATM use.
The downsides are there are still limits on deposits and transfers and Lilli doesn’t offer joint accounts nor offers online banking beyond mobile. It’s likely more suited to part-time freelancers.
Wells Fargo Initiate Business Checking
One of the major features of the Wells Fargo Initiate Business Checking is the bank’s large network. With more than 8,000 branches across the U.S., no matter where you live or where you go, you will be able to access your account.
Also, this bank comes with FDIC insurance, round-the-clock fraud monitoring, Zero Liability protection and integrated mobile banking. There is a monthly fee, but there are several ways around it. The cons, though, include various transaction limits that may seem confusing and relatively high fees for out of network ATMs.
A relatively new product by American Express, it is the company’s first ever business focused account. Kabbage Checking sets itself apart from the rest of the competition by offering high interest checking accounts, specifically 1.10% APY on balances up to $100,000.
Additionally, there are no balance minimums or monthly fees, along with access to almost 20,000 in-network ATMs. There aren’t fees for out-of-network ATMs, though there’s no reimbursement for fees charged by the ATM itself. Kabbage Checking is also online-only, so there’s no option for in-person banking if that’s what you prefer.
If you are starting your own small business or have started doing freelance work during this time, then be sure to check out the various accounts we have listed above. They come with some great features such as little to no monthly fees with opportunities to earn interest on the accounts. For more posts like this, check out our list of the best bank promotions and best business bank bonuses.