Best Banks for Freelancers in 2026: I’ve Opened 4 Business Accounts

Here’s something nobody tells new freelancers: Your bank choice actually matters. Not in a “this bank is 0.1% better” way, but in a “this bank has features that save me hours every month” way.

I’ve opened business accounts at four different banks over four years, looking for the right fit for freelance life — irregular income, no employees, need for sub-accounts, and zero tolerance for monthly fees when I’m having a slow month.

Here’s what I found.

What Freelancers Actually Need From a Bank

Before the reviews, let me explain why freelancer banking needs are different from typical small business needs:

No monthly fees. When you have a $2,800 month followed by a $14,000 month, the last thing you want is a minimum balance requirement that triggers a $15 fee during the slow month.

Sub-accounts or buckets. You need to mentally (and physically) separate operating cash, tax savings, and emergency funds. Banks that let you create labeled sub-accounts are gold.

Good integrations. Your bank needs to connect to FreshBooks, Wave, QuickBooks, or whatever accounting software you use. A bank that doesn’t sync transactions is useless.

Fast ACH. When a client pays via bank transfer, you want that money accessible in 1-2 days, not 4-5.

No hassle. You’re running a one-person business. You don’t need a relationship banker, wire transfer capabilities, or a vault. You need a checking account that works.

The Rankings

1. Relay Financial — Best Overall for Freelancers

Monthly fee: $0 Minimum balance: $0 Sub-accounts: Up to 20 per account Interest: 1% on savings sub-accounts (3% with Relay Pro at $30/mo) ACH speed: 1-2 business days

Why I switched to Relay and stayed:

Relay’s killer feature is sub-accounts. Under one login, I have:

• Operating — where client payments land and business expenses are paid
• TAXES - DO NOT TOUCH — 28% of every incoming payment goes here automatically
• Emergency Fund — 3 months of business expenses
• Annual Expenses — I put $50/month here for yearly subscriptions and insurance

The automatic transfer rules are what make it work. I set up a rule: “When money comes into Operating, transfer 28% to TAXES.” It happens instantly, before I can be tempted to spend it.

Integration: Connects to FreshBooks, Wave, QuickBooks, Xero, and most major accounting platforms. Transaction sync has been reliable — I’ve had maybe 2 connection drops in 2 years.

What I don’t love:

• No physical branches (online only)
• Can’t deposit cash (no ATM deposits)
• The basic account only earns 1% on savings. For higher yield, you need Relay Pro at $30/month.
• Customer support is email/chat only. Response time is usually same-day but I’ve waited 24 hours.

Best for: Any freelancer who wants organized finances with sub-accounts and automatic savings rules.

2. Mercury — Best for Tech Freelancers

Monthly fee: $0 Minimum balance: $0 Sub-accounts: Yes (up to 15) Interest: Up to 4.25% on Treasury accounts ($1K minimum) ACH speed: 1-2 business days

Mercury is the “cool” business bank. Clean interface, great mobile app, and features designed for tech-savvy business owners. If you care about UX in your banking app (and after testing four banks, I can tell you UX matters), Mercury is the best-looking option.

What stands out:

• Beautiful, modern interface that makes Relay look dated
• Mercury Treasury for high-yield savings (4.25% APY on idle funds)
• Virtual debit cards for online purchases (great for managing subscriptions)
• Team access features if you work with a VA or bookkeeper
• API access for automation nerds

What’s lacking:

• Sub-account feature is newer and not as mature as Relay’s auto-transfer rules
• No physical presence
• Historically focused on startups/tech — some freelancers report feeling like the product isn’t designed for them
• Mercury Treasury requires $1,000 minimum

Best for: Tech freelancers, developers, and anyone who values a beautiful banking interface.

3. Novo — Best for Accounting Software Integration

Monthly fee: $0 Minimum balance: $0 Sub-accounts: Yes (“Reserves”) Interest: Up to 4.5% on reserves ACH speed: 1-2 business days

Novo’s thing is integrations. It connects directly with QuickBooks, Wave, FreshBooks, Xero, Stripe, Shopify, and about a dozen other tools. If your accounting workflow is central to your banking needs, Novo makes the connection seamless.

What stands out:

• Deepest accounting software integrations of any freelancer-friendly bank
• “Reserves” feature works like sub-accounts with savings goals
• Invoicing built into the banking app (basic but functional)
• Free incoming wires (most banks charge $15-25)

What’s lacking:

• Reserve (sub-account) auto-rules aren’t as flexible as Relay’s
• Mobile app is functional but not beautiful
• Some users report slower customer support

Best for: Freelancers who want their bank and accounting software talking to each other seamlessly.

4. Bluevine — Best for Interest on Checking

Monthly fee: $0 Minimum balance: $0 Interest: 1.5% APY on checking (up to $3M), 4.41% on savings ACH speed: 1-2 business days

Bluevine’s standout feature: 1.5% APY on your checking balance. Most business checking accounts pay 0%. If you keep $10,000 in operating cash, that’s $150/year in free money.

What stands out:

• 1.5% checking interest is genuinely rare and valuable
• No-frills, straightforward business banking
• Check deposit via mobile app
• Integrates with QuickBooks and Xero

What’s lacking:

• No sub-accounts or buckets
• Interface is basic
• Fewer integrations than Novo
• No virtual cards

The lack of sub-accounts is a dealbreaker for me. I need my tax savings physically separated from operating cash. But if you’re disciplined about mental budgeting and want to earn interest on every dollar, Bluevine is solid.

Best for: Freelancers who keep significant cash balances and want to earn interest without sacrificing simplicity.

5. Chase Business Complete — Best Traditional Bank

Monthly fee: $15/mo (waived with $2,000 minimum balance) Minimum balance: $2,000 to waive fee Sub-accounts: No Interest: Basically 0% ACH speed: 1-3 business days

Chase is the default answer when people ask “where should I open a business account?” And honestly? It’s fine. Not exciting, but fine.

Why you might want Chase:

• 16,000+ branches if you need in-person banking
• 4,700+ ATMs for cash deposits and withdrawals
• Your accountant/bookkeeper probably already works with Chase
• Credit card and lending relationships are easier when your checking is at Chase
• Zelle for business payments is built in

Why I left Chase:

• $15/month fee unless I maintained $2,000 balance. During slow months, that $2,000 minimum was money I couldn’t touch without triggering the fee.
• No sub-accounts. Everything in one pool.
• Zero interest on checking. My money was just sitting there doing nothing.
• The mobile app feels like it was designed in 2015 (because it was).

Best for: Freelancers who need physical branches, deposit cash regularly, or want to build a banking relationship for future business loans.

My Banking Setup (Current)

Total banking cost: $0/month. Every account is free.

How to Choose

Quick decision framework:

Want organized sub-accounts with auto-rules? → Relay Want the best-looking banking app? → Mercury Want deep accounting software integration? → Novo Want interest on your checking balance? → Bluevine Need physical branches or deposit cash? → Chase

My recommendation for most freelancers: Start with Relay. The sub-account system with automatic tax savings transfers is the single most useful banking feature for freelancers. It forces good financial habits from day one.

If you’re already at a big bank and it’s working fine, there’s no urgent need to switch. But if you’re opening your first business account (which you should do today if you haven’t), go with an online bank. The zero-fee, zero-minimum, sub-account model is designed for freelance income patterns.

The Bottom Line

Your bank should make your financial life easier, not harder. For freelancers, that means: no fees during slow months, sub-accounts for tax savings, good software integrations, and a mobile app you don’t dread opening.

The difference between a good bank and a bad bank isn’t the interest rate (though that helps). It’s the daily friction — or lack thereof — in managing your business finances. Pick the bank that matches your workflow, set up automatic transfers, and spend your mental energy on billable work instead of banking logistics.