Best Business Bank Accounts for Freelancers & Independent Creators
Mixing your client payments with personal spending is the quickest way for freelancers and independent creators to create a tax mess and erode any liability protection. A dedicated business bank account costs nothing to open and solves this instantly. Here's which one is best for your creative business.
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The quick answer for freelancers
Mercury is the top choice for digital-first freelancers and online independent creators – no fees, easy online setup, and useful features for managing subscriptions. Relay is better if you want built-in tools to easily set aside money for taxes and future gear. Chase Business Complete Banking works best for freelancers who still deal with cash payments or want in-person support for big equipment loans. All three accounts open online in less than 30 minutes, getting you ready for your next client payment fast.
Side-by-side breakdown for independent creators
Mercury: No monthly fees, no minimum balance, FDIC insured. You get free ACH and wire transfers, API access for linking to other tools, and both a debit card and virtual cards. It's for US-based businesses only and doesn't take cash deposits directly. Best for tech-savvy writers, designers, and editors who manage a lot of online subscriptions.
Relay: No monthly fees. Offers up to 20 checking accounts and 50 virtual debit cards. It’s built for setting aside money using the 'envelope method' (like for taxes or equipment savings) and allows team members to have their own cards with spending limits. It links easily with accounting software like QuickBooks Self-Employed and Xero. Best for freelancers who want clear budgets for different financial goals.
Chase Business Complete Banking: Costs $15/month (waived if you keep a $2,000 minimum balance or have certain activities). You get over 100 free transactions each month. It accepts cash deposits at branches and has a large ATM network. It also links with Zelle for easy transfers. Best for freelancers who, for whatever reason, still receive cash payments or prefer banking in person.
When to choose Mercury for your freelance business
Choose Mercury if you're a freelance writer, graphic designer, social media manager, video editor, or any independent creator who operates fully online. Its user interface is very clean and easy to use. The virtual cards are incredibly useful for separating out all your software subscriptions – think Adobe Creative Cloud, Canva Pro, Notion, Zoom Pro, or your website hosting. This makes tracking business expenses simple. If you're building any custom financial reports or want to link your banking data to spreadsheets, Mercury's API access can be a big plus.
When to choose Relay for your creative business
Choose Relay when you want to easily manage your money using the 'profit-first' method. This means you can automatically set aside percentages of every client payment into separate 'envelopes' for things like self-employment taxes (aim for 25-35%), new equipment savings (e.g., a new camera lens or a faster editing computer), or even a 'profit' account. Relay's multiple checking accounts make this process natural. It’s also a strong choice if you work with virtual assistants or contractors who need their own debit cards with specific spending limits for business tools or marketing expenses.
When to choose Chase for specific freelancer needs
Choose Chase when you receive physical cash revenue that needs to be deposited at a branch. This might apply to a freelance photographer doing local events, a tutor, or a consultant occasionally paid with cash. Chase has the largest network of branches and ATMs, and it’s the only option here that directly handles cash deposits. While most independent creators are digital, if you anticipate needing a business loan for a major equipment purchase (like a high-end camera or workstation) and prefer to speak with a banker face-to-face, Chase offers that traditional banking experience.
The verdict for independent creators
Online digital service freelancer (writer, designer, editor): Mercury. Cash flow management focus or working with a small team/VAs: Relay. Physical business with cash handling or a strong preference for in-person support: Chase. Open your account today – before your next client payment. Every day you deposit business income into your personal account is a day your protection is eroding and your tax situation gets more complicated.
How to get started with your freelance business account
1. Choose your bank based on your primary need for your freelance or creative business. 2. Apply online. You'll need your Employer Identification Number (EIN) if you have an LLC or S-Corp, your LLC documents (if applicable), and your personal ID. 3. Fund the account with a small initial deposit from your personal account to activate it. 4. Update all your client invoicing systems (e.g., Stripe, PayPal, Wave Apps) to show your new business account details. 5. Set up separate accounts or 'envelopes' for self-employment taxes (25-35% of revenue is a good starting point) and business expenses from day one. This makes tax time much easier.
RECOMMENDED TOOLS
Mercury
Best online business bank — no fees, strong integrations
Relay
Built for profit-first budgeting with multiple accounts
Chase
Best for businesses needing branch access and cash deposits
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FREQUENTLY ASKED QUESTIONS
Do I need a business bank account if I am a sole proprietor?
Legally no, but practically yes. Even as a sole proprietor with no liability protection, a separate business account makes bookkeeping, tax preparation, and expense tracking dramatically simpler. When you form an LLC, a separate account becomes essential for maintaining your liability protection.
Can I open a business bank account without an LLC?
Yes. Most banks will open a business bank account for a sole proprietor using your Social Security Number and a DBA (Doing Business As) registration. However, forming an LLC first and using your EIN is cleaner and protects you better.
How much should I keep in my business account?
At minimum: enough to cover two months of operating expenses. Additionally, set aside 25-30% of gross revenue in a separate tax savings account from day one. Many business owners are blindsided by their first quarterly estimated tax payment — this prevents that.
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