The answer

The best free business bank account for most US freelancers in 2026 is Found, because its Taxes Pocket sets tax money aside as you get paid. Relay is the pick if you would rather build your own buckets (up to 20 free checking accounts), and Lili Core pays the highest rate we found on a $0 plan, 2.25% APY on savings up to $500,000. Every plan named here has a $0 tier (Found, Relay Starter, Mercury, Bluevine Standard, Novo, Lili Core), and each provider's own page says its banking is provided by an FDIC member bank. Rates and fees below were read on each provider's own pages on 26 October 2026 and change often, so confirm before opening. Need the tax tools broken out plan by plan? See business bank accounts with tax tools for freelancers.

Where a paid tier starts to wininterest after fees, per year, by balance
$8k$6k$4k$2k$0-$1k $0$50k$100k$150k$200k$250k interest after fees, $ a year average balance in the account Lili Core leadsbelow $100k Mercury 3.30% BA
Waivers assumed met (Premier needs $5,000 of monthly card spend). Mercury Treasury is a fund yield that starts at $250K in total Mercury deposits, 3.30% net of fees as of 16 October 2026, shown at its starting balance. Rates are variable. Read 26 October 2026.

Which account fits which freelancer?

Solo freelancer, balance under $20,000Found, or Lili Core for the rate

Found's Taxes Pocket auto-saves on every plan, including $0 (read for our tax-tools comparison on 19 October 2026). If the balance is just sitting there, Lili Core's 2.25% savings is the best $0 rate on this page.

Wants separate buckets for tax, operating and profitRelay Starter, $0

Relay's page says you can open up to 20 checking accounts on Starter and Grow, 50 on Scale, with no minimum balance. Savings earns 1.19% on Starter.

Idle balance of $100,000 or moreBluevine Premier, or Relay Scale above $112,500

At $100,000 Premier earns $3,000 a year with its fee waived against $2,250 at Lili. From $250K in total deposits Mercury Treasury lists 3.30% net, but it is a fund, not a deposit account.

Takes cash or checks from clientsChase Business Complete

Chase lists $5,000 of in-branch cash deposits per statement cycle at no additional charge, and a $15 monthly fee you can avoid with a $2,000 minimum daily ending balance.

What each provider's own page says

Every figure in this table was read from the provider's own page on 26 October 2026. Where the provider prints its own earlier date on a rate, that date is in the cell. Swipe the table sideways on a phone.

PlanMonthly feeRateWhat unlocks it
Found$0No APY listedNo minimum balance; cash deposit fee $2
Found Plus$35, or $315 a year1.50% APY on balances up to $20,00030-day free trial; APY "variable and subject to change"
Found Pro$80, or $720 a year2.50% APY on all balancesNo cap stated
Relay Starter$01.19% savings APYNo minimum balance; 20 checking accounts
Relay Grow$301.87% savings APY20 checking accounts
Relay Scale$90 (listed $120, discounted for a limited time)3.21% savings APY50 checking accounts
Mercury$0Treasury: 3.30% net (money market fund) or 3.63% net (ultra-short bond fund) at $250K to $2M, as of 16 October 2026$250K across your Mercury accounts; Mercury charges 0.15% to 0.6% of monthly Treasury positions
Bluevine Standard$01.3% APY on balances up to $250,000Interest only in a month you meet an eligibility requirement: $500 of debit card spend or $2,500 of customer payments
Bluevine Plus$30, waivable1.75% APY on balances up to $250,000Fee waived with a $20,000 average daily balance and $2,000 of debit card spend
Bluevine Premier$95, waivable3.0% APY on all balancesFee waived with a $100,000 average daily balance and $5,000 of debit card spend
Novo$0No interest rate stated; 2% cashback on eligible purchases with a $5,000 balanceNo minimum balance; eligible third-party ATM fees reimbursed up to $7 a month
Lili Core$0 (Pro $15, Smart $35, Premium $55)2.25% savings APY up to and including $500,000; 4.00% on the portion from $500,000 to $1,000,000; effective 13 January 2026Savings APY is on every Lili plan; "No minimum balances"
Chase Business Complete Banking$15, avoidableNo interest stated on the page read$2,000 minimum daily ending balance, or $2,000 of eligible deposits, or $2,000 of eligible Chase for Business card purchases

Who holds the money, in each provider's words

ProviderBanking partnerFDIC wording on its page
FoundLead Bank, Member FDIC"Found is a financial technology company, not a bank." Funds "FDIC-insured up to $250,000 per depositor for each account ownership category."
RelayThread Bank, Member FDICDeposits "qualify for up to $3,000,000 in FDIC insurance coverage" through the deposit sweep program; "certain conditions must be satisfied for pass-through deposit insurance coverage to apply." APYs accurate as of 17 September 2026.
MercuryChoice Financial Group and Column N.A., Members FDIC"Mercury is a fintech company, not an FDIC-insured bank." Plan comparison lists "Up to $5M in FDIC insurance."
BluevineCoastal Community Bank, Member FDIC, and program banksFDIC insured "up to $3,000,000 per depositor," offered "by multiplying the standard $250,000 FDIC coverage across multiple banks."
NovoMiddlesex Federal Savings, F.A., Member FDIC"Novo is a fintech, not a bank." Eligible deposits "insured up to $5,000,000 per depositor."
LiliSunrise Banks, N.A., Member FDIC"All Lili accounts are insured up to $3M through a network of sweep program banks."
ChaseJPMorgan Chase Bank, N.A., Member FDIC"Deposit and credit card products provided by JPMorgan Chase Bank, N.A. Member FDIC"
The yield ladderwhat each rung costs to stand on, highest rate first
  1. Mercury Treasury3.30% net$250K in total Mercury deposits. A fund, with investment risk.
  2. Relay Scale3.21%$90 a month. Breaks even with Lili at $112,500.
  3. Bluevine Premier3.0%$95 a month, waived at a $100,000 average balance plus $5,000 card spend.
  4. Found Pro2.50%$80 a month. Breaks even with Lili at $384,000.
  5. Lili Core2.25%$0. Savings, up to $500,000, no minimum.
  6. Relay Grow1.87%$30 a month. Never beats Lili Core.
  7. Bluevine Plus1.75%$30 a month, waived at $20,000 plus $2,000 card spend. Never beats Lili Core.
  8. Found Plus1.50%$35 a month, on the first $20,000 only: at most $300 a year, under its own $315.
  9. Bluevine Standard1.3%$0, up to $250,000, in months you spend $500 on the card or take $2,500 in customer payments.
  10. Relay Starter1.19%$0. No minimum.
Found, Novo and Chase list no interest rate on the pages read and are not on the ladder. Bar length is the headline rate, not what you earn after fees. Rates read 26 October 2026; Relay's are dated 17 September 2026 and Lili's 13 January 2026 by the providers.

The six accounts, one at a time

If you handle cash: Chase Business Complete Banking

For freelancers who regularly take cash, Chase Business Complete Banking is the best traditional option we looked at. Chase's page lists a $15 monthly service fee you can avoid with a $2,000 minimum daily ending balance, $2,000 of eligible deposits or card purchases, or a linked personal Chase account; $5,000 of in-branch cash deposits per statement cycle at no additional charge; and Chase's offer page lists "Earn $500 with a minimum deposit of $10,000 in new money" or "Earn $400 with a minimum deposit of $2,000 in new money," with five qualifying transactions and an expiry of 21 January 2027. Chase's own business checking page lists no bonus, so confirm the offer is still open. Upwork's Freelance Forward 2023 study found 64 million Americans freelanced that year, contributing roughly $1.27 trillion to the US economy (cited from the earlier version of this page; Upwork's site blocked our read on 26 October 2026).

Which account fits you?

Do clients pay you in cash?
  1. YesChase Business Complete: in-branch cash deposits, $15 monthly fee that a $2,000 balance avoids.
  2. NoWhat balance will sit in the account?
    1. Under $20,000Found for the Taxes Pocket, or Lili Core for 2.25% on savings. Relay Starter if you want up to 20 buckets.
    2. $20,000 to $100,000Lili Core (2.25%, $0) out-earns every paid tier here after fees. Pair it with Found or Relay Starter for checking.
    3. $100,000 to $250,000Bluevine Premier at 3.0% if you can spend $5,000 a month on its card; otherwise Lili Core until about $113,000, then Relay Scale.
    4. $250,000 or moreMercury Treasury (3.30% net, a fund) or Bluevine Premier (3.0%, a deposit account). Compare the risk, not only the rate.
6 checks before you open an account
1. What is the monthly fee at the tier I need, and what waives it?
2. Is the APY on checking or on a separate savings account, and what is the cap?
3. What do I have to do each month to earn the rate (card spend, deposits)?
4. Which bank holds the money, and how does the provider word its FDIC coverage?
5. Do I need cash deposits? (Several of these providers do not list them.)
6. Does this rate carry a date, and is it variable? (Every rate here is.)
Founder desk

Tools that keep the books and the paperwork clean

Document & receipt scannersTurn receipts into records for deductions and audits.Keep records 3+ yearsView on Amazon → Financial calculatorsLoan, ROI and time-value maths at the desk.TVM functionsView on Amazon → Small business tax guidesA current-year reference next to your software.Check the tax yearView on Amazon → Fire-resistant document safesProtects originals, deeds and tax files.Fire-ratedView on Amazon →

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Why a separate business account matters

A dedicated account makes business income and expenses easy to identify at tax time, creates a clean paper trail for deductions, and separates business activity from personal spending if you are ever audited. The IRS says it directly in Publication 583 (revised December 2024): "You should keep your business account separate from your personal checking account." Most online business banks ask for an EIN (Employer Identification Number); it is free from the IRS and takes about five minutes to get online. The higher-leverage habit is a separate tax bucket that moves 25 to 30 percent of every payment automatically, which is what our set-aside guide works through.

Once the account is open, pairing it with AI-powered accounting tools can automate the categorization that turns your bank feed into clean books, and small business grants are open to qualifying sole proprietors, where a bank account and EIN are often the only requirements to apply.

From our network

For most freelancers the account that earns the most is the $0 one: do not pay a monthly fee for interest until your balance is well past $100,000.

Frequently asked questions

What is the best free business bank account for freelancers?

On provider pages read 26 October 2026, Found is the pick for automatic tax set-aside (its Taxes Pocket auto-saves on every plan), Relay is the pick for buckets (up to 20 free checking accounts, 1.19% savings APY on Starter), and Lili Core has the highest published $0 rate we found: 2.25% APY on savings up to and including $500,000. Mercury and Bluevine pay more but need a large balance or monthly activity. Each provider's banking is provided by an FDIC member bank; confirm current terms before opening.

Should freelancers have a separate bank account for taxes?

Yes. Opening a dedicated sub-account or savings account for taxes, and automatically moving 25 to 30 percent of each payment, is one of the most effective habits for freelancers. It eliminates the April tax shock and ensures quarterly payments are never a cash flow problem.

Do freelancers need a business bank account?

Technically no, but it is strongly recommended. The IRS says in Publication 583 that you should keep your business account separate from your personal checking account. A separate business account makes expense tracking much easier, simplifies Schedule C preparation, is required to open a business credit card, and looks more professional to clients. Most options are completely free to open.

Which freelancer bank account has the highest interest rate?

On provider pages read 26 October 2026: Mercury Treasury lists 3.30% net on its money market fund at $250K to $2M in total deposits, as of 16 October 2026, a fund with investment risk rather than a deposit account. Among deposit accounts, Relay Scale pays 3.21% savings APY for $90 a month and Bluevine Premier pays 3.0% APY for $95 a month, waived at a $100,000 average daily balance with $5,000 of card spend. On a $0 plan the highest is Lili Core at 2.25% on savings up to $500,000 (effective 13 January 2026), then Bluevine Standard at 1.3% with its monthly activity requirement. All rates are variable and subject to change.

At what balance does a paid account earn more than a free one?

Using the rates read on 26 October 2026 and subtracting each plan's monthly fee, no paid tier on this page out-earns Lili Core's $0-fee 2.25% savings below a $100,000 balance. Bluevine Premier is the first to, at $100,000 with its $95 fee waived (it needs $5,000 of monthly card spend); without a waiver, Relay Scale ties at $112,500 and Bluevine Premier at $152,000. Found Plus cannot pay for itself in interest because 1.50% on its $20,000 cap is $300 a year, less than its $315 annual price.

Are these accounts FDIC insured?

Each provider says its banking is provided by an FDIC member bank: Found by Lead Bank, Relay by Thread Bank, Mercury by Choice Financial Group and Column N.A., Bluevine through Coastal Community Bank, Novo by Middlesex Federal Savings, F.A., and Lili by Sunrise Banks, N.A. Found, Relay, Mercury and Novo each say on their pages that they are a fintech and not a bank. The coverage amounts are worded differently: Found says $250,000 per depositor per ownership category; Relay, Bluevine and Lili say up to $3,000,000 through sweep networks; Mercury and Novo list up to $5,000,000. The FDIC says deposits are insured to at least $250,000 at each FDIC-insured bank, and sweep coverage has conditions, so read each provider's wording.

Do you need an EIN to open a freelancer business bank account?

Most online business banks require an EIN, which is free from the IRS and takes about five minutes to obtain online. A sole proprietor can sometimes open with just an SSN, but an EIN keeps your Social Security number off business paperwork and is required for hiring or forming an LLC later.

How we built this page, and the working behind the finding

Read on: 26 October 2026. We read each provider's own pricing, rates and legal-wording pages on that date (Found, Relay, Mercury, Bluevine, Novo, Lili and Chase), plus the IRS and FDIC pages linked below. Three providers print their own earlier effective date on a rate and we show it beside the rate: Relay 17 September 2026, Mercury 16 October 2026, Lili 13 January 2026. We did not open an account at any of them for this comparison. Not re-read this time: feature claims such as integrations lists, Relay's cash deposit policy, Bluevine's sub-account count, and Upwork's Freelance Forward figures (Upwork returned a block on 26 October). Rates are variable and move; the older version of this page said Updated October 2026 beside rates last verified on 20 June 2026, which was four months stale, and that is corrected here.

The working

Yearly interest after fees = APY x balance, limited to the provider's cap, minus 12 x the monthly fee. Break-even between a dearer and a cheaper tier = 12 x (fee difference) / (APY difference), valid below the cap. Against Lili Core's 2.25%: Relay Scale $1,080 / 0.0096 = $112,500; Bluevine Premier $1,140 / 0.0075 = $152,000 with the fee paid; Found Pro $960 / 0.0025 = $384,000 on monthly billing, or $720 / 0.0025 = $288,000 on annual billing. Found Plus cannot pay for itself in interest: 1.50% on its $20,000 cap is $300 a year, under $315. Among Relay's own tiers the upgrades break even at about $53,000 (Grow over Starter $52,941, Scale over Starter $53,465). Bluevine Premier's waiver at a $100,000 average balance and $5,000 of card spend removes the $1,140 fee, which is why it leads from exactly $100,000.

Yearly interest after fees, waivers assumed met
Account$5,000$25,000$100,000$250,000
Lili Core$113$563$2,250$5,625
Relay Starter$60$298$1,190$2,975
Relay Grow-$266$108$1,510$4,315
Relay Scale-$919-$278$2,130$6,945
Found Plus-$345-$120-$120-$120
Found Pro-$835-$335$1,540$5,290
Bluevine Standard$65$325$1,300$3,250
Bluevine Plus-$272$438$1,750$4,375
Bluevine Premier-$990-$390$3,000$7,500

Found Plus is billed monthly here ($420 a year); a negative number is the fee exceeding the interest. Mercury Treasury at $250,000 is 3.30% net, $8,250 a year. Pre-tax, not a forecast, and rates are variable.

This is general information, not financial or tax advice for your situation. CeoCult has no affiliate arrangement with any bank on this page, so every link to a provider is a plain link and none is marked as paid. The Amazon links above are affiliate links, and as an Amazon Associate we earn from qualifying purchases; see our disclosure.

Related guides: How to track business expenses · What is an EIN? · How much to set aside for taxes · Self-employed mortgage guide

Primary pages read for this guide

Every rate and fee above comes from a provider's own page, read on 26 October 2026. They are linked so a reader can check a claim without taking this page's word for it.

This page describes products and what each provider says about them. Your own balance, business structure and state decide what applies to you.