Best Banks for Freelancers in 2026, Ranked by Fees
Novo for straightforward free business checking. Relay if you want separate accounts to hold tax money automatically. Keep the set-aside in a high-yield savings account rather than checking.
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Priya Raghunathan Editor, banking and creditPriya covers deposit accounts and consumer credit, and re-checks every published rate on a fixed schedule.
Freelancers need two things a personal account does not give them: separation between business and personal money, and somewhere to park the tax they will owe. Self-employment tax alone is 15.3% before income tax, so a set-aside account matters.
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The short version
- Freelance income arrives without withholding, so the bank setup has to do the job an employer payroll department would otherwise do.
- A freelancer with $60,000 of net profit filing single owes roughly $14,200 in federal self-employment and income tax, about 23.7% of profit, before any state tax.
- Splitting every incoming payment automatically is more reliable than budgeting, because the tax money never reaches a spendable balance.
- Tax money waiting for a quarterly payment can sit in a savings account earning interest instead of in checking earning nothing.
- A separate account is worth opening even without an LLC, because it makes the annual tax return a matter of exporting a statement rather than reconstructing a year.
The verdict
Novo for straightforward free business checking. Relay if you want separate accounts to hold tax money automatically. Keep the set-aside in a high-yield savings account rather than checking.
- Winner
- Best overall
Novo · Free, quick to open, and integrates with the invoicing tools freelancers already use.
- Winner
- Best for tax set-aside
Relay · Splits every deposit across accounts, so tax money never sits in spendable checking.
- Winner
- Best place to hold the tax
Marcus Online Savings · Park quarterly tax money somewhere it earns interest until the payment is due.
Our picks
1. Novo, Best overall
Free, quick to open, and integrates with the invoicing tools freelancers already use.
See itNovo
Novo
2. Relay, Best for tax set-aside
Splits every deposit across accounts, so tax money never sits in spendable checking.
3. Marcus Online Savings, Best place to hold the tax
Park quarterly tax money somewhere it earns interest until the payment is due.
The verdict
Novo for straightforward free business checking. Relay if you want separate accounts to hold tax money automatically. Keep the set-aside in a high-yield savings account rather than checking.
How we ranked these
We compare monthly fees, whether the account supports sub-accounts for tax set-aside, invoicing integrations, and how quickly deposits clear.
How we ranked these
We compare monthly fees, whether the account supports sub-accounts for tax set-aside, invoicing integrations, and how quickly deposits clear.
Frequently asked questions
How much should I set aside for tax?
Self-employment tax is 15.3% of net earnings, before income tax. Many freelancers set aside 25–30% and adjust once they have a year of data.
When are quarterly taxes due?
Estimated payments are generally due in April, June, September and the following January. Missing them can trigger an underpayment penalty.
Do I need an EIN as a sole proprietor?
Not always, but it lets you avoid giving clients your Social Security number, and most business accounts prefer one.
Can I deduct bank fees?
Business bank fees are an ordinary business expense and generally deductible. Personal account fees are not.
Is half of self-employment tax deductible?
Yes. You deduct the employer-equivalent half against income tax, which softens the headline 15.3% rate.
Sources
Every figure on this page is attributed to a named source with the date it took effect. Our reviewers check them against the primary source before publication.
About our expert
Editor, banking and credit
Experience
Priya edits the banking and credit-card desks: savings and checking accounts, CDs, card APRs, balance transfers and the mechanics of how interest is actually charged.
Rates on these pages move weekly, so her rule is that a quoted APY or APR carries the date it was checked, and a figure past its re-check window is pulled rather than left to go quietly stale.
Areas of expertise
- Savings and CDs
- Credit cards
- APR and interest
- Credit scoring
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