Best Business Bank Accounts for 2026, Ranked
Novo is the simplest free business checking for a freelancer or single-member LLC. Relay is better if you want several accounts to split income by purpose.
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Ruth Ballinger Editor, small business and lendingRuth covers business formation and borrowing, from LLC filing fees to mortgages, auto loans and student debt.
A business checking account keeps company money separate from personal money, which matters for both bookkeeping and liability protection. Novo and Relay both charge no monthly fee and no minimum balance, which is the bar to clear.
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The short version
- The main job of a business account is separation: keeping business money out of personal accounts protects the liability shield an LLC provides and makes bookkeeping possible.
- A sole proprietor with $90,000 of net profit filing single owes roughly $24,740 in federal self-employment and income tax, which is about 27.5% of profit and a reasonable starting point for a tax set-aside.
- Many business accounts are offered by financial technology companies rather than chartered banks, so the deposit insurance runs through a partner bank you should identify by name.
- A no-fee account is rarely free of every fee: wires, cash deposits, expedited cards and foreign transactions are the usual exclusions.
- A cash-heavy business is a poor fit for an app-first account, because depositing physical currency without a branch relationship is slow and often costs money.
The verdict
Novo is the simplest free business checking for a freelancer or single-member LLC. Relay is better if you want several accounts to split income by purpose.
- Winner
- Best for freelancers
Novo · No monthly fee, no minimum, and integrations with the invoicing tools freelancers already use.
- Winner
- Best for profit-first budgeting
Relay · Multiple checking accounts included, so income can be split by purpose automatically.
Our picks
1. Novo, Best for freelancers
No monthly fee, no minimum, and integrations with the invoicing tools freelancers already use.
See itNovo
Novo
2. Relay, Best for profit-first budgeting
Multiple checking accounts included, so income can be split by purpose automatically.
The verdict
Novo is the simplest free business checking for a freelancer or single-member LLC. Relay is better if you want several accounts to split income by purpose.
How we ranked these
We compare monthly fees, minimum balance requirements, transaction limits, cash deposit options and how many sub-accounts are included.
How we ranked these
We compare monthly fees, minimum balance requirements, transaction limits, cash deposit options and how many sub-accounts are included.
Frequently asked questions
Do I legally need a business account?
Not always, but mixing personal and business money undermines the liability protection an LLC is meant to give you.
Can I use a personal account for my LLC?
You can, and it is a common mistake. It complicates bookkeeping and weakens the separation courts look for.
What do I need to open one?
Usually your EIN, formation documents and personal identification for anyone with significant ownership.
Do these accounts take cash deposits?
Online-only banks often route cash deposits through a retail partner network, sometimes with a fee. Check this if you take cash.
Is my money insured?
Fintech accounts hold deposits at partner banks. FDIC coverage flows through those banks. Confirm which one holds your balance.
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, small business and lending
Experience
Ruth edits the business, loans and mortgage desks: LLC formation and annual fees by state, payroll and business banking, and the borrowing side from mortgages and auto loans through to student loan repayment.
Filing fees and repayment programmes are set by fifty-one different authorities and change without announcement, so her pages carry the state and the effective date on the figure itself rather than a national average that is true nowhere.
Areas of expertise
- LLC formation
- Business banking
- Mortgages
- Student loans
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