A sole proprietor can legally run a business out of a personal checking account. A freelancer with an LLC should not -- and even without one, mixing invoice deposits with rent and groceries turns every tax season into an afternoon of staring at bank statements trying to remember what a $340 charge was for. None of the six accounts below charge you to find out which one fits; the real costs are in minimum balances, wire fees, and how good the built-in bookkeeping actually is once you're using it daily.
We compared these on monthly fees, interest paid on idle cash, how fast you can open an account and start receiving payments, and whether the tax-planning features are a genuine feature or a marketing line.
Quick answer: Bluevine is the best all-rounder -- no monthly fee and up to 1.30% APY on checking balances most banks pay nothing on. Found is the best free option if invoicing and expense tracking built into the bank account matters more than interest. Novo is the simplest no-fee account for a solo freelancer who just wants checking with no surprises. Mercury is the pick if you're a US LLC that might raise money or needs sophisticated account structuring. Lili is built specifically around automatic quarterly-tax set-asides. Full comparison below.
Quick Comparison
| # | Tool | Rating | Price | Best for |
|---|---|---|---|---|
| 1 | Bluevine | 9/10 | Free (Standard); Plus and Premier tiers add higher APY and more free transactions for a monthly fee | Freelancers who want a no-fee account that actually pays interest on the cash sitting in it |
| 2 | Found | 8/10 | Free; optional paid Found Plus tier adds higher-yield savings pockets and additional tools | Solo freelancers and gig workers who want invoicing, expenses, and tax set-asides in one free app |
| 3 | Novo | 8/10 | Free | Freelancers who want the simplest possible free account with zero fee conditions to monitor |
| 4 | Mercury | 7/10 | Free for standard business checking; optional paid treasury and higher-yield products | LLC or corp freelancers who might scale into a team, raise money, or need sophisticated sub-accounts |
| 5 | Relay | 7/10 | Free (Relay); paid Relay Pro tier adds more cards, higher transfer limits, and premium support | Freelancers who subcontract, run a small agency, or want many purpose-specific sub-accounts without opening separate banks |
| 6 | Lili | 7/10 | Core $0; Pro about $15/mo; Smart about $35/mo; Premium about $55/mo | Freelancers who have been burned by a quarterly tax bill before and want the set-aside automated |
1. Bluevine
9/10Pros
- +No monthly fee and no minimum balance requirement on the standard plan
- +Up to 1.30% APY on checking balances (tiered, with qualifying activity) -- rare for a business checking account
- +Free incoming wires and ACH, with same-day or next-day deposit options
- +Accepts both online transfers and physical check deposit
Cons
- -The top APY tier requires meeting monthly qualifying activity -- read the fine print on what counts
- -No physical branches, an issue if you regularly need to deposit cash
- -Bill pay and invoicing tools are more basic than Found's
Our Verdict
Bluevine's pitch is simple and it delivers: zero monthly fee and real interest on a checking balance, which most competitors either charge for or don't offer at all. The qualifying-activity requirement for the top APY tier is worth reading before you count on it, but even the baseline rate beats what a traditional bank pays. For a freelancer who wants a clean, fee-free checking account with a meaningful interest bonus, this is the easiest recommendation on the list.
2. Found
8/10Pros
- +Completely free, with invoicing, expense tracking, and a tax set-aside feature built directly into the account
- +Automatically estimates quarterly tax payments based on your actual income, not just a flat percentage
- +Direct integrations with Etsy, PayPal, Uber, and other platforms freelancers already get paid through
- +No LLC required -- sole proprietors can open an account immediately
Cons
- -Found is a fintech, not a bank -- funds are held at a partner bank, which is standard but worth knowing
- -Fewer advanced business banking features (no checks, limited bill pay) compared to Mercury or Relay
- -Best suited to solo freelancers, less built for a business with employees or complex cash flow
Our Verdict
Found is less a bank account and more a complete back office built around one: open it, connect your gig platforms, and it starts estimating what you owe the IRS before you ask. That built-in tax discipline is the single best reason to choose it over a plain checking account, especially for freelancers who've been surprised by a quarterly tax bill before. It isn't trying to be a full business bank for a growing company with employees -- it's trying to be the easiest first account for someone who is the whole company.
3. Novo
8/10Pros
- +No monthly fees, no minimum balance, and no fee-waiver conditions to track
- +ATM fees reimbursed up to $7/month, useful since Novo has no branches or ATM network of its own
- +Clean, modern interface with built-in invoicing and reserve sub-accounts for savings goals
- +Fast online account opening, typically same day
Cons
- -Does not pay interest on checking balances, unlike Bluevine
- -No cash deposit option -- a real limitation for any cash-handling side of a freelance business
- -Support is online/email-first with no phone branch network to fall back on
Our Verdict
Novo's entire appeal is the absence of asterisks -- no monthly fee, no minimum balance, no 'free if you maintain X' condition to accidentally violate. That simplicity is worth something on its own. What you give up is interest on your balance (Bluevine pays real APY for the same $0 fee) and cash deposits. If your freelance business is entirely digital payments and you just want checking that stays out of your way, Novo is a solid, low-drama choice.
4. Mercury
7/10Pros
- +Built for US-registered LLCs and C-corps, with structuring that scales if you add co-founders or raise money
- +No monthly fees, and strong multi-account organization for separating client retainers, taxes, and operating cash
- +Fast, well-regarded onboarding even for non-US founders of US entities
- +Well-integrated with startup tooling (cap table platforms, accounting software) if you ever need it
Cons
- -Overbuilt for a single freelancer with simple needs -- the startup-oriented features go unused
- -Requires a formal US business entity; sole proprietors without an LLC can't easily open one
- -No interest on standard checking balances without opting into a separate treasury or yield product
Our Verdict
Mercury is built for a company that might become bigger than one person, and it shows in the quality of its account structuring and onboarding for a formal entity. For a solo freelancer with straightforward income and expenses, it's more infrastructure than you need -- Found or Novo will feel simpler day to day. But if you've formed an LLC with half an eye on hiring a subcontractor or incorporating further, Mercury's headroom is worth having from day one rather than migrating later.
5. Relay
7/10Pros
- +Up to 20 individual checking accounts under one login -- genuinely useful for separating client funds, taxes, and payroll
- +Low fees on domestic and international wire transfers relative to competitors
- +Supports multiple debit cards for team members with individual spending controls
- +Strong accounting-software integrations (QuickBooks, Xero) for firms that need clean books
Cons
- -More built for a small team or agency than a true solo freelancer -- the multi-account depth is underused by one person
- -No interest paid on checking balances
- -Slightly steeper learning curve to set up the sub-account structure well
Our Verdict
Relay's multi-account structure is its whole reason to exist, and it solves a real problem for anyone managing money for more than just themselves -- a designer with two subcontractors, a small studio, a consultant running payroll for one employee. A true solo freelancer with one income stream and one tax bucket won't use most of what makes Relay good. If that's you and you outgrow Novo or Bluevine, Relay is where to go next.
6. Lili
7/10Pros
- +Automatic Tax Bucket sets aside a percentage of every deposit toward quarterly estimated taxes, based on your income pattern
- +Free tier (Lili Core) includes a debit card, expense tracking, and the tax set-aside feature
- +Paid tiers add invoicing, overdraft protection, and a high-yield savings account
- +Built specifically around the self-employed and gig-worker tax cycle, not retrofitted from a general business account
Cons
- -The most useful bookkeeping and tax tools sit behind paid tiers (roughly $15-55/month)
- -Smaller and newer than Bluevine or Mercury, with a less extensive feature set outside its tax focus
- -Less suited to a freelancer who already has a tax-savings habit or a separate accountant handling estimates
Our Verdict
Lili's Tax Bucket is the feature that justifies its existence: it watches what comes in and automatically moves a cut toward what you'll owe the IRS, protected from being accidentally spent. For a freelancer with inconsistent income who has ever had to scramble for a tax payment, that single feature can be worth the Pro tier on its own. Freelancers who already have tax-savings discipline, or who'd rather handle that in a separate high-yield account, will get less marginal value from paying for it.
Final Verdict
None of these six will charge you to open an account, and five of the six charge nothing to use month to month -- so the real decision is which built-in feature you'll actually use. If that's interest on cash you're not spending yet, Bluevine pays the most for the least effort. If it's automatic tax discipline, Found or Lili do that better than a plain checking account ever will. If you're going to subcontract work or eventually hire, Relay's sub-accounts and Mercury's structuring will save you a painful migration later.
One rule holds regardless of which you pick: if you formed an LLC, open the business account before your first client payment arrives, not after. Depositing a client check into a personal account, even once, is exactly the kind of commingling that can let a court pierce the liability shield the LLC exists to provide.
And once the money is landing somewhere dedicated to the business, send the invoice that earns it the same way -- professionally, with your business name on it, not a payment-app request. InvoiceQuick (invoicequick-phi.vercel.app) builds a free, no-sign-up invoice PDF in under a minute, and pairs naturally with any account on this list -- see the consulting invoice template if you bill project-based work.
Frequently Asked Questions
What is the best free business bank account for freelancers?
Bluevine, Found, and Novo all charge no monthly fee. Bluevine is the strongest all-rounder because it also pays interest on checking balances. Found is the best fit if you want invoicing and automatic tax set-asides built into the free account itself, and Novo is the simplest if you just want fee-free checking with no conditions.
Do I need an LLC to open a business bank account?
No. Found and Novo, among others, let sole proprietors open a business account using an EIN or in some cases a Social Security number and a DBA, with no formal LLC required. Mercury generally expects a formal US entity. If you've already formed an LLC, bring the formation documents and EIN -- most of these accounts can be opened online in under 15 minutes either way.
Bluevine vs Found -- which should I choose?
Bluevine for interest on your balance and a straightforward checking account; Found for built-in invoicing and automatic tax-bucket savings aimed specifically at freelancers and gig workers. Many freelancers use Found as the primary operating account for its tax discipline and keep a Bluevine account as a higher-yield parking spot for the same business.
How much should a freelancer set aside for taxes?
A common starting estimate is 25-30% of net income for federal and self-employment tax, adjusted up in a high-tax state or down if deductions significantly reduce your taxable income -- an accountant can refine this for your situation. Found and Lili both automate the set-aside based on your actual income pattern rather than a flat guess, which is the main reason freelancers choose them over a plain account.
Can I use Relay or Mercury if I don't have employees yet?
Yes, both work for a solo freelancer, but you'll likely use only a fraction of what they offer. Relay's value is in running many sub-accounts for different clients, taxes, or eventual payroll, and Mercury's value is in entity-level structuring that matters more once you scale. If you're solo today but planning to subcontract or hire within the year, opening one of these early avoids migrating your banking later.
Is my money safe in a fintech like Found, Novo, or Relay?
These companies are not banks themselves; they partner with FDIC-insured banks that hold the actual deposits, and funds are typically covered up to the standard $250,000 FDIC limit through that partner bank -- the same protection a traditional bank account has. Check each provider's current disclosures for its specific partner bank and insurance details before depositing large balances.