15 Best Digital Bank Accounts for Freelancers

Most freelancers typically look for bank accounts that offer traditional features with less paperwork. 

They prefer hassle-free money management solutions, so they can keep their focus on growing their business. 

Several digital banks provide online business accounts to help freelancers like you manage your finances more efficiently.

They offer accessibility and convenience, allowing you to receive, send, and spend your money with ease.

Let’s explore the banking platforms that are ideal for freelancers.

What Is Freelancing And What Bank Accounts Are Best for Freelancers?

Freelancers are self-employed individuals who work on project-based jobs. 

They get the flexibility to work with multiple clients and perform their jobs remotely.

If you are a freelancer, here are some points you should consider while choosing a bank for business transactions. 

Core Features to Look For In Bank Accounts For Freelancers;

• Hassle-free account opening.
• Basic banking service, including a debit card.
• Multiple deposit and payment options.
• Low maintenance fees.
• Mobile app.

In this article, you’ll find the 15 best bank accounts that cater to freelancers and self-employed individuals. They are budget-friendly and deliver basic banking services for free.

1. Mercury

Mercury provides easy online banking solutions to entrepreneurs and freelancers. It offers free business accounts with digital tools to generate invoices and automate payments.

You can open a checking or savings account and don’t need to maintain a minimum balance. You’ll receive a virtual debit card for online purchases and get the option to make international wire transfers.

Mobile apps are available for easy accessibility. You can send and receive money from your smartphone.

Core Features

• Online checking and saving accounts.
• No monthly fees.
• Domestic and international transactions.
• Virtual and physical debit cards.
• Finance automation.
• Team features.
• Slack, QuickBooks, and Xero integration.
• Mobile apps.

Price

You can get started on Mercury for free, but some features require a paid subscription. Mercury charges $35 per month for the Plus plan and $350 for the Pro plan.

2. Relay

Relay is also a good option for freelancers looking to simplify their finances. Its digital products include business checking accounts, saving accounts, receipt management, and Visa cards.

There’s no monthly fee for account use and no requirement for a minimum balance. Relay also supports PayPal, Stripe, and Square.

You can open multiple checking accounts and process both ACH and wire transfers. 

With the debit card, you can make online purchases and withdraw cash from the ATM.

Mobile apps are available on both Apple and Google Play. You can also integrate third-party applications, like QuickBooks.

Core Features

• Digital banking.
• No monthly fees.
• Checking and savings accounts.
• International transactions.
• Virtual and physical debit cards.
• ATM cash withdrawal.
• Receipt management.
• Integration.
• Mobile apps.

Price

Relay’s basic plan is free and the premium package starts at $30.

3. Revolut

Revolut offers a suite of mobile-friendly personal and business banking products. 

One of them is specifically designed for freelancers, providing features they typically need to process client payments and manage expenses.

You can open a bank account for free and receive your IBAN number with the debit card. There are no charges for the account use, and you only need to pay for the transactions.

You can generate invoices and request payments from your clients. Revolut has features like QR codes and payment links to speed up the process.

Core Features

• Digital banking.
• Personal account.
• No maintenance fee.
• Debit card.
• Invoice generation.
• Payment link sharing.
• Cashback.
• Mobile app.

Price

You can download Revolut’s mobile app here.

4. Novo

Novo is ideal for freelancers. You can open a business checking account without any upfront fees or subscription charges, and enjoy banking services for free.

Some of the things you can do with Novo include generating invoices for clients, receiving funds from payment getaways like Stripe, and using a debit card for purchases. 

ACH transfer is free, and you can also deposit checks via your smartphone. Novo has Android and Apple apps both.

One more thing. You can also automatically reserve funds for taxes and other payments. 

Core Features

• Digital banking.
• Checking account.
• No maintenance fees.
• Free ACH transfer.
• ATM withdrawal.
• Invoice generation.
• Debit card.
• Automation.
• Stripe, QuickBooks integration.
• Mobile app.

Price

Novo is free for freelancers. You only pay for the transaction charges.

5. Found

Found allows you to open an account without providing credit card information and get a business checking account with no fees.

You can access your account from both desktop and smartphone, and link third-party payment getaways to receive payments from overseas clients. You can also deposit checks and cash, plus make free ACH transfers.

To manage expenses and taxes, you’ll get built-in control tools. You can send branded invoices and get paid through multiple channels. With the tax filing option, you can record, file, and track taxes.

Core Features

• Business checking account.
• No maintenance fees.
• Debit card.
• Free ACH transfers.
• Check deposits.
• International transactions.
• Automation.
• Invoice and tax management.
• Integration.
• Mobile app.

Price

Found basic plan is free and the premium plan costs $20 per month. Most of its banking features are free.

6. BlueVine

BlueVine provides business checking accounts to solopreneurs and freelancers. Unlimited transactions, free ACH transfers, and interest earnings are some of its most notable features. 

You’ll also discover other useful features as well. For example, you can receive both domestic and international payments and block debit transactions as an added protection. 

Plus, you can create sub-accounts and automatically transfer money to reserve funds for specific expenses.

Core Features

• Business checking account.
• Sub-accounts.
• No monthly fees.
• Interest earning.
• Domestic and international transactions.
• Debit card and ATM cash withdrawals.
• Mobile check deposit.
• Automation.
• Third-party integration.
• Mobile friendly.

Price

BlueVine doesn’t charge for account opening and usage. It charges for wire transfers.

7. NorthOne

NorthOne is best for freelancers who work with local clients. It offers business tools with banking solutions, allowing you to manage invoices and expenses from your smartphone.

All the basic features are included in NorthOne’s bank account. You can receive and send money, deposit cash, and make ATM withdrawals. Mobile check deposit is also available.

No lengthy paperwork is required to open an account. With a few basic information and a $50 deposit, you can access NorthOne services.

Core Features

• Digital banking,
• Debit card.
• Cash deposits and ATM withdrawals.
• ACH transfer.
• Expense tracking.
• Integration.
• Mobile app.

Price

NorthOne’s account is free.

8. Sofi

Sofi sells banking, lending, and investing products. Freelancers can open checking and saving accounts online and earn good interest on savings.

You can set up direct deposit to simplify payment collection and get a debit card for cash withdrawal. You’ll get a signup bonus on direct deposit, plus an overdraft facility for ad-hoc expenses.

There are no extra charges for account usage, and you can manage account activities from your smartphone.

Core Features

• Checking and savings accounts.
• No maintenance fees.
• Interest earning.
• Mobile deposit.
• Overdraft coverage.
• Debit card.
• ATM withdrawal.
• Perks.
• Mobile app.

Price

You can open a bank account for free.

9. WISE

WISE is specifically designed for freelancers. It offers international accounts to contractors from all around the world, simplifying global payment transfers.

You can open a multi-currency account with minimum documentation and receive money from 140 countries. With third-party integration, you can connect WISE with major freelance platforms and transfer your earned income. 

For payments and cash withdrawals, you’ll get a debit card. And if you have a small team, you can schedule and send mass payments in local currencies.

Investment options are also available. You can opt for investment products and earn returns on savings.

Overall, it’s excellent for contractors from Eastern countries. 

Core Features

• International account.
• Access to 160 countries.
• Debit card and ATM cash withdrawals.
• No upfront or maintenance fees.
• Payment request link.
• Scheduling.
• Investments.
• Mass payments.
• Integration.
• Mobile app.

Price

You can open personal and business accounts on WISE for free. It charges for the debit card issue and transactions.

10. Payoneer

Payoneer is another great option for international freelancers. You can open an account for free and receive money from clients living in other countries.

Top notable features of Payoneer are multi-currency accounts, global payment transfers, mass payouts, and cash withdrawals. 

You can also generate payment request links to collect payments from clients. Payoneer supports ACH transfers, credit card payments, and direct bank transactions.

Core Features

• International account.
• Access to 190 countries.
• Debit card.
• Payment request link.
• Scheduling.
• Multi-currency account.
• Mass payouts.
• Marketplace integration.
• Mobile app.

Price

Payoneer’s account is free for freelancers. It charges for transfers and card transactions. You may also need to deposit a certain amount per year to keep using it for free.

11. PayPal

PayPal is a popular choice in the Western region. While the platform supports 200 countries, most account users live in the US, UK, Germany, and France.

Freelancers can use PayPal to process international transactions, send money to their local bank accounts, make online purchases, and withdraw cash from ATMs. 

You can share payment request links to get paid from local and international clients.

Plenty of shopping perks and other benefits are available to users. For example, you can earn cashback on purchases,

Core Features

• Personal and business accounts.
• A balance account to save money.
• Access to 200 countries.
• Debit card.
• ATM cash withdrawals.
• Multi-currency savings.
• Flexible online purchase options.
• Payment request link.
• Integration.
• Mobile app.

Price

You can create a free account on PayPal. It charges for transfers, purchases, and withdrawals.

12. N26

N26 is a well-established digital bank. It supports multiple countries and offers several digital personal accounts.

Its standard plan covers physical and virtual debit cards, mobile payments, international transactions, and free ATM cash withdrawals. You can request payments from clients and make instant transfers.

You’ll receive interest on your savings and earn cashback on purchases. You can open sub-accounts to allocate funds, and even buy and sell crypto.

For travelers, N26 provides international debit cards and insurance coverage. I recommend exploring its premium plans. They have some interesting features.

N26 has also introduced business accounts specifically for freelancers. You can open it for free with just your ID card.

Core Features

• Digital banking.
• No minimum balance or fee.
• Debit card for domestic and international purchases.
• ATM cash withdrawal.
• Payment request.
• Multi-country support.
• Savings and sub-accounts.
• Travel Insurance.
• Mobile app.

Price

N26 doesn’t charge for the standard account. Its premium accounts, however, cost €4.90 to €16.90 per month.

13. Monzo

Monzo delivers personal and business banking accounts to sole traders and freelancers. With its business account, you can send payment links and get paid in 40+ currencies.

The account supports both desktops and smartphones. You can also integrate your accounting software and automatically extract transactions from your bank account.

Other notable features of Monzo are money withdrawal, tax fund allocation, and interest earning. You can make instant bank transfers and get a debit card for purchases.

Core Features

• Personal and business accounts.
• No maintenance fees.
• Debit card.
• Payment request links.
• International transactions.
• Online purchase.
• Automatic reservation of funds for taxes.
• Interest earning.
• Integration.
• Mobile app.

Price

Monzo’s basic business account is free and the Pro account costs £5.

14. Current

Current delivers banking services with additional perks. You can use it to receive money and earn points on debit card transactions, even cash withdrawals.

There are no fees for account opening, bank transfers, and ATM cash withdrawals. You can deposit checks from your mobile phone and set up direct deposit to withdraw money in advance.

Crypto buying and selling and interest-earning are some of its other main services.

Core Features

• Digital banking.
• No maintenance fees.
• Mobile deposit.
• Debit card.
• Cashback.
• Interest on savings.
• Crypto trading.
• Mobile app.

Price

Account opening on Current is free of cost.

15. Lili

Lili provides essential online banking services.

You can open a checking account with no minimum deposit requirement and get a debit card for cash withdrawals and purchases. 

You can also open a savings account and automatically transfer a fixed amount from your checking account.

Lili allows both ACH and wire transfers and offers a free overdraft facility. Plus, you can deposit cash and checks.

Core Features

• Business checking and savings accounts.
• No minimum balance.
• Cash and check deposit.
• Direct deposit.
• ATM cash withdrawals.
• Domestic wire transfer.
• Multiple accounts.
• Mobile app.

Price

Lili sells four plans. The basic plan is free and premium packages range between $9 and $33.

Free trials are available.

Conclusion

Many digital platforms like N26 and WISE offer an easy account opening process and free banking services. 

They are ideal for freelancers like you, giving you all the perks of traditional banking online.

Explore the listed platforms, check out their eligibility criteria, and pick the platform that meets your requirements. Good luck!