Best Bank Accounts for Side Hustles [2024]: Which Accounts Make the Grade?

Having a separate bank account for your side hustle is a smart financial move, and there are several options to choose from. While you could use a personal checking or savings account for your money, a business account often comes with perks or extra tools to help you make the most of your side hustle. However, these accounts can have some drawbacks, like fees and difficulty depositing cash.

I like having access to a brick-and-mortar bank to make cash deposits easier. However, several online-only options, like Lili and Found, offer bank accounts with helpful financial tools and no monthly fees. Some banks even offer a variable annual percentage yield (APY) on your business checking account balance.

Finding the best bank account for your side hustle takes some leg work, but the benefits can help you maximize your profits and stay financially organized.

How we evaluate products

The companies we chose for our best bank accounts for side hustles list may be current or past FinanceBuzz partners. We didn’t review all business bank accounts available on the market. We considered fees, interest rates, features, and user experiences when evaluating these products.

Best bank accounts for side hustles

• Lili Business Banking
• Found Business Banking
• NBKC Business Checking
• Bluevine Business Checking
• Chase Business Complete Banking
• American Express Business Checking

Account name	Best for	Monthly fee	Main features
Lili Business Banking	Small business options	None for Lili Basic 30-day free trial then $15/mo for Lili Pro*, $35/mo for Lili Smart*, or $55/mo for Lili Premium* *40% off for the first three months	Visa debit card with cash back for paid accounts 3.65% (as of 10/1/24) APY on savings balances of up to $100,000 with a paid account Accounting and tax preparation software available with Lili Smart and Lili Premium
Found Business Banking	Tax help	None $19.99/mo or $149.99/yr for Found Plus	1.50% (as of 11/20/24) APY on balances up to $20,000 for Found Plus subscribers Tax and bookkeeping tools No hidden fees or minimum balance requirements
NBKC Business Checking	Ease of use	None	No minimum balance requirements Up to $12 monthly reimbursement of out-of-network ATM fees Free online banking, business bill pay, and check deposits
Bluevine Business Checking	Earning interest	None for Bluevine Standard 30-day free trial and then $30/mo for Bluevine Plus* and $95/mo for Bluevine Premier*  *Fees waivable by meeting specific criteria	1.5%-4.00% (as of 12/6/24) depending on your balance and account type Free standard ACH payments and unlimited transactions Mastercard debit card with up to 20% in cashback rewards
Chase Business Complete Banking	Branch options	$15/mo (waivable by meeting certain criteria)	No monthly fees or contracts for credit card payments through QuickAccept No fees for electronic deposits, Chase QuickDeposit, or ACH and ATM transactions, among others Ability to assign users to your account so your partner, bookkeeper, etc. can view transactions
American Express Business Checking	Earning rewards	None	No minimum balance requirements Earn one Membership reward point for every $2 spent with your debit card 1.30% APY (as of 10/28/24) APY on balances of up to $500,000

Lili Business Banking: Great for small business options

Lili is a financial tech company that offers business banking services to freelancers and small businesses.² <p>Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.</p> It has four business plans that range from free to $55 monthly. Its free Lili Basic account provides business checking features with a debit card, automatic savings, and access to more than 38,000 fee-free ATMs nationwide. However, Lili shines for its paid plans.

For $15 a month, Lili Pro subscribers receive cash back on debit card purchases, expense management tools, fee-free overdraft protection of up to $200, and a 3.65% (as of 10/1/24) APY on savings balances of up to $100,000. Lili Smart and Premium subscribers ($35/mo and $55/mo) receive these features and unlock accounting software and tax preparation assistance.

Although Lili is a good option, it has some drawbacks. It only accepts cash deposits through retailers in the GreenDot network. More than 90,000 retail locations, including CVS, Walgreens, Walmart, and 7-Eleven stores, allow you to deposit cash with Lili, but they may charge fees. Additionally, Lili only accepts cash deposits of up to $1,500 per 24-hour period, $3,500 weekly, and $5,000 monthly.

Visit Lili | Learn more in our Lili review

Found Business Banking: Great for tax help

The financial tech company Found offers bookkeeping tools to single-owner businesses and freelancers. It provides a checking account that includes a Mastercard debit card and has no monthly maintenance fees or minimum balance requirements. If you sign up for Found Plus ($19.99/mo or $149.99/yr), you’ll also earn a 1.50% (as of 11/20/24) APY on savings balances of up to $20,000, among other features.

However, I like Found best for its free tools. The banking and accounting features help you manage cash flow, organize finances, and set up client invoicing and contractor payments.

One of the most challenging things for me to get used to as a freelancer was paying taxes quarterly. Found’s tax tools help me estimate how much I need to save for taxes and then automatically saves the amount until I’m ready to pay. It will also help me find and track write-offs.

However, even though you can make cash deposits through Found’s 80,000 participating retail locations, each deposit has a $2 fee. You can only deposit a maximum of $2,000 in cash every rolling seven days and $4,000 every rolling 30 days. Plus, while you can use your Found card at an ATM, the daily withdrawal limit is only $550. Found doesn’t charge ATM fees, but you might incur operator surcharges.

Because of the features and drawbacks, Found is best for people who primarily receive online payments and want help with their taxes and bookkeeping.

Visit Found

NBKC Business Checking: Great for ease of use

NBKC Business Checking is easy to use and sign up for. Unlike the online-only options, NBKC has some physical branches, but they’re only in and around Kansas City, Missouri, and Overland Park, Kansas. If you live locally, you can deposit checks or cash at an NBKC ATM or visit a branch.

This bank doesn’t have tools specifically for freelancers, but it has only a few fees. It doesn’t charge monthly maintenance or overdraft fees or have minimum balance requirements. It also features a free debit MasterCard, unlimited transactions, and free online banking and bill pay options.

NBKC has over 90,000 ATMs nationwide, some of which accept cash deposits. If you go to an out-of-network ATM, NBKC will reimburse fees of up to $12 monthly. However, while NBKC doesn’t charge for incoming domestic wires, you’ll pay $5 for outgoing domestic wires and $45 for all international wires.

The bank has highly-rated customer service and connects you with a real banker to help with questions. However, NBKC’s customer service and live chat hours are mostly limited to banking hours: Monday through Friday, 7 a.m. to 6 p.m. CST, and Saturday, 9 a.m. to 1 p.m. CST.

I think that NBKC is worth considering for its easy-to-use features and cost-effective banking options. However, it's probably best for people who don’t frequently receive cash or send wire transfers as part of their side hustle.

Visit NBKC

Bluevine Business Checking: Great for earning interest

Finding a checking account that offers a competitive interest rate can take time and effort, even at the best banks. Bluevine, a financial technology company, provides an APY on its free Standard account. Higher APYs are available with the Plus or Premium accounts, which cost $30 or $95 per month after a free 30-day trial. Like many other institutions, Bluevine waives the monthly account fees if you meet specific criteria.

Bluevine Standard offers most of the company’s features, including no minimum balance requirements and free standard incoming and outgoing ACH payments. One of my favorite features is the physical and virtual debit card that earns 4% cash back on business travel and up to 20% on some business services. The account also offers money management tools like sub-accounts, accounts payable automation, and business software integration.

Bluevine uses the MoneyPass network to give you access to more than 37,000 fee-free ATMs. If you use an out-of-network ATM, you’ll pay a $2.50 fee plus any fee the ATM operator charges.

It can be difficult to deposit cash with Bluevine. First, you’ll need to visit a retail location for Green Dot or a deposit-taking Allpoint ATM. Then, you’ll pay $4.95 for using one of the 90,000 Green Dot locations or $1 plus 0.5% of the deposit amount for using an Allpoint ATM.

I like Bluevine because the free account allows you to earn a high checking APY and cash back on some debit card purchases. While you can earn higher rates with a paid subscription, Bluevine Standard’s APY is more than you can find with many brick-and-mortar banks, which makes it appealing.

Visit Bluevine

Chase Business Complete Checking: Great for branch options

The Chase Business Complete Checking account allows making unlimited Chase ATM and debit card transactions. Side hustlers can also use online bill pay, wire transfers (fees of $15 to $50 can apply), and Chase QuickDeposit for checks.

The account has a $15 monthly maintenance fee. However, Chase will waive it if you have a daily ending balance of at least $2,000. In addition, you can avoid the fee if you receive at least $2,000 in qualifying deposits per statement period, have an eligible linked Chase personal checking account, or meet other criteria.

Unlike the other banks on our list, Chase has around 4,800 physical branches in 48 states and the District of Columbia. Its large network of branches and more than 15,000 ATMs can make it a good option if your side hustle involves a lot of cash or checks. Chase allows up to $5,000 in monthly cash deposits before charging a fee, and it has online and mobile banking options.

Chase QuickAccept allows you to accept credit card payments without a third party like Stripe.

It can handle tap-to-pay on iPhones, or you can use a Chase card reader and base to turn your phone into a point-of-sale terminal. In addition, QuickAccept allows you to create and send invoices directly from your bank account or send a payment link. However, you do have to pay credit card fees for each transaction.

You can get a $300 signup bonus if you deposit $2,000 during the first 30 days, keep that minimum balance for 60 days, and make five eligible transactions during the first 90 days.

Although Chase doesn’t offer interest on this account or the robust bookkeeping features that some other options do, I like the ability to quickly and securely deposit cash without going to a store. I also like the QuickAccept feature for convenient credit card payments.

Visit Chase Business Complete Banking

American Express Business Checking: Great for rewards

American Express is best known for its credit cards, but it also offers free business bank accounts. The American Express Business Checking account has no minimum balance requirements or monthly fees and offers an APY of 1.30% APY (as of 10/28/24) on balances of up to $500,000. However, it doesn’t allow cash deposits.

American Express has 24/7 live customer support for its bank accounts. It also offers access to more than 70,000 free ATMs through the Allpoint and MoneyPass networks.

One of the things I like most about this account is that it earns one Membership Reward point for every $2 spent using the account’s debit card. You can use your Membership Rewards for travel or cash deposits into your business checking account.

American Express also offers a signup bonus of 30,000 Membership Rewards. However, it can be hard to get, especially if you don’t have a relatively high account balance. To earn the bonus, you must make $5,000 in eligible deposits within 30 days of opening the account, keep an average account balance of at least $5,000 for 60 days, and make at least five qualifying transactions within 60 days of account opening.

Although this account isn’t for everyone, it can be a good way to earn extra points if you already have American Express Membership Rewards and can handle the high balance and deposit requirements for the welcome bonus.

Visit American Express Business Checking

Why should you open a bank account for your side hustle?

While you might have not ever considered opening a separate bank account for your side hustle, doing so can keep you organized and help at tax time.

Many business accounts have features not found on personal accounts, such as bookkeeping tools that let you tag specific transactions or ways to accept different forms of payment like debit and credit card payments. Some of the accounts above even allow you to invoice clients and receive payments directly from your bank portal, so you don’t have to worry about going back and forth between accounting programs.

When I started my side hustle, I didn’t use a separate bank account for my earnings, and I regretted it the first time I had to pay quarterly taxes. My side hustle income had mixed with my regular paycheck, and I hadn’t been keeping up with tagging expenses directly related to freelancing.

Thankfully, I opened a separate business bank account before I had to make the second quarterly payment. This made calculating and paying taxes much easier because I knew exactly how much I had earned. When I needed to purchase something, I used the included business debit card, which simplified tracking.

What to look for in the right business bank account

Finding the right business bank account can take some work. As you do your research, consider the factors below to help you maximize your side hustle income.

No fees

Many business banking accounts have no monthly maintenance fees and keep other fees to a minimum, which can help you save money. Other banks may charge a monthly fee but offer ways to waive it, such as keeping a specific minimum balance at all times.

Read the fee schedule before you open an account, especially if you frequently receive non-standard forms of payment like wire transfers. If you see multiple monthly fees, look for ways to reduce them by reviewing your transaction strategies to avoid future fees, calling the bank to see if you can get waivers, or searching for a new account.

Account minimums

Pay attention to minimum balance requirements. While some banks don’t require you to maintain a specific monthly or daily balance, others may charge you a fee for dipping below a certain amount or you might not earn interest if your balance is too low. Before signing up, read the account disclosures carefully and note any account minimum requirements.

Perks

Many banks will offer perks — like a boosted APY or a free trial of premium features — to get you to open an account. However, don’t get sucked in by the perks offered, especially if they’re only for a short time.

Accounts sometimes have a sign-up bonus, but you must jump through hoops to earn it. For example, American Express Business Checking provides a bonus of 30,000 Membership Rewards points. However, you won't earn it if you can’t meet the $5,000 minimum deposit and balance requirements and complete enough qualifying transactions within the given timelines.

Access

If your side hustle’s primary payment method is a check or cash, pick a bank with physical branches to make deposits easier. Even if it has some fees or doesn’t offer the highest APY on your account balance, picking an account that allows cash deposits without third-party fees could be worth it for some side hustlers.

However, if your side hustle is primarily online or involves Venmo or credit card payments, you may decide to optimize for the highest APY instead. Consider how you prefer to interact with your bank and customers and then look for an option that fits your needs.

FAQs

Bottom line

Although opening a separate account for your side hustle takes work, there are many business bank account benefits. Do your research and look for one with low or no fees and no minimum balance requirements. Find an account that offers an APY on at least some of your balance so that your side hustle income can continue to work for you, even if it's just sitting in the bank. In addition, seek perks like a signup bonus or rewards points to maximize your money.