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Ranking · Business Banking

5 Best Banks for Freelancers in 2026

By the DollarScout teamUpdated Fact-checked MethodologyHow we make money

Short answer

Lili is DollarScout’s best banking platform for freelancers in 2026. Its free Core account covers the operating basics, while the paid ladder adds tax buckets, expense categorization, receipts, reports, invoices, and accounting tools that can replace part of a solo owner’s administrative stack.

Read the full summary

Found is the stronger free choice for built-in Schedule C organization and contractor tools, Novo is best for ecommerce and payment integrations, Mercury is the best path for a freelancer becoming a staffed company, and Relay is strongest for multiple projects, entities, or Profit First allocations.

A freelancer does not need the account with the largest feature list. The right account should receive the way clients actually pay, preserve money for taxes, make expenses easy to substantiate, and produce records that reconcile with the tax return. DollarScout reviewed official plan prices, fee schedules, APY disclosures, payment rails, bookkeeping features, partner-bank terms, and support material on July 19, 2026. We did not open accounts, send live payments, test underwriting, or time support. Rates, limits, plan prices, and eligibility can change.

  1. LiliBest overall for freelancersRank 1
  2. FoundBest free tax and Schedule C workflowRank 2
  3. NovoBest for Stripe and Shopify freelancersRank 3
Rank 4MercuryBest when freelance becomes a companyRank 5RelayBest for multiple projects and allocations

Ranked by this list’s weighted criteria (see How we picked). Rings show each brand’s overall review score out of 5.

Side-by-side freelancer banking comparison

Side-by-side freelancer banking comparison
PlatformFree starting pointNative freelancer strengthCurrent yield headlineMain limitation
1LiliCore $0Tax bucket with optional expense, reporting, invoice, and accounting tiers2.25% through $500,000; 4.00% only on the next tierBest administrative tools require paid plans
2FoundFound $0Free tax estimates, Schedule C organization, contractors, invoices, and PocketsFree 0%; Plus 1.50% capped; Pro 2.50% uncapped under current termsTax outputs require complete data and review
3Novo$0 monthlyPayment and ecommerce integrations, invoices, Reserves0%No direct cash deposits and no deposit yield
4Mercury$0 coreTeam permissions, cards, payments, international USD wires, startup operationsDeposit account is not the main yield propositionRequires a supported digital business; no cash workflow
5RelayStarter $0Many accounts, Profit First allocation, approvals, bookkeeping collaborationSavings 1.11%, 1.75%, or 3.00% by planComplexity and subscriptions can exceed a solo owner’s needs
Checked 14 sources

How we picked

  • 25%Freelancer Workflow
  • 20%Total Cost
  • 25%Tax and Bookkeeping
  • 15%Payments and Integrations
  • 15%Service and Deposit Protection
Methodology

DollarScout weighted Freelancer Workflow 25%, Total Cost 20%, Tax and Bookkeeping 25%, Payments and Integrations 15%, and Service and Deposit Protection 15%. Placement models the full client-to-tax workflow and current plan economics.

The freelancer rubric weights Freelancer Workflow at 25%, Total Cost at 20%, Tax and Bookkeeping Tools at 25%, Payments and Integrations at 15%, and Service and Deposit Protection at 15%. Freelancer Workflow covers invoices, client deposits, expense evidence, sub-accounts, mobile use, and the ability to keep business money separate without an accounting department. Total Cost includes subscriptions, wires, expedited transfers, cash deposits, checks, and the opportunity cost of a 0% balance.

Tax and Bookkeeping Tools measures categorization, tax reserves, receipt capture, contractor records, reports, exports, and accountant access. These features receive credit only when their plan eligibility and limitations are clear; an estimate is not a filed return. Payments and Integrations cover ACH, wires, checks, cards, cash, Stripe, Shopify, Square, accounting, and payroll connections. Service and Deposit Protection considers published support paths, partner banks, sweep disclosures, and the ownership rules that affect a sole proprietor.

Freelancer banking workflow comparing Lili, Found, Novo, Mercury, and Relay across client payments, tax reserves, bookkeeping, integrations, and business growth
Choose the account that closes the full loop: client payment, tax reserve, documented expense, reconciliation, and owner pay.
How we rank products
1Lili logo

Lili

Best overall for freelancers

Lili is the strongest overall freelancer platform because Core provides credible free banking and its paid ladder adds tax reserves, categorization, receipts, reports, invoices, external imports, and accounting tools as the business becomes more complex.

Monthly FeeSource for Lili Monthly Fee

Core $0; Pro $15/month or $144/year; Smart $35/month or $336/year; Premium $55/month or $528/year

YieldSource for Lili Yield

Current savings disclosure: 2.25% on balances through $500,000 and 4.00% on the portion over $500,000 through $1 million; no yield above $1 million

Deposit InsuranceSource for Lili Deposit Insurance

Up to $3 million through Sunrise Banks and sweep-program banks, subject to pass-through conditions and deposits held at participating banks

Pros

  • Free Core account with checking, savings, invoices, and a tax bucket
  • Paid tiers add useful expense, tax, accounting, and reporting workflows
  • Current savings APY and conditional sweep coverage across plans

Cons

  • Most advanced tax and bookkeeping features require a subscription
  • Cash, wires, and four plan levels make total cost less simple
Checked
Read our Lili review
Why it ranks #1

Current savings terms provide yield across plans, but the 4.00% headline applies only to the portion above $500,000 through $1 million. Wires, cash deposits, subscriptions, and add-ons can cost extra, and tax tools remain owner-reviewed software rather than professional advice.

Lili ranks first because it gives a solo owner a credible free starting point and a deliberate path toward deeper tax and accounting administration. Core has no monthly plan fee and includes business checking, savings, a debit card, standard ACH, invoices, a tax bucket, connections to business tools, statements, and MoneyPass ATM access. Pro, Smart, and Premium add progressively stronger expense, tax, bookkeeping, reporting, invoice, and support features.

The current list prices are $15 monthly or $144 annually for Pro, $35 monthly or $336 annually for Smart, and $55 monthly or $528 annually for Premium. A freelancer should compare the annual subscription with the specific software or bookkeeping work it replaces. Pro can be enough for automated tax savings and expense organization. Smart is more relevant when reports, invoices, external transaction imports, and supported tax-form workflows matter. Premium adds higher-touch service and other benefits, but $55 monthly is difficult to justify for a simple Schedule C practice.

Lili Savings currently publishes a variable 2.25% APY through $500,000 and 4.00% only on the portion above $500,000 through $1 million, effective January 13, 2026. That unusual marginal tier means a $20,000 balance earns the lower rate, not 4.00%. The platform advertises up to $3 million in conditional FDIC sweep coverage through Sunrise Banks and program banks. International and domestic wires, retail cash deposits, mailed checks, and add-ons can carry separate fees.

Lili is best for a consultant, designer, writer, coach, creator, or other independent professional who wants banking and administration under one login and will select the lowest useful tier. It is less compelling for a cash-heavy operator, a complex multi-owner business, or a freelancer who already has a complete accounting stack.

Product facts

Monthly Fee
Core $0; Pro $15/month or $144/year; Smart $35/month or $336/year; Premium $55/month or $528/year Source
Yield
Current savings disclosure: 2.25% on balances through $500,000 and 4.00% on the portion over $500,000 through $1 million; no yield above $1 million Source
Deposit Insurance
Up to $3 million through Sunrise Banks and sweep-program banks, subject to pass-through conditions and deposits held at participating banks Source
2Found logo

Found

Best free tax and Schedule C workflow

Found offers the broadest free self-employed workflow in the ranking: checking, invoices, Pockets, expense organization, receipts, tax estimates, contractor records, Schedule C support, accountant access, and team cards.

Monthly FeeSource for Found Monthly Fee

Found $0; Found Plus $35/month or $315/year; Found Pro $80/month or $720/year; one 30-day paid-plan trial for eligible users

YieldSource for Found Yield

Free plan pays no APY; Plus pays 1.50% on balances up to $20,000; Pro pays 2.50% on all balances with no stated cap

Deposit InsuranceSource for Found Deposit Insurance

Up to $250,000 per depositor for each ownership category through Lead Bank, Member FDIC

Pros

  • Extensive free tax, bookkeeping, invoice, and contractor tools
  • Pockets make tax and operating allocations visible
  • Paid tiers add transaction imports, rules, yield, and support

Cons

  • Free plan pays 0% APY and paid plans are expensive
  • Tax estimates are not preparation or individualized advice
Checked
Read our Found review
Why it ranks #2

Plus and Pro add bookkeeping depth, yield, support, and rewards, but their $315 and $720 annual prices require careful modeling. The free tier pays no APY, and every tax output depends on complete classifications and owner review rather than functioning as a filed return.

Found places second because its free plan includes more self-employed administration than most $0 accounts. It combines business checking, debit cards, ACH transfers, invoices, Pockets, expense categorization, receipt capture, tax estimates, contractor payments, W-9 collection, 1099 support, Schedule C organization, accountant access, and team cards. For a disciplined sole proprietor, those tools can make the free account genuinely useful rather than merely inexpensive.

The free tier pays 0% APY. Found Plus costs $35 monthly or $315 annually and currently pays 1.50% APY on balances up to $20,000 while adding advanced bookkeeping, transaction imports, rules, custom categories, and priority support. Found Pro costs $80 monthly or $720 annually, pays 2.50% APY without a stated balance cap, adds eligible cash back, checks, selected fee savings, and a dedicated account manager. The subscriptions should be justified by workflow or a sufficiently large balance; paying $420 or $720 yearly only to earn interest can produce a poor net result.

Found’s tax estimate is a planning tool. It depends on complete income, accurate categories, tax-profile inputs, and owner review. It does not file the return, guarantee a deduction, or replace advice for an S corporation, multi-state activity, inventory, payroll, or unusual credits. Cash deposits use retail networks with fees and limits, while international and complex payment workflows are narrower than at Mercury.

Choose Found when the free tax, contractor, and bookkeeping loop fits the business. Choose Lili when savings yield, wires, or a graduated accounting plan is more important, and choose a dedicated ledger when the books have moved beyond cash-basis solo work.

Product facts

Monthly Fee
Found $0; Found Plus $35/month or $315/year; Found Pro $80/month or $720/year; one 30-day paid-plan trial for eligible users Source
Yield
Free plan pays no APY; Plus pays 1.50% on balances up to $20,000; Pro pays 2.50% on all balances with no stated cap Source
Deposit Insurance
Up to $250,000 per depositor for each ownership category through Lead Bank, Member FDIC Source
3Novo logo

Novo

Best for Stripe and Shopify freelancers

Novo fits freelancers and sellers whose money already moves through Stripe, Shopify, Square, Etsy, QuickBooks, Xero, and other connected tools. The $0-monthly account includes invoices, mobile check deposit, cards, and Reserves, while the published fee schedule identifies charges for accelerated transfers and wires.

Monthly FeeSource for Novo Monthly Fee

$0monthly service charge and $0 minimum balance; optional express transfers and outgoing wires carry fees

YieldSource for Novo Yield

0%APY on the business checking account and Reserves

Deposit InsuranceSource for Novo Deposit Insurance

Up to $250,000 through Middlesex Federal Savings, F.A., Member FDIC, subject to standard ownership-category rules

Pros

  • $0 monthly service charge and no minimum balance
  • Strong ecommerce, payment, accounting, and operations integrations
  • Invoices and up to 20 Reserves support a simple operating workflow

Cons

  • Checking and Reserves pay 0% APY
  • No direct cash-deposit channel or branch network
Checked
Read our Novo review
Why it ranks #3

It ranks third because checking and Reserves earn 0%, cash cannot be deposited directly, and native tax tools are lighter than Lili or Found.

Novo is the best fit for a freelancer whose income already moves through ecommerce or payment software. The account has a $0 monthly service charge, no minimum balance, debit cards, invoices, mobile check deposit, and up to 20 Reserves for allocations. Novo publishes more than 40 integrations across Stripe, Shopify, Square, Etsy, QuickBooks, Xero, payroll, and other operational tools. That connection layer can matter more than a built-in tax estimate when the payment processor is the real center of the business.

The fee schedule exposes the tradeoff. Standard ACH and mailed checks can be free, but Express ACH, Express Check, outgoing domestic and international wires, selected replacement services, and other accelerated transactions can cost money. Novo does not pay interest on checking or Reserves. Reserves are allocation buckets inside the account, not separate interest-bearing accounts or separate FDIC ownership categories.

Novo currently says eligible deposits are held through Middlesex Federal Savings, F.A., Member FDIC, with standard coverage rather than a multi-million-dollar sweep headline. It does not accept cash directly; a freelancer who regularly receives notes and coins would need an indirect workflow or another institution. ATM fee reimbursement is limited, and there are no branches.

Novo places behind Lili and Found because it provides less native tax and bookkeeping depth and no yield. It can still be the cleanest operating account for an ecommerce seller, photographer, developer, or consultant who gets paid through integrated platforms, keeps only a working balance, and moves reserves to a separate interest-bearing account.

Product facts

Monthly Fee
$0 monthly service charge and $0 minimum balance; optional express transfers and outgoing wires carry fees Source
Yield
0% APY on the business checking account and Reserves Source
Deposit Insurance
Up to $250,000 through Middlesex Federal Savings, F.A., Member FDIC, subject to standard ownership-category rules Source
4Mercury logo

Mercury

Best when freelance becomes a company

Mercury is the best graduation path for an incorporated freelancer adding people, approvals, cards, bills, accounting connections, and international USD payments. Its broad core has no required monthly fee, while Plus and Pro add advanced workflows.

Monthly FeeSource for Mercury Monthly Fee

Core banking $0; optional Plus starts at $35/month or $29.90/month equivalent with annual pricing; higher Pro workflow plan available

YieldSource for Mercury Yield

No promoted checking APY; eligible Treasury portfolios currently show net yield up to 3.64%, but they are investments, not bank deposits

Deposit InsuranceSource for Mercury Deposit Insurance

Up to $5 million through Choice Financial Group, Column N.A., and their sweep networks, subject to pass-through conditions and program-bank placement

Pros

  • Broad $0 core with payments, cards, invoicing, bill pay, and accounting
  • Strong named-user permissions and approval workflows
  • Useful domestic and USD international payment support

Cons

  • No cash deposits or branch service
  • Entity, industry, ownership, and address eligibility can exclude freelancers
Checked
Read our Mercury review
Why it ranks #4

It is not the first pick for a simple sole proprietor because eligibility is oriented toward supported digital businesses, cash deposits are unavailable, and Treasury is a separate investment product rather than insured savings.

Mercury is designed around startups and digitally operated companies, but it can be a strong destination for an incorporated freelancer hiring staff, adding a co-founder, or building more formal finance operations. Its free core includes checking and savings, ACH, domestic and USD international wires, virtual and physical cards, bill pay, invoicing, expense controls, approvals, accounting connections, and granular team access. There is no required core monthly fee, minimum balance, overdraft fee, or account-opening fee.

Mercury Plus starts at $35 monthly, with the current annual equivalent shown at $29.90 monthly, and Pro is listed at $299 monthly. Paid tiers add more automation, reimbursement, invoicing, accounting, and service features. Foreign exchange, non-USD card use, premium international processing, API payments, Treasury management, and other specialized activity can carry fees.

Mercury is a fintech using Choice Financial Group and Column N.A., Members FDIC, plus eligible sweep placements. It advertises up to $5 million in conditional deposit coverage. Mercury Treasury is different: it is a securities product for eligible customers, not an insured savings account, and it can lose value. Cash deposits and branches are not part of the model.

Mercury ranks fourth for a freelancer because many solo businesses will not use its controls, and supported entity, industry, address, and ownership requirements can exclude some applicants. It becomes more attractive when named roles, cards, approvals, international USD payments, and a startup-oriented stack have become real needs.

Product facts

Monthly Fee
Core banking $0; optional Plus starts at $35/month or $29.90/month equivalent with annual pricing; higher Pro workflow plan available Source
Yield
No promoted checking APY; eligible Treasury portfolios currently show net yield up to 3.64%, but they are investments, not bank deposits Source
Deposit Insurance
Up to $5 million through Choice Financial Group, Column N.A., and their sweep networks, subject to pass-through conditions and program-bank placement Source
5Relay logo

Relay

Best for multiple projects and allocations

Relay is strongest for a freelancer using Profit First, operating several projects or entities, or sharing controlled access with a bookkeeper. Starter includes multiple accounts, cards, bills, approvals, receipts, invoices, and accounting connections for $0 monthly, while paid tiers add higher savings APY and automation.

Monthly FeeSource for Relay Monthly Fee

Starter $0; Grow $30/month; Scale currently $90/month for a limited time, regularly $120/month; 14-day trials for paid plans

YieldSource for Relay Yield

Savings APY effective May 1, 2026: Starter 1.11%, Grow 1.75%, Scale 3.00%; variable, fees may reduce earnings, checking does not earn these rates

Deposit InsuranceSource for Relay Deposit Insurance

Up to $3 million through Thread Bank and its IntraFi sweep network, subject to pass-through conditions, placement, and other deposits

Pros

  • Multiple accounts make tax, profit, payroll, and expense allocations explicit
  • Strong cards, approvals, receipts, and accounting collaboration
  • Savings yield is available on free and paid plans

Cons

  • Paid plans are needed for the strongest APY and automation
  • The multi-account structure can be excessive for a simple freelancer
Checked
Read our Relay review
Why it ranks #5

A simple solo owner may create more administrative clutter than value, and the best yield and workflows require subscriptions.

Relay is the strongest account here for a freelancer who wants cash divided into explicit operating buckets. Starter supports multiple checking accounts, cards, bill intake, approval rules, receipts, invoices, and QuickBooks or Xero connections for $0 monthly. The structure suits Profit First, several brands, or a consultant who wants taxes, payroll, owner pay, profit, and expenses visibly separated.

Starter currently publishes 1.11% APY on savings. Grow costs $30 monthly and publishes 1.75% APY; Scale is temporarily advertised at $90 monthly, regularly $120, and publishes 3.00%. Rates are variable and effective May 1, 2026. Checking does not automatically earn the savings APY, so the owner must move reserve cash deliberately. Paid tiers add stronger automations, payment allowances, support, insights, and bookkeeping features.

Relay uses Thread Bank, Member FDIC, and advertises up to $3 million in conditional sweep coverage. Cash can be added through documented retail networks, but fees, locations, and limits matter. Its multi-account model can also create clutter: ten empty buckets do not improve a budget, and transfers must still reconcile correctly in the ledger.

Relay ranks fifth because a simple freelancer may not need its team and allocation depth. It is the better choice for a serial freelancer running multiple activities, a small agency sharing access with a bookkeeper, or an owner committed to a structured allocation system.

Product facts

Monthly Fee
Starter $0; Grow $30/month; Scale currently $90/month for a limited time, regularly $120/month; 14-day trials for paid plans Source
Yield
Savings APY effective May 1, 2026: Starter 1.11%, Grow 1.75%, Scale 3.00%; variable, fees may reduce earnings, checking does not earn these rates Source
Deposit Insurance
Up to $3 million through Thread Bank and its IntraFi sweep network, subject to pass-through conditions, placement, and other deposits Source

Before you choose

5

The rest of our analysis, section by section. Open one for the detail.

  1. Calculate the real annual cost

    Start with twelve months of subscription charges.

    Start with twelve months of subscription charges. Add expected domestic and international wires, expedited ACH, checks, cash deposits, ATM costs, foreign exchange, replacement cards, and paid bookkeeping or tax add-ons. Then subtract realistic interest and cash back after caps, qualifying conditions, and tax. Do not treat a promotional trial as a permanent price.

    Opportunity cost belongs in the calculation. A 0% operating account can be perfectly rational for a $3,000 working balance and expensive for a steady six-figure reserve. Conversely, a $35 monthly subscription costs $420 per year. At a 1.50% gross APY, a constant $20,000 balance produces about $300 before tax—less than that annual fee if yield is the only benefit.

    The winning account is the one that reduces total cost and administrative work without weakening control. A paid plan can be worthwhile when it replaces invoicing software or several bookkeeping hours, even if interest alone does not justify it.

  2. Match the account to how clients pay

    List the percentage of revenue that arrives by ACH, wire, card processor, marketplace, check, cash, and international transfer.

    List the percentage of revenue that arrives by ACH, wire, card processor, marketplace, check, cash, and international transfer. Verify receiving instructions, client-facing payment links, settlement time, returned-payment handling, incoming wire fees, and limits. A free account that cannot receive the dominant payment type is not a fit.

    Ecommerce sellers should inspect processor integrations and reserve requirements. Consultants paid by domestic ACH may value invoices, categorization, and tax buckets more. International freelancers must verify their entity and corridor eligibility, intermediary fees, currency conversion, and whether the platform sends only USD or local currency. Cash-heavy owners need a branch or a reliable deposit network rather than a workaround built around money orders.

  3. Build a four-bucket freelance system

    A practical starting structure is Operating, Tax, Owner Pay, and Reserve.

    A practical starting structure is Operating, Tax, Owner Pay, and Reserve. Route every client payment into Operating, transfer the planned tax percentage promptly, pay the owner on a schedule, and build a reserve for slow months. The exact percentages depend on margin, tax situation, debt, and volatility; an app cannot infer them reliably from a generic rule.

    Keep deductible-business evidence with each expense. Receipt capture helps, but the original invoice, business purpose, date, payee, and classification still matter. Reconcile the bank to the ledger monthly and compare quarterly estimated payments with actual year-to-date profit. The IRS generally expects self-employed taxpayers to pay income and self-employment taxes during the year when applicable.

  4. Understand FDIC coverage for a sole proprietor

    The FDIC treats an unincorporated sole proprietorship as the owner, not as a separate business organization.

    The FDIC treats an unincorporated sole proprietorship as the owner, not as a separate business organization. Its balance is added to the owner’s other single accounts at the same insured bank and the combined category is generally insured up to $250,000. An LLC or corporation engaged in an independent activity can have a separate business/organization ownership category.

    Fintech sweep programs can distribute eligible funds among several insured banks, but the headline maximum is conditional. Review the legal account provider, program-bank list, pass-through requirements, opt-outs, and deposits already held directly or through another fintech at the same banks. Deposit insurance protects against an insured bank failure; it does not cover software errors, tax mistakes, fraud outside applicable rules, or investment losses.

  5. Opening and migration checklist

    Prepare identification, tax ID or EIN when required, business-name or formation records, address, ownership details, website or client evidence, and expected transaction volume.

    Prepare identification, tax ID or EIN when required, business-name or formation records, address, ownership details, website or client evidence, and expected transaction volume. Describe the business accurately. Approval, limits, cards, wires, and sweep access can remain conditional even when an application begins online.

    Migrate gradually. Fund a small amount, receive one client payment, send one ACH, test invoice delivery, connect the ledger, categorize transfers, and reconcile a statement. Update clients only after routing details work. Keep the old account and a backup payment path through at least one complete billing cycle.

Frequently asked questions

5

What is the best free bank account for freelancers?

Found has the most complete free tax and Schedule C workflow in this group, while Lili Core is the better free foundation for someone who may later add paid accounting features and savings yield. Novo is strongest when payment-platform integrations are the central need.

Do freelancers need a business bank account?

A dedicated account is usually the clearest way to separate income, expenses, tax reserves, and owner draws even when a sole proprietor is not legally required to open one. Check provider terms because a personal account may prohibit business use.

Can banking software calculate my freelance taxes?

It can estimate and organize. Accuracy depends on complete income, correct expense treatment, filing status, other household income, deductions, credits, state rules, and entity elections. The estimate is not a filed return or tax advice.

Is a freelancer account separately FDIC-insured from a personal account?

Not automatically. A sole-proprietorship account is generally aggregated with the owner’s other single accounts at the same insured bank. A valid LLC or corporation engaged in an independent activity can qualify for separate entity coverage under the applicable category.

Should a freelancer choose the highest APY?

Only after checking plan fees, balance caps, activity requirements, deposit ownership, liquidity, and payment fit. The operating account’s first job is reliable collections and expenses; longer-term reserves can use a separate insured savings strategy.

Sources14

  1. Lili business banking, savings APY, and partner-bank disclosureslili.co
  2. Lili Core, Pro, Smart, and Premium planslili.co
  3. Lili current monthly and annual plan feessupport.lili.co
  4. Found free, Plus, and Pro pricingfound.com
  5. Found tax workflow and limitationsfound.com
  6. Novo business checking and partner-bank disclosurenovo.co
  7. Novo fee schedule dated June 18, 2026novo.co
  8. Novo integrations catalognovo.co
  9. Mercury business banking and application requirementsmercury.com
  10. Mercury core and paid-plan pricingmercury.com
  11. Relay Starter, Grow, and Scale pricingrelayfi.com
  12. Relay Profit First workflowrelayfi.com
  13. FDIC sole-proprietorship account coveragefdic.gov
  14. IRS self-employed estimated-tax guidanceirs.gov