Best Business Bank Account for Sole Proprietor: Top Picks for 2025

For sole proprietors, it’s important to draw a line between between personal and business finances. The best business bank account for sole proprietors will not only help keep finances separate, but will also come with specific perks and incentives for managing your business.

Read on to discover the best business account options for your business.

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Best Business Bank Account for Sole Proprietors: Quick Overview

Business Account	Monthly Fee	Key features
Chase Business Complete Banking	$15 (can be waived with $2,000 as a minimum balance)	Brick-and-mortar branches QuickAccept integration $300 sign-up bonus
Bluevine Business Checking	$0	No monthly fees 2.00% APY interest Accounting software integrations
American Express Business Checking	$0	1.30% APY interest Membership rewards program 24/7 customer support
Found Small Business Banking	$0	No fees Tax planning features Unlimited invoices
U.S. Bank Silver Business Checking	$0	$400 sign-up bonus In-person branches Free cash deposits

Top Business Accounts for Sole Proprietors

Wise Business

Best for: International transfers & easy online banking

💡 Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. You can open an account 100% online with no need for booking appointments or waiting in line. There is also no opening or minimum balance requirement, which makes it a great option for sole proprietors who are looking to keep the most of their profits. Wise Business is also designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.

Some key features of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. You can also Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 people.

Fees:

• Monthly maintenance - $0
• Minimum deposit requirement - $0
• Overdraft - N/A

Open a Wise Business account online

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Chase Business Complete Banking

Best for: In-person banking

Key features:

• In-person customer support - With the Chase Business Complete Banking account, you can have the comfort of speaking to experts in person about any issues you have or queries around managing your finances.
• QuickAccept payment integration - QuickAccept is a credit card processing platform, so you can more conveniently accept payments from your customers.
• $300 sign-up bonus - If you meet the qualifying criteria, you can earn a $300 sign-up bonus upon opening the bank account.

¹Fees:

• Monthly maintenance - $15 (can be waived with $2,000 as a minimum balance)
• Minimum deposit requirement - $0
• Overdraft - $34

The Chase Business Complete Banking account is a reliable option for sole proprietors seeking a brick-and-mortar bank to manage their business finances. As one of the largest bank branches in the U.S., Chase offers in-person banking and customer support to help you set up and maintain your business account.

The Chase Business Complete Banking account also comes with an app that you can use to make transactions, view your balance, and manage your finances. With QuickAccept integration, you can use the payment processor to streamline your transactions and make it easy for customers to pay you using various payment methods.

There’s a $300 sign-up bonus when you open a Business Complete Checking Account with Chase provided you satisfy their “qualifying activities” criteria. Chase will also waive its $15 monthly service fee if you satisfy these same “qualifying activities”.

Bluevine Business Checking

Best for: Earning interest on your balance

Key features:

• No monthly fees - The Bluevine Business Checking account doesn’t charge monthly maintenance fees to keep the account open.
• 2.00% APY interest - You can earn 2.00% APY interest on account balances up to $250,000, so your money can work for you.
• Accounting software integrations - With accounting software integrations, it’s easier to stay on top of your incoming and outgoing business transactions.

²Fees:

• Monthly maintenance - $0
• Minimum deposit requirement - $0
• Overdraft - $0

The Bluevine Business Checking account is a versatile option with no monthly fees, making it an excellent choice for a sole proprietor. When you have an account balance of up to $250,000 with this business account, you’ll qualify for 2.00% APY interest.

This business account is compatible with a wide range of bookkeeping and accounting software solutions, including FreshBooks and QuickBooks Online. These integrations can help you manage your finances whether you work with an accountant or balance the books for your business yourself.

Found Small Business Banking

Best for: Invoicing and tax planning

Key features:

• No monthly fees - The Found Small Business Banking account doesn’t charge monthly or overdraft fees, and there’s no minimum balance required to open the account.
• Tax planning features - With built-in tax planning tools, you can plan ahead for the tax season and ease your concerns when it comes time to file your business taxes.
• Unlimited invoices - You can send as many invoices as you need to from the Found Small Business Banking account to bill your clients.

³Fees:

• Monthly maintenance - $0
• Minimum deposit requirement - $0
• Overdraft - $0

The Found Small Business Banking account is tailor-made for sole proprietors and small business owners (SMBs), with no monthly fees or minimum opening deposit.

There are no fees for overdrafting either, and Found is built around the needs of sole proprietors with built-in tax preparation solutions to help you prepare for tax season each year.

You can send unlimited invoices from this business account, and use the in-house bookkeeping features to keep tabs on your expenses. Plus, you’ll have access to a variety of popular integrations including Square and Stripe, which can make it easy to get an overview of your business from a single source.

American Express Business Checking

Best for: Earning Membership rewards

Key features:

• 1.30% APY interest - For balances up to $500,000 you can earn 1.30% APY interest on your money.
• Membership rewards program - With a Membership rewards scheme, you can earn and redeem points simply by using the American Express Business Checking account.
• 24/7 customer support - If you ever need support with your account, you can speak to an advisor at any time of day.

⁴Fees:

• Monthly maintenance - $0
• Minimum deposit requirement - $0
• Overdraft - $0

The American Express Business Checking account comes with no monthly fees, and 24/7 support to resolve any issues you may have.

This business account is unique in that you can use it to earn Membership Rewards points for meeting certain criteria, which you can cash in for air miles and deposits made directly into your account.

You can also earn 1.30% APY interest on balances up to the value of $500,000, so your money will work for you while it remains in the account.

U.S. Bank Silver Business Checking

Best for: Significant sign-up bonus

Key features:

• $400 sign-up bonus - With a sign-up bonus, this account is a great option for an upfront cash injection into your business.
• In-person branches - As a large bank in the United States, you can attend brick-and-mortar branches to ask questions about your account and solve issues that come up.
• Free cash deposits - With the U.S. Bank Silver Business Checking account you can make up to $2,500 of free cash deposits per month.

⁵Fees:

• Monthly maintenance - $0
• Minimum deposit requirement - $100
• Overdraft - $36

The U.S. Bank Silver Business Checking account offers no monthly fees, and a sizable $400 sign-up bonus.

With support available at the brick-and-mortar branches and free cash deposits, this business account is ideal for sole proprietors accustomed to in-person banking.

What to Look for in a Business Bank Account as a Sole Proprietor

The best business bank account for sole proprietors is the one that caters best to your financial situation and offers you the flexibility for day-to-day operations.

Low fees

It’s important when assessing business bank accounts to find an option that offers affordable fees for your level of business. If there are high monthly maintenance fees, simply owning the account could reduce your profit margin and might not be worth the investment.

For many sole proprietors, the goal is to minimize overhead expenses as much as possible to maximize cash flow and scale sustainably. Even if some banks waive these monthly maintenance fees if you meet a minimum balance, this might still represent an expense you could avoid.

The same applies for transaction and wire fees, which can prove costly if you regularly receive and send money transfers as part of your daily business operations.

Mobile banking

The modern sole proprietor often has freedom of movement in how and where they work, so mobile banking can be a valuable asset to look for in a business bank account.

Through mobile banking, you can access your business accounts whenever you want, from wherever you are. It also makes wire transfers and other payments seamless, as you can manage them directly from your smartphone.

Most business bank accounts that offer mobile banking will also let you track your expenses through the app, which can help you stay on top of your spending for bookkeeping purposes.

Integration with payment platforms

Since many sole proprietors will make frequent transactions to and from their business, finding a business bank account that integrates with payment platforms can be a good idea.

With a payment platform, you can accept many different payment methods, allowing your customers to pay you through:

• Apple Pay
• Google Pay
• Credit cards
• Debit cards
• Bank transfers
• Mobile payments

As well as other unconventional payment methods sometimes such as cryptocurrency. The more options you can provide for your customers, the more seamless the payment process and the easier it is for them to pay you.

Suitable transaction limits

If you do send a lot of transactions from your business, it’s important to find a business bank account that supports a large number of transactions.

Since some bank accounts place restrictions on transactions, and others offer unlimited transactions, it’s worth exploring the options to make sure you find an account that’s compatible with your daily business operations.

If you choose an account that offers a fixed number of transactions per month, you may have to pay additional fees for every transaction over that number.

Discover Wise: The Easy Way to Manage Finances as a Sole Proprietor

If you’re looking for the best business bank account for sole proprietors, you’ll find an easy and convenient solution to manage your finances in Wise.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.

Register with Wise Business 🚀

With a Wise Business account, you can:

• Make international payments at the mid-market rate
• Send batch payments
• Create professional invoices with the Free invoicing tool
• Connect to QuickBooks to track your bill payments
• Manage multiple currencies in one place
• Receive payments like a local with major currency account numbers
• Hold over 40 currencies

Plus, there are no monthly fees to worry about, so you can keep your profit margins intact.

Read the guide on how to open a Wise Business account

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Sources used :

¹ Chase
² Bluevine
³ Found
⁴ American Express
⁵ U.S. Bank

Sources last checked on 24-October 2024.