Best business accounts and bank accounts for sole proprietors in the US

Key takeaways

• About 27% of small business owners still run personal and business finances through one bank account, even though a dedicated account saves 15 to 20 bookkeeping hours a year.¹

• 74% of small business owners expect revenue to rise in 2026, which puts more weight on what an account does beyond holding cash.⁵

• The best business accounts and business bank accounts for sole proprietors include Airwallex for multi-currency operations, alongside Bluevine, Novo, Relay, and Chase.

Modern sole proprietors need an account that works as a strategic asset, not a passive place to park capital. Choosing the right one means looking closely at how the provider connects to the tools you already use for invoicing, expense management, and global expansion. This guide compares the leading business accounts and business bank accounts so solo entrepreneurs can optimize cash flow and cut operational friction.

The best business accounts and business bank accounts for sole proprietors at a glance

Top-rated business accounts and business bank accounts for sole proprietors in the US

Most accounts a sole proprietor will shortlist now come from digital-first platforms rather than branch networks. Only one option below is a bank in the legal sense. The rest are financial technology platforms that hold customer funds at partner banks, which changes how your money is protected and who protects it.

Airwallex

Airwallex brings your cross-border money movement into one financial platform: multi-currency accounts, local payment collection, corporate cards, and transfers to 200+ countries and regions.²,⁴ If you sell across borders, pay overseas suppliers, or work with contractors in several markets, you can run all of it from one account instead of opening a separate provider relationship in every market.

Airwallex is a fintech company, not a bank. U.S. customer funds are held with FDIC-insured partner banks, including Evolve Bank & Trust, and are eligible for FDIC pass-through insurance of up to $250,000 per qualified customer account and banking institution.

Ideal for

Solo entrepreneurs with international suppliers, remote contractors, or global customers, particularly those selling on platforms like Shopify, Amazon, or eBay. It is the stronger choice for scaling firms that need native multi-currency wallets to avoid the forced conversions that erode margins.⁴

Less ideal for

Sole proprietors with cash-heavy, in-person operations who need branch access or a domestic line of credit from the same provider.

Our take

Airwallex is built for businesses that treat the world as a single market. Standard bank cards often carry a 3% markup on international spend. Airwallex Corporate Cards pull directly from multi-currency balances instead, which removes that cost. The ability to generate local bank details in over 20 currencies means a sole proprietor can receive payments from customers in the UK, EU, or Australia as if they had a local office there.

That removes the "banking tax" that often stops small businesses from competing globally. The 2% flat cashback on USD spend also gives a consistent reward structure that tends to be more useful for scaling firms than category-specific points.

Pros

• $0 monthly fee on the Explore plan, with no minimum balance requirement²,³

• Access to interbank FX rates on conversions, regardless of transaction size

• Issue multi-currency corporate debit cards with 0% international transaction fees⁴

• Native integration with Xero, QuickBooks, and Shopify for real-time reconciliation

Cons

• Limited for businesses with physical operations, as POS Payments for accepting in-person card payments is not yet available in the US

• Airwallex Corporate Cards are generally debit cards that draw on balances you already hold

• The free Explore plan caps you at 10 Spend users, and multi-conditional approvals require the Grow plan at $12 per Spend user a month plus a platform fee. Purchase orders require Accelerate, which is custom-priced

Bluevine

Bluevine optimizes for earnings on working capital, offering interest-bearing checking accounts that let solo entrepreneurs put idle cash to work without giving up liquidity. It has become a strong option for US small businesses that want domestic lines of credit and competitive rates directly on operating balances. Bluevine is a fintech platform, and deposits are held at its partner bank.

Ideal for

Sole proprietors who hold significant cash balances and want to maximize interest income while still paying bills and running daily operations from one account.

Less ideal for

Businesses with complex international payment needs, since the platform lacks the native multi-currency infrastructure of global-first providers.

Our take

Bluevine rewards companies that keep substantial balances, with tiered APY that can reach 3.0% on checking. Some digital platforms restrict yield to savings, but Bluevine pays it on checking, so a sole proprietor holding $100,000 in reserves earns roughly $3,000 a year, a meaningful hedge against inflation.

The platform also gives you 5 sub-accounts on the free Standard plan and up to 50 on Premier, each with its own account number, which is rare and makes budgeting for taxes or payroll far easier.

Pros

• High-yield APY up to 3.0% on all checking balances under the Premier plan

• Integrated access to lines of credit up to $250,000

• Free checkbooks, plus cash deposits at 90,000+ Green Dot locations and 1,500+ Allpoint+ ATMs (deposit fees apply)

• Advanced sub-account structure with unique account numbers for each bucket

Cons

• Monthly fees up to $95 apply to higher interest tiers

• Limited international receiving options compared to multi-currency specialists

Novo

Novo takes a connection-first approach built for digital-first businesses that care about their tech stack. It is a streamlined option for freelancers and early-stage startups that want a straightforward, fee-free account for domestic operations. Novo is a financial technology platform, and deposits are held at its partner bank, Middlesex Federal Savings, F.A. (Member FDIC).

Ideal for

New business owners and digital freelancers who prioritize simplicity, no-fee accounts, and solid integrations with platforms like Stripe and Shopify.

Less ideal for

Businesses that want to earn interest on deposits, or that need to hold and manage multiple foreign currencies natively.

Our take

Novo is good at stripping complexity out of early-stage business banking. Its direct Stripe integration matters if you collect online, since payouts land in the account and reconcile without a manual step.

Novo checking accounts do not earn interest. Instead the platform leans on Novo Reserves, which lets you allocate funds into buckets for taxes or payroll. It is a reasonable starting point if you move money frequently through connected workflows and want to avoid traditional institution fees.

Pros

• No monthly fees, no minimum balance, and unlimited digital transactions

• Reimburses up to $7 per month in ATM fees for nationwide access

• AI-powered bookkeeping classifies expenses for tax-readiness

• Direct integrations with platforms like Etsy, eBay, and WooCommerce

Cons

• Checking accounts do not earn interest (0% APY)

• Support runs through the app and website only, Monday to Friday, 9am to 6pm ET

• Cannot hold multiple currencies natively within the account³

• Cash deposits must be handled via money orders

Relay

Relay is a digital platform built around financial organization and granular cash control. It appeals to firms that manage funds across different operational purposes or follow methodologies like Profit First. Relay is a fintech platform, and deposits are held at its partner bank.

Ideal for

Sole proprietors who want high visibility into cash flow through multiple distinct checking accounts.

Less ideal for

Businesses that need integrated lending products directly from their primary provider.

Our take

Relay's main differentiator is up to 20 independent checking accounts, each with its own routing and account number. That allows genuine systematic separation of cash, such as keeping tax reserves fully independent from operating expenses without relying on spreadsheets.

Relay also supports up to 50 physical and virtual debit cards with individual spending limits, useful for solo operators who bring in contractors for specific projects. Relay is a strong tool for USD-only budgeting. Airwallex is the better fit for global scale.

Pros

• Up to 20 checking accounts with unique routing numbers on the free plan

• Deep integration with Xero and QuickBooks Online

• Automated transfer rules for Profit First allocations

Cons

• Operational checking accounts do not earn interest

• Lacks direct lending products and relies on third-party partnerships

• No physical branches for in-person support

Chase Business Complete Banking

Chase is the one true bank account on this list. It offers the security and convenience of a large physical branch network, which suits businesses that handle frequent cash transactions or prefer a traditional banking relationship. As the largest bank in the US, it brings domestic stability and a product suite digital-only platforms cannot always match.

Ideal for

Sole proprietors with cash-heavy operations, such as local retail or home services, who value in-person support and the ability to deposit cash at branches.

Less ideal for

Digital-first sole proprietors who want to avoid monthly fees and minimize international transaction costs.

Our take

Chase runs a traditional model, with security anchored in more than 5,000 branches and nearly 15,000 ATMs. A free account is usually the goal, but look at the transactions you actually perform most before dismissing Chase. International operations are expensive here, between SWIFT wire fees and significant FX markups on conversion.

That said, if you expect to need a domestic line of credit or a broader suite of credit card rewards, Chase remains a reliable cornerstone.

Pros

• Vast network of physical branches and ATMs for cash access

• Integrated merchant services for in-store and mobile payments

• Reliable mobile app with robust check deposit and Zelle features

• Opportunity to build a relationship for future SBA loans

Cons

• Monthly fees of $15 apply unless specific waiver requirements are met

• Significant fees and markups on international wires and FX

• Chase Business Complete Banking does not pay interest on balances

• Limited software integrations compared to fintech specialists

Our methodology for ranking the best business accounts and bank accounts for sole proprietors

Our evaluation prioritizes total cost of ownership, operational efficiency through software connectivity, and global readiness for scaling solo operators. We favor accounts with deep, real-time integrations into accounting software like Xero and QuickBooks, since those connections are the main mechanism for recovering the 15 to 20 hours of manual bookkeeping that plagues small business owners.

We also weigh the ability to manage multiple currencies without forced conversion, giving higher marks to platforms that provide local bank details in foreign regions. Combining these factors with transaction limits and ease of use helps entrepreneurs compare best business accounts and pick a provider that works as a strategic engine, not just a vault.

A note on Airwallex's inclusion: Airwallex publishes this article. The Airwallex Business Account was scored against the same criteria as every other account here, and its trade-offs are listed just as they are for competing providers.

Understanding business accounts and bank accounts for sole proprietors in the US

A business account for a sole proprietor is the gateway between your personal life and your commercial enterprise. A sole proprietorship is not a separate legal entity from its owner, but the account creates a functional boundary that makes professional management and regulatory compliance possible.

What is a sole proprietor business account?

A sole proprietor business account is a dedicated account used exclusively for business transactions. It functions as a pre-filtered ledger for the IRS, documenting every dollar in and out as business activity.

The practical payoff of a separate business account is net profit. That is the figure your self-employment tax is calculated on. Without a dedicated account, finding every deductible software subscription or inventory purchase becomes a slow manual job that invites errors.

Business account or business bank account: what's the difference?

A business bank account is opened directly with a chartered bank, and your deposits are insured by the FDIC through that bank. A business account from a fintech platform is not a bank account, even though it behaves like one day to day. Providers like Airwallex, Bluevine, Novo, and Relay hold customer funds at FDIC-insured partner banks, so for some US customers eligible balances can qualify for pass-through insurance rather than direct deposit insurance.

The practical difference for a sole proprietor is trade-off, not safety. Banks give you branches, cash handling, and in-house lending. Fintech platforms typically give you lower fees, better FX, faster onboarding, and deeper software integrations.

How business banking for sole proprietorships works

Business banking for sole proprietors follows a cyclical workflow centered on income and expense management. Revenue from sales is deposited into the business account, and operational expenses are paid from it. You then take owner's draws by transferring funds from the business account to your personal account to cover living expenses.

That clear transaction trail is essential for accurate records and for demonstrating financial discipline. Modern accounts automate parts of the cycle, setting aside a percentage of every deposit for taxes or categorizing expenses based on prior spending patterns.

Types of business accounts for the self-employed

A modern sole proprietor's financial stack usually spans several account types, each with a distinct role in treasury management.

Business checking accounts

The checking account is the heart of the business and handles the highest transaction volume. These accounts have evolved from simple transaction vehicles into digital-first platforms with integrated bill pay, remote check deposit, and same-day ACH transfers.

High-yield savings and reserve accounts

High-yield business savings accounts keep excess cash productive while staying liquid. Sole proprietors use them to build reserves for quarterly estimated taxes, equipment upgrades, or emergencies. Digital platforms often add envelopes or reserves that sit under the main account to simplify categorization.

Global multi-currency accounts

For businesses operating internationally, Airwallex Multi-Currency Accounts let you hold and manage funds in 20+ currencies natively. That avoids the forced conversion fees traditional banks charge and lets you pay global vendors or contractors over local rails.⁴

Merchant services accounts

If you accept credit card payments online or in person, you need a merchant account or a payment service provider integration. Modern platforms often bundle these, providing payment links and tap-to-pay that settle funds directly into checking.

Benefits and risks for US-based sole proprietors

Opening a dedicated business account is driven by both the upside of optimizing growth and the need to mitigate real legal and financial risk.

Benefits for sole proprietors

• The IRS requires business deductions to be clearly substantiated, and a separate account is a clean record that makes those deductions easy to identify.¹

• When a customer receives an invoice and sees payment directed to a business name rather than a personal one, it reinforces the legitimacy of the operation.

• Separate accounts let you generate accurate profit and loss statements and balance sheets with minimal effort.

• Lenders use metrics like the FICO Small Business Scoring Service to evaluate applications, and a dedicated business account is the foundation of that profile.¹

Risks of financial commingling

• Aseparate account gives you is a clean record of what the business earned and spent, which is what you need in a dispute, an audit, or a loan application.

• Commingled transactions are a significant red flag for the IRS and often lead to filing errors that result in interest charges and penalties.

• Without separation, business profit and personal spending blur together, which invites cash crunches.

How to choose the best business account or bank account for your sole proprietorship

Choosing well means looking past interest rates and analyzing your actual operational workflow and growth plans.

1. Start with geographic reach. If you have international suppliers or customers, a multi-currency account is essential to avoid the standard 3% markup on international transactions.⁴

2. Next, consider software integration depth. The account should connect directly to the accounting, payroll, and invoicing tools you use daily.

3. Finally, evaluate access to growth capital. Being able to draw a line of credit or a term loan through the same platform can accelerate expansion.

How to apply for a sole proprietor business account in the US

The steps for opening a business bank account are now digital-first, and many platforms offer a fully online experience you can finish in minutes.

Required documentation

Sole proprietors generally need a tax identification number, either a Social Security Number or an Employer Identification Number, plus a valid government-issued ID. Owners often ask whether they can open a business bank account with EIN only, but most US institutions require both for verification. You may also need a residential or business address, and a DBA certificate if your business operates under a name different from your legal one.

Applying online vs. in-branch

Online application is the standard for fintech and digital-first providers, with fully paperless onboarding. Traditional banks still offer in-branch applications, which can help if you handle frequent cash deposits or want a relationship with a dedicated business banker.

Alternatives to sole proprietor accounts

A dedicated business account is strongly recommended, but some individuals consider alternatives.

The most common is using a separate personal checking account for business transactions. Weighing business accounts vs personal accounts, the core trade-off is that personal accounts lack professional features, such as issuing cards in a business name or building a business credit profile.

Another alternative is relying only on payment processors like PayPal or Venmo. These are not full-service replacements and lack robust bill pay and high-yield savings.

Explore different types of business accounts

Airwallex publishes guidance for a range of business structures. Compare tailored features in the roundups of the best business accounts for LLCs and the best business accounts for eCommerce. For a broader view, compare the best business accounts across all available options.

Frequently asked questions about the best business accounts and bank accounts for sole proprietors

Does a sole proprietor legally need a separate business bank account?

No, a sole proprietorship is not a separate legal entity, so no federal law requires a separate account. Separating your finances is still an operational and tax necessity, since it creates a clean audit trail and makes deductible expense tracking far simpler.¹

Is a business account the same as a business bank account?

No. A business bank account is held directly with a chartered bank and insured by the FDIC through that bank. A business account from a financial technology platform like Airwallex, Novo, or Relay is not a bank account, though for some US customers funds are held at FDIC-insured partner banks and eligible balances can qualify for pass-through insurance.

Can I open a business account with just a Social Security Number (SSN)?

Yes, sole proprietors can typically open a business account using their SSN as their tax identification number. Many owners still choose to get an EIN to keep their personal SSN private and establish a distinct credit profile for the business.

What is the quickest business account to open online?

Financial technology platforms including Airwallex, Novo, and Relay verify identity automatically, and most accounts are active within one to two business days.

Are there business accounts with no fees and no minimum deposit?

Yes, several modern providers offer no-fee business accounts, including Airwallex and Novo, both of which have $0 monthly maintenance fees and no minimum deposit or balance requirements.²,³

Which business account is best for global freelancers and sole traders?

Airwallex is the strongest option here for an international focus.²,⁴ Holding 20+ currencies natively and paying over local rails lets global sole traders avoid the high fees that come with cross-border commerce.

Can I open a business account with an EIN only?

No. Most US institutions require both an EIN and the SSN or personal ID of the account owner, to comply with federal Know Your Customer regulations.

Does a business account help me build business credit?

Yes, a separate business account is a foundational step in building business credit history. Lenders analyze account consistency and deposit history to verify cash flow for future loans or equipment leases.¹

When is the best time for a sole proprietor to open an account?

Open one before you accept your first payment or make significant purchases. Early separation gives you clean financial records from day one and means you do not miss tax deductions.

Sources

1. https://www.airwallex.com/en-us/blog/what-is-a-business-account

2. https://www.airwallex.com/en-us/business-account

3. https://www.bluevine.com/blog/perspectives/best-business-bank-account-for-sole-proprietors

4. https://www.nerdwallet.com/business/banking/best/sole-proprietors

5. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/11/bofa-report--74--of-small-and-mid-sized-business-owners-expect-r.html

*Airwallex Yield is an investment in the JPMorgan US Government Money Market Fund, not a bank deposit. 3.49% is the 7-day annualised historical rate of the underlying fund as of 3 September 2026 and will change. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Brokerage services provided by Airwallex Capital US LLC, member FINRA/SIPC.

This article is for general information and is not legal, tax or financial advice.