In the modern world going online is inevitable, not to mention financial management for business purposes or for freelancers. This article explores the best digital accounts that are currently offered in the USA for the consumers mainly the freelancers and self-employed persons.
It is extremely difficult for freelancers and self employed professionals to manage income and expenses, including unpredictability of earnings and lack of clear lines between the two kinds of expenses.
Depending on the selected digital account, such financial chores can be implemented significantly more effectively. Allow me to investigate further the list of the most important digital accounts in the said genre.
Top digital accounts for freelancers and self-employed individuals
1. Chase business complete banking
Chase business complete Banking is rather famous among freelancers and people with their own successful businesses. What’s more, it provides a package of services that in one way or another can suit the financial demands of these professionals. Key features:
- Fee waivers: The Chase offers options for meeting a monthly service fee through a required amount, the average balance that should be maintained daily or through using a Chase Ink® Business credit card for the certain purchases.
- Convenient access: As Chase has branches and ATMs all over it guarantees the easy access to money.
- Integration: The account is compatible with popular programs for accounting, for example, QuickBooks, so it simplifies the work.
- Mobile banking: Chase’s mobile app is highly developed and it enables users to operate their accounts, deposit checks and transfer of funds online.
2. Bank of America business advantage fundamentals banking
Another example of an appropriate BOFA account that freelancers and self-employed persons can utilize is Business Advantage Fundamentals Banking by Bank of America. This account was designed with features centering it on offering basic banking products with added perks. Key features:
- Cash flow management: This account also provides methods for dealing with the money effectively, namely, the check deposit via the mobile application and transfers to savings account.
- Rewards programs: There are also loyalty programs which provide the cash back on the products bought by customers.
- No monthly fees: The account can be exempted from the monthly charges if some conditions are, for instance, a least balance ought to be kept.
- Extensive support: The Business customers get much attention of customer service and a whole range of financial services from Bank of America suitable for almost any business including freelancers.
3. Novo business banking
Current vertical-specific solution is Novo business banking which is a digital banking solution catered to independent workers and business operators. Novo mostly covers the domains of business financing through a fee-less platform with several tools for companies’ development. Key features:
- No hidden fees: Novo is commission based with no monthly maintenance fees, minimum balances, and hidden fees.
- Integrations: The account connects with business software that people use daily such as stripe, shopify, and quickbooks for easier and effective management of finances.
- Mobile focused: Novo’s mobile app, therefore, is favorable for its simplicity after which banking business on mobile phones becomes very easy.
- Invoicing and payments: Novo also has integrated invoicing which makes it easy to send and receive invoice.
Additional considerations
4. Bento for business
Bento for business is an account digital solution with too many additional expense management features, and is therefore for the self-employed. Key features:
- Expense management: Bento provides business debit cards that are paid-in-advance the amount that has been spent on them so that spending is controlled to the employer’s limit.
- Budgeting tools: It is equipped with rich budget facilities and tests expenses in real-time mode.
- No overdraft fees: Being a prepaid account, Bento does not allow for overdrafts that would otherwise leave the freelancer paying through their nose for overdraft fees.
- Integration: Bento works as a connector with already existing accounting software such as QuickBooks, Xero among others.
5. BlueVine business checking
Another competition to consider is BlueVine business checking which caters for freelancers and self-employed people with lucrative interest rates for balances as well as other digital banking services. Key features:
- High-interest rates: BlueVine engages to offer interests on balances on the account thus enabling the accumulation of funds while paying for business costs.
- No monthly fees: There are no monthly maintenance fees that are charged to the consumers and one cannot be barred from accessing their account because of failure to meet the required minimum balance as is the case with many other banks.
- Online banking: BlueVine is an online platform and its interface implies online company functioning.
- Customer support: Companies that require a strong customer support, especially the small business owners and freelancers can access service support from BlueVine.
6. Lili banking
Let me introduce you the Lili banking that has been created for freelancers and has all the features that might be ever needed by such people. Key features:
- Tax tools: Integrated tax optimizations are available in Lili which helps in automatic expense categorization and tax saving tips.
- No hidden fees: You can trade commission-free in and out of the United States, receive dishes with no monthly fees, minimum balance requirements or any foreign transaction fees.
- Emergency fund: Lili has an option where the money for emergencies can be saved making it easier for a freelancer to plan his/her finances.
- Mobile app: Lili mobile application; ease of use, real-time transactional details of transactions.
Selecting an appropriate digital account can also depend on whether a freelancer has to deal with a lot of money in the course of executing contracts. The accounts discussed in the article offer various features that can enable those people to manage their financial issues more efficiently.
The features include the possibility of fee waivers, integration with the accounting programs, usage of strong and developed mobile banking, and advanced tools for expense management.
To sum up, freelancers and self-employed persons should take into account the following when choosing a digital account: If the finances are in order, which is clearly true if the freelancer has a good account, then managing the money is less of a hassle and the freelancer can get on with the job of making his or her enterprise more successful and advancing his or her career.