Which Bank Accounts are More Suitable for a Self Employed Individual

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Which Bank Accounts are More Suitable for a Self Employed Individual

30/04/2021 Management 0

As a self-employed individual, your work may have rewarding moments. It could also have challenging moments that incurs financial risks. However, there is a recurrent need to manage your finances. On ReviewsBird.com, there are opinions of freelancers, business owners, event designers, etc. with different views about having a bank account.

People nurse different opinions on bank accounts. But when you have a stable paycheck, savings is as essential as spending. There are also tax obligations and private responsibilities to pay attention to. These account for the need to manage your finances with a bank account.

There are different business banks. Choosing one depends on your budget, financial capacity or needs, and the opportunities you seek to enjoy. Below is a summary of the most regarded bank accounts that could help in the management of your funds. Note that you must consider the savings offers, their fixed rates, and other basic features before you settle for an account.

·       BlueVine Business Banking

BlueVine allows you to earn 1% interest. It is a bank that you can easily create online with its best-in-class digital banking features. It offers checking offers with unlimited transactions anytime you like. BlueVine also gives check books, a business debit card for free, and access to free-from-all-charges digital and mobile banking.

·       NBKC Business Checking Account

This bank is based online and account creation can be navigated easily. It features free digital and mobile banking, international and domestic wires, unlimited transactions, a free NBKC debit card, bill pay, etc. Although there is no requirement for minimum balance and there are no monthly services charges, NBKC charges you for international and domestic wire transfers.

·       Lili Bank Account

This bank is designed for freelancers. Using the account incurs no transaction or withdrawal fees, no requirement for a definite minimum balance, no account fees, etc. The bank offers a free debit card and it has other features that rewards account owners based on their needs. It permits freelancers without personal bank accounts to create the account and enjoy multiple services.

·       Radius Tailored Business Checking

With an industry-leading 1% interest rate, Radius allows self-employed individuals to manage their finances online. It creates opportunities to invoice clients, receive or share digital invoices, and track the in and out of funds. While a $100 deposit is required, it offers unlimited and free of charges transactions. The bank gives a free debit card and ATM access across MoneyPass networks.

·       Chase Business Checking

This is for individuals who want an account with a traditional bank. It is open to individuals without large transaction numbers. There is also a low monthly fee charge, although this can be waived when you have a minimum of $5,000 in your account. As a user, you’ll get free access to an ATM, free fee deposits, and a business debit card.

In summary, BlueVine Business Checking helps with interest and provides access to cash deposits. NBKC can be linked to your savings account, and it also allows cash deposits. Lili Bank, although restricted to freelancers, advances personal and business life.

Radius Bank helps you to accumulate interest while Chase Business Checking facilitates a banking system based on brick-and-mortar services.