Banking
Best Business Banking for Contractors & Trades (2026)
The right business account separates your money from your taxes, earns interest on reserves, and — for some — comes with a credit line. We compare the fintech banking platforms trades use, by what they're built for, with the caveats most reviews skip: cash deposits and account freezes.
The short answer
Fintech business accounts like Mercury and Relay separate your money from your taxes and earn interest on reserves — but two honest caveats decide this category: most fintechs don't handle cash deposits well (if your trade still takes cash, keep a traditional bank too), and they can freeze accounts for risk review, so never run your only operating account on one. Pick by what you actually need — multiple sub-accounts for job costing, a built-in credit line, or the highest yield — and always keep a backup account and a cash buffer. No vendor pays for placement.
Two things to know before you switch
1. Cash deposits: these are fintechs (FDIC-insured via partner banks), and most do not handle cash deposits well. If your trade still takes cash, you'll likely need a traditional bank too. 2. Account freezes: fintech-banking platforms periodically freeze accounts for risk review (Bluevine's pattern is especially well-documented). Funds stay FDIC-insured, but never run your only operating account on one of these — keep a backup and a cash buffer.
Banking built for 1099 and solo operators — automatic tax set-aside, bookkeeping, and contractor payments in one app.
Found
Banking built for the self-employed — taxes and bookkeeping included
$0 core
monthly
APY / yield: No APY on the free plan; Found Plus ($35/mo or $315/yr) earns 1.50% APY on balances up to $20,000; Found Pro ($80/mo or $720/yr) earns 2.50% APY on all balances with no cap, plus 1% card cash back
- Focus
- self employed
- Founded
- —
- Trustpilot
- —
Best for: Solo and 1099 trades operators (handymen, solo cleaners, single-operator contractors) who want banking that automatically handles quarterly taxes and bookkeeping in one app
Lili
Banking + automatic tax set-aside built for 1099 and solo trades
$0 (Core)
monthly
⚠ Account-freeze warning
Documented pattern of sudden account closures / frozen funds (sometimes within ~12 hours), and not BBB-accredited — the standard neobank compliance-freeze risk.
APY / yield: Up to 4.00% APY on savings
- Focus
- self employed
- Founded
- 2018
- Trustpilot
- 4.7 / 5
Best for: Freelance, 1099, and solo trades (one-person plumbing, electrical, handyman) who want banking plus automatic tax set-aside and invoicing in one cheap app
No-fee business checking for growing operations, with a strong app, integrations, and (with Relay) multi-account cash management for methods like Profit First.
Novo
Free, integration-friendly small-business checking
$0
monthly
APY / yield: No standard APY; offers Reserves for setting funds aside
- Focus
- business checking
- Founded
- 2015
- Trustpilot
- —
Best for: Small, card-and-digital trades businesses that want free, integration-friendly checking with built-in invoicing and don't handle much cash
Relay
Multi-account business banking built for Profit First cash management
$0 (Starter)
monthly
APY / yield: Savings APY: 1.11% (Starter) / 1.75% (Grow) / 3.00% (Scale) per Relay’s rate disclosure dated 5/1/2026 — note Relay’s own summary cards still display the stale 0.91% and 1.55% for the two lower tiers
- Focus
- business checking
- Founded
- 2018
- Trustpilot
- —
Best for: Contractors who want disciplined cash management — splitting every deposit into tax, materials, owner-pay, and profit accounts (Profit First) — with no-fee multi-account banking and crew debit cards
Mercury
Modern free business banking with up to $5M FDIC — but no cash deposits
$0 (free)
monthly
⚠ Account-freeze warning
Documented pattern of sudden account freezes/closures during compliance reviews (a common fintech risk), and it does not accept cash deposits at all — a hard limitation for cash-handling trades.
APY / yield: No checking APY; treasury/savings yield available
- Focus
- business checking
- Founded
- 2017
- Trustpilot
- 4.1 / 5
Best for: Registered, online-paid contractors and agencies (ACH/check/card, not cash) who want modern free banking and large FDIC coverage
U.S. Bank Business Essentials
A genuinely free traditional-bank checking that takes cash and cards
$0 (no monthly fee, no minimum)
monthly
APY / yield: No interest on the free tier
- Focus
- business checking
- Founded
- 1863
- Trustpilot
- —
Best for: Cost-conscious, cash-collecting trades that want a genuinely free account with branch access and built-in card payments from a national bank
Business checking paired with revolving credit lines and higher-yield savings — for shops that want banking and working capital in one place.
Bluevine
Business checking with high APY plus a line of credit
$0 (Standard)
monthly
⚠ Account-freeze warning
BBB complaints overwhelmingly document an account-freeze and closure pattern — users report accounts frozen after routine transactions with funds temporarily inaccessible.
APY / yield: Up to 3.0% APY (1.3% Standard / 1.75% Plus / 3.0% Premier)
- Focus
- credit and lending
- Founded
- 2013
- Trustpilot
- 4.3 / 5
Best for: Growing trades businesses that want to earn real APY on reserves and have a working-capital line of credit available — while keeping a backup account given the freeze risk
Chase Business Complete Banking
Branches and cash everywhere, built-in card acceptance, full lending shelf
$15/mo (waivable by $2K balance, $2K card spend, or $2K QuickAccept deposits)
monthly
⚠ Account-freeze warning
Documented complaints about abrupt account closures and extended check holds, plus a CFPB enforcement action over checking-screening reports.
APY / yield: No interest on checking
- Focus
- credit and lending
- Founded
- 2000
- Trustpilot
- —
Best for: Cash-handling and card-accepting trades who want branches, in-person cash deposits, and business credit/lending under one roof
Bank of America Business Advantage Banking
Traditional branch banking with Preferred Rewards that scale as you grow
$16/mo Fundamentals (waivable)
monthly
APY / yield: No interest on the checking tiers
- Focus
- credit and lending
- Founded
- 1904
- Trustpilot
- —
Best for: Cash/check-handling trades who want branch service and plan to consolidate cards, loans, and merchant services with one bank — especially carrying $5K–$20K+ balances
Where to start
Solo/1099 operator who dreads taxes? Found (auto tax set-aside + bookkeeping). Want disciplined cash management (Profit First)? Relay (up to 20 accounts). Want the simplest free checking? Novo. Want real APY plus a credit line? Bluevine — but keep a backup given its freeze pattern. And if you take meaningful cash, pair any of these with a traditional bank.
Missing from this list?
We track 9 business-banking providers today, and we know that is not all of them. If you build one and it is not here, send it to us and we will review it against your own published pricing and terms.
Listings are free. No vendor can pay for placement, for a score, or to have a documented con removed. We publish the cons next to the pros, so read an existing review before you decide you want one.