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 high-APY angle — built around automatic tax set-aside, not interest
- 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: 0.91% (Starter) / 1.55% (Grow) / 2.68% (Scale)
- 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
NorthOne
Trades-targeted business checking with Envelopes for taxes and per-job budgeting
$0 (Standard)
monthly
⚠ Account-freeze warning
Low Trustpilot (~2.
APY / yield: 3.00% APY checking
- Focus
- business checking
- Founded
- 2016
- Trustpilot
- 2.4 / 5
Best for: App-first trades and contractors who want strong tax/job budgeting (Envelopes), accounting sync, and cash-deposit support — with a backup account given the freeze risk
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.