Top Bank Accounts for Side Hustles in 2024: Ultimate Guide to the Best Options

Best Bank Accounts for Side Hustles [Source](https://financebuzz.com/best-bank-accounts-for-side-hustles)

Benefits of Separate Accounts

• Helps in tracking income and expenses.
• Simplifies tax filing and improves financial organization.
• Offers features like bookkeeping tools and payment processing.

Criteria for Choosing the Right Account

• No Fees: Look for accounts with no monthly maintenance fees.
• Account Minimums: Be aware of minimum balance requirements to avoid fees.
• Perks: Seek accounts that offer benefits like higher APYs or sign-up bonuses.
• Access: If cash or checks are primary payment methods, consider banks with physical branches.

Top Bank Account Options

• Lili Business Banking:
  • No monthly fee for basic plan; paid plans start at $15/month.
  • 3.65% APY for savings balances up to $100,000 on paid plans.
  • Features include expense management tools and a debit card with cash back.
• Found Business Banking:
  • Monthly fee: None for basic, $19.99/mo for Found Plus.
  • 1.50% APY on balances up to $20,000 for Found Plus subscribers.
  • Offers bookkeeping tools and no hidden fees.
• NBKC Business Checking:
  • No monthly fee and no minimum balance requirements.
  • Up to $12 monthly reimbursement for out-of-network ATM fees.
• Bluevine Business Checking:
  • 1.5% to 4.00% APY depending on the account type.
  • No monthly fee for the Standard account.
• Chase Business Complete Banking:
  • $15 monthly fee, waivable by meeting requirements.
  • Access to physical branches and ATMs.
  • Offers QuickAccept for credit card transactions.
• American Express Business Checking:
  • No monthly fees or minimum balance requirements.
  • 1.30% APY on balances of up to $500,000.

Additional Considerations

• Choosing an account with competitive APYs can help your side hustle funds grow.
• Look for cash back options and additional features that can simplify your financial tasks.

Conclusion

By opening a dedicated bank account for your side hustle, you can enhance your financial management and organization, making it easier to track income, expenses, and tax obligations.