Best Banks in Pennsylvania for Freelancers in 2025

Best Banks in Pennsylvania for Freelancers in 2025

Freelancers often require banking solutions that cater to their unique needs, including flexible account options, low fees, and convenient access to funds. As we move into 2025, Pennsylvania offers various banking choices that may suit freelancers. This article provides a comparative review of some of the best banks in the state, highlighting their account types, pros and cons, typical fees, and more.

Quick Summary

When selecting a bank, freelancers should consider factors such as account types, fees, customer service, and online banking features. Some of the top banks in Pennsylvania for freelancers include:

- PNC Bank: Offers a variety of business accounts with competitive fees.
- Wells Fargo: Provides robust online banking options and a range of business accounts.
- TD Bank: Known for its customer service and flexible account options.
- Citizens Bank: Features a solid selection of business accounts with good online tools.
- Chase Bank: Offers extensive branch access and diverse account types.

Eligibility & Requirements

Eligibility requirements for opening a business bank account can vary among banks. Generally, freelancers will need to provide:

- A government-issued ID (driver's license, passport)
- Social Security Number (SSN) or Employer Identification Number (EIN)
- Business license or DBA (Doing Business As) certificate, if applicable
- Initial deposit amount (varies by bank and account type)

Freelancers should check with the specific bank for any additional requirements.

Step-by-Step Opening Process

The process for opening a bank account as a freelancer typically follows these steps:

1. Research and Compare Banks: Identify which banks offer the best account options for your needs.
2. Gather Required Documents: Prepare all necessary documentation, including identification and business licenses.
3. Choose an Account Type: Select the account that best fits your business model (e.g., checking, savings, business credit).
4. Visit the Bank or Apply Online: Many banks offer online applications, but visiting a branch may provide additional assistance.
5. Complete the Application: Fill out the application form, providing all required information.
6. Make the Initial Deposit: Fund the account as required by the bank.
7. Set Up Online Banking: Register for online banking services for easier account management.

Typical Fees & Timelines

Fees for business accounts can vary significantly based on the bank and account type. Here is a general overview of typical fees associated with business accounts in Pennsylvania:

- Monthly Maintenance Fees: $0 - $30
- Transaction Fees: $0.10 - $0.50 per transaction (some accounts allow a certain number of free transactions)
- ATM Fees: $0 - $3 for out-of-network transactions; some banks refund fees
- Wire Transfer Fees: $15 - $40 for outgoing transfers
- Overdraft Fees: $30 - $35 per occurrence

Timelines for account opening can vary, but it typically takes from a few hours to a few days to complete the process, depending on whether you apply online or in person. It is advisable to verify all fees and timelines with the respective bank before proceeding.

Alternatives & Digital Banks

In addition to traditional banks, freelancers may also consider alternatives such as credit unions and digital banks. Some notable digital banks include:

- Novo: A digital banking platform designed for freelancers and small businesses, offering no monthly fees and easy integration with accounting software.
- Lili: A banking app tailored for freelancers, providing features like expense tracking and tax savings.
- Axos Bank: Offers a range of business accounts with low fees and high-interest rates on savings.

While these digital banks may not have physical branches, they can offer competitive features and lower fees compared to traditional banks.

FAQs

1. What is the best type of bank account for freelancers?
The best type of bank account for freelancers is usually a business checking account, as it helps separate personal and business finances.

2. Are there any fees associated with business bank accounts?
Yes, many business bank accounts come with monthly maintenance fees, transaction fees, and other charges. It is important to review the fee structure before opening an account.

3. Can I open a business bank account without an EIN?
If you are a sole proprietor, you can use your SSN instead of an EIN. However, obtaining an EIN is recommended for better separation of personal and business finances.

4. How can I avoid monthly maintenance fees?
Many banks offer ways to waive monthly maintenance fees, such as maintaining a minimum balance or setting up direct deposits.

5. Are online banks safe for freelancers?
Yes, many online banks are FDIC insured, providing the same level of safety as traditional banks. Always verify the bank’s insurance status.

6. What documentation do I need to open a business bank account?
Typically, you will need a government-issued ID, your SSN or EIN, and any relevant business licenses or DBA certificates.

7. Can I have multiple business bank accounts?
Yes, freelancers can have multiple business bank accounts, which can help manage different income streams or expenses.

8. How long does it take to open a business bank account?
Opening a business bank account can take anywhere from a few hours to a few days, depending on the bank and whether you apply online or in person.

Conclusion

Freelancers in Pennsylvania have multiple banking options to choose from in 2025. By carefully considering account types, fees, and customer service, freelancers can select a bank that aligns with their financial needs. It is always advisable to perform thorough research and verify details directly with the bank.

*Disclaimer: For informational purposes only; not financial/tax/legal advice.*

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles