Freelancers don’t get regular paychecks and they are responsible for paying their own federal, state, and sometimes city income taxes when they become due. It can be harder for freelance writers to qualify for loans as their pay fluctuates and is not guaranteed. As such, it’s smart for freelancers to work with a bank that can meet their unique needs. While some consumers favor banks that have the highest interest rates on savings accounts, freelancers have different requirements. When looking for the best bank, review banks based on the number of branches they have, customer service options, and hours of operation. Here are three features that every freelancer looking for a new bank account needs to consider.
1. Online Bank Account Access
You would probably think by now that all banks would offer customers an online account balance. Most do, but being able to ‘see’ your bank account balance online is not the same as having online banking access. Online banking includes features such as bill pay, balance transfers, and real-time banking. You should be able to see any changes to your bank account within minutes. As a freelancer, time is money so you should have a bank account where the financial institution offers customers up-to-the-minute account updates and access.
2. No Limit On Teller Visits
Strangely enough, a lot of banks don’t give their customers the ability to make teller deposits or withdrawals more than a few times a month. If most of your payments from clients come in check form, there’s no telling how many times you might need to make a deposit at the bank. It isn’t in your best interest to have to hold onto a bunch of checks and deposit them all at once just to get around archaic bank rules. Instead, work with a bank that lets you come in and visit the teller as many times as you need to.
3. Low Minimum Balance Requirements
No bank wants to encourage bank account overdrafts and they often reward customers for keeping a certain amount of money in their accounts. Sometimes, you can qualify for certain kinds of bank accounts based on your average monthly bank account balances. It might be nice to earn an extra 2% interest on your $5,000 bank account balance, but do you really want to pay a monthly service fee if your balance falls below a certain threshold? Freelance writers should opt for bank accounts that have low bank account balance requirements, usually no more than $250 a month, so they can get other free banking options without feeling like their money is being held hostage.
Freelancers might only get quarterly payments from clients, or they could receive several checks every week. Moreover, some freelance writers may be paid via direct deposit or need to transfer money from PayPal over to their bank accounts regularly. Keeping the majority of your freelance payments in your bank account can be helpful when it comes time for you to apply for a loan. Just work with a bank that recognizes your unique needs and doesn’t try to nickel and dime you along the way.
