Are you trying to stay legit with earning income on YouTube? Then you need to open up a business bank account!
In this guide to the best bank account for YouTubers we look at my top pick, how to choose the right bank account, and options for YouTube content creators.
Short on time? Let’s look at my pick for the best bank account for YouTubers and later we will go more in depth.
Best Bank Accounts For YouTubers
The best business bank account for YouTube creators is currently Relay.
No fee business banking with online money management tools like the Profit First model.
No account fees, overdraft fees or minimum balances. Up to 20 individual checking accounts and 2 savings accounts.
Relay moves idle cash out of operating accounts and into your savings. Earn 1% to 3% APY1 on every spare dollar.
Important notes: Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.
Why is Relay my number one choice for YouTubers?
Relay is a fantastic option for starting small as a side hustle but has the flexibility to scale with you as your business grows.
Most YouTubers start small and grow their team over time. Relay can grow with you while also providing the info you need to make sure your work is PROFITABLE.
Here are some of the benefits Relay offers:
- quick and easy account setup
- start with no minimums
- get $50 when you add $100 using my link
- no minimum balance required
- immediate access to funds
- open multiple checking accounts in one dashboard
- implement automation for your money
- implement the profit first model
- send and receive payments directly
This is all ideal for YouTubers and the reason why Relay tops my list for the best bank account for creators on YouTube. You can see the full list of potential bank accounts further down in this article.
Another great option for YouTube content creators is Novo.
With no minimum balance, reserves for planning, and powerful apps it is the ideal solution for content creators.
Business checking account with no hidden fees that integrates with the tools you already use to run your online business. I choose to use Novo for my online businesses.
Why is Novo my number one choice for YouTubers?
It’s because it’s ideal for starting small as a side hustle or solo business owner but has the flexibility to scale with you as your business grows.
Here are some of the benefits Novo offers:
- quick and easy account setup
- can start with just $1 transferred into your account
- no minimum balance required
- immediate access to funds
- reserves in the account for budgeting & sinking funds
- send and receive payments directly
- invoicing inside your account
This is all ideal for YouTubers and the reason why Novo tops my list for the best bank account for creators on YouTube. You can see the full list of potential bank accounts further down in this article.
Why You Need A Bank Account For YouTube
When you start a YouTube channel you probably aren’t thinking about banking. In fact, it takes a long time to earn money on YouTube for most people.
Those things are important if you want to grow on YouTube.
But I urger you to also think about your channel as a business. You will make money at some point. And when that time comes you should be ready for it.
You should consider the legal and financial aspects behind your YouTube business from the very beginning.
As soon as possible you need to open up a bank account for your YouTube channel. I recommend doing it immediately so you start out thinking of your channel as a small business not just a hobby.
Why is a business bank account good for YouTubers?
When running a business you should not mix your business and personal finances in your checking account. The IRS frowns on this and wants you to have clear separation. This is why you need to open a new business checking account for your YouTube income.
Your business income and expenses need to be in a separate bank account.
This also makes things much, much easier for YOU!
When you have a separate business checking account it is easier to see if you’re profitable. It’s less confusing when you need your financial statements. It is easier to handle your business accounting and taxes too. Basically, everything will be easier for you when you keep your YouTube finances separate.
What if you aren’t making money on YouTube?
When you start your YouTube channel you might not have a lot of expenses or income for a while.
Since it takes a lot of work to monetize on YouTube you’ll likely not have income for months. But that should not stop you from opening a business account and treating your channel like a business.
Opening up an account at Novo where you can start with $1 or $100 will allow you to start small and grow over time. When you start with $50 you get access to all the extra perks.
When you open an account somewhere that has no minimums you can start with just a small amount from your personal funds. This is generally the best option for new YouTuber creators who want to grow.
What is a business checking account?
If you are new to thinking about YouTube as a business then you might not know anything about business bank accounts.
A business checking account is a checking account dedicated solely to your business: it’s the main place where all your finances go.
You use it to do everything related to your business:
- receive YouTube ad income
- receive money from brand sponsorships
- pay expenses for YouTube software or video equipment
- withdraw money to pay yourself a paycheck
- save money for big future expenses like cameras or conferences
You might be asking, how is that different than a personal checking account?
The main difference is purpose. The purpose of the account is different with business bank accounts. Personal checking accounts are not set up for running a business. Some may even have limitations on what you can do with them like limits on incoming or outgoing money.
Another way they differ is the additional perks and features they may have that help you run your business. Novo as an example gives discounts and credits for software that you may want to use in your business.
And finally, since your business bank account you will only handle money for the business, these accounts will make your business legitimate and your accounting very simple.
Choosing A Bank Account For Your YouTube Business
Choosing a bank account for your YouTube channel can feel overwhelming at first.
After all, there are many many options to choose from out there.
There are many different banking features to compare. If it’s your first time opening a bank account for business then you might not know what to look for among your many options.
The first step in choosing a bank account for your business is to understand your needs.
Questions to ask when choosing a business bank account:
- What do you need exactly?
- Do you desire local branches for in person help?
- Online apps and tech features?
- Do you need internal invoicing?
- Will automations save you time?
Deciding on your most necessary features will help you make the right choice. You’ll compare that list of your needs with what the different banks are offering.
Here are things to consider when choosing a business bank account:
Bank Account Costs
Not all business checking account are free. Many actually have high monthly fees or higher balance requirements to bypass those fees.
Free business bank accounts do exist but they may be missing features you find necessary. Or they are monetizing you in a different way. It’s important to look at the monthly fees, transactional fees, and hidden fees to determine how much a business checking account will cost you monthly.
Business checking accounts also can have limits on the number of transactions you can do per month. It will range depending on which bank account you choose. Transactions may include deposits, withdrawals, transfers, and more so you’ll want to consider how much you will be moving money around.
When choosing the right account for your business you need to learn how many transactions you can make per month without hitting the limit. You’ll also want to understand what happens and what charges will occur if you do hit that limit of transactions.
Bank Account Balance
Some bank’s require you to have a minimum bank account balance every day in order to avoid fees. Others do not have minimum balance requirements.
Consider whether you want to worry about keeping a certain amount in your bank account or not. Many large banks offering business checking accounts will require a minimum balance while other new options like Novo do not require a minimum balance.
Location & Convenience
Do you need a bank that is local to you? Some banks may not have branches near you. Others may conduct business entirely online. If you prefer human interaction or convenience of a local branch then you’ll need to consider that when choosing a bank.
If you run an entirely online business around your YouTube channel then you may not care about locations. As long as the bank offers digital support you’ll be happy with any option.
Tools & Perks
The tools that a business bank account offers can vary but include things like invoicing inside the account or complex integrations to business software. You’ll want to consider any software you use to run your business and if your bank account will easily integrate with that tool.
Another thing some business bank accounts offer is special perks like discounts or credits for a business service like advertising. Depending on the perks offered this could be worth thousands of dollars and something to consider when choosing a bank.
Top Business Bank Accounts For YouTubers
As I said before, I personally use Novo and think it’s a great option for YouTubers. Still not sure if Novo is the right account for you? Totally understandable! It’s the right fit for my YouTube business but it might not fit all creators.
Here are the top business bank accounts for YouTubers:
Hands down Relay is my preferred bank account for online businesses and it’s the one I personally use.
I switched to Relay after using Novo for a couple years because I wanted to move my business to the Profit First model and also automate more of my banking transactions.
Relay offers powerful automations and provides you with smart banking with no minimums, no fees, and theability to open multiple accounts.
For YouTube creators with multiple income streams or those growing a team Relay is ideal.
Novo Business Checking
Hands down Novo is my preferred bank account for online businesses and it’s the one I have personally used for a long period.
You can read my Novo business banking review here.
It’s ideal for new YouTubers because there is no minimum balance required, has no hidden fees, refunds ATM fees, offers exclusive perks, and more. The website and mobile app make it easy to transfer money and the reserves system makes it simple to budget and save for your business expenses.
BlueVine Business Checking
BlueVine is a business bank solution that appeals to many sole proprietors with lots of clients. While this is not how an YouTube business operates, BlueVine has a lot of great perks for others too.
There is no minimum deposit, balance requirement, or monthly service fee. You can also access ATMs without additional fees and earn interest on your balances up to $100,000.
Chase Business Checking
Chase offers business checking for small businesses that can be incredible convenient at higher volumes. If you are already doing a ton of YouTube sponsorship deals and bringing in a lot of income then Chase may be the right fit for you.
This won’t be the right solution for everyone but if you plan to keep at least a $2,000 minimum balance in your account you won’t pay fees but will have access to many features.
Ally is a fantastic place to open up a personal checking account. While they don’t offer strictly business bank accounts, you can open an account in your name to separate your YouTube income.
This is not something I recommend usually but it does work for some creators. Since most YouTubers are sole proprietors operating under their own name this is a valid solution until you grow.
However, you should switch to a business account as soon as possible!
Another great solution is local credit unions! Some credit unions have amazing business bank accounts. There are often lower fees and free checking options for members.
You’ll have to check your eligibility for these credit unions. Sometimes employment or residency can qualify you to open accounts at credit unions in your area.
Choosing The Right Bank Account
Hopefully this list of the best bank accounts for YouTubers inspires you to find the right fit for you.
Picking the right business bank account will depend on what you prioritize.
Whichever account you choose to go with, open it as soon as you can. It will help your business thrive by keeping things separate and professional.
Also remember that no choice is forever!
You can always choose an account now and change later. I’m now on my third business bank account since starting my online business but I’ve finally found the right fit for me. Sometimes your needs will change and that’s ok.
What do you think is the best bank account for YouTubers? Which did you choose to support your YouTube business?
Mary is the founder of Pennies Not Perfection where she shares her journey to build wealth through online income. She quit her day job in 2021 after she paid off her debt and doubled her 9-5 salary.
Mary's favorite free financial tool is Personal Capital. She uses their free tools to track net worth and work toward to financial freedom.