How to Choose a freelance online bank! 3 Recommended Bank Accounts

1. Benefits of freelance choosing an online bank

If you are thinking of working as a freelancer (individual business owner), or if you are currently managing your personal account as your main account, we recommend that you create a bank account for your business. To do.
There are three main types of banks, even if they are called bank accounts.

If you work freelance, we recommend online banking.
Unlike salaries, who receive salaries from the company once a month, in the case of freelancers, the timing of payment of compensation depends on the client. If you use an online bank, you can check it from your computer or smartphone regardless of location or time, so it will not be a hassle.
In addition, in the case of online banks, it is often possible to link with cloud accounting software, which has many advantages for freelancers, such as making it easier to book double-entry bookkeeping for blue tax returns, which is required when filing tax returns.

[Main benefits of online banks]

It is well known and can give trust to trading partners.
In addition, there are ATMs and branches all over the country, and it is attractive that it is highly convenient, but the fact that the examination of opening an account is strict and the account maintenance fee is relatively high may be a disadvantage for freelancers. ..

As a community-based financial institution, Shinkin banks have a mission to support the local economy, mainly dealing with sole proprietors and small and medium-sized enterprises, so even freelancers can easily borrow money.

2. Points for choosing an online bank

For those who are thinking of opening a business account, we would like to introduce the points that we would like to emphasize when choosing an online bank.

2.1 Choose a bank with a high interest rate

In the case of online banks, the interest rate of ordinary deposits is often high, so it is recommended to pay attention to the interest rate of ordinary deposits rather than fixed deposits. The interest rate on ordinary deposits is set at 0.001 to 0.15%, which is higher than the basic value of 0.001% for Mega Bank. As for fixed deposits, mega banks have a high interest rate of 0.01%, while online banks have a high interest rate of 0.02%.

2.2 Select by ATM fee & transfer fee

In most online banks, ATM fees and transfer fees to other banks are free with a limited number of times, depending on the rank, stage, and affiliated convenience store. Depending on the bank, the number of times it will be free varies, so check the conditions and choose a good bank.

2.3 Select a bank that can work with cloud accounting software

Recent cloud accounting software has a function to automatically capture the details of transactions made through an online bank and enter them in the books. The banks that work with your accounting software differ, so choose a bank that works with your accounting software.

◆ If you haven’t selected accounting software (tax return software) yet, please refer to this article as well.

3. 3 recommended online banks for freelance

We will introduce carefully selected online banks, focusing on banks with high interest rates on ordinary deposits and banks with low ATM fees and transfer fees.
The conditions for raising interest rates and getting commissions vary from bank to bank. Depending on whether you have an ATM in your area or where you often shop, the banks you can use at a great price will change. We recommend that you choose a bank that is convenient for you in the light of your own life.

3.1 Popular with freelancers! Rakuten Bank is recommended for Rakuten users

A major feature of this service is that the interest rate on savings deposits can be significantly increased from 0.02% to 0.10% by using the “Money Bridge” service, which makes it convenient to transfer funds between accounts with Rakuten Securities. Even if you say that the accounts are linked, you do not need to invest, and it will be applied if you open each account under the same name.
In addition, Rakuten points can be earned by trading with other bank accounts or using ATMs, so it is a recommended bank with many benefits for Rakuten users.
It is also a nice point for freelancers to be able to open an account with a store name, which is rare in online banks.

・ Ordinary deposit interest rate: 0.02 to 0.10% ( * When using “Money Bridge” of “Rakuten Securities” )
・ Fixed deposit interest rate: 0.02%
・ ATM fee: Available at approximately 100,000 ATMs nationwide

・ Transfer fee: Free up to 3 times a month
* The number of free ATM fees and transfer fees varies depending on the rank of “Happy Program”.
・ Opening an account with a store name: Yes (You can add a store name to your personal name. Example: Name + store name, store name + name)

3.2 Maximum interest rate 0.10%! Completely free fees using AEON Bank ATMs

If AEON Bank meets simple conditions such as signing a credit card “AEON Select Card” with no annual membership fee, registering for “AEON Bank” Internet banking, and using WAON Auto Charge, “AEON Bank My Stage” will be displayed. “Silver Stage” will be applied and the interest rate on savings deposits will increase to 0.03%. In addition, the AEON Bank score will be given according to the amount of WAON used, the stage will rise, and the interest rate will rise to a maximum of 0.10%.
If you use more than 6,000 ATMs of AEON Bank nationwide, the fee will be completely free 24 hours a day, 365 days a year. For people , AEON Bank is recommended.

・ Ordinary deposit interest rate: 0.01-0.10% ( * In the case of “Platinum stage” of “AEON Bank My Stage” )
・ Fixed deposit interest rate: 0.02%
・ ATM fee: 24 hours a day, 365 days a year Over 6,000 units. There are approximately 55,000 affiliated financial institution ATMs nationwide.

・ Transfer fee: Free up to 5 times a month
* The number of free ATM fees and transfer fees varies depending on the stage of “AEON Bank My Stage”.
・ Opening an account with a store name: Not possible

3.3 Great deals on various transaction fees! Sumishin SBI Net Bank

The main point of SBI Sumishin Net Bank is that various transaction fees are set at a reasonable price. At SBI Sumishin Net Bank, the number of free ATM withdrawal fees and transfer fees varies depending on the rank of the smart program, but the lowest rank is twice a month, the maximum is 15 times a month, and the ATM withdrawal fee is free. increase. Similarly, the transfer fee to other banks is free up to 15 times a month, and even after the number of free transfers, it is set at 157 yen, which is cheaper than other online banks. Depending on the rank, SBI Sumishin Net Bank is recommended if you want to save various transaction fees that
are not surprisingly stupid .

・ Ordinary deposit interest rate: 0.001 to 0.01% ( * When “hybrid deposit” linked to SBI securities account is applied )
・ Fixed deposit interest rate: 0.02%
・ ATM fee: 24 hours a day, 365 days a year from nearby ATMs such as convenience stores and supermarkets nationwide * Transactions are possible
* Transactions are restricted for a few minutes (due to system processing) every Saturday from 24:00 (0:00 on Sunday) during system maintenance hours of our company and partner ATMs.

・ Transfer fee: Free once to 15 times a month
* The number of free ATM fees and transfer fees varies depending on the rank of the “Smart Program”.
・ Opening an account with a store name: Not possible

4. Why it’s better to have a business account for freelance

For those who work as a freelancer (sole proprietor), we strongly recommend that you separate your personal account from your business account. There are three main reasons.

1. Makes it easier to understand the financial situation

If your personal and business accounts are the same, it’s hard to tell if your business is profitable or in the red because your living and business spending are mixed.
It is difficult to separate the income and expenditure for daily life and the expenditure for business, so let’s manage the personal account and the business account clearly to make it easy to understand the inflow and outflow of money for business purposes.

2. Bookkeeping becomes smooth

If you want to start your business as a freelancer, you will need to book the double-entry bookkeeping of the blue tax return in the final tax return. At this time, if you have a business account, you can mechanically drop the contents recorded in the account into the bookkeeping, so bookkeeping will be smooth.
Also, depending on the online bank and accounting software you use, the transaction details will be automatically imported and entered in the bookkeeping, making it easier to create bookkeeping.

3. Effective for tax audit measures

For freelancers, this “tax audit measure” is of utmost importance. A tax audit is the process of investigating whether a tax return is correct and whether there is tax evasion.
Freelancers should be especially careful about confusing personal and business accounts, and there is a great risk that personal shopping will be expensed and pointed out. To prevent such accidental mistakes, manage your accounts separately.

5. Let’s open a store name account

If you start a business as a freelance (individual business owner) and have an account for business, I think that there are many people who want to open an account with the name of the shop.
It has the advantage of gaining the trust and security of the trading partner, and you may consider opening an account with a store name to increase your motivation for work.

When opening a store name account, there are restrictions such as accepting only at the counter at Mega Bank, etc., or opening only the account of the branch office closest to your home or office, but with an online bank, from your home or office You can complete the procedure.

Although it depends on the financial institution, the documents generally required to open a store name account are as follows.

・ Identity verification documents
(driver’s license, my number card, etc.)
・ Business opening notification
・ Seal
・ Documents that can confirm the shop
name (rental contract with the shop name, utility bill receipt, business card, brochure, etc.)

For details, please contact each financial institution that opens an account.

Do freelancers need a business start notification? When will you release it? Is there any merit?

6. Summary

Freelancers often use a bank account to pay expenses or transfer rewards from clients. In order to clarify the business balance, why not consider opening a “business account” as your main account?
In that case, carefully check the conditions that can be used at a good price, and select a bank that offers convenient services that suit your lifestyle.
Opening a business account will increase your motivation and sense of responsibility for the job of “doing business as a freelancer.”