Best Banks in Utah for Freelancers in 2025 — 2025 Update

Best Banks in Utah for Freelancers in 2025 — 2025 Update

Freelancers in Utah face unique banking needs, including the management of irregular income, tax considerations, and ease of access to funds. This article provides a comparative review of some of the best banks in Utah for freelancers in 2025, outlining account types, eligibility requirements, fees, and alternatives.

Quick Summary

In 2025, several banks stand out for freelancers in Utah, including:

- Zions Bank: Offers a range of business accounts tailored for freelancers, with strong local support.
- Chase Bank: Provides a well-rounded suite of business banking options with robust online tools.
- Wells Fargo: Known for its extensive ATM network and account management tools.
- US Bank: Offers flexible account options with competitive fees and good customer service.

Each bank has its advantages and disadvantages, making it important for freelancers to consider their specific needs.

Eligibility & Requirements

Zions Bank- Eligibility: Open to individuals with a registered business name or DBA (Doing Business As).- Requirements: A valid ID, Social Security Number (SSN) or Employer Identification Number (EIN), and initial deposit.

Chase Bank- Eligibility: Freelancers with a business license or proof of self-employment.- Requirements: Government-issued ID, SSN or EIN, and initial deposit.

Wells Fargo- Eligibility: Freelancers with a business structure, such as LLC or sole proprietorship.- Requirements: ID, SSN or EIN, and initial deposit.

US Bank- Eligibility: Open to all freelancers, regardless of business structure.- Requirements: Valid ID, SSN or EIN, and initial deposit.

Step-by-Step Opening Process

1. Select the Bank: Research the options and choose the bank that best fits your needs.
2. Gather Documentation: Collect necessary documents such as ID, SSN or EIN, and proof of business.
3. Visit a Branch or Apply Online: Depending on the bank, you may need to visit a local branch or can apply online.
4. Complete the Application: Fill out the application form, providing all required information.
5. Make the Initial Deposit: Some banks require an initial deposit to open the account.
6. Set Up Online Banking: Once the account is open, set up online banking for easy management.

Typical Fees & Timelines

Zions Bank- Monthly Fees: $0 to $15, depending on the account type.- Transaction Fees: $0.25 to $0.50 per transaction over a certain limit.- Timelines: Account can typically be opened within one business day.

Chase Bank- Monthly Fees: $0 to $30, depending on the account type and balance.- Transaction Fees: $0.40 to $0.50 per transaction over a limit.- Timelines: Account opening can be completed in a few hours to one business day.

Wells Fargo- Monthly Fees: $0 to $25, varying by account type.- Transaction Fees: $0.30 to $0.50 per transaction over a limit.- Timelines: Opening an account may take a few hours to one business day.

US Bank- Monthly Fees: $0 to $20, depending on the account type.- Transaction Fees: $0.25 to $0.50 per transaction over a limit.- Timelines: Account setup usually takes one business day.

Please verify these fees and timelines with official bank sources, as they may change.

Alternatives & Digital Banks

For freelancers looking for alternatives to traditional banks, digital banks may offer competitive features:

- Chime: Offers no monthly fees and fee-free ATM access.
- Ally Bank: Known for high-interest rates on savings accounts and no monthly maintenance fees.
- Novo: Tailored for freelancers and small businesses, providing no monthly fees and integrations with various financial tools.

These digital banks can provide flexibility and lower fees but may lack the physical branch support that some freelancers prefer.

FAQs

1. What type of bank account should freelancers open?Freelancers typically benefit from a business checking account to separate personal and business finances.

2. Are there any minimum balance requirements?Yes, many banks require a minimum balance to avoid monthly fees. This can range from $0 to $1,500.

3. Can I open an account online?Most banks offer online account opening options, but some may require an in-person visit for certain accounts.

4. What documents do I need to open a bank account?You will generally need a government-issued ID, SSN or EIN, and proof of business.

5. How long does it take to open an account?Most accounts can be opened within one business day, depending on the bank's procedures.

6. Do I need a business license to open a business bank account?While not always necessary, having a business license or proof of self-employment is often required.

7. Can I link my personal and business accounts?Yes, most banks allow you to link personal and business accounts for easier management.

8. Are there fees for wire transfers?Yes, wire transfer fees typically range from $15 to $50, depending on the bank and transfer type.

Conclusion

Choosing the right bank is crucial for freelancers in Utah, and understanding the various account types, fees, and requirements can help streamline your financial management. Zions Bank, Chase Bank, Wells Fargo, and US Bank each offer unique advantages, while digital banks present alternative options that may better suit your needs. Always verify details with official bank sources to ensure you have the most current information.

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