Best Bank Accounts for Remote Workers and Independent Consultants

Personal Banking: Charles Schwab Investor Checking

The gold standard for personal banking, especially if you travel internationally. Schwab has been the go-to recommendation for digital nomads and frequent travelers for over a decade, and for good reason—unlimited worldwide ATM fee rebates means you can withdraw cash from any ATM anywhere in the world and Schwab refunds 100% of the fees at month-end. No foreign transaction fees, no monthly fees, no minimum balances. The only catch is you need to open a linked Schwab brokerage account (which costs nothing and requires no funding), but that's actually a feature, not a bug—it seamlessly integrates your banking and investing.

Business Banking: Mercury

Built specifically for startups and freelancers, Mercury offers a modern banking experience that makes traditional business banks feel ancient. Zero monthly fees, free domestic and international wires (most banks charge $25-45 per wire), virtual and physical debit cards you can create instantly, API access for custom integrations, and their Mercury Treasury product that automatically sweeps idle cash into money market funds earning 4-5%. The interface is clean, support is fast, and they actually understand how consultants and freelancers operate. The only downside: no physical branches, but that's irrelevant for remote workers who haven't visited a bank branch in years anyway.

Multi-Currency: Wise Business

If you work with international clients, Wise Business is essential for receiving payments in multiple currencies without getting destroyed by exchange rate markups. You can hold balances in 50+ currencies simultaneously, get local bank account details for USD, EUR, GBP, AUD and 10+ other currencies (so European clients can pay you via SEPA transfer instead of expensive international wires), and convert between currencies at the real mid-market exchange rate with transparent fees of 0.4-2% depending on the currency pair. Traditional banks hide 3-5% markups in their exchange rates, so on a €50,000 payment from a European client, Wise could save you $1,500-2,500 compared to receiving it through a US bank. The interface shows you exactly what you're paying and what you're receiving—no hidden costs.

High-Yield Savings: Wealthfront Cash Account

Park your emergency fund and earn competitive interest rates—currently 4.5%+ APY, which crushes the 0.01% most traditional banks offer. Wealthfront's Cash Account isn't technically a bank account; it's a brokerage cash management account that sweeps your deposits across multiple partner banks to maximize FDIC insurance coverage (up to $8 million instead of the standard $250K). No monthly fees, no minimum balance, and your money is accessible within 1-2 business days if you need it. For consultants with lumpy income who need to keep 6-12 months of expenses liquid, this is where that cash should sit. On a $50,000 emergency fund, you're earning $2,250/year instead of $5/year at a traditional bank—real money that compounds over time.

• 4.5%+ APY

  Competitive interest rate on your savings

• FDIC Insured

  Up to $8 million through partner banks

• No Fees

  No monthly fees or minimum balance requirements

Comparison Table

Our Recommended Setup

For most independent consultants, we recommend this combination:

Key Takeaways