Freelancing has become a popular career choice, offering flexibility and independence to professionals in various fields. However, managing your finances as a freelancer can be a bit tricky. That’s where specialized banking services like Found come into play. In this quick review, we’ll explore whether Found Business Banking is the best banking option for freelancers, breaking down its features, benefits, and drawbacks.
Table of Contents
1. Tailored for Freelancers
Found is specifically designed with freelancers in mind. Unlike traditional banks that may not fully understand the unique financial needs of freelancers, Found is customized to cater to this growing segment of the workforce. This specialization is a significant advantage for those who rely on freelance income.
2. Seamless Income Management
One of the standout features of Found is its seamless income management tools. Freelancers often deal with irregular income streams, making it essential to have tools that help them manage their finances effectively. Found offers a dashboard that allows you to see your upcoming payments, making it easier to plan your finances.
3. Tax Withholding
Managing taxes as a freelancer can be a headache, but Found offers a unique solution. It allows you to set aside a portion of your income for taxes with its automatic withholding feature. This means you won’t have to scramble to pay your tax bill come tax season.
4. Expense Tracking
Freelancers often have various expenses related to their work. With Found, you can easily track and categorize your expenses, helping you stay on top of your financial obligations and plan for deductions during tax season.
5. Banking Services
Found provides traditional banking services, such as a checking account and a debit card. This simplifies your financial life, as you can manage both your personal and business finances in one place.
6. No Monthly Fees
Unlike many traditional banks, Found does not charge monthly fees. This is a significant benefit for freelancers who are looking to minimize their expenses. Every dollar saved can make a difference when your income isn’t fixed.
7. Free ATM Access
Found also provides free ATM access at over 55,000 locations, which can save you money on withdrawal fees. For freelancers who rely on cash transactions occasionally, this feature is a valuable perk.
8. Instant Payments
Found allows for instant payment transfers, which is a huge advantage for freelancers who often need quick access to their funds. No more waiting for days for payments to clear – with Found, you can access your money almost instantly.
9. No Minimum Balance Requirement
Some banks require customers to maintain a minimum balance in their accounts to avoid fees. Found doesn’t have this requirement, which is a relief for freelancers who may not always have a high balance in their accounts.
Drawbacks to Consider
While Found offers many benefits for freelancers, it’s important to consider some potential drawbacks:
- Limited Account Types: Found primarily offers a sole business checking account. If you need more advanced features like savings accounts, you might need to use other banks for those services.
- Mobile-Only: Found operates as a mobile-only bank, which could be a drawback if you prefer in-person banking or need services like a physical branch.
- Limited ATM Access Abroad: While Found offers free ATM access in the United States, its coverage may be limited when you’re traveling internationally.
Conclusion
In conclusion, Found can be an excellent banking option for freelancers due to its specialization, seamless income management, tax features, and expense tracking. It simplifies financial management for freelancers, offering the convenience and tools they need to thrive in their careers. However, it’s crucial to consider the drawbacks and assess whether Found’s services align with your specific needs and preferences. Freelancers looking for a banking solution that caters to their unique financial situation should definitely give Found a closer look.
Featured Image by Oleksandr Pidvalnyi from Pixabay
