Found
- Best for: Freelancers and sole proprietors who want money for taxes saved automatically
- What Sets It Apart: Tax estimates, bookkeeping, invoicing, and 1099 filing come free with the checking account
- APY: 2.00% on up to $20,000 in months with $5,000 of card spending, for new accounts; 1.5% on up to $20,000 with Found Plus; 2.50% on all balances with Found Pro
- Rewards: 1% cash back on eligible debit card purchases with Found Pro
- Features: FDIC insurance to $250,000 through Lead Bank; up to 20 Pockets; contractor payments with no per-contractor fee; federal tax payments in the app on paid plans
- Monthly Fee: $0; Found Plus $35 ($315 a year); Found Pro $80 ($720 a year)
- Cost: Cash deposits $2; outgoing wires $15 ($12 on Plus, $8 on Pro); mailed checks $1, free on paid plans; paid plans bill automatically after a 30-day free trial
- Eligibility: U.S. businesses whose owner has a Social Security number, from sole proprietors to corporations
- Pros: No overdraft or ATM fees from Found; free bookkeeping that imports your other accounts
- Cons: Found Plus’s interest can’t cover its price; no payroll; tax estimates for sole proprietors only; cash deposits capped at $2,000 a week
Open Found if you’re a freelancer or sole proprietor who wants money for your taxes set aside automatically from every payment. Its free plan also estimates what you’ll owe and tracks your expenses. Stick with that free plan unless you keep a large balance, since only Found Pro’s interest can earn more than its fee.
Found pairs a business checking account through Lead Bank with bookkeeping and tax tools built for the self-employed. Two optional paid plans add interest on your balance, tax payments in the app, and a few smaller perks.
Key Features
- No monthly fee or minimum balance, a Mastercard business debit card, and up to 20 Pockets, sub-accounts for setting money aside
- Federal income and self-employment tax estimates for sole proprietors that update with every payment and expense, plus a share of each payment moved to a Taxes Pocket
- Expense tracking with receipt scanning, unlimited invoices, and contractor payments with the year-end 1099 forms filed free
- Found Plus at $35 a month or $315 a year, with 1.5% annual percentage yield (APY) on up to $20,000 and federal tax payments in the app for sole proprietors
- Found Pro at $80 a month or $720 a year, with 2.50% APY on your whole balance, plus 1% cash back on eligible debit card purchases
Pros
- Tax estimates and automatic saving for taxes on the free plan
- A promotional 2.00% APY on up to $20,000 for new accounts in any month you spend $5,000 on Found cards
- No overdraft or ATM fees from Found
- Free bookkeeping that pulls in transactions from your other bank and card accounts
Cons
- Found Plus pays at most $300 a year in interest on its $20,000 cap, less than its $315 yearly price
- Federal tax payments in the app need a paid plan, though the IRS’s Direct Pay takes estimated payments free
- No payroll for employees
- Tax estimates only for sole proprietors and single-member LLCs
- Cash deposits cost $2 each and are capped at $2,000 a week
By our math, Found Pro’s interest alone covers its $720 yearly price only on an average balance above about $28,800, so below that the free plan is the one to pick. A business with employees or regular cash deposits does better with a business checking account at a bank with branches and a separate payroll service.
Learn more about Found or see how it compares to the best bank accounts for freelancers.
Found
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