Discovered Enterprise Banking Evaluate: A Freelancer’s Dream?



  • No month-to-month charges
  • Limitless transactions
  • No overdraft charges
  • Constructed-in instruments for budgeting and funds
  • Ship limitless invoices


  • Limits on money deposits
  • Restricted customer support throughout evenings and weekends
  • No check-writing capabilities
  • No outgoing wire transfers

Extra small enterprise house owners are shying away from conventional banks in favor of banking fintechs that supply free enterprise banking, together with all kinds of instruments to assist them handle their companies.

A type of fintechs is Discovered, which has develop into in style with freelancers and solopreneurs specifically. Along with free, limitless banking, Discovered integrates with a number of main apps to make bookkeeping, tax prep, and sending and receiving funds simpler. This Discovered assessment covers the important thing options, pricing, professionals and cons, and extra.

Desk of Contents
  1. What Is Discovered Enterprise Banking?
  2. Discovered Account Options
    1. Discovered Enterprise Checking
    2. Discovered Plus
    3. Discovered Transaction Limits
    4. Reporting and Insights
    5. Handle and Pay Contractors
    6. Speedy Switch Capabilities
    7. Budgeting Instruments
  3. Discovered Pricing
  4. Learn how to Open a Discovered Enterprise Checking Account
  5. Discovered Execs and Cons
    1. Execs
    2. Cons
  6. Discovered Options
    1. Novo Enterprise Checking
    2. Bluevine
    3. Chase Full Enterprise Banking
    4. Axos Enterprise Banking
  7. FAQs
  8. Who Is Discovered Enterprise Banking Greatest For?

What Is Discovered Enterprise Banking?

Discovered isn’t a financial institution. It’s a monetary expertise firm (fintech) that was created to assist small enterprise house owners handle their day-to-day banking. It affords a free on-line enterprise checking account, together with instruments to assist with bookkeeping and taxes. By upgrading to Discovered Plus, customers can entry a better financial savings APY, together with enhanced help.

Discovered’s banking providers are supplied by New York-based Piermont Financial institution, which is an FDIC member establishment.

found business banking homepage

Discovered Account Options

Discovered’s flagship product is a no-fee enterprise checking account, which comes with built-in tax and bookkeeping instruments. Right here’s a more in-depth have a look at its principal options.

Discovered Enterprise Checking

Key Options:

  • No month-to-month charges
  • Limitless transactions
  • No minimal steadiness requirement
  • Join bookkeeping and cost apps
  • Money deposit out there
  • Cellular test deposit
  • Spend with a Mastercard enterprise debit card and digital card
  • Free ACH transfers
  • FDIC-insured as much as $250,000 via Piermont Financial institution
  • Limitless, customizable invoices
  • Direct deposit will be out there as much as 2 days early

The Discovered enterprise checking account affords limitless transactions, no month-to-month upkeep charges, and no minimal steadiness requirement. Customers can join bookkeeping and cost apps, like Quickbooks and Stripe.

You may deposit money into your Discovered account at over 79,000 retail places and deposit checks by way of cellular deposit utilizing the Discovered cellular app. You may handle what you are promoting spending with a Discovered debit Mastercard or digital card. This consists of free ACH transfers or paying folks by way of their e-mail tackle or telephone quantity. You can too pay via Apple Pay and Google Pay.

Discovered Plus

In case you’re keen to pay a month-to-month or annual payment, you possibly can unlock premium options with a Discovered Plus subscription.

Worth: $19.99 month-to-month or $149.99 annual

Fund Plus consists of the entire free options, plus:

  • 1.5% APY on balances as much as $20,000
  • Set limitless customized guidelines, classes, and tags
  • Auto-import bills from receipt
  • Import exercise from financial institution, bank card, Venmo, and PayPal accounts
  • Get in-app quarterly federal tax funds for all Schedule C filers
  • Precedence buyer help

Get Began with Discovered

Discovered Transaction Limits

Discovered affords limitless transactions, which embody incoming wire transfers, Direct Deposits, transfers from integrators resembling Venmo and PayPal, or financial institution transfers. 

Nonetheless, test deposits are restricted to a complete of $3,000 per week, and money deposits are restricted to a complete of $2,000 per week and $4,000 each 30 days.

You may switch a each day most of $5,000 out of your Discovered account to a linked checking account. ATM withdrawals are restricted to $550 per day.

Debit card purchases are restricted to $4,000 per day. Observe that you could be apply for a restrict enhance for a few of these limits. Contact Discovered for extra particulars.

Reporting and Insights

Discovered offers a big selection of reviews for small enterprise house owners. For instance, you may get up-to-date revenue, expense, and revenue and loss statements at any time. This lets you examine what you are promoting bills and revenue month-to-month, monitor what payments you will have coming due, and get real-time notifications of digital and bodily card exercise as nicely. 

Discovered integrates with cost apps, resembling Venmo, PayPal, Etsy, and extra, for simple importing of transactions. Discovered additionally retains monitor of your estimated tax invoice to provide you an concept of what you’ll owe at tax time.

Handle and Pay Contractors

Discovered additionally helps you handle and pay any contractors you would possibly use. You may create contractor profiles and retailer W-4 types, contracts, and different paperwork.

You can too pay your contractors with Discovered Enterprise Banking’s app and ship limitless invoices along with your firm’s personal emblem to firms that owe you cash. Discovered will even ship reminders for cost if the bill isn’t paid in a well timed method. 

Speedy Switch Capabilities

Discovered affords a number of completely different switch capabilities to make managing what you are promoting funds simpler. As an example, you get free, limitless ACH transfers to and out of your Discovered account.

As talked about earlier, Direct Deposits into your Discovered account will arrive as much as two days early. You can too obtain cash by way of wire switch, money, or test.

Budgeting Instruments

Discovered might help you price range with its skill to create customized “pockets” in your Discovered account. You may create Pockets for financial savings, tax funds, payroll, future bills, or anything you wish to save for.

And you’ll robotically break any revenue up and have the cash go instantly to any pocket you wish to use it for.

For instance, let’s say you get a $2,000 cost from a shopper. Discovered means that you can automate the place the cash goes. For instance:

  • 30% to a Taxes Pocket
  • 50% to an Working Bills Pocket
  • 10% to a Wet Day Financial savings Pocket
  • 10% to a Future Bills Pocket

You design and customise your Pockets in no matter approach works for what you are promoting after which allocate revenue to these pockets as you see match. 

Discovered Pricing

Discovered’s enterprise checking account is free to make use of. Along with free deposits and withdrawals, Discovered doesn’t cost any overdraft charges or minimal steadiness charges.

Nonetheless, there are a few elective providers that do price cash.

  • Discovered Plus: In case you join Discovered’s premium plan, there’s a $19.99 month-to-month payment or $149.99 yearly. Discovered Plus affords superior instruments and help.
  • Instantaneous withdrawals: You may switch cash immediately out of your Discovered account to an exterior debit card. There’s a 1.75% payment for immediate transfers.

Different cases when it’s possible you’ll be charged a payment embody when one other monetary establishment costs you for utilizing its ATM, international alternate charges for those who’re utilizing your card outdoors of the U.S., or bill charges, when your buyer pays an bill utilizing Stripe.

Learn how to Open a Discovered Enterprise Checking Account

Opening a enterprise checking account with Discovered is simple and will be accomplished on-line in only a few minutes. 

To get began, obtain the Discovered app, which is accessible for iOS, Android, and desktop units. From there, you’ll present an e-mail tackle and password. Discovered will even ask you for a Social Safety quantity and your date of delivery.

If you need Discovered that will help you estimate your annual tax invoice, you’ll want to offer a number of extra particulars, resembling your anticipated revenue and tax submitting standing. 

Observe that some enterprise sorts are prohibited from utilizing Discovered: this consists of companies concerned within the manufacture or sale of medicine, drug paraphernalia, and gear, together with medical marijuana, hashish seeds, tobacco, weapons, and extra. Yow will discover a full checklist within the Help part of Discovered’s web site.

Get Began with Discovered

Discovered Execs and Cons

With free enterprise banking and limitless transactions, there’s so much to love about Discovered. Nonetheless, no services or products is ideal, and Discovered received’t be appropriate for each small enterprise. With that in thoughts, right here’s our checklist of Discovered professionals and cons:


  • No month-to-month charges
  • Limitless transactions
  • No minimal steadiness necessities
  • No overdraft charges
  • Limitless free invoicing
  • Constructed-in free instruments for budgeting and funds


  • Limits on money deposits
  • Restricted customer support throughout evenings and weekends
  • No check-writing capabilities
  • No outgoing wire transfers

Discovered Options

Discovered is one in every of many on-line enterprise banking fintechs in the marketplace. Different enterprise banking accounts might or is probably not extra appropriate for what you are promoting wants. Earlier than signing up with Discovered, we advocate that you just try the next Discovered options.

Novo Enterprise Checking

novo logo

Novo is a fintech firm that features equally to Discovered. It affords banking providers via its partnership with Middlesex Federal Financial savings, which is an FDCI member. A few of Novo’s Enterprise Checking account options embody:

  • No month-to-month upkeep charges
  • No minimal steadiness requirement
  • Limitless transactions
  • Free transfers, mailed checks, and incoming wires
  • ATM charges reimbursed as much as $7 per 30 days
  • No money

Novo affords cellular test deposits and free and digital debit playing cards. Integrations embody Stripe, Freshbooks, Quickbooks, Zelle, Zoho, and extra.

One factor you would possibly like about Novo is that it does supply joint accounts for enterprise house owners. As well as, you possibly can order checks to be printed via a third-party test printing service. 

Novo additionally affords free invoicing for enterprise banking clients. It affords Novo Reserves, which has similarities to Discovered’s Pockets, the place you possibly can put aside cash for different monetary targets, resembling paying taxes. 

Not like Discovered, you possibly can’t deposit money straight into your Novo account. It’s a must to buy a cash order with money after which deposit the cash order by way of Novo’s cellular test deposit service.

Novo accounts are FDIC-insured via Middlesex Federal Financial savings Financial institution.

Get Began with Novo


bluevine logo

Bluevine is a well-liked fintech that provides a free enterprise checking account, line of credit score, and money again Mastercard. Key options embody:

  • No month-to-month upkeep charges
  • No minimal steadiness requirement
  • No overdraft charges
  • Limitless fee-free transactions
  • As much as 5 designated sub-accounts
  • Payment-free in-network ATM utilization

There are some things that stand out with Bluevine. First, it pays a pretty rate of interest; 2% APY at this writing versus Discovered’s 1.5%. 

Observe that there are exercise parameters you need to meet with the intention to earn curiosity in your Bluevine account. 

As with Discovered, there are not any joint accounts allowed with a Bluevine enterprise account. Nonetheless, you may give your teammates or your accountant/bookkeeper entry to your Bluevine Enterprise account for those who’d like.

Try the Bluevine Premier account if in case you have a bigger enterprise with greater transactions. For $95/month (waivable), it provides you entry to a better APY, precedence help, and extra. Bluevine accounts are FDIC-insured via Coastal Neighborhood Financial institution. 

Study extra by studying our full Bluevine assessment.

Get Began with Bluevine

Chase Full Enterprise Banking

Chase Full Enterprise Banking is likely to be a very good possibility for what you are promoting for those who like the choice to financial institution both on-line or at a brick-and-mortar financial institution location. 

Some Chase Full Enterprise Banking options embody:

  • No month-to-month upkeep charges
  • No minimal steadiness requirement
  • No opening deposit necessities
  • Limitless transactions
  • $15 month-to-month payment (waivable)
  • Payment-free entry to over 16,000 ATMs
  • First 20 transactions free of charge, $0.40 per transaction after that

As you possibly can see, it does price you to have the choice to financial institution in individual. The $15 month-to-month payment is commonplace. Nonetheless, it may be waived for those who meet sure standards, such at least steadiness of $2,000 or minimal internet purchases of $2,000 along with your Chase debit card every month.

This account is for sole enterprise house owners solely. Observe that the Chase Full Enterprise Banking account does will let you settle for bank card funds from clients.

And like many Chase accounts, the Chase Full Enterprise Banking affords welcome bonuses for qualifying clients at instances.  

Get Began with Chase Full

Axos Enterprise Banking

Axos logo 2024

The Axos Enterprise Banking account is one other account it’s possible you’ll wish to contemplate to your small enterprise. Options embody:

  • No month-to-month upkeep charges
  • No opening deposit requirement
  • No minimal steadiness requirement
  • Limitless transactions
  • Limitless home ATM payment reimbursements
  • Free home revenue wire transfers

Axos Financial institution’s Primary enterprise checking account is fairly similar to different accounts listed right here. One obvious distinction is that Axos is an FDIC-insured establishment in and of itself and doesn’t have to companion with one other establishment to be FDIC-insured.

And though Axos is QuickBooks appropriate, it falls quick with regards to integrating with different in style applications. 

On the upside, Axos does supply opening bonuses at instances, and it has one other small enterprise checking account that pays curiosity. Axos additionally affords payroll providers, service provider providers and extra. 

Get Began with Axos Financial institution


Is Discovered FDIC-insured?

Sure, Discovered Enterprise Checking accounts are FDIC insured as much as $250,000 via Piermont Financial institution.

Are you able to entry your Discovered account outdoors of the U.S.?

Sure, you possibly can handle your Discovered account and use your Discovered account and debit card whereas in a foreign country. Nonetheless, you do have to have a U.S.-based telephone quantity and tackle with the intention to open a Discovered account.

What are Discovered’s customer support choices?

In case your questions aren’t answered by way of the Discovered Assist Middle, you possibly can e-mail Discovered at [email protected]. You can too name Discovered at 888-845-0131 on weekdays from 9 am to five pm EST. 

Are there every other charges Discovered costs?

In case you join Discovered Plus, there’s a month-to-month payment of $19.99, with the choice to pay yearly. There’s additionally a 1.75% payment for immediate transfers out of your Discovered account to an exterior debit card.

Get Began with Discovered

Who Is Discovered Enterprise Banking Greatest For?

Discovered was created for freelancers or solopreneurs in search of low-cost enterprise banking and entry to automated reporting, cost, and invoicing instruments. That features sole proprietors, freelancers, single-owner LLC house owners, and extra. 

Due to the boundaries on deposits and spending, it’s possible you’ll wish to contemplate how a lot cash will go out and in of your account on a each day and month-to-month foundation earlier than you open your Discovered account.

Whereas most sole proprietors can probably keep inside Discovered’s transaction limits, some might not be capable of, and due to this fact, Discovered wouldn’t be the only option. 

General, Discovered affords a fantastic banking different for the only proprietor or freelance enterprise proprietor. 


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