Lance is the first smart business banking account for the self-employed. Lance automatically allocates personal income, tax withholding, business expenses and profit for individual businesses. With basic bookkeeping, entry level accounting and taxes done, self-employed workers now have everything they need to grow financially-compliant and stable businesses.
Of course! Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 through Blue Ridge Bank; Member FDIC.
Lance is optimized for the self-employed. If you're a freelancer, a side-hustler, or anyone who uses a 1099 form, Lance is your best option for a business bank account.
Yes! We pay your quarterly IRS payments. To file your annual tax statement, however, you will need an accountant. (We don't have that superpower yet.)
Right now, you have to be a US citizen to open a Lance account. If you're from outside the US, we look forward to supporting you soon!
Your data security and privacy is our top priority. Here are some things we do to ensure your account safety:
• We require HTTPS on all pages, and use HSTS to ensure browsers only ever connect to us over a secure connection.
• We employ a top-notch third party to perform penetration testing every year to check for vulnerabilities.
• We store passwords hashed with the bcrypt algorithm.
• We never store or log your plaintext password.
• We use time-based One Time Passwords (OTP) for two-factor authentication.
• We encrypt our database, including passwords and all uploaded images.
• We employ additional encryption for sensitive data, like social security numbers.
• We never store your debit card number.
Not yet. But you can download and email Lance's financial statements and data to your accountant as often as you wish. It's free.
Whether you're an Etsy shop owner, an Amazon seller, a content writer, wedding photographer, or fitness instructor -- anything you get paid for on a freelance basis counts as income.
You can and should. That's the best way to account for all your tax liabilities.
We've developed an algorithm that does exactly that, so you'll never have to worry about over- or under-saving for your taxes.
Yes! Just make sure to use your Lance debit card for all your business expenses.
You do! When you open an account, you get to determine what percentage of your income your salary will be, and how often you’d like to receive it (bi-weekly or monthly). We'll work with you to fine tune the best percentage.
It doesn't. We try to keep your salary as stable as possible, for your own mental well being.
Check out our help center for answers to your most pressing questions, like, what’s the meaning of life? And how do I get a voided check?