Best Business Bank Accounts for Home Services & Handyman Companies (Mercury, Relay, Novo, Brex Compared)
As a handyman, contractor, remodeler, or home service pro going independent, choosing the right business bank account is crucial. You need a bank that understands job costs, tool purchases, material expenses, and client payments. This guide compares Mercury, Relay, Novo, and Brex to help you pick the best financial partner for your painting, HVAC, remodeling, or general contracting business. The right choice saves money, simplifies tax season, and keeps your operations smooth.
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The Quick Answer
When choosing a business bank account for your home services business, consider your current size and how you manage money.
Mercury is best for growing general contractors or remodelers taking on larger projects who want strong financial controls and easy team permissions for project managers or office staff.
Relay is best for handyman services, painters, or HVAC pros who need to separate money for different jobs, taxes, or payroll. It's great if you work with a bookkeeper to track project expenses like lumber, paint, or fittings.
Novo is best for solo handymen, independent electricians, or new painters just starting out. It offers quick setup and good integrations with payment apps like Square for client invoices.
Brex is best for larger general contracting firms with multiple crews and significant monthly spending on materials, fuel, and subcontracted labor that needs corporate cards and detailed expense tracking.
Side-by-Side Breakdown
Here's a quick look at how these top business bank accounts compare for home service professionals:
**Mercury:** $0/month. FDIC coverage $250K standard, $5M+ through sweep network. Best features: strong financial reporting for project profit-and-loss, team permissions for site supervisors or office admins. Best for growing contracting businesses managing several large jobs, like a full home remodel.
**Relay:** $0/month (Pro $30/month). FDIC coverage $3M through program. Best features: up to 20 checking accounts (e.g., one for tool budget, one for permits, one for client deposits, one for payroll), dedicated bookkeeper seats. Best for handymen or specialized trades (HVAC, plumbing) who manage cash flow by project or category.
**Novo:** $0/month. FDIC $250K. Best features: fast setup, integrates well with Stripe/Square readers for on-site payments, simple invoicing for small jobs. Best for independent painters, electricians, or handymen focused on quick client payments and minimal overhead.
**Brex:** $0 basic, varies for full platform. FDIC $6M+ through sweep. Best features: corporate cards for crews to buy materials, fuel, or parts, expense management for receipts from Home Depot or supplier accounts. Best for general contractors with multiple job sites and staff spending that needs close tracking.
When to Choose Mercury
If you're a general contractor or remodeler scaling up, managing larger project budgets (e.g., $50,000+ per kitchen remodel or commercial build-out), Mercury fits well. Its interface helps you track large material orders, subcontractor payments, and permit costs. If you plan to hire an office manager or project coordinator, the team permissions let them access what they need without full control over your main funds. Mercury is also useful for showing clean financials if you ever seek a small business loan for a new work truck, heavy equipment like a mini-excavator, or to expand your shop.
When to Choose Relay
Relay is perfect for handymen, painters, or HVAC technicians who manage many smaller jobs (e.g., $500-$5,000 range) and need to track costs closely. You can set up separate checking accounts for 'Paint & Supplies,' 'Tool Fund,' 'Marketing,' 'Tax Savings,' 'Payroll,' and 'Client Deposits.' This helps prevent accidentally spending tax money on a new air compressor or pressure washer. If you work with an outside bookkeeper or accountant, the dedicated access feature means they can manage your books and reconcile expenses without you sharing sensitive login details. It also makes it easier to see how profitable each type of service (e.g., deck repair vs. drywall installation) truly is.
When to Choose Novo
Novo is ideal if you're an independent electrician, a solo handyman, or a new painter just starting your business. You likely want to get your business banking set up quickly to accept payments for your first jobs. Novo connects well with popular payment tools like Square or Stripe, which many home service pros use for on-site card payments for small repairs, maintenance calls, or initial deposits. It also offers easy invoicing built-in for things like a faucet installation or a room repaint. It's genuinely free, so you don't need to worry about minimum balances or monthly fees while building your client list. This is great for managing finances when your main focus is out in the field, not complex accounting.
When to Choose Brex
Consider Brex if you run a larger general contracting firm or a multi-crew remodeling business (e.g., 5-50 employees). This is for when your project managers or crew leaders regularly buy materials, fuel for work vans, or small parts from suppliers like Lowe's, Home Depot, or a plumbing supply house. Brex provides corporate cards for these purchases, and its system helps track every receipt. This stops you from chasing down paper receipts or reimbursing employees from your personal account. It's useful for keeping tabs on spending across different job sites and employees. For a solo handyman or a new independent painter, Brex's features are usually overkill and add unnecessary steps to your daily work.
The Verdict
Choosing the right bank for your home services business depends on your specific needs today and your plans for growth.
**Mercury** is best for growing general contractors or remodelers managing bigger project budgets and needing strong financial reporting and team access.
**Relay** is best for handymen, painters, or HVAC pros who need to budget by project, category, or for taxes, especially if working with a bookkeeper.
**Novo** is best for independent electricians, solo handymen, or new tradespeople needing a quick, free setup and easy integration with client payment apps like Square.
**Brex** is best for larger construction firms with crews needing corporate cards and detailed expense tracking for materials and fuel.
All four are free to open. You can switch later, but updating payment details with suppliers and clients can be a hassle, so pick the one that fits where your home services business is right now.
How to Get Started
All four options allow you to open a business account online quickly. You will need your Employer Identification Number (EIN), any formal business documents like your LLC formation papers or business license, and a government-issued ID. Mercury and Relay might take a few business days for approval, as they review more details for larger accounts. Novo is often the fastest to approve, sometimes letting you access your account the same day. Apply with the bank that best supports your current stage, whether you're a new independent electrician or an established remodeling contractor looking to streamline finances.
RECOMMENDED TOOLS
Mercury
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Relay
Multi-account banking built for budget management and bookkeeper collaboration
Novo
Fast setup with Stripe, Square, and Shopify integrations
Brex
Banking, corporate cards, and expense management for venture-backed teams
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FREQUENTLY ASKED QUESTIONS
Are these real banks or fintech apps?
They are fintech companies that partner with FDIC-member banks to hold your deposits. Your deposits are FDIC-insured, but you are not banking directly with a chartered bank.
Can I use one of these and also keep a traditional bank account?
Yes. Many founders use Mercury or Relay as their primary operating account and keep a local credit union or Chase account for in-person cash deposits.
What if I am not approved?
Mercury and Relay can decline applications, often due to business type or state restrictions. Novo is generally more permissive. If declined, try another option or use a traditional bank while you build account history.
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