Mercury vs Relay vs Novo: Best Business Bank Accounts for Solo Tradespeople
Starting your own plumbing, roofing, or other trade business means new challenges, and choosing a business bank account is one of them. For solo tradespeople leaving an employer to work for themselves, the options can be confusing. Mercury, Relay, and Novo are top choices designed for today's small businesses. Picking the right one now saves you hassle, fees, and keeps your business finances organized for tax time and beyond.
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The Quick Answer
For tradespeople like plumbers, electricians, or roofers starting solo, the best bank depends on what you need most. Novo is often fastest to set up and integrates well with invoicing tools like Stripe or Square, perfect for managing client payments for a new drywall job or plumbing repair. Relay shines if you want to keep money separate for taxes, tools, or next month's materials. Mercury works if you plan to grow quickly and want advanced features, though it might be more than a solo operator needs at first. Skip Brex — it's built for bigger, venture-backed companies, not individual contractors.
Side-by-Side Breakdown
Mercury: $0/month. FDIC coverage $250K standard, up to $5M+ with a network. Best features: good for future growth, clean online tools. Best for solo contractors aiming to scale up to a crew quickly, or who value a tech-focused bank.
Relay: $0/month (Pro $30/month). FDIC coverage up to $3M. Best features: up to 20 separate checking accounts, easy for tax savings or tool budgets, can give your accountant secure access. Best for tradespeople using "Profit First" or who want to clearly separate funds for taxes, materials (like copper pipes or roofing shingles), and operating costs.
Novo: $0/month. FDIC $250K. Best features: super fast setup, connects easily with payment apps like Stripe or Square for invoicing your clients. Good for tracking project payments. Best for new solo plumbers, electricians, or flooring installers who need simple banking and quick access to funds.
When to Choose Mercury
Mercury makes sense if you see your solo trade business, like a specialized tile installation company, growing quickly into a larger operation with employees and multiple job sites. Its online tools are clean, and while features like extended FDIC coverage (above $250K) or API access might seem complex for a solo roofer now, they offer flexibility if you grow fast. If you're planning to hire an apprentice or a second journeyman next year, Mercury could support that growth better than simpler options.
When to Choose Relay
Relay is perfect if you like to keep your money organized for different purposes, which is smart for any tradesperson. Imagine having a separate checking account for estimated taxes, another for new tool purchases (like a specific pipe threading machine or a high-end tile saw), and another for materials like lumber or flooring. You can open up to 20 checking accounts and move money between them instantly. This helps you know exactly how much you have for that new work truck down payment versus paying for the next big job's materials. Plus, you can give your bookkeeper secure, view-only access, which simplifies year-end tax prep.
When to Choose Novo
Novo is often the easiest and fastest bank to open for a new solo tradesperson. If you're just starting your own drywall, painting, or general handyman business, you need something simple and quick. Novo integrates well with common payment tools like Stripe, Square, or QuickBooks, which are vital for invoicing clients for a completed bathroom remodel or roof repair. This means your payments from customers sync up easily. It's genuinely free, with no monthly fees or minimum balance requirements, making it ideal for managing the ups and downs of project-based income when you're first getting started.
When to Choose Brex
Brex is not for the solo tradesperson. It’s built for larger companies with many employees and high spending volumes, often venture-backed tech startups. For a self-employed plumber, roofer, or flooring installer, Brex would be far too complex and offer features you simply don't need, like corporate cards for a team of 20 or advanced expense management software. Stick with Novo, Relay, or Mercury, which are designed for businesses your size and growth stage.
The Verdict
For most new solo tradespeople, Novo offers the quickest setup and best integration with invoicing systems for your plumbing or roofing jobs. Relay is excellent for keeping your finances clearly separated for taxes, equipment (like a new generator), and materials. Mercury is a solid choice if you plan to expand from solo work to hiring a crew within a year or two. Remember, all three are free to open. While you can switch later, it's a hassle to update payment info with material suppliers or insurance providers, so pick the best fit from the start.
How to Get Started
Opening an account with Novo, Relay, or Mercury can be done online in minutes. You will need some key documents: your Employer Identification Number (EIN) if you have one, your LLC formation papers if you registered your business that way, and a government-issued ID (like your driver's license). Novo is often the fastest to approve, getting your account ready for your first client payment right away. Mercury and Relay might have a short review period, so plan ahead if you need an account immediately to buy materials for an urgent job. Choose the bank that best supports your solo trade business as you launch.
RECOMMENDED TOOLS
Mercury
Best business banking for funded startups and tech founders
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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