Mercury vs Relay vs Chase: Best Business Bank Account for Home Services & Handyman
As a handyman, electrician, or general contractor, mixing payments for a new water heater installation with your personal groceries is a quick way to lose your LLC's protection. A dedicated business bank account costs nothing to open and fixes that problem immediately. Here's which one is right for your home service business.
READY TO TAKE ACTION?
Use the free LaunchAdvisor checklist to track every step in this guide.
The quick answer
Mercury is the best business bank account for tech-forward home services like those using online scheduling and invoicing — no fees, excellent app, and strong integrations. Relay is better if you want built-in budgeting for materials, labor, and taxes with multiple 'envelopes.' Chase Business Complete Banking wins for service businesses that need to deposit cash from jobs or prefer in-person branch access. All three open online in under 30 minutes.
Side-by-side breakdown
Mercury: no monthly fees, no minimum balance, FDIC insured, ACH and wire transfers included, API access for developers, debit card and virtual cards included, US-based businesses only, no cash deposits. Best for electricians, painters, or remodelers primarily paid through digital invoicing or credit card processors, and managing software subscriptions.
Relay: no monthly fees, up to 20 checking accounts and 50 virtual debit cards, built for profit-first budgeting (envelope method), team access controls, integrates with QuickBooks and Xero. Best for general contractors or HVAC pros who need to allocate funds for specific projects, materials, subcontractor payments, and set aside cash for future equipment like a new HVAC unit or heavy machinery.
Chase Business Complete Banking: $15/month fee (waived with $2,000 minimum balance or qualifying activity), 100+ free transactions/month, cash deposits accepted at branches, broad ATM network, integrates with Zelle. Best for handymen, plumbers, or remodelers who frequently receive cash payments for smaller jobs or even large projects, and need easy access to local branches for deposits.
When to choose Mercury
Choose Mercury if your primary income comes from credit card payments through Square, Stripe, or direct ACH for larger jobs like a full bathroom remodel or a large-scale painting project. It's excellent for managing subscriptions to your scheduling software (like Jobber or Housecall Pro), accounting platforms (QuickBooks Online), or online tool suppliers. The virtual cards are useful for separating expenses like your Google Ads for leads or your fuel card. No branch visits mean less time away from job sites.
When to choose Relay
Choose Relay if you want to budget every dollar for your home services business. You can create separate 'envelopes' for material costs on a kitchen remodel, subcontractor payments for a large build, fuel for your work truck, or even a 'new tool fund' for that impact driver or expensive diagnostic equipment you need. Its multi-account structure is perfect for keeping your business finances organized and ensuring you always have money set aside for taxes and your next big purchase. It's also great if you have a small team and want to issue cards with spending limits for specific job expenses.
When to choose Chase
Choose Chase if you regularly get paid in cash after finishing a plumbing repair, a painting job, a general handyman service, or even a larger remodeling project. You can easily deposit cash at any Chase branch or ATM, often right after a job, avoiding trips home with large sums. This is vital for businesses where clients might pay with cash for smaller services or even larger remodels. The branch access is also helpful if you prefer face-to-face banking or need quick access to larger sums for material purchases from local suppliers.
The verdict
Home services business with mostly online payments and software subscriptions: Mercury. Contractors managing multiple job budgets, subcontractors, or saving for large equipment: Relay. Handymen or remodelers frequently receiving cash payments: Chase. Don't wait – set up your dedicated business bank account before your next client payment to keep your business protected.
How to get started
1. Choose your bank based on your primary need for cash deposits, budgeting, or digital convenience. 2. Apply online with your EIN, LLC or Sole Proprietor documents, and personal ID. 3. Fund the account with a small initial deposit from your personal account to separate funds immediately. 4. Update all client invoices, payment apps (Square, Stripe), and direct deposit forms to show your new business account details. 5. Set up separate accounts or envelopes for taxes (20-35% of revenue, depending on your state and tax bracket) and future material/equipment costs from day one. Don't get caught short.
RECOMMENDED TOOLS
Mercury
Best online business bank — no fees, strong integrations
Relay
Built for profit-first budgeting with multiple accounts
Chase
Best for businesses needing branch access and cash deposits
Some links above are affiliate links. We may earn a commission if you sign up — at no extra cost to you.
FREQUENTLY ASKED QUESTIONS
Do I need a business bank account if I am a sole proprietor?
Legally no, but practically yes. Even as a sole proprietor with no liability protection, a separate business account makes bookkeeping, tax preparation, and expense tracking dramatically simpler. When you form an LLC, a separate account becomes essential for maintaining your liability protection.
Can I open a business bank account without an LLC?
Yes. Most banks will open a business bank account for a sole proprietor using your Social Security Number and a DBA (Doing Business As) registration. However, forming an LLC first and using your EIN is cleaner and protects you better.
How much should I keep in my business account?
At minimum: enough to cover two months of operating expenses. Additionally, set aside 25-30% of gross revenue in a separate tax savings account from day one. Many business owners are blindsided by their first quarterly estimated tax payment — this prevents that.
Apply This in Your Checklist