Mercury vs. Relay vs. Chase: Best Business Bank Accounts for Private Healthcare & MedSpa Practices
Mixing your personal money with income from patient consultations, aesthetic treatments, or physical therapy sessions is the fastest way to weaken your private practice's LLC protection. A dedicated business bank account costs nothing to open and immediately separates your finances, safeguarding your assets. Here's which one is right for your boutique healthcare or MedSpa practice.
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The quick answer for Private Practices & MedSpas
Mercury is the best business bank account for private practices relying heavily on online payments and telehealth—no fees, excellent digital tools, and strong integrations. Relay is better if you want built-in budgeting for managing diverse income streams from services like IV drips, injectables, or PT sessions. Chase Business Complete Banking wins for practices that need to deposit cash payments from co-pays or product sales, or prefer in-person branch access. All three open online in under 30 minutes, getting your practice finances in order fast.
Side-by-side breakdown for Your Practice
Mercury: no monthly fees, no minimum balance, FDIC insured, ACH and wire transfers included, API access for integration with payment processors (like Stripe for online booking) and EHR systems. Offers debit and virtual cards. Best for tech-forward clinics like telehealth providers or functional medicine practices with primarily digital payments.
Relay: no monthly fees, up to 20 checking accounts and 50 virtual debit cards. Excellent for profit-first budgeting, allowing you to easily allocate funds for payroll, medical supplies, rent, and taxes from patient income. Strong team access controls for clinic managers. Integrates with QuickBooks and Xero. Best for practices managing various service lines or with a small team.
Chase Business Complete Banking: $15/month fee (waived with $2,000 minimum balance or qualifying activity), 100+ free transactions/month. Accepts cash deposits at branches, has a broad ATM network. Integrates with Zelle. Best for practices that handle cash payments for services not covered by insurance, retail product sales (e.g., skincare), or co-pays.
When to choose Mercury for your Clinic
Choose Mercury when your private practice operates primarily online or relies heavily on digital payments. This includes telehealth consultations, functional medicine practices, or MedSpas using online booking and payment platforms for services like injectables or laser treatments. Its excellent UI, virtual cards (useful for separating software subscriptions like your EHR or practice management tools), and API access are valuable for modern, digitally-focused healthcare businesses. Mercury also has options for practices planning to seek venture funding, which can be relevant for scaling MedSpa chains.
When to choose Relay for Practice Financial Management
Choose Relay when you want to implement profit-first financial management for your clinic. This means easily allocating percentages of every patient payment to separate accounts for medical supplies, payroll for your front desk staff, rent, taxes, and profit before you even consider your own draw. Relay's multi-envelope structure makes this natural for managing income from diverse services like IV therapy, physical therapy, or aesthetic procedures. It's also a strong choice for practices with a clinic manager or billing specialist who needs team card access with individual spending limits for operational expenses.
When to choose Chase for Your Physical Practice
Choose Chase when your private practice or MedSpa has significant cash revenue—like co-pays, walk-in product sales (e.g., supplements, skincare), or services paid in cash (e.g., specific aesthetic treatments not covered by insurance). Chase has the largest branch and ATM network of the three, making cash deposits convenient for practice owners or staff. It's the only option here that accepts cash deposits without needing a third-party service. The monthly fee is easily waived by maintaining a small average balance, which is manageable for most active practices.
The verdict for Your Private Practice
Digital-first practice (telehealth, online bookings): Mercury. Focus on robust cash flow management and budgeting for multiple expense categories (supplies, payroll, taxes): Relay. Physical clinic with cash handling (co-pays, product sales): Chase. Open your account today—before your next patient payment. Every day you deposit clinic income into your personal account is a day your LLC protection is eroding, leaving your personal assets vulnerable in a litigious industry.
How to get started with Your Clinic Bank Account
1. Choose your bank based on your primary operational need (digital payments, cash flow management, or physical cash deposits). 2. Apply online with your EIN, LLC documents (or professional corporation docs), and personal ID (e.g., professional license, driver's license). 3. Fund the account with a small initial deposit from your personal account to activate it. 4. Update all patient invoicing, payment processors (like Square or Stripe), and insurance reimbursements to show your new business account details. 5. Set up separate accounts or envelopes for taxes (budget 30-40% of revenue for federal, state, and local taxes, plus operational costs like rent and payroll) from day one, before taking your personal draw.
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
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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.
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