Mercury vs Relay vs Chase: Best Business Bank Account for Real Estate Agencies & Brokerages
As an independent real estate agent building your own brokerage, keeping your personal money separate from your firm's finances is crucial. It protects your LLC and keeps your business clean for audits. A dedicated business bank account is easy to open and solves this problem fast. Here's which one is best for your new real estate agency.
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The quick answer
Mercury is the top choice for tech-savvy real estate brokerages and online firms — it has no fees, a simple online setup, and works well with your existing software. Relay is better if you want to use the 'profit-first' method to manage your brokerage's funds, separating money for agent commissions, marketing, and taxes into different accounts. Chase Business Complete Banking is best for real estate firms that might need to deposit checks in person, handle occasional cash for things like small client reimbursements, or prefer having a local branch for support. All three accounts can be opened online in under 30 minutes.
Side-by-side breakdown
**Mercury:** This account has no monthly fees and no minimum balance. It's FDIC insured. You get free ACH and wire transfers, plus a debit card and virtual cards for online spending. It works for US-based real estate firms and doesn't accept cash deposits. This is best for modern real estate brokerages that manage their business mostly online, using CRMs, digital marketing, and cloud accounting. You can set up virtual cards for each software subscription, like your MLS dues or your Follow Up Boss subscription.
**Relay:** Relay also has no monthly fees. You can open up to 20 checking accounts and get 50 virtual debit cards. It's built for the 'profit-first' method, allowing you to easily separate money for agent commissions, marketing, office rent, and taxes. It offers team access controls, so your office manager can have specific card limits for supplies. Relay integrates well with QuickBooks and Xero, making commission payouts and expense tracking smoother. This is best for real estate firms that want clear spending buckets for every dollar, helping you manage cash flow for agent splits, lead generation, and other operational costs.
**Chase Business Complete Banking:** This account has a $15 monthly fee, which is waived if you keep a $2,000 minimum balance or have certain activities. It includes over 100 free transactions each month. You can deposit cash at any Chase branch and use their large ATM network. It also integrates with Zelle for quick payments. This is best for real estate brokerages that prefer a local bank, might receive physical checks from clients or other brokers, or need in-person support for more complex transactions like obtaining cashier's checks for specific closing needs or setting up business credit lines. It's also useful if you have local vendors for property staging or minor repairs who prefer Zelle.
When to choose Mercury
Choose Mercury if your real estate brokerage operates mostly online. This includes firms with remote agents, a virtual office, or those who rely heavily on digital tools. If you use a cloud-based CRM like Follow Up Boss, pay for online lead generation services like Zillow Premier Agent, or manage your MLS dues and e-signature software (like DocuSign) digitally, Mercury is a strong fit. Its easy-to-use interface and virtual cards help you manage subscriptions for your real estate tech stack. It's also great for paying your independent contractor agents quickly via ACH transfers.
When to choose Relay
Choose Relay if you want to use the 'Profit First' method to manage your real estate brokerage's money. This means automatically setting aside percentages of every commission payment for different purposes. You can easily create separate accounts for agent commission payouts, a dedicated marketing budget for lead generation, office expenses (like MLS fees or your CRM), your firm's profit, and tax savings. Relay's multiple accounts make it easy to manage agent splits and ensure funds are always ready for payouts. It's also useful if you have an office manager or agents who need virtual cards with specific spending limits for things like open house supplies or individual marketing efforts.
When to choose Chase
Choose Chase when your real estate brokerage needs a physical bank branch. This is helpful if you frequently receive physical checks for brokerage fees, might need to issue cashier's checks for specific closing requirements, or simply prefer having local support for your banking needs. While most real estate transactions involve wire transfers, some smaller, local deals or specific client situations might involve checks. Chase has a large network of branches and ATMs, making it convenient for in-person deposits or getting help with your account. It's also a good choice if you're planning to apply for business loans in the future and value an existing relationship with a traditional bank.
The verdict
For a fully digital real estate brokerage managing commissions and expenses online: Mercury. For a firm focused on precise cash flow management, agent commission splits, and budgeting for lead generation: Relay. For a brokerage that needs physical bank access, whether for checks, local support, or building a traditional banking relationship: Chase. Open your dedicated brokerage bank account today — before your next commission payout. Every day you deposit agency income into your personal account is a day your real estate LLC's protection is at risk.
How to get started
1. **Choose your bank:** Pick the bank that best fits your real estate brokerage's operations, whether it's digital, focused on cash flow, or needs physical branches. 2. **Apply online:** You'll need your brokerage's EIN, your LLC's formation documents (like Articles of Organization), your operating agreement, and your personal ID and broker's license. 3. **Fund your account:** Make a small initial deposit from your personal savings. This is your initial capital injection into your new firm. 4. **Update payment instructions:** Inform title companies, escrow services, and anyone else who sends commission disbursements to your firm about your new business account details. 5. **Set up tax savings:** From day one, set aside 25-30% of your brokerage's *net profit* (after agent commissions and expenses) into a separate account for taxes. This ensures you're ready for tax season.
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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