A new wave of bank accounts caters specifically to businesses like yours, making it easier than ever to stay organized and efficient.
If you’re like I was for many years, you may be using the first business bank account you saw in an advertisement, or the bank you’ve used for personal banking.
As our businesses grow and our needs grow with them. Relay and Mercury are two banks raising the bar for what to expect.
These banks low fees and advanced features make them a great option for owners of small, growing businesses:
- Account access for multiple users, so your bookkeeper can log in with their own account.
- No monthly fees. Free or low fees for everyday money movements such as ACH and wire payments.
- Tech-forward. Things like creating a new sub-account, moving money, or delegating to your team are all done online, often in minutes.
1. Relay: Simplification with Security
- Business-friendly fee structure: No monthly fees
- Sub-accounts: Profit First companies can set up tax and profit accounts easily
- Enhanced security for bookkeepers: No login sharing needed! Relay lets bookkeepers update transactions directly, while keeping your sensitive information secure.
2. Mercury: Modern Banking for Growth
- Customizable account permissions: Give your bookkeeper access to what they need, without compromising security.
- Business-friendly fee structure: No fee business banking, including free ACH and free incoming and outgoing wires.
3. Chase: A business standard
- Options for every sized business: No fee options if your account balances are above minimums
- Known everywhere: Chase has been a business standard for years. Security and stability are found in all three choices, but Chase has been well known for years.
Choosing the Right Fit
- Relay: Ideal for small and medium-sized businesses with complex workflows who prioritize security and automation. Relay works with customers with a business tax ID (an EIN) and those without.
- Mercury: Perfect for growing businesses seeking advanced permissions or free wires. You’ll need an EIN to work with Mercury.
- Chase Bank: Suitable for businesses with a variety of needs, from startups to huge corporations
Wellness Fi is here to help you navigate your financial journey, especially when you’re ready for help with your bookkeeping and taxes. Contact us today to learn more about these bookkeeper-friendly bank accounts and find the perfect fit for your therapy or wellness business. We’ve worked with many banks. We’re happy to share our experience!
Bank comparisons
| Feature | Relay | Mercury | Chase Bank |
|---|---|---|---|
| Target Audience | Small & medium businesses | Growing businesses | Varies (small to large) |
| Account Options | Multiple checking & sub-accounts, perfect for Profit First | Single checking & optional savings. Create sub-accounts yourself. | Variety of checking & savings accounts |
| Integrations | Seamless with popular accounting software | Seamless with popular accounting software. Mercury’s online experience is top-notch and always improving. | Seamless with popular accounting software |
| Fees | No monthly fees | No monthly fees. Free wires are a unique feature. | Varies |
| Bookkeeper-friendly features | Individual logins for your bookkeeper and accountant | Individual logins for your bookkeeper and accountant; receipt capture included for free | Mobile banking, real-time transaction tracking, ATMs |
- Relay: https://relayfi.com/
- Mercury: https://mercury.com/
- Chase Bank: https://www.chase.com/
Full disclosure: Your team and ours split a small referral bonus when you use the Mercury link above. Just know: we only recommend banks we really enjoy working with.
