What is a business bank account for?
A business bank account holds the company's money separately from yours. Payouts from your payment processor land there, business expenses leave from there, and your books reconcile against it. For an LLC or corporation, keeping the two apart is also part of what keeps the company's liabilities from becoming yours.
Three kinds of provider compete here, and the difference matters more than the app. A bank (Chase, American Express) holds your deposits itself, and they carry the standard FDIC cover. A fintech on a partner bank (Mercury, Relay, Brex, Rho) is not a bank; your money sits at partner banks, and a sweep network spreads it across many of them for a higher insured total. A multi-currency money account (Wise, Revolut, Airwallex) is licensed as an e-money or money-transmission business. It is built for holding and converting foreign currency, and its protection is safeguarding rather than deposit insurance, with narrow exceptions noted below.
Where Wolfix raises it. The Operations department flags a Stripe account that should be a business account when a code scan finds Stripe in use with live charges: a personal Stripe account paying out to a personal bank account is the pattern it is warning about, and payouts can be held when Stripe asks you to convert later. There is no separate "has a bank account" check — nothing in your code or on your site can show Wolfix where your money lands.
When you need a business bank account — and when you don't
You need one now if you have formed a company: the company should receive and spend its own money from day one, and your payment processor will ask for a business account when you move the Stripe account over.
You don't need one yet if you are a sole trader with no company and modest income — a separate personal current account used only for the side project gives you the same clean records at no cost. And if you already bank with a traditional bank that offers a free business account, that is a perfectly good choice; online banks win on software and speed, not on the basics.
The options, one by one
Six of these are services Wolfix refers customers to. Three, Rho, American Express and Chase, are not Wolfix partners and are included because a fair comparison needs them.
Mercury
What it is. An online business-banking app built for startups. Mercury is a fintech company, not a bank; banking services are provided through partner banks.
Pricing (as of 2026-10-04). The standard account is $0 a month [S1]. Mercury Plus is $35 a month, or $29.90 a month billed annually, and Mercury Pro is $299 a month billed annually [S1]. The paid plans add recurring invoices, NetSuite automations and more reimbursement seats [S1].
Pros
- Domestic ACH, USD wires and check payments are free on the standard account (as of 2026-10-04, [S2]).
- Deposits are FDIC-insured up to $5M through its partner banks and their sweep networks (as of 2026-10-04, [S2]), which covers a seed round in one account.
Cons
- Sending money in other currencies costs a 1% conversion fee on non-USD international wires (as of 2026-10-04, [S1]), which adds up if you pay overseas contractors.
- To apply you need the company's formation documents and its IRS-issued EIN (as of 2026-10-04, [S2]), so a founder who has not formed a company cannot open it.
Who it suits. A US company that wants a banking app with free domestic transfers and high sweep cover.
Relay
What it is. An online business-banking platform for small businesses that budget by splitting money across many accounts. Relay is a fintech company; banking services are provided by Thread Bank.
Pricing (as of 2026-10-04). Starter is $0 a month with up to 20 checking accounts [S3]. Grow is $30 a month, and Scale is $90 a month, discounted from $120, adding approval rules, recurring invoices, bookkeeping automations and higher savings rates [S3].
Pros
- Up to 20 checking accounts on the free plan (as of 2026-10-04, [S3]) makes profit-first budgeting — a tax account, a payroll account, an operating account — easy.
- Deposits qualify for up to $3M of FDIC cover when Thread Bank places them across its sweep program banks (as of 2026-10-04, [S4]).
Cons
- Wires cost money on every plan, most on the free one: a domestic wire is $8 on Starter and $5 on Grow or Scale, and a SWIFT international wire is $25, $22 or $20 (as of 2026-10-04, [S3]), where Mercury's USD wires are free (as of 2026-10-04, [S1]).
- The savings rate depends on the plan: 1.19% APY on Starter against 3.21% APY on Scale (as of 2026-10-04, [S3]), so the headline rate costs $90 a month to reach.
Who it suits. A US small business or agency that wants to run its finances through many labelled accounts rather than one.
Brex
What it is. A spend-management platform — corporate cards, bill pay, expenses — with a business account attached. Brex is not a bank; its checking account is provided by Column N.A., and Brex is now a Capital One company.
Pricing (as of 2026-10-04). Essentials is $0 per user a month; Premium is $12 per user a month [S5]. Some products carry separate fees [S5].
Pros
- Up to $6M in FDIC coverage through 24 partner banks, and free same-day ACH (as of 2026-10-04, [S6]).
- Global card acceptance, bill pay and reimbursements are on the free Essentials plan (as of 2026-10-04, [S5]).
Cons
- Brex says it focuses on startups and scaled companies: applicants should have equity funding, more than $500,000 a year in revenue, or a referral, and funded startups need a $50,000 minimum cash balance (as of 2026-10-04, [S7]). Brex says an unfunded company can still apply for an account with daily payments [S7].
- Every applicant needs a US EIN, US incorporation, US operations and a verifiable US physical address — a virtual address alone is not accepted (as of 2026-10-04, [S7]).
Who it suits. A funded US startup that wants cards, expenses and bill pay in the same place as its bank account.
Rho
Not a Wolfix partner. Named for comparison; Wolfix earns nothing from it.
What it is. A business-finance platform — checking, corporate cards, bill pay and expense management — for incorporated US companies. Rho is a fintech company, not a bank; its disclosure names two banks behind checking and cards — Webster Bank, a division of Santander Bank, N.A., and Lead Bank, both Member FDIC — and its savings account runs through American Deposit Management Co. and its partner banks [S16].
Pricing (as of 2026-10-04). No subscription, per-user or minimum-balance fees, and $0 for same-day ACH, domestic wires and checks [S15]. Foreign-currency transfers cost 1%, with an optional $15 SWIFT fee and a $30 international wire recall fee [S15].
Pros
- Free domestic wires and no per-user fees for cards, bill pay and expense management (as of 2026-10-04, [S15]) — the spend tools Brex charges $12 per user for on Premium (as of 2026-10-04, [S5]).
- Checking deposits carry FDIC cover of up to $250K per depositor at the partner bank holding them (Webster Bank or Lead Bank), and its savings account offers FDIC cover of up to $75M through partner banks (as of 2026-10-04, [S16]). That cover protects against a bank failing; Rho's own disclosure says it does not protect against Rho failing [S16].
Cons
- It needs an incorporated entity — an LLC or a corporation — and sole proprietorships are not eligible (as of 2026-10-04, [S16]).
- Checking funds held at Lead Bank are covered only on a pass-through basis, which Rho's disclosure says "is not automatic": it applies only if the legal and record-keeping requirements on ownership, the custodial-account structure and beneficial-owner records are met, and funds may be uninsured before they reach Lead Bank or after they leave it (as of 2026-10-04, [S16]).
- Checking itself carries at most the standard $250K cover per depositor per bank (as of 2026-10-04, [S16]); the multi-million figure applies only to money moved into the separate savings product, and foreign-currency payments cost 1% (as of 2026-10-04, [S15]).
Who it suits. An incorporated US startup that wants banking, cards and bill pay in one app without per-user fees.
American Express Business Checking
Not a Wolfix partner. Named for comparison; Wolfix earns nothing from it.
What it is. A branchless business checking account from American Express National Bank, Member FDIC, with Membership Rewards points on debit spend [S8].
Pricing (as of 2026-10-04). No monthly fee and no minimum balance; 1.00% APY on balances up to $500,000 [S8]. A welcome offer of 35,000 Membership Rewards points requires depositing $5,000 and keeping a $5,000 average balance for 60 days [S8].
Pros
- Deposit accounts are offered by American Express National Bank itself, Member FDIC (as of 2026-10-04, [S8]), with no fintech layer between you and the bank holding the money.
- Debit purchases earn 1 Membership Rewards point per $2, which suits a founder who already holds an Amex business card (as of 2026-10-04, [S8]).
Cons
- Interest is paid only on balances up to $500,000, and the product page describes no deposit sweep (as of 2026-10-04, [S8]), so cover is the standard FDIC limit at one bank, below the sweep figures Mercury, Relay and Brex publish (as of 2026-10-04, [S2], [S4], [S6]).
- Amex lists money service, cryptocurrency, internet gambling and marijuana-related businesses as ineligible, and accepts applications from eligible US businesses only (as of 2026-10-04, [S8]).
Who it suits. A US company that wants a real bank with no monthly fee, especially one already in the Amex rewards system.
Chase Business Complete Banking
Not a Wolfix partner. Named for comparison; Wolfix earns nothing from it.
What it is. The small-business checking account of JPMorgan Chase Bank, N.A., Member FDIC, with branches and built-in card acceptance [S9].
Pricing (as of 2026-10-04). A $15 monthly service fee, waived if you keep a $2,000 minimum daily ending balance or meet one of the other qualifying activities [S9]. Up to 20 paper and teller transactions and $5,000 of in-branch cash deposits are included each statement cycle [S9].
Pros
- More than 5,000 branches and 14,000 ATMs, with $5,000 of in-branch cash deposits included each cycle (as of 2026-10-04, [S9]).
- Deposits are held by JPMorgan Chase Bank, N.A., Member FDIC, and card acceptance from your phone is built into the account (as of 2026-10-04, [S9]).
Cons
- The $15 monthly fee applies unless you hold $2,000 or meet another waiver condition (as of 2026-10-04, [S9]) — a new company with little cash pays it.
- Wire fees for this account are not on the product page, which points to Chase's separate fee schedule; included wires come only with the pricier accounts on the same page — Performance Business Checking ($40 a month) includes all incoming wires and the two most expensive outgoing domestic wires each cycle, and Platinum Business Checking ($95 a month) all incoming wires and the four most expensive outgoing wires (as of 2026-10-04, [S9]).
Who it suits. A US business that handles cash, wants a branch nearby, or already banks with Chase personally.
Wise Business
What it is. A multi-currency business account for holding, converting and sending money in many currencies at the mid-market exchange rate. Wise is not a bank.
Pricing (as of 2026-10-04). No monthly fee; a one-time 31 USD fee unlocks account details in 22 currencies [S10]. Converting costs from 0.23%, and receiving a USD wire costs 6.11 USD [S10].
Pros
- Local account details in 22 currencies (as of 2026-10-04, [S10]), so clients in the UK or Europe pay you like a domestic supplier.
- Conversion from 0.23% (as of 2026-10-04, [S10]) is below Mercury's 1% fee on non-USD wires (as of 2026-10-04, [S1]).
Cons
- Wise is not an FDIC-insured bank: only funds opted into its interest feature get pass-through FDIC cover, up to $250K (as of 2026-10-04, [S11]); other balances are safeguarded, not insured.
Who it suits. A company that bills or pays in several currencies, as a second account beside its main bank.
Revolut Business
What it is. A multi-currency business account with cards and expense tools. The UK plans page is the one compared here [S12].
Pricing (as of 2026-10-04). In the UK, Basic is £10 a month, Grow from £30 and Scale from £90; annual billing saves up to 14% on Grow and up to 28% on Scale [S12].
Pros
- An allowance of currency exchange at the interbank rate each month: £1,000 on Basic, £15,000 on Grow, £60,000 on Scale (as of 2026-10-04, [S12]).
Cons
- Over the allowance, exchange costs 0.6%, and 1% outside market hours (as of 2026-10-04, [S12]), so a company converting heavily on Basic pays more than Wise's conversion from 0.23% (as of 2026-10-04, [S10]).
- The plans page names two UK entities — Revolut Bank UK Ltd, authorised by the PRA, and Revolut Ltd, an FCA-authorised e-money institution — without saying which one holds a business account (as of 2026-10-04, [S12]); ask, because e-money balances are safeguarded rather than covered by deposit insurance.
Who it suits. A UK company that wants a single app for cards, expenses and currencies.
Airwallex
What it is. A global business account for collecting, holding and paying out in many currencies, with corporate cards and spend management. In the US, Airwallex is a licensed money transmitter, not a bank.
Pricing (as of 2026-10-04). Explore is $0 per user a month, with up to 10 free spend users; Grow is $12 per user a month plus a platform fee [S13]. FX conversion is 0.5% above interbank for major currencies and 1% for the rest [S13].
Pros
- Hold and collect in 20+ currencies, with free batch transfers to 120+ countries (as of 2026-10-04, [S13]).
- Multi-currency corporate cards with no international fees (as of 2026-10-04, [S13]).
Cons
- Per-transaction fees for FX, transfers and payment processing apply on top of any monthly fee (as of 2026-10-04, [S13]), so the true cost depends on the fee schedule, not the plan price.
- It is a money transmitter, not a bank (as of 2026-10-04, [S14]); the pricing page states no deposit-insurance figure, so ask before holding large balances there.
Who it suits. A company with customers or suppliers in Asia-Pacific, Europe and the Americas that needs cheap cross-border collection and payouts.
Still undecided: a local bank or credit union
A local bank or credit union business account is often free with a minimum balance and gives you a branch when something goes wrong. If you are outside the US, a business account at a bank in your own country is usually the right main account, with Wise, Revolut or Airwallex beside it for foreign currency.
Side-by-side comparison
| Service | Monthly fee | Deposit protection | International and FX | Who can open | Checked |
|---|---|---|---|---|---|
| Mercury | $0; Plus $35, Pro $299 billed annually [S1] | FDIC up to $5M via partner-bank sweep [S2] | 1% fee on non-USD wires; USD wires free [S1] | US-registered companies | 2026-10-04 |
| Relay | $0; Grow $30, Scale $90 [S3] | FDIC up to $3M via Thread Bank sweep [S4] | Domestic wire $8 / $5 / $5; SWIFT wire $25 / $22 / $20; local-network wire $5 / $3 / $1.50 (Starter / Grow / Scale); FX from 1% [S3] | US businesses; eligibility not stated on the pricing page | 2026-10-04 |
| Brex | $0; Premium $12 per user [S5] | FDIC up to $6M via 24 partner banks [S6] | Global card acceptance; wire fees not stated on the pricing page | Funded or $500K+ revenue US companies [S7] | 2026-10-04 |
| Rho | $0, no per-user fees [S15] | FDIC up to $250K in checking at Webster Bank or Lead Bank (Lead Bank cover is pass-through and conditional); up to $75M in savings; not protection against Rho failing [S16] | 1% on foreign-currency transfers; $15 optional SWIFT fee [S15] | Incorporated companies; no sole proprietors [S16] | 2026-10-04 |
| American Express Business Checking | $0, no minimum [S8] | FDIC at American Express National Bank; no sweep described [S8] | International terms not stated on the product page | Eligible US businesses [S8] | 2026-10-04 |
| Chase Business Complete Banking | $15, waivable [S9] | FDIC at JPMorgan Chase Bank, N.A. [S9] | Wire fees not stated on the product page | US businesses; the page lists what to apply with: owners' details including SSN, TIN or EIN, and formation documents showing the state of registration [S9] | 2026-10-04 |
| Wise Business | $0; one-time 31 USD setup [S10] | FDIC pass-through up to $250K on interest funds only [S11] | 22 currencies; conversion from 0.23% [S10] | Businesses in Wise's supported countries; list not stated on the pricing page | 2026-10-04 |
| Revolut Business | £10 on Basic [S12] | Not stated on the plans page: bank or e-money entity [S12] | Interbank allowance, then 0.6% [S12] | UK companies on the UK plans page [S12] | 2026-10-04 |
| Airwallex | $0 Explore; Grow $12 per user [S13] | Money transmitter; cover not stated [S14] | 20+ currencies; 0.5%–1% FX [S13] | Businesses in its supported markets; list not stated on the pricing page | 2026-10-04 |
Frequently asked questions
What is the best business bank account for a startup?
For a US startup, Mercury and Relay are free with sweep-based FDIC cover in the millions (as of 2026-10-04, [S2], [S4]); Brex and Rho put cards and bill pay in the same place as the account; Amex and Chase are banks themselves, with the standard FDIC limit. If you bill in several currencies, add Wise or Airwallex beside your main account.
Do I need a separate business bank account for my LLC?
Yes, in practice. The LLC is a separate legal person, and mixing its money with yours makes your books harder and weakens the separation that protects your personal assets.
Is Mercury a real bank?
No. Mercury is a fintech company, not an FDIC-insured bank; banking services are provided through Choice Financial Group and Column N.A., and deposits are FDIC-insured up to $5M through their sweep networks (as of 2026-10-04, [S2]).
Is my money FDIC-insured at Wise, Revolut or Airwallex?
Mostly not. Wise gives pass-through FDIC cover up to $250K only on funds in its interest feature (as of 2026-10-04, [S11]); Revolut's UK plans page does not say whether a business account sits with its bank or its e-money entity (as of 2026-10-04, [S12]); Airwallex is a US money transmitter (as of 2026-10-04, [S14]). Keep your main balance at a bank or a sweep-backed account.
Can a non-US founder open a US business bank account?
Brex requires a US EIN, US incorporation, US operations and a US physical address (as of 2026-10-04, [S7]); Mercury asks for the company's formation documents and an IRS-issued EIN (as of 2026-10-04, [S2]); Amex accepts eligible US businesses (as of 2026-10-04, [S8]). Founders abroad usually form a US LLC first — see the registered agent guide — or bank in their own country and use Wise, Revolut or Airwallex for dollars.
Sources
Prices were read from each provider's public page on the date shown.
- [S1] Mercury pricing — mercury.com/pricing, checked 2026-10-04.
- [S2] Mercury FAQ (FDIC coverage, free transfers) — mercury.com/faq, checked 2026-10-04.
- [S3] Relay pricing — relayfi.com/pricing, checked 2026-10-04.
- [S4] Relay home page, deposit sweep footnote — relayfi.com, checked 2026-10-04.
- [S5] Brex pricing — brex.com/pricing, checked 2026-10-04.
- [S6] Brex business account — brex.com/product/business-account, checked 2026-10-04.
- [S7] Brex account requirements — brex.com/support/brex-account-requirements, checked 2026-10-04.
- [S8] American Express Business Checking — americanexpress.com/en-us/business/banking, checked 2026-10-04 (the former checking URL now redirects there).
- [S9] Chase business checking — chase.com/business/banking/checking, checked 2026-10-04.
- [S10] Wise Business pricing (US) — wise.com/us/pricing/business, checked 2026-10-04.
- [S11] Wise Business (US), FDIC and safeguarding — wise.com/us/business, checked 2026-10-04.
- [S12] Revolut Business plans (UK) — revolut.com/business/business-account-plans, checked 2026-10-04.
- [S13] Airwallex pricing (US) — airwallex.com/us/pricing, checked 2026-10-04.
- [S14] Airwallex US licensing notice — airwallex.com/us, checked 2026-10-04.
- [S15] Rho pricing and fee summary — rho.co/pricing, checked 2026-10-04.
- [S16] Rho FAQ (eligibility, deposit insurance) — rho.co/faq, checked 2026-10-04.
Last reviewed
Last reviewed on 2026-10-04. Bank plans and fees change; confirm them on the sources above before opening an account.