Mercury vs Relay vs Brex vs Novo: Best Business Bank Accounts for Private Healthcare & MedSpa Practices
The business bank account market for new private healthcare and MedSpa practices has never been better — or more confusing. Four fintech-first options dominate the conversation, and each makes a different bet on what nurse practitioners, functional medicine doctors, and physical therapists actually need. The wrong choice is not catastrophic, but the right one saves time, minimizes fees, and prevents headaches managing patient payments, vendor invoices, and staff payroll for years to come.
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The Quick Answer
Mercury for private practices planning significant capital investments in equipment (like aesthetic lasers or advanced PT machines) or seeking investor backing for rapid growth. Relay for MedSpas and clinics that need precise multi-account budgeting for inventory (Botox, fillers), payroll, marketing, and facility costs. Novo for solo nurse practitioners, physical therapists, or functional medicine doctors who want a fast setup and easy integration with patient payment processors like Square or Stripe. Brex for established MedSpas or multi-provider clinics with a growing team and high volume of operational expenses, seeking integrated corporate cards and expense management.
Side-by-Side Breakdown
Mercury: $0/month. FDIC coverage $250K standard, $5M+ through sweep network. Best features: treasury management, API, team permissions for office managers. Best for practices saving for high-cost medical equipment or future expansion.
Relay: $0/month (Pro $30/month). FDIC coverage $3M through program. Best features: up to 20 checking accounts, bookkeeper seats, team cards for staff. Best for practices that meticulously budget for specific categories like payroll, inventory, and marketing.
Novo: $0/month. FDIC $250K. Best features: fast setup, integrations with common patient payment systems (Stripe, Square, Acuity Scheduling), invoicing. Best for solo practitioners and those focused on direct patient services and online bookings.
Brex: $0 basic, varies for full platform. FDIC $6M+ through sweep. Best features: corporate cards for medical supplies, expense management for team purchases, reimbursements. Best for larger MedSpas or clinics with 5+ employees and significant recurring expenses.
When to Choose Mercury
Mercury is a strong default for private practices planning major capital expenses or those with partners. If your MedSpa or clinic is saving for a new state-of-the-art aesthetic laser, advanced diagnostic equipment, or a custom build-out for multiple treatment rooms, the treasury sweep gives FDIC coverage well above $250K. This is important once your cash reserves grow significantly. If you have investors or partners, Mercury is likely what they have seen before and will not raise questions. The interface is excellent for managing larger sums.
When to Choose Relay
Relay is built for practice owners who think in specific budget buckets. You can open up to 20 checking accounts — one for payroll for your aestheticians or medical assistants, one for EMR software subscriptions, one for Botox and filler inventory, one for marketing new services, and one for tax savings. This makes moving money between distinct operational needs instantly clear. If you use a system like Profit First for your practice or simply like keeping cash mentally separated by purpose, Relay is purpose-built for this. The bookkeeper seat feature is also excellent for practices with an outside accountant managing complex patient billing.
When to Choose Novo
Novo is the fastest to open and most forgiving for early-stage private practice founders. If you are a solo nurse practitioner, physical therapist, or functional medicine doctor just opening your doors, Novo’s integrations with payment processors like Square for in-person co-pays or Stripe for online booking deposits make reconciliation easy. It also integrates with scheduling platforms like Acuity or Mindbody. It’s genuinely free with no minimum balance, which is helpful when patient flow is still building. The main limitation: it's less sophisticated than Mercury for larger practices planning to quickly hire multiple providers and expand services.
When to Choose Brex
Brex makes sense when your MedSpa or clinic has a team generating real expense volume and you want corporate cards, expense management, and banking in one place. This is most compelling for established practices with 5-50 employees (e.g., multiple injectors, aestheticians, front desk staff, marketing personnel). You can streamline purchasing medical supplies, inventory like Botox and dermal fillers, continuing education, and marketing campaigns with integrated cards. For a solo practitioner, the complexity often outweighs the benefit — it’s usually better to start with Mercury or Novo and graduate to Brex when managing a team's expenses becomes a real problem.
The Verdict
Mercury for private practices with significant capital plans or partner investments. Relay for budget-conscious MedSpa or clinic operators who want to meticulously separate funds for payroll, inventory, and overhead. Novo for fast solo setup for nurse practitioners, physical therapists, or functional medicine doctors. Brex when you have a growing team and expense management across multiple staff members is a real pain point. All four are free to open — you can switch later, though updating payment details across your EMR, medical suppliers, and utility vendors is a hassle worth avoiding.
How to Get Started
All four banking options open online in minutes. You will need your Employer Identification Number (EIN), your LLC formation documents (or professional license and sole proprietorship details), and a government ID. Mercury and Relay sometimes have a short review period, which is common for new business accounts. Novo is typically the fastest to approve. Apply with the bank that best fits your current stage and projected growth of your private healthcare or MedSpa practice.
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Mercury
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Relay
Multi-account banking built for budget management and bookkeeper collaboration
Novo
Fast setup with Stripe, Square, and Shopify integrations
Brex
Banking, corporate cards, and expense management for venture-backed teams
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FREQUENTLY ASKED QUESTIONS
Are these real banks or fintech apps?
They are fintech companies that partner with FDIC-member banks to hold your deposits. Your deposits are FDIC-insured, but you are not banking directly with a chartered bank.
Can I use one of these and also keep a traditional bank account?
Yes. Many founders use Mercury or Relay as their primary operating account and keep a local credit union or Chase account for in-person cash deposits.
What if I am not approved?
Mercury and Relay can decline applications, often due to business type or state restrictions. Novo is generally more permissive. If declined, try another option or use a traditional bank while you build account history.
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