How many accounts you actually need
Five at your primary bank, two at a separate bank. Total: 7.
- Primary bank: Income · Profit · Owner's Pay · Tax · OpEx
- Secondary bank (out of sight): Profit Hold · Tax Hold
The "Hold" accounts at a different bank aren't optional. They're the whole reason you don't dip into tax money when a slow month hits. Friction = discipline.
Best primary banks for Profit First
Relay — our top pick
- Up to 20 free checking accounts under one login
- No monthly fees, no minimums
- Built for small business; integrates cleanly with QBO/Xero
- Auto-transfer rules — you can literally automate the 10/25 sweep
Bluevine
- Up to 5 sub-accounts free
- 2% APY on the main account (nice for your Tax bucket)
- No fees, no minimums
Mercury (S-corps and LLCs only — no sole props)
- Up to 15 accounts free
- Slick UI, great for tech-forward shops
- Doesn't accept cash deposits — skip if you take cash
Local bank or credit union
- Fine if they offer 5+ accounts without per-account fees
- Best if you deposit cash regularly
- Ask before opening — some charge $10/mo per extra account
Banks to avoid for this setup
- Chase Business Complete — $15/mo per extra checking, fees pile up fast
- Bank of America Business — same fee structure, plus minimum balances
- Wells Fargo — fees on fees; just no
Big banks are fine for your primary checking. They're a bad fit when you need 5 free sub-accounts.
Best secondary bank (for the "Hold" accounts)
You want a bank you don't log into casually. Pick one with a decent APY so the money grows while it sits.
- Capital One Business Savings — solid APY, easy to fund from anywhere
- Ally Bank Business — high yield, no minimums
- American Express Business Checking — 1.3% APY, no fees
What to do in the next 60 minutes
- Sign up for Relay (10 min). EIN, ID, you're in.
- Open 5 accounts: Income, Profit, Owner's Pay, Tax, OpEx (5 min).
- Open a Capital One Business Savings as your secondary (15 min).
- Open 2 sub-accounts there: Profit Hold, Tax Hold.
- Change your customer-facing deposit account to Income only.
- Move your debit card / vendor autopays to OpEx.
One thing most people get wrong
They set up the accounts and then forget to redirect deposits. Every dollar still hits OpEx. The system silently dies in week 2. Update every payment processor, every invoice template, every ACH source to point at Income. That's the unlock.
If "open seven bank accounts and rewire all my deposits" sounds like a Saturday you'd rather skip — that's what we do for new clients in week one. Accounts opened, percentages set, payroll wired, sweeps automated. You just keep working.
