This article is part of a larger series on Business Banking.
Bluevine and Mercury are great solutions for businesses wanting high-quality digital banking experiences at an affordable cost. Bluevine is well-known for offering an industry-leading interest rate of 2.0% on qualifying checking balances, which makes it an excellent option for businesses looking for the most competitive interest-bearing checking account.
Mercury, a banking tool designed specifically for startups and tech companies, also offers competitive annual percentage yield (APY) rates. Though its checking account isn’t interest-bearing, its treasury account, Mercury Treasury, can earn interest at a rate of up to 1.924%. The platform’s modern user interface (UI) and numerous business software integrations make it an excellent choice for those wanting to streamline online business banking activities. However, it isn’t available to sole proprietors or trusts.
Here’s a summary of what each provider is best for:
- Bluevine*: Best for businesses wanting a free, digital-only, interest-bearing checking account and access to lines of credit
- Mercury*: Best for incorporated startups and tech companies
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Evolve Bank & Trust for Mercury).
Bluevine vs Mercury Business Checking Account Quick Comparison
When To Use Each
When To Use an Alternative
- You rely on cash deposits: Bluevine cash deposits are only available through Green Dot retail locations, which charge a $4.95 fee per deposit, while Mercury doesn’t support cash deposits at all. Businesses that deposit cash regularly should look into Bank of America, which allows up to $7,500 worth of fee-free cash deposits per month.
- You want to save on ATM transactions: Bluevine users are limited to MoneyPass ATM networks and have to pay a $2.50 fee and additional machine operator fees for out-of-network transactions. Meanwhile, Mercury users are limited to Allpoint ATMs, and although they won’t be charged any nonnetwork fees, usually they’ll need to pay additional machine operator fees. Businesses that want to save on ATM fees while having a wider selection of locations should choose Novo, which reimburses all ATM fees at the end of the month.
- You want an extensive selection of lending products: Bluevine only offers lines of credit, whereas Mercury only offers venture debt products, which are limited to startups that have raised venture capital. Businesses that need a wider range of lending products and other banking solutions can consider First Internet Bank, which is on our list of the best small business checking accounts for offering full-service online banking.
Bluevine vs Mercury Business Checking Account
Both Bluevine and Mercury only offer one type of checking account. Neither account charges a monthly fee nor requires an opening deposit or minimum balance. Bluevine charges small fees for outgoing wire transfers, although incoming are free. Mercury charges no fees for wire transfers, but international wire transfers must go through Mercury’s system.
Bluevine provides two free checkbook orders each year. It allows cash deposits for a fee of $4.95 at Green Dot retail locations. Mercury doesn’t support physical check-writing nor cash deposits. And through Mercury’s cash back promo, users can earn $200 when they spend $2,000 on their Mercury debit cards within 90 days. Bluevine doesn’t offer any cash back promotions.
Bluevine vs Mercury Business Checking Account Overview
Businesses wanting a free, digital-only, interest-bearing checking account
Incorporated startups and tech companies
Interest on Balances
2.0% APY on balances up to $100,000 once qualifications are met
Bank Network & ATMs
Free at MoneyPass locations nationally, $2.50 plus for non-network ATM use*
Free at Allpoint locations, no fee for nonnetwork ATM use*
Accounting Software Integrations
QuickBooks and Xero
QuickBooks and Xero
Mercury Business Payment Integrations
Includes Stripe, PayPal, and Expensify
Includes Shopify, Stripe, Zapier, Amazon, and PayPal
Up to five subaccounts
Up to 14 subaccounts
Open an Account
*Third-party operator fees may also apply.
Bluevine’s biggest selling point is that it offers a 2.0% APY on checking balances of up to $100,000. Accounts must meet the following activity requirements to qualify:
- Spend $500 or more a month with their Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from their merchant payment processing provider.
Mercury’s business checking account doesn’t earn interest. However, accounts with balances worth $250,000 or greater qualify for Mercury Treasury, a special cash management account that earns up to 1.924% on idle cash. If your business has a lot of excess funds that it doesn’t plan on using, Mercury Treasury might be a more effective interest-earning option than Bluevine, especially considering that Bluevine stops earning interest on balances over $100,000.
Both integrate with the popular accounting software QuickBooks and Xero and top payment technology solutions PayPal and Stripe. Mercury also integrates with Shopify, Amazon, and Zapier while Bluevine integrates with Expensify.
Bluevine and Mercury both provide subaccounts that let users divide balances into expense categories like taxes, profit, payroll, and other expenses. However, Bluevine limits subaccounts to five per main account, while Mercury allows up to 14 subaccounts per main account.
Bluevine vs Mercury Business Checking Account Costs
Criteria to Waive Monthly Fee
Cash Deposit Fee
$4.95 fee per transaction, available through Green Dot retail locations
Neither account charges monthly maintenance fees nor imposes transaction limits. The only type of fee Bluevine customers might regularly encounter is the cash deposit fee. Bluevine users can deposit cash through Green Dot retail locations for a fee of $4.95 per deposit.
Mercury vs Bluevine Business Checking Account Sample Scenario
Average Monthly Balance
Wire Transfer Fees
5 outgoing transfers x $0 = $0
5 outgoing transfers x $15 = $75
Out-of-Network ATM Fees
5 transactions x $3.08* = $15.40
5 transactions x ($2.50 + $3.08*) = $27.90
Possible Total Fee
*The average ATM surcharge from the ATM owner in 2021 was $3.08, per Bankrate’s 2021 checking account and ATM fee study.
A business that relies on wire transfers would save money by choosing Mercury over Bluevine. Although Bluevine only charges fees for outgoing wire transfers, the $15 fee can quickly add up. Mercury is also a better choice for businesses that rely on out-of-network ATM transactions. Bluevine charges a $2.50 nonnetwork fee, plus operator fees, whereas Mercury customers only need to deal with operator fees.
When opening a business bank account, it’s important to study all available options. If your business is looking for an affordable digital-exclusive bank, Bluevine and Mercury are both good options. Because Bluevine lets accounts earn interest on checking balances, it’s the better choice for businesses that want to earn a profit on funds they have complete access to. However, if you’d rather put that money in a savings product, Mercury’s treasury account, Mercury Treasury, can take your funds further with its APY of up to 1.924%.