Bluevine vs Mercury Business Checking 2023: Which is Best?
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
Bluevine and Mercury are great solutions for businesses that want high-quality digital banking experiences at an affordable cost. Bluevine is well-known for offering an industry-leading interest rate of 2.00% on qualifying checking balances, which makes it an excellent option for businesses looking for the most competitive interest-bearing checking account.
Meanwhile, Mercury is a banking platform designed specifically for startups and tech companies. Its biggest advantage is Mercury Vault, which uses partner banks and their sweep networks to extend your Federal Deposit Insurance Corp. (FDIC) insurance up to $5 million. Mercury also offers an interest-bearing account for balances over $250,000.
Here’s a summary of what each provider is best for:
- Bluevine*: Best for businesses that want a free, digital-only, interest-bearing checking account and access to lines of credit
- Mercury*: Best for incorporated startups and tech companies that want access to extended FDIC insurance
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Choice Financial Group and Evolve Bank & Trust for Mercury).
Bluevine vs Mercury Business Checking Account Quick Comparison
 |  | |
|---|---|---|
Required Opening Deposit | None | |
Required Balance Minimum | None | |
Transaction Limit Before Fees | None | |
Automated Clearing House (ACH) Fees | None | |
Domestic Wire Transfer Fees | Outgoing: $15 Incoming: $0 | None |
International Wire Transfer Fees | Outgoing: N/A Incoming: $0 | None |
ATM Fees | None at 37,000-plus MoneyPass locations nationally; $2.50 fee for nonnetwork ATM use* | None at 55,000-plus Allpoint locations; no fee for nonnetwork ATM use* |
Cash Deposits | $4.95 fee per transaction, available through Green Dot retail locations | None |
APY | 2.0% on balances of $250,000 or less, once qualifications are met | None |
FDIC Insurance | Up to $250,000 | Up to $5 million through partner banks and their sweep networks |
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*Third-party operator fees may apply.
| | |
|---|---|---|
Debit Card | Free debit card, mailed within 10 business days of application approval | Free virtual debit card; free physical debit card mailed within a few days |
Physical Checks | Two free checkbook orders per year | No physical check writing abilities |
Accounting Software Integrations | QuickBooks, Wave, and Xero | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, PayPal, Wise, Venmo, and Expensify | Includes Shopify, Stripe, Zapier, Amazon, and PayPal |
Customer Service | Live customer support from dedicated professionals | One-on-one support from relationship managers |
Invoicing Products | N/A | N/A |
Other Products Available | Lines of credit | High-yield treasury account, venture debt, and corporate card |
Other Services Available | Business international payments available in 26 countries and 8 currencies | Mercury Vault, a tool providing options to maximize fund protection by investing in Mercury Treasury’s money market fund or using partner banks’ sweep network |
Review |
When To Use
Bluevine vs Mercury Features
Bluevine | Mercury | |
|---|---|---|
OVERALL RATING* | 3.5 out of 5★ | 3.8 out of 5★ |
Cash Deposits | ★★ | 0 |
Reserve Accounts | ★★★★ | ★★★★★ |
Bank Network & ATM Availability | ★★★ | ★★★★ |
Payment & Accounting Software Integrations | ★★★★★ | ★★★★★ |
APY Earnings | ★★★★ | ★★★★ |
International Payments | ★★★★ | ★★★★★ |
FDIC Insurance Coverage | ★★★ | ★★★★ |
Cashback Promos | 0 | ★★★ |
Debit/Corporate Cards Cashback | ★★★★★ | ★★★ |
User Access | ★★★★★ | ★★★★★ |
Customer Service | ★★★★ | ★★★★ |
*The overall score is reflective of the features of the account and not the overall quality of the financial provider. A feature not offered by a provider earns a 0-star score, which is averaged into the overall rating.
Rating Explanation:
★★★★★ 5: This feature enhances your banking experience at no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits and comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
Bluevine: 2 out of 5
Bluevine allows you to deposit cash but only at Green Dot retail locations. For every deposit, a $4.95 fee is collected.
Mercury: 0 out of 5
Mercury doesn’t offer any cash deposit facility. It has no physical branches nor cash deposit arrangements with any ATM network.
Bluevine: 4 out of 5
With Bluevine, you can open up to 5 subaccounts with your main Bluevine Business Checking account. A dedicated account number is assigned per subaccount.
Mercury: 5 out of 5
Mercury lets you create 14 subaccounts with your main Mercury Business Checking account. You can designate the subaccounts for different expense categories or vendors.
Bluevine: 3 out of 5
You can use more than 37,000 MoneyPass ATMs to withdraw for free. You get charged $2.50 when you transact out of network.
Mercury: 4 out of 5
Mercury lets you access over 55,000 Allpoint ATMs for fee-free withdrawals. Plus, there’s no fee for transacting out of network.
Bluevine: 5 out of 5
Bluevine integrates with payment processing apps, Stripe, PayPal, Wise, Venmo, and Expensify. It also syncs banking data with accounting software like QuickBooks, Wave, and Xero.
Mercury: 5 out of 5
Mercury is compatible with payment processors Shopify, Stripe, Zapier, Amazon, and PayPal. It also integrates with accounting solutions QuickBooks and Xero.
Bluevine: 4 out of 5
Bluevine offers 2.0% APY for qualified balances up to $250,000.
Mercury: 4 out of 5
With Mercury Treasury, funds over $250,000 can earn net returns of up to 4.85% annually.
Bluevine: 4 out of 5
Currently, Bluevine doesn’t accept incoming international wires—but it allows sending of payments to 26 countries in eight currencies. Payments sent in US dollars (USD) are charged $25 per payment, while payments sent in foreign currency are charged $25 plus 1.5% of the payment.
Mercury: 5 out of 5
Under Mercury, you can send international wires to more than 200 countries and convert USD to more than 18 currencies. A 1% exchange fee applies. Mercury doesn’t charge international wire fees, but intermediary banks do.
Bluevine: 3 out of 5
Through Coastal Community Bank, your Bluevine Business Checking deposits are covered by FDIC insurance up to $250,000.
Mercury: 4 out of 5
Mercury Vault provides an option to extend FDIC insurance up to $5 million through Mercury’s partner banks and their sweep networks.
Bluevine: 0 out of 5
Bluevine does not offer a sign-up cashback bonus.
Mercury: 3 out of 5
With Mercury, you get a $300 cashback promo when you spend $2,000 using your debit card within 90 days of account opening.
Bluevine: 5 out of 5
With Bluevine Business Debit Mastercard, you earn cashback automatically.
- 20% on select business services
- 4% at eligible hotels for business travel and eligible restaurants for business meals
- 1% on fuel for business travel at eligible gas stations
Mercury: 3 out of 5
The Mercury IO Mastercard provides 1.5% automatic monthly cashback on all domestic and international spending, but this corporate card is only available to businesses with a minimum of $50,000 funds in their Mercury account.
You may want to read our review of the Mercury IO Mastercard to learn more about the card.
Bluevine: 5 out of 5
With Bluevine, you can control access for different users. You can categorize user types as administrator, authorized users, or accountant.
Mercury: 5 out of 5
Mercury lets you invite team members as multiple users. It has four types of user access: admin, bookkeeper, custom, and card-only.
Bluevine: 4 out of 5
Bluevine provides email support and live customer support through a toll-free number.
Mercury: 4 out of 5
Email support and one-on-one support from relationship managers are available with Mercury.
Bluevine vs Mercury User Reviews
Bluevine | Mercury | |
|---|---|---|
Trustpilot Rating | 4.3 (based on 7,000-plus reviews) | 3.6 (based on 500-plus reviews) |
Users Like |
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Users Don’t Like |
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Bluevine has a Trustpilot1 rating of 4.3, whereas Mercury has a Trustpilot2 rating of 3.6. Both are praised for having helpful and responsive customer service.
The most common positive comment Bluevine customers provide is that the fintech offers easy application processes for both its checking account and line of credit. Reviewers also praised its customer service for being helpful and responsive.
Meanwhile, Mercury users like that the provider offers very few fees. Many customers also appreciated its easy online application process and smooth interface.
Both providers, however, received complaints about a lack of transparency regarding account closures. For Mercury users, a lack of transparency is also a problem during the application process, with rejected applicants having claimed that the company failed to provide clear reasons for their rejection.
Bottom Line
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 good options. If you have account balances of less than $250k and want to earn interest, Bluevine, which is ideal for small businesses, is the best choice. If you have larger account balances and want to earn an interest return, go with Mercury, which is great for tech companies and startups.
For businesses with balances greater than $250,000 looking for additional FDIC insurance, Mercury is appealing since you have the option to access up to $5 million in FDIC insurance through its partner banks and their sweep networks. But if your balances are lower, you can stick with Bluevine, which provides the standard FDIC-insured amount of up to $250,000.
After deciding on a provider, you can check out our guide on how to open a business bank account, which includes a checklist of required documents.
User Review Resources:
