Mercury is an excellent choice for tech startups looking for an affordable online business checking account with additional FDIC insurance. With no monthly fees, wire transfer fees, ACH fees, and minimum balance requirements, you can save a lot while accessing advanced digital features that streamline your business operations.
Although Mercury’s account doesn’t support cash deposits and draw interest, it provides several useful tools and services. These include integrations with popular business software, access to investor networks, automated accounting, and high-yield treasury accounts for customers with balances of over $500,000.
Mercury is a business fintech platform backed by FDIC-insured partners Evolve Bank & Trust and Choice Financial Group. Through Mercury Vault, you can opt into sweep networks to increase your account’s FDIC coverage to $5 million.
All companies incorporated in the US are eligible to open accounts—except sole proprietors without an EIN, trusts, and businesses engaged in money services, adult entertainment, cannabis, or internet gambling.
Pros
- Has no monthly fees, opening deposit, or required minimum balances
- Offers free ACH and wire transfers
- Has FDIC coverage of up to $5 million
Cons
- Doesn’t support cash deposits
- Has no APY for Mercury business checking and savings accounts
- Lacks paper check-writing abilities
Features
- High-yield Mercury Treasury account on balances over $500,000
- International founders eligible to open an account (see list of prohibited countries)
- Savings account provided when opening a checking account
- Issue employee debit and corporate cards
- No overdraft fees
- Mercury bill pay
- IO Mastercard earns automatic 1.5% cashback for all spending
- Physical and virtual debit cards available
- Set customer user permissions for team members
- Mercury SAFEs (Simple Agreements for Future Equity)
- Advanced accounting automation under paid plans
- Integration includes QuickBooks, Xero, NetSuite, Shopify, Stripe, Square, Zapier, Amazon, and PayPal
How Mercury Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Mercury Business Checking | N/A | None | ||
Visit Mercury
Mercury is a fintech platform backed and FDIC-insured by a supporting bank partnership with Evolve Bank & Trust and Choice Financial Group.
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 Relay Business Checking | N/A | None | ||
Visit Relay
Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Thread Bank.
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 Novo Business Checking | N/A | None; refunds third-party ATM fees up to $7 monthly | None | |
Visit Novo
Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Middlesex Federal Savings.
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Mercury’s business checking has no minimum opening deposit, just like fintech platforms Relay and Novo. When it comes to depositing cash, Mercury does not offer this feature, whereas Novo does not have a direct cash deposit option. You will need to purchase money orders to deposit cash in your account. In comparison, Relay allows fee-free cash deposits through Allpoint+ ATMs nationwide and Green Dot retail locations at a fee of $4.95 per deposit.
Both Mercury and Relay don’t charge ATM fees for transactions at Allpoint and out-of-network ATMs, but third-party operator surcharges may apply. Similarly, Novo does not charge fees for ATM withdrawals but edges out Mercury and Relay by refunding third-party ATM fees up to $7 monthly.
When Mercury Is a Good Fit
- You want the convenience of a checking and savings account in one platform: When you open a Mercury business checking account, you can also jointly open a savings account with an unlimited amount of transfers.
- You want to extend your FDIC insurance: With Mercury Vault, you can opt into a sweep network to distribute your deposits across multiple FDIC-insured banks and gain FDIC insurance coverage of up to $5 million. This is one of the reasons Mercury is in our roundup of the leading banks for small businesses.
- You are or aim to become a large-scale startup: On our list of the best banks for startups, we named Mercury one of the best providers, specifically for large-scale incorporated startups. The platform helps startups grow by providing access to investor databases and networking opportunities with fellow startup founders and investors.
- You need access to business software integrations: Mercury landed a spot in our guides to the top bank accounts with QuickBooks integration and best online business banks because its platform integrates with several popular business software. These include QuickBooks, Xero, NetSuite, Shopify, Stripe, Square, Zapier, Amazon, and PayPal.
- You have a Web3 company and want to purchase cryptocurrencies with no restrictions: Mercury has a deep understanding of blockchain-based companies. Its business checking account is created to streamline the operations of Web3 types of businesses. You can buy crypto using your Mercury account, which makes it our top-recommended crypto-friendly bank account.
When to Consider Mercury Alternatives
- You need to deposit cash regularly: As a fintech solution, Mercury lacks physical locations and does not allow cash deposits—and Bank of America is a good alternative. Its Business Advantage Fundamentals Banking offers a cash deposit allowance of $7,500 monthly. Read our Bank of America business checking review to learn more.
- You’re a sole proprietor without an EIN: One of the Mercury business checking requirements is a company must have an EIN. If you’re a sole proprietor operating as a DBA with no workers and excise taxes, you cannot open an account with Mercury. We recommend the online-only banking solution Novo, which accepts most business entity types. See our review of Novo business checking for detailed information on its features.
- You’re a freelancer seeking to track your expenses in detail: Mercury business accounts are primarily geared toward tech startups. Freelancers can consider Found for its integrated bookkeeping to easily track and categorize their expenses. Check out our Found business checking review to determine if it fits your needs.
- You want to earn interest: The only interest-earning Mercury product is Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. , which is exclusive to accounts with balances of over $500,000. Meanwhile, a Bluevine Standard checking account provides 2.0% APY on qualifying balances of up to $250,000. Our review of Bluevine business checking provides the list of monthly activity requirements to earn the APY.
Our related resources:
Mercury Business Checking Terms & Features
Mercury Business Checking Requirements
As part of the Mercury business checking requirements, applicants must have a company incorporated in the US and a federal EIN. US companies must have, or plan to have, operations in the US and already serve, or plan to serve, US customers within two years.
Mercury does not allow account opening for trust accounts and businesses engaged in money services, adult entertainment, cannabis, or internet gambling. Other than the US, Mercury supports founders and venture capital firms with entities formed and registered in:
- British Virgin Islands
- Cayman Islands
- United Arab Emirates
- Bahamas
- Bermuda
- Singapore
- Jersey
Note that for non-US entities, only startups, ecommerce, and venture capital companies are currently supported by Mercury.
Although international founders are allowed to apply, exceptions apply in the following countries
- Afghanistan
- Albania
- Belarus
- Bosnia & Herzegovina
- Burundi
- Cambodia
- Cameroon
- Central African Republic
- Congo
- Croatia
- Cuba
- Democratic Republic of the Congo
- Eritrea
- Haiti
- Iran
- Iraq
- Lebanon
- Liberia
- Libya
- Mali
- Mozambique
- Myanmar (Burma)
- Nicaragua
- Nigeria
- North Korea
- Pakistan
- Palestine
- Philippines
- Russia
- Somalia
- South Sudan
- Sudan
- Syria
- Ukraine
- Venezuela (Bolivarian Republic of)
- Yemen
- Zimbabwe
When applying, you will be asked to prepare the following documents:
- Company formation documents
- IRS-issued EIN document (for US companies only) or an equivalent tax document
- U.S. government ID or international passport for each founder or majority (at least 25%) owner
- For US companies only: Form CP575, form 147c, completed SS-4, or a screenshot of your EIN confirmation from the IRS’s website may be acceptable temporarily in place of the EIN
You must also provide owner profiles for any individual who owns at least 25% of your company. Each owner profile should include the following information:
- Full name
- Title
- Ownership percentage
- Updates/amendments to Articles of Incorporation, Partnership Agreement, or Business Resolution
Mercury Business Checking Features
Mercury’s free checking account comes with several features that can benefit your startup or tech-based business.
Mercury Vault
All Mercury accounts come with Mercury Vault, which is a risk management tool that monitors your accounts and provides real-time suggestions for maximizing fund protection.
With Mercury Vault, you can:
- Get FDIC insurance of up to $5 million by opting into either Evolve Bank & Trust or Choice Financial Group’s (depending on which partner bank your funds are located in) sweep network to spread your funds across multiple FDIC-insured banks
- Protect excess funds by investing in Mercury Treasury’s Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. Vanguard money market fund, which is 99.5% composed of US government-backed treasury products
Physical & Virtual Debit Cards
You can issue and manage debit cards easily and quickly. Virtual cards can be created when your account is opened, while physical cards arrive in the mail in a few days. You can replace lost or stolen cards, adjust spending limits, and reset a debit card PIN through the dashboard.
You can add your physical and virtual cards to Apple Wallet and Google Pay for contactless purchases using your mobile device. Mercury also lets you create a merchant-locked debit card, where card spending is limited to a single merchant.
Free ATM Usage in the Allpoint Network
You can withdraw money from one of 55,000 Allpoint network ATMs, free of charge. Mercury won’t charge any fee if you use an out-of-network ATM, but you may have to pay third-party ATM operator fees.
Savings Accounts
If you have a checking account with Mercury, you can also open an additional savings account. This account provides unlimited transfers but does not draw interest.
Mobile App
Through the Mercury mobile app, you can:
- View balances and cash flow
- Track transactions
- Manage payment and transfer requests
- Deposit checks
- Transfer money
- Pay recipients with wire transfers and ACH
- Manage credit and debit cards
The Mercury mobile app has high ratings of 4.9 on the App Store[1] (from around 4,800 reviews) and 4.5 on Google Play[2] (from nearly 600 reviews). Users appreciate the app’s user-friendly interface and reliable functionality. Some, however, shared that they experienced difficulty when depositing checks and encountered login errors.
Software Integrations
Mercury’s accounts are fully integrated with QuickBooks, Xero, and NetSuite. You can sync your transactions automatically between your account and your software. In addition, you can integrate with other software services such as Shopify, Stripe, Square, Zapier, Amazon, and PayPal.
Custom Software Access
You can assign users to one of four levels of access within the app: admin, bookkeeper, custom access, and card only access.
- Users with admin access can issue cards, move money, add team members, and change permissions.
- The bookkeeper permission allows for access to transaction history and statements but does not let the user initiate transactions and change user permissions.
- Those with custom access can be given access by admins to move money, either with admin permission or not. They will not be able to access security settings and manage team members.
- Card only access users are limited to viewing their own transactions. They cannot see account information or transactions beyond their cards.
Mercury uses SSO access to allow you to manage multiple business entities with one sign-on. It also uses time-based, one-time passwords for two-factor authentication.
Read-and-Write API Access
Mercury provides read-and-write API access. This lets you customize your banking dashboard, create custom sweep rules for account transfers, reconcile transactions faster, and make mass payments.
Transfer Funds, Deposit Checks & Send Payments Electronically
Through Mercury, you can send domestic and international wires and ACH payments for free. You can also send digital checks for free directly from your dashboard. While you cannot send physical checks, you can deposit them into your Mercury account.
There are check limits based on business verification and transaction history, but those can be adjusted. However, Mercury does not allow you to deposit cash, money orders, or electronic checks (e-checks) into your account.
Mercury Perks
With Mercury Perks, you gain access to over 100 deals on popular business software, such as Amazon Web Services, QuickBooks Online, and Slack. Types of deals include discounts, credits, and extended free trials. Visit Mercury’s Perks page for a complete list of available deals.
Financial Workflow Plans
Mercury offers bill pay for faster payments, using AI to automatically fill in bill details. It prevents users from paying bills twice through duplicate detection. Payment approvals can be done instantly through mobile and Slack.
Mercury’s automated accounting features include bill and expense categorization and custom rule creation to auto-categorize your employees’ card transactions. The provider plans to add invoicing and employee reimbursements in the coming months to further simplify your bookkeeping.
To access advanced accounting automation, Mercury offers paid plans.
- Plus: $35 monthly, 20 free bills monthly, plus $2 per additional bill
- Pro: $350 monthly, 250 free bills monthly, plus $1 per additional bill
SAFEs (Simple Agreements for Future Equity)
Mercury provides a free SAFE generator for companies that seek to raise funds quickly from investors in exchange for future equity. Startups can use SAFEs, especially for early-stage financing. No minimum or maximum amount is set for raising capital through a SAFE.
Other Mercury Business Products
Mercury business products include Mercury treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. , Mercury treasury solutions with Morgan Stanley, venture debt, IO corporate card, investor database, Mercury raise, and Mercury bridge.
If your account balance exceeds $500,000, you are eligible to open a free Mercury Treasury account, which places your money into treasury bills, CDs, commercial paper, and other investments to generate competitive yield. Currently, Mercury Treasury earns an APY of up to 5.35% as of July 31, 2024, but the rate changes weekly. The higher your balance, the higher your yield rate.
Mercury Treasury funds are insured under the Securities Investor Protection Corporation (SIPC) for up to $500,000.
Mercury Treasury account holders with balances of over $25 million are eligible for Mercury Treasury Solutions With Morgan Stanley, which gives access to Morgan Stanley’s short-duration fixed-income portfolio management team. The team helps create personalized investment portfolios to optimize yield on treasury accounts.
If your business has a Mercury account and has raised venture capital within the last year, you may be eligible for Mercury’s venture debt, which is a term loan with an interest-only period of up to 18 months, followed by a repayment period of 48 months.
In addition, Mercury provides dedicated one-to-one support from relationship managers with founder experience.
Mercury offers the IO Mastercard The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard. to businesses with at least $25,000 in their Mercury account. It has $0 annual fees, has no credit check requirements, and gives you 1.5% automatic monthly cash back for all domestic and international spending. You can issue unlimited virtual and physical cards for your employees. To ensure responsible card usage, you can change user permissions and monitor all company spending.
Read our Mercury IO Mastercard review for more information.
The Mercury website has an investor database page that lists active seed and pre-seed investors with their preferred industries, potential check sizes, and locations.
Applying for the Mercury Raise program gives you the chance to pitch your startup to top investors and founders. Successful applicants can attend events, get mentorship, or even receive funding.
Mercury Business Checking Reviews from Users
On Trustpilot[3], Mercury has a 3.7 rating from over 1,000 reviews. Users expressed that they particularly liked the ease of setting up an account and were impressed with the sleek user interface and functionality offered by the provider. Additionally, they stated that the platform provided a seamless experience. Some also praised the fintech company for allowing users to send free international wire transfers.
Meanwhile, others who left negative Mercury business checking reviews complained about locked accounts and account closures due to non-compliance. Users also mentioned that the provider’s customer support system needs improvement since representatives were unhelpful and unresponsive when they reported account issues.
Frequently Asked Questions (FAQs)
Yes. Mercury is a great choice for small businesses looking for fee-free business checking and savings accounts. There are no monthly fees, opening deposits, or required minimum balances. You can also send ACH and domestic and international wires without charges.
Yes, opening an account with Mercury is safe. Mercury business checking and savings deposit accounts are FDIC-insured up to $5 million through sweep networks and bank partnerships with Choice Financial Group and Evolve Bank & Trust. Additionally, Mercury Treasury accounts are covered by SIPC for up to $500,000.
Opening a Mercury business checking account will take around 10 minutes. It should take one or two business days for your application to be reviewed and approved. However, the company may request additional documents or information for further review.
Users with account balances of over $500,000 can qualify for Mercury Treasury.
Mercury is designed for tech companies and cannot open accounts for trusts and sole proprietors without an EIN.
Bottom Line
The Mercury business checking account is best suited to the growing startup. Its lack of day-to-day banking fees helps keep costs low at early stages, while access to treasury accounts and sweep networks can protect your wealth once you’ve scaled. Outside of business checking, it offers many resources that can help boost business growth, including programs for investor networking and fundraising. In addition, its integrations with several of today’s most popular business software help streamline day-to-day business operations.
User review resources:
[1]App Store
[2]Google Play
[3]Trustpilot
