If you’re looking to open a business bank account, Mercury and Novo are excellent options. These digital-exclusive banking solutions have no monthly maintenance fees and transaction limits.
Mercury is a particularly strong choice for tech startups. It offers a wide range of startup-focused services, such as venture debt, investor databases, and networking programs. It also offers Federal Deposit Insurance Corp. (FDIC) insurance of up to $5 million through sweep networks and treasury accounts.
Meanwhile, Novo’s biggest selling points include rapid access to Stripe funds, unlimited ATM rebates, and unlimited free invoicing. With the Novo Boost feature, funds earned from Stripe are released into your bank account within hours instead of days.
Here is a summary of when to choose Mercury vs Novo business checking:
- Mercury Mercury is a financial technology (fintech) company, not a bank. It provides deposit services and FDIC insurance through supporting bank partnerships with Evolve Bank & Trust and Choice Financial Group. is best for tech companies, startups, and businesses that need additional FDIC insurance
- Novo Novo is a fintech company, not a bank. It provides deposit services and FDIC insurance through a supporting bank partnership with Middlesex Federal Savings. is for rapid access to funds and faster payments
For those who prefer a traditional bank, we recommend:
- Chase is best for its national availability, easy-to-waive monthly fees, and suite of additional banking products
Mercury vs Novo Business Checking Quick Comparison
When To Use
Refer to our guide on how to open a business bank account for additional tips on selecting a business bank account.
Comparison of Mercury vs Novo Business Checking Features
Mercury | Novo | |
---|---|---|
2.73 out of 5 ★ | 3.09 out of 5 ★ | |
Check Deposits | ★★★ | ★★★★ |
Cash Deposits | 0 | ★★ |
ATM Network and Fees | ★★★ | ★★★★★ |
Wire Transfers | ★★★★ | ★★ |
Reserve Accounts | ★★★★ | ★★★★★ |
Invoicing tools | 0 | ★★★★ |
Cash Flow Boost | 0 | ★★★★ |
Savings Accounts | ★★★★ | 0 |
Lending Products | ★★★ | ★★★ |
Investor Community | ★★★★ | 0 |
Perks | ★★★★★ | ★★★★ |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at little to 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 or comes at a high cost. |
Our comparison of Mercury vs. Novo business checking features shows that Mercury offers better features for saving money. It has cheaper wire transfers, more savings account options, and a wider selection of partner perks. Meanwhile, Novo offers better business tools, such as invoicing tools and cash flow boost.
Mercury: 3 out of 5
You can accept check deposits through the Mercury mobile app. Deposited funds will typically appear in your account within seven business days.
Novo: 4 out of 5
Like Mercury, the Novo app offers a mobile check deposit feature, which accepts paper checks, cashier’s checks, and money orders. Funds will arrive in your account within one to four business days.
Mercury: 0 out of 5
There is no way to deposit cash through Mercury.
Novo: 2 out of 5
To deposit cash into your Novo account, you must purchase a money order and use the app’s mobile check deposit feature.
Mercury: 3 out of 5
Mercury does not have an ATM network and does not charge fees for ATM transactions. However, ATM operators may charge their own fees.
Novo: 5 out of 5
Novo does not charge fees for ATM usage. At the end of each month, it refunds any fees you may have incurred at ATM operators.
Mercury: 4 out of 5
There are no fees for all incoming wire transfers or outgoing domestic wire transfers. Outgoing international wire transfers in United States dollars (USD) are free.
You can also pay a flat fee of $15 to cover any transaction fees your recipient may incur. This fee guarantees that your recipient will receive the full transfer amount you sent.
If you want to send international wire transfers in foreign currency, Mercury will charge a fee equivalent to 1% of the transfer amount to cover processing fees. All incoming wire transfers
Novo: 2 out of 5
Novo lets you receive domestic wire transfers for free. However, it does not support outgoing domestic wire transfers.
If you want to send and receive international wire transfers, you are required to create a Wise account. Since the Novo platform comes with a free, embedded Wise integration, you can use Wise directly through the Novo website or app.
For more information on Wise, read our Wise business account review.
Mercury: 4 out of 5
Mercury lets you create up to 14 additional reserve accounts.
Novo: 5 out of 5
Through a feature called Novo Reserves, you can divide your balance into different reserve accounts. You can automatically sweep a set percentage of your income into a designated reserve account. The maximum number of reserve accounts you can have is 20.
Reserves remain part of your main checking account balance and are not considered separate checking accounts.
Mercury: 0 out of 5
Mercury does not offer invoicing tools.
Novo: 4 out of 5
Novo provides an invoicing tool that lets you create unlimited custom invoices for free. You can connect this tool to Stripe, Square, and PayPal, and accept payments via card, ACH, Venmo, Google Pay, Apple Pay, and more.
Mercury: 0 out of 5
Mercury does not offer a cash flow boost feature.
Novo: 4 out of 5
In our breakdown of the best small business checking accounts, we named Novo the best account for rapid access to funds. You can connect your Stripe account to your Novo checking account to gain access to your Stripe payouts two days early.
Mercury: 4 out of 5
Your Mercury account comes with a non-interest-drawing savings account, which provides an unlimited number of transfers per month.
If your checking account balance exceeds $500,000, you can also open a Mercury Treasury account. Mercury Treasury earns up to 5.46% APY by placing your deposits into government-backed securities. It is insured for up to $500,000 through the Securities Investor Protection Corporation (SIPC).
Novo: 0 out of 5
Although you can use Novo Reserves to set aside savings, Novo does not offer actual savings accounts.
Mercury: 3 out of 5
Mercury offers credit cards and venture debt. However, requirements for both products are slightly difficult to meet.
The Mercury IO Mastercard is only available to users with at least $50,000 in their Mercury checking account. The card has no annual fee and can be used anywhere Mastercard is accepted. It earns 1.5% cashback on all purchases. You can learn more about this card’s fees and rewards through our Mercury IO Mastercard review.
Meanwhile, venture debt is exclusively available to startups that have raised venture capital within the past 12 months. These term loans typically run up to 48 months.
Novo: 3 out of 5
Compared to Mercury, Novo’s funding products are more accessible, but also more limited. The provider offers merchant cash advance products up to $75,000 through Novo Funding. Monthly rates can go as low as 1.5%.
You can apply for a merchant cash advance online. Novo will review your application within 24 hours.
Mercury: 4 out of 5
The Mercury website has an investor database that lists seed and pre-seed investors with their contact details and lists of their preferred industries. You can access this database even if you don’t have an account.
Additionally, Mercury has a program called Mercury Raise, which gives business owners the chance to get introduced to top investors.
Novo: 0 out of 5
Novo does not have resources that help startups look for investors.
Mercury: 5 out of 5
Compared to Novo, Mercury offers a wider selection of perks. You can get discounts for Amazon Web Services, Google Cloud, Gusto, OpenAI, QuickBooks Online, Slack, and more.
Novo: 4 out of 5
Novo offers more than $3,000 in savings for popular business tools. You can get discounts on Google Cloud, Gusto, Keeper, Stripe, Zendesk, and more.
Mercury vs Novo User Reviews
Trustpilot Rating | 3.7 out of 5 stars (based on 600-plus reviews)[1] | 4.3 out of 5 stars (based on 3,000-plus reviews)[2] |
---|---|---|
Users Like |
|
|
Users Don’t Like |
|
|
When comparing Novo vs Mercury business checking on review platforms, Novo has a higher rating and a larger pool of reviewers. However, both Mercury and Novo earned more positive than negative reviews. Most of their users were satisfied with the features the providers offered. Additionally, they received praise for having an easy-to-navigate UI and charging minimal fees.
Negative Mercury reviews highlight that the provider failed to process deposits in a timely manner. Allegedly, it takes upwards of three business days for deposits to appear in your Mercury account.
Most of Mercury’s negative feedback came from applicants who were unable to open accounts or past clients who had their accounts closed for allegedly unjust reasons. Unsuccessful applicants complained that the process was overly thorough and that they were not given any sufficient explanation for their rejection. Meanwhile, reviewers who had their accounts closed complained that they weren’t provided sufficient explanations for their closures.
Negative Novo reviews typically discussed disputes and check deposits. Many users complained that they received little assistance when disputing transactions. Additionally, several clients complained that Novo had rejected their check deposits without due reasoning. Novo requires a specific signature for its check deposits, which means that customers with denied checks had difficulty depositing their checks elsewhere.
Bottom Line
The choice between Mercury vs Novo business checking is a matter of scale. With features like treasury accounts, venture debt, and access to investor networks, Mercury is most suitable for tech startups wanting access to services that either help them scale or reward them for growth. If you don’t need Mercury’s startup-focused services, Novo is an excellent choice. Its unlimited ATM rebates help you save on fees, while Novo Boost reduces cash flow friction.
User review references:
1Mercury | Trustpilot
2Novo | Trustpilot