Mercury and Novo’s business checking accounts serve different types of users. Mercury is a solid choice for tech firms, offering a wide range of startup-focused services, such as venture debt, investor databases, SAFEs
Comparing these two providers’ offerings, Mercury provides savings accounts, no fees for wire transfers, and FDIC insurance of up to $5 million through sweep networks. Novo differs by offering invoicing tools, a cash deposit option through money orders, and a Novo Boost feature, where 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
- Novo
Mercury vs Novo Business Checking Quick Comparison
 |  | |
|---|---|---|
| Required Opening Deposit | None | None |
| Required Balance Minimum | None | None |
| Transaction Limit Before Fees | Unlimited | Unlimited |
| ACH Fees | None | None |
| Domestic Wire Transfer Fees | None | $0 for incoming; cannot send wires domestically |
| International Wire Transfer Fees | None | Novo partners with Wise to send international wires for a low fee |
| ATM Fees | None | None; ATM fees refunded up to $7 monthly |
| Cash Deposited Fee | N/A | Offers a workaround via money orders |
| APY | N/A | N/A |
| For More Information | Read our Mercury business checking review | Read our Novo business checking review |
| | |
|---|---|---|
| Debit Card | Free virtual debit card; free physical debit card mailed within a few days | Virtual debit card available immediately; one free physical debit card per user |
| Physical Checks | No physical checkwriting abilities; paper checks can be mailed via app | No physical checkwriting abilities; paper checks can be mailed via app |
| Accounting Software Integrations | QuickBooks, Xero, and NetSuite | QuickBooks and Xero |
| Business Software Integrations | Includes Amazon, PayPal, Shopify, Square, Stripe, and Zapier | Includes AWS, eBay, Etsy, Gusto, PayPal, Stripe, Square, Wise, WooCommerce, and Zapier |
| Customer Service | One-on-one support from relationship managers | Live customer support from dedicated professionals |
| Invoicing Products | Can request payments with invoice attachments through the platform | Free unlimited invoicing |
| Other Products Available | High-yield treasury account | Merchant cash advances and integrated LLC creation in partnership with LegalZoom |
| For More Information | Read our Mercury business checking review | Read our Novo business checking review |
When to Use Mercury, Novo, or Alternatives
- You want access to high-yield savings products: If your balance exceeds $500,000, you can gain access to Mercury Treasury
- You make wire transfers regularly: Novo cannot accommodate outgoing domestic wire transfers, and it relies on Wise to send and receive international wires. Under Mercury’s system, both incoming and outgoing domestic and international wire transfers are free.
- You need extended FDIC insurance: Novo deposits are FDIC-insured for up to $250,000 through a bank partnership with Middlesex Federal Savings. Meanwhile, Mercury can provide FDIC insurance of up to $5 million
- You use Stripe for payment processing: Through a feature called Novo Boost, Novo provides rapid access to Stripe funds. While Stripe typically takes days to release funds into your checking account, Novo Boost gives you access to your funds within hours.
- You want to save on ATM fees: While both Mercury and Novo users pay third-party ATM operator fees, Novo refunds up to $7 in ATM fees each month, allowing users to reduce ATM fee costs.
- You are a sole proprietor or trust: When comparing Mercury vs Novo business checking, Mercury cannot open accounts for sole proprietors or trusts, whereas Novo accepts sole proprietorships, LLCs, corporations, general partnerships, and nonprofits.
- You need access to in-person banking: Mercury and Novo are both fintech companies and have no brick-and-mortar branches. The best bank for nationwide access to in-person banking is Chase, which has over 4,800 branches across all 48 mainland states. Read our Chase business checking review for a breakdown of the provider’s three business accounts.
- You want to earn interest on checking balances: Neither Mercury nor Novo offers interest-drawing checking accounts. We recommend Bluevine, which offers three account options that bear interest. The Bluevine Standard checking has a rate of 2.00% on qualifying balances up to $250,000. Learn more through our review of Bluevine business checking.
- You make cash deposits frequently: Mercury does not support cash deposits, while Novo only allows cash deposits through money orders. An alternative is Bank of America, which gives up to $7,500 worth of free cash deposits within a statement cycle. Our Bank of America business checking review can help determine whether the account matches your needs.
Comparison of Mercury vs Novo Business Checking Features
| Mercury | Novo | |
|---|---|---|
| OVERALL RATING | 2.8 out of 5 ★ | 2.9 out of 5 ★ |
| Check Deposits | ★★★ | ★★★★ |
| Cash Deposits | 0 | ★★ |
| ATM Network and Fees | ★★★ | ★★★★★ |
| Wire Transfers | ★★★★ | ★★ |
| Reserve Accounts | ★★★★ | ★★★★★ |
| Invoicing Tools | 0 | ★★★★ |
| Cash Flow Boost & Express ACH | 0 | ★★★★ |
| Savings Accounts | ★★★★ | 0 |
| Credit Cards/Financing Solutions | ★★★★ | ★★ |
| 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 options, and a wider selection of partner perks. Meanwhile, Novo offers better business tools, such as invoicing tools, cash flow boost, and Express ACH.
Check Deposits (Winner: Novo)
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 two business days.
Cash Deposits (Winner: Novo)
Mercury: 0 out of 5
There is no option 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.
ATM Network and Fees (Winner: Novo)
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 and refunds up to $7 in fees incurred from ATM operators each month.
Wire Transfers (Winner: Mercury)
Mercury: 4 out of 5
No fees are charged for all incoming or outgoing domestic wire transfers. Outgoing international wire transfers in USD are free.
You can 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 1% currency exchange fee to cover processing fees. You can send over 30 currencies through the Mercury dashboard. Currently, only US-formed companies can access the international wire features.
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.
Reserve Accounts (Winner: Novo)
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.
Invoicing Tools (Winner: Novo)
Mercury: 0 out of 5
Mercury does not offer invoicing tools, but the company recently announced that the feature is coming soon.
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.
Cash Flow Boost and Express ACH (Winner: Novo)
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.
When you need to make quick payments to your suppliers and vendors, you can use Express ACH. The transfer fee is 1.5% of the transaction amount with a minimum fee of 50 cents and a maximum of $20.
Savings Accounts (Winner: Mercury)
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
Novo: 0 out of 5
Although you can use Novo Reserves to set aside savings, Novo does not offer actual savings accounts.
Credit Cards/Financing Solutions (Winner: Mercury)
Mercury: 4 out of 5
Mercury offers credit cards, venture debt, and working capital loans.
- The Mercury IO Mastercard is available to users with at least $25,000 in their Mercury checking account. It has a $0 annual fee and earns 1.5% cashback on all purchases. You can learn more about the fees and rewards through our Mercury IO Mastercard review.
- 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.
- Mercury Working Capital are loans with competitive terms. They are offered to ecommerce businesses.
Novo: 2 out of 5
Compared with Mercury, Novo’s funding products are more accessible but also more limited. The provider offers merchant cash advance (MCA) 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.
Investor Community (Winner: Mercury)
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.
Perks (Winner: Mercury)
Mercury: 5 out of 5
Compared with Novo, Mercury offers a wider selection of perks. You can get discounts on 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, Notion, Rippling, Slack, Stripe, Zendesk, Zoom, and more.
Mercury vs Novo Business Checking User Reviews
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| Trustpilot Rating | 3.5 (based on 1,000+ reviews)[1] | 4.4 (based on 4,100+ reviews)[2] |
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When comparing Mercury vs Novo business checking on review platforms, Mercury has a lower rating and a smaller pool of reviewers. Users of both, however, are pleased with the providers’ features and interface.
Mercury customers raved about the ability to set up team permissions, control card limits, use virtual cards, and perform mobile deposits. Meanwhile, Novo reviewers said that they are satisfied with the access to software integrations, reserve accounts, and Novo funding, which helps small business owners meet payments while waiting for the arrival of their funds.
A common complaint in Mercury reviews is the slow transfers and deposit processing. One user said clearing took eight days for check deposits and a minimum of three days for transfers. Reviews also included comments from customers whose accounts were shut down for noncompliance with the terms and conditions of the provider.
Meanwhile, negative Novo reviews came from unsatisfied users with unresolved account disputes. They claimed the company’s customer service team offered little support even if they emailed many times.
Frequently Asked Questions (FAQs)
What is the minimum balance for a Mercury business checking account?
A Mercury business checking account has no required minimum account balance.
Are Mercury deposit accounts FDIC-insured?
Yes. Mercury checking and savings accounts are FDIC-insured and are covered up to $5 million
Is Novo banking safe?
Yes, it is safe to use Novo since deposits are insured up to $250,000 through a bank partnership with Middlesex Federal Savings, member FDIC.
What is the minimum deposit for a Novo business checking account?
There is no required minimum deposit when you open a Novo business checking account.
Bottom Line
The choice between Mercury vs Novo business checking is a matter of scale. With features like treasury accounts, venture debt, SAFEs, and access to investor networks, Mercury primarily suits tech startups wanting access to services that help them scale or reward them for growth. If you don’t need startup-focused services, Novo is an excellent choice. Its ATM rebates help you save on fees, while Novo Boost and Express ACH speed up cash flow.
User review references:
[1]Mercury on Trustpilot
[2]Novo on Trustpilot
