For tech companies and startups, especially those with larger checking balances, Mercury may be a great option for business banking. Mercury, an online financial technology (fintech) company, was founded in 2017 and is headquartered in San Francisco. Mercury’s banking services are provided by Choice Financial Group and Evolve Bank & Trust, member Federal Deposit Insurance Corp. (FDIC).

Mercury offers corporate control and savings, a treasury product, a business credit card, and venture debt products. As of April 17, 2024, Mercury offers a personal checking account, although it is still on the waiting list on the company’s website.

All rates and fees are current as of July 11, 2024 and are subject to change.

Mercury

pros and cons

Professionals

• User-level spending controls help companies customize access for each team member who needs it.
• FDIC insurance extended up to $5 million through partner banks and a sweep network
• The benefits page offers both discounts on other company products and the ability to promote your business

Against

• No physical location and no cash deposit
• Mercury may not be the best solution for small startups, as large balances are needed for interest earnings.
• Personal banking services are still on the waiting list and will cost $240 per year, much more expensive than other providers.

Who is Mercury suitable for?

Mercury is geared toward tech companies and startups, especially those with larger account balances. Mercury offers user-level spending controls to customize access for companies that need separate levels of account access for different employees. It’s also great for companies that want to set card limits for specific members or teams. Startups can take advantage of Mercury’s benefits page, which offers discounts on dozens of products your business might need. Mercury can also highlight your business on the benefits page, helping drive customers to you. For customers with large balances, Mercury uses its partner banks to create a sweep network to extend your FDIC insurance up to $5 million.

Who should not use Mercury?

As an online-only fintech, Mercury has no branches. If you prefer to do your business banking in person, you’ll need to look elsewhere. It may not be the best option for small startups, as you need at least $500,000 to unlock high-yield rates with Mercury Treasury. You also can’t deposit cash with Mercury, making it less attractive for small businesses that handle cash on a regular basis. Finally, the company’s new personal banking product is still on the waiting list and will cost $240 per year once it’s available. If you want personal and business banking under the same roof, many other banks and fintechs offer it at a much lower price.

Mercury Tariffs and Products

The Mercury Business Checking Account is free and has no monthly fees. When you open a business checking account with Mercury, you get a free savings account. However, it does not accrue interest. Mercury Treasury accrues up to 5.39% APY, but you must have $500,000 in your Mercury accounts to apply for a treasury account.

Current accounts

Mercury, through its partner banks, offers a business checking account option. This is a free checking account with many great features. Mercury does not offer a new account signup bonus on his website.

Mercury Business Checking Account

The Mercury Business Checking Account has no monthly fees. It offers free debit cards and allows you to send and receive checks and domestic and international wire transfers for free.

Savings accounts

You automatically get a business savings account when you open a Mercury business checking account. It’s a free account, but it doesn’t earn interest. Consider shopping around if you’re looking for a high yield savings account for excess corporate funds. If you have more than $500,000 in your Mercury accounts, apply for Mercury Treasury for high-yield savings.

Mercury Business Savings Account

You can move money between your business checking and savings accounts, and your savings account has no transaction limits. While this account does not qualify as a high-yield account, check out our High Interest Savings Account Primer for more information on how savings accounts work.

Mercury Savings Rates vs. Current Maximum Rates*

While Mercury is a great option, some lenders offer higher interest rates. Compare the rates above to this list of competitors:

Treasury Account

While Mercury does not offer an activity money market account (MMA)offers a high-interest earnings treasury account.

Mercury Treasury Account

Once you have $500,000 in your Mercury accounts, you can apply for Mercury Treasury. The funds are held at Mercury’s partner, Apex Clearing Corp. They are invested in two mutual funds: Vanguard Treasury Money Market Fund (VUSXX) and Morgan Stanley Ultra-Short Income Portfolio (MULSX). The interest yield will fluctuate with the markets, but currently earns up to 5.39% APY.

Treasury accounts are insured by the Securities Investor Protection Corporation (SIPC). If assets are lost or missing from an account while a distressed or failed brokerage is being dismantled, SIPC insures $500,000 of securities and cash. The maximum protection is $250,000 for cash and $250,000 for securities.

When looking for alternatives, consider a bank or fintech that offers high-yield MMA. For more information, visit our MMA guide.

Other services offered by Mercury

Mercury, directly or through its partner banks, offers many other banking products and services, including:

• Personal Banking Services: A new product with Mercury, the fintech announced personal checking and savings services on April 17. You can sign up for a waitlist on the company’s website. The service will cost $240 per year. The savings product earns 5.00% APY.
• Credit card: Mercury IO Business Credit Card earn 1.5% cash back on all spending. You can qualify with at least $25,000 in your Mercury accounts. It has built-in integrations with QuickBooks and Xero.
• Risk debt: For companies exiting the early stage of their startup or technology companies looking for an influx of cash, Mercury offers venture debt, which allows you to get financing without giving up your company’s equity.

Online Banking

Mercury provides digital business banking services, including Online Banking and bill pay. Basic online banking through the company’s website is free and includes spending controls, accounting automations, and basic approval rules. As of August 1, Mercury is offering financial workflow tiers. Higher tiers cost a monthly fee but include more bill payments per month and more online features.

Once your tiers are set, you will receive up to five bill payments per month as part of the free Core package. The $35 per month Plus package will give you 20 bill payments per month, with each additional bill being $2 per month. The Pro package will provide 250 monthly bill payments plus $1 for each additional bill. Enterprise customers can contact Mercury for pricing details.

The Mercury Platform and Customer Support

Mercury’s banking products are accessible via desktop and mobile apps. Mercury’s mobile app is well-rated, earning 4.3 out of 5 stars on the Google Play Store from over 550 reviews and 4.9 out of 5 stars on the Apple App Store from over 4,600 reviews.

You can contact Mercury Customer Service by email at help@mercury.com or by logging into your account and sending them a direct message.

Is Mercury Safe?

While Mercury’s website security appears top-notch, a recent data breach at one of its partner banks is causing concern. In May, Evolve Bank & Trust was the victim of a ransomware attack, according to the bank.

Mercury said in a follow-up message that no account credentials, including passwords, were exposed in the partner breach. It said some account numbers, deposit balances, business owner names, and emails associated with Mercury accounts were leaked.

Mercury website security uses several security measures to safeguard your data. They hire a third party to test their website for vulnerabilities annually. They do not store passwords in plain text and encrypt their database and all uploaded images, with additional encryption for sensitive data. Mercury uses one-time, time-sensitive passwords for two-factor authentication (2FA). This is done through Authy or Google Authenticator.

The fintech uses Plaid to securely connect your accounts to apps or other accounts. Mercury is SOC 2 compliant. You can get a copy of the fintech’s SOC 2 report by emailing security@mercury.com.

Mercury User Reviews

Mercury has received excellent reviews online: Trustpilot users have awarded the fintech 3.8 out of 5 stars based on around 950 reviews.

Positive reviews raved about the quick onboarding process. Another user was amazed that the fintech worked over the weekend to get him to change the legal name on an account. Negative reviews complained about account closures and having to contact Mercury by email instead of phone.

Compare Mercury alternatives

Is Mercury Right for You?

Mercury is the best choice for larger startups and tech companies with large teams. It’s also the best choice for companies looking to earn interest on large balances or potentially seeking venture debt to expand a business. It’s not the best choice for very small companies with balances too low to earn interest or for companies that regularly handle cash. But if your large tech company or startup is looking for a fintech banking provider to handle large balances and complicated account controls, Mercury is a great option.

Frequent questions

Is Mercury a reliable bank?

While one of Mercury’s partner banks, Evolve Bank & Trust, recently suffered a data breach, Mercury itself is very trustworthy. The fintech uses partner banks and sweep networks to extend your FDIC insurance to $5 million.

Is Mercury Good for Banking?

Mercury is a great option for a large startup or tech company with large balances. It’s also a good choice for businesses with large teams that need custom spending limits and financial controls.

Is it possible to withdraw money from Mercury?

Mercury provides a debit card with your account that can be used to withdraw funds from an ATM. Mercury does not charge ATM fees, but you may be subject to third-party fees charged by your ATM provider.

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