Mercury Business Checking Account Review
- Fee
- $0 per month
- APY
- N/A
- Minimum deposit to open
- $0
Our verdict
This modern business account is designed for startups and offers scalable digital tools, including API access.
The Mercury Business checking account is designed for startups and combines traditional banking features with digital tools through API integrations, from automated mass payments to cash flow forecasts. It's best for small businesses that tend to make a lot of USD wire transfers internationally and domestically, are comfortable with handling all their finances online and don't mind that customer service is primarily available via email. And with its customizable account permissions and financial analytics, Mercury can grow with your business, making it a good option for startups. You'll automatically get both a checking account and savings account when you sign up – though you won't earn anything on your savings balance.
Best for: Startups and tech-focused small businesses.
Pros
-
$0 monthly fee
-
Up to $5 million in FDIC insurance
-
Customizable interface with API integrations
-
Strict security protocols
-
Invest in money market funds for a 4.92% yield
Cons
-
No cash deposits
-
No live customer support
-
No APY on savings
Who is Mercury Business checking best for?
Mercury is designed for startups and digital small businesses. Its banking platform helps streamline sending and receiving payments, allows you to add team members with specific permissions to your account and fully integrates with accounting software like QuickBooks Online and Xero. It’s also best for businesses that make a lot of USD wire transfers domestically and internationally since all transfers are free.
What we like about the Mercury Business checking account
The account wins on minimal fees, security and integrations.
Minimal fees
It won’t cost a thing to open or maintain your Mercury checking account, and there are no overdraft fees or minimum balance requirements to worry about.
Plus, while most banks charge at least $15 for outgoing wire transfers, and some don’t even support international wires, Mercury prioritizes money transfers so you can focus more on growing your business. That means you can send and receive domestic wire transfers and USD international wire for free.
Keep in mind that there’s a 1% currency exchange rate, and some advanced features may cost extra, such as SWIFT payments.
High FDIC insurance and security
Mercury isn’t a bank itself. Its a fintech with banking services backed by Choice Financial Group, Column N.A., and Evolve Bank & Trust, Members FDIC.
Through a sweep program, your Mercury deposit accounts are eligible for up to $5 million in FDIC insurance coverage.
Mercury also takes your security very seriously. In addition to industry-standard protocols, Mercury enforces multi-factor authentication. For example, it uses time-based one-time passwords, Touch ID and instead of SMS two-factor authentication, Mercury uses authentication apps, which are less vulnerable to hacking. Plus, you can also request payments from clients without giving out your primary account numbers using receive-only accounts.
Robust banking platform
We would be remiss if we didn’t praise Mercury’s clean, modern interface that blows traditional banks out of the water. Its APIs let you fine-tune your dashboard with powerful tools, including automated mass payments, customizable sweep rules and integrations with accounting software like QuickBooks or Xero.
While you won’t get as many app integrations compared to Novo — another digital-only business fintech that uses the same accounting software — you’ll get granular controls over the account, including the ability to set employee transaction limits and tiered permissions, such as view-only access for bookkeepers and card-only access for new employees.
What a Finance Manager thinks of Mercury
Mercury is a great bank for startups and small businesses looking for a checking account. They offer an intuitive app that anyone can use globally to pay and receive cash and offers flawless connection with accounting and payroll software like Netsuite and Gusto, which makes it easy to integrate with payroll providers and track all debits and credits in your bank for your business monthly. The user interface on the site is great too, very easy to use when it comes to scheduling payables and tracking receivables.
— Nick Jezierny, Finance Manager
Where it falls short
Mercury might offer savings accounts, but there’s no APY to date. In the past, it used to offer up to 1% APY, and then it dropped again, and at the time of writing, you don’t earn anything on your Mercury savings balance. And based on customer reviews, this is a common pain point for many.
No cash deposits
Like most online banks, Mercury Business is designed for digital payments. While you can withdraw cash at ATMs, there’s no way to deposit cash anywhere. So cash-heavy businesses will need to find another banking solution.
Limited customer service
Mercury’s customer service is limited to emails and messaging, where a representative will get back to you when they can. Without a phone number or live chat option, there’s inevitably a delay in response time, which can impact your business if you have a time-sensitive issue.
Mercury Business Checking fees and access
| Type of fee | Fee details |
|---|---|
Monthly service | $0 |
Opening deposit | $0 |
ATMs | $0 for domestic and international withdrawals |
Debit card fees |
|
Overdraft or nonsufficient funds | $0 |
Wire transfers |
|
Other fees |
|
Compare Mercury Business to other business checking accounts
Narrow down top business accounts by fees, rates and opening deposit. Select Compare on up to four accounts to see their features side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
What do I need to open a Mercury Business account?
During the application process, you’ll need your company’s formation documents, your IRS-issued EIN document and a US government ID or international passport for each founder or majority owner of the company.
Once you’ve completed the application and submitted all requested documents, you should hear back from Mercury within one to two business days.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 12 customer reviews |
| Trustpilot score | 3.6 out of 5 stars, based on 1,246 customer reviews |
| Customer reviews verified as of | 05 February 2025 |
Frequently asked questions
Is Mercury a legit bank?
Mercury is a financial technology company, not a bank. It’s banking services are legitimate, and are provided by Choice Financial Group and Evolve Bank & Trust, members of FDIC. Patriot Bank backs the Mercury credit card.
Deposit accounts are still insured through its bank partners, and can be insured up to $5 million due to the sweep network. This involves strategically spreading deposits across multiple banks, allowing accounts to be insured for more than the typical $250,000 insured amount.
Can I use Mercury for personal use?
No, as Mercury is focused on business accounts specifically for startups, and its features are well-suited for businesses — not so much for personal use.
Can I apply for Mercury outside the US?
To apply for a Mercury business account, you must have a physical address in the US, as well as some type of existing or planned operations in the US. Mercury can’t open accounts for founders living in these countries: Belarus, Burundi, Central African Republic, Congo, Democratic Republic of the Congo, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Nicaragua, Pakistan, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, and Zimbabwe.
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Your reviews
Kimberly Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.