Mercury Business checking account review
- Fee
- $0 per month
- APY
- N/A
- Minimum deposit to open
- $0
Our verdict
This modern business bank 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. You'll automatically get both a checking account and savings account when you sign up – though its interest rate is much lower than the national average. 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 as there are no cash deposits 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.
Best for: Startups and tech-focused small business looking for a robust banking platform, elevated banking security, free USD wire transfers and expanded FDIC insurance.
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
-
Earns a low 0.001% APY
-
No cash deposits
-
No live customer support
Who is Mercury Business checking best for?
Mercury Business 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 Mercury Business checking 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.
Safe and insured
FDIC insurance is another area where Mercury stands out. Instead of the standard $250,000 insurance, it’s FDIC-insured up to $5 million. Mercury uses a sweep network, which means that while you only deal with one bank, Mercury partners with banks to strategically disperse your money across multiple banks. This reduces the impact on your money if one bank fails, and you get expanded 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 the Mercury Business checking account falls short
Mercury comes with a handful of disadvantages, one of which may be a dealbreaker depending on how your business processes payments.
Low interest
While the account also comes with a savings account, we’re not a fan of its measly 0.001% APY. If you want to earn more for your money, Mercury offers a separate cash management account called Mercury Treasury, earning yields up to 5.46% on deposits above $20 million. You can also open a Mercury credit card to earn 1.5% cash back on all purchases.
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
As of May 2023, Mercury 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 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 experience
Mercury is not accredited with the Better Business Bureau (BBB) and has an F rating for not responding to customer complaints. Its Trustpilot rating is 3.6 out of 5 stars, with a majority of 66% of reviewers completely happy with the experience and 22% of reviewers giving it a 1-star rating.
Many customers comment that onboarding was a breeze and that the interface is user-friendly. On the flip side, some customers complain of long deposit hold times and sudden account closures, according to the Consumer Financial Bureau Protection’s database of complaints. However, some accounts were frozen because the businesses weren’t based in the US, which is an account requirement. Also, a few reviewers left poor ratings because Mercury denied their applications.
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
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