Mercury is a financial technology company rather than a bank. Still, it provides banking services through Choice Financial Group and Evolve Bank & Trust, offering up to $5 million in FDIC insurance and delivering a secure banking experience for customers.
It’s completely free to use, including free wire transfers (in USD) and no monthly fees. It also offers integrations with a wide range of applications, among them Xero, QuickBooks Online, and NetSuite.
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Fees? |
No monthly usage, overdraft, ATM, or wire transfer fees for USD transfers |
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Security |
FDIC insured through Choice Financial Group and Evolve Bank & Trust. Accounts protected by database encryption and time-based
1-time passwords for 2-factor authentication. No biometric authentication. |
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Online Experience |
Attractive, intuitive, and fast-loading website. Includes all banking functions and offers a handy search function. Pricing and rates are featured clearly on the homepage. |
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Mobile App |
Available on both iOS and Android. You can make wire transfers, capture receipts, and manage debit cards. |
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Customer Support |
Live chat and email support available, Monday-Friday, 6am-5pm PST. No phone support. |
The lack of overdraft and other fees, in addition to smooth integrations with accounting software, makes Mercury an excellent choice for small and new businesses. The platform’s ability to support receipt capture and the search function will simplify expense tracking.
However, the lack of branches and the inability to deposit cash may cause issues for growing businesses or manual industries that often trade in cash.
Mercury offers specialist savings accounts to those with balances over $500,000. They’re called Treasury accounts, have no maintenance or transaction fees, and offer an interest rate of 4.99% to 5.43% APY. Although the top rate is only for those with a balance above $20 million, an interest rate of 4.99% is highly competitive for large businesses.
Mercury offers completely fee-free business banking. This includes free overdrafts, wire transfers in USD, ATM transactions, and ACH payments. Traditional banks charge fees for all these services, making Mercury a cost-effective solution.
Mercury allows you to create customizable dashboards that can give you a snapshot of your finances, highlight expenses, help you track payments, and more. In addition, you can issue employee credit and debit cards with customizable limits. This helps you curb spending and manage budgets effectively.
It also offers API access that allows the platform to integrate with 3rd-party apps. Among others, these integrations include:
Finally, Mercury offers a handy search function to help you keep on top of finances. This is great when it comes to tax season or when you’re looking to match a deposit to a specific invoice.
Mercury offers some traditional banking products. These include free ATMs through the AllPoint network, ACH transfers, savings accounts, and employee debit and credit cards.
The credit cards offer benefits like 1.5% cashback on specific transactions, Mastercard fraud protection, and instant support through live chat or email. Plus, there are no interest or annual fees on these cards, making them a great choice for new businesses.
Mercury offers 0% on all business current and savings accounts. Deposits are protected up to $5 million through the FDIC.
Interest ranges for its treasury accounts (offered to those with a minimum $500,000 balance) range from 4.99% to 5.43% APY. The top interest rates are only offered to those with a balance of above $20 million.
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Fee type |
Amount |
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Monthly maintenance fee |
$0 |
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Minimum balance |
$0 |
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Overdraft fee |
$0 |
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ATM fees |
$0 |
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ACH transfers |
$0 |
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Transfer fees (for USD transfers) |
$0 |
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Foreign exchange fees |
1% of transaction |
Customer support is available via email or live chat. The live chat is available Monday-Friday, 6am-5pm PST. There is no phone support.
Mercury currently has a rating of 3.9/5 stars based on 732 reviews. Many users praise the lack of fees, seamless integration with other apps, and the clean app layout. However, some users criticize the high balance needed to accrue interest and comment that customer support could be better.
Mercury’s mobile app also has great reviews. With 4.9 stars out of 5 across 149 reviews, users praise its simple layout and great functionality.
You can download Mercury’s app through Google Play or the App Store.
The app can be used to:
Mercury takes your security seriously. Not only does it offer up to $5 million in FDIC protection, but it also offers up to $500K worth of SIPC insurance on treasury accounts. Plus, all deposits are held in federally regulated checking and savings accounts through Mercury’s trusted partners.
Mercury employs world-class fraud engineering and compliance teams to detect and prevent suspicious activity. It uses strong encryption and multi-factor authentication, and is PCI compliant to ensure that your account is secure and your data safe at all times.
Mercury’s application process is easy to complete from a web browser or the mobile app. To qualify for an account, your business must be a resident of:
How to apply for a Mercury account:
The application process should take less than 10 minutes. However, it can take 2-4 days for your application to be approved.
Mercury is a fee-free and digital-friendly solution to your business banking needs. The mobile app is user-friendly and easy to navigate and makes sending payments a breeze. Plus, with FDIC protection of up to $5 million and robust security measures, you can be sure your hard-earned profits are safe.
While its lack of physical branches may be tricky for those who deal in cash, Mercury offers a practical solution through its extensive network of partner ATMs. Although you can’t deposit cash, you can withdraw as much as is necessary. Plus, the mobile app allows for unlimited cheque deposits.
Mercury Demo Incorporated
333 Bush Street, Suite 1900
San Francisco, CA 94104
Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust ®️; Members FDIC. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard. Only debit cards connected to our partner bank Choice Financial Group are eligible for this feature. To find out which partner bank your debit card is connected with, click on the associated checking account.
You acknowledge that you provide User Content at your own risk. Your use of the Deposit Account and Cards is subject to the privacy policies of our Banking Providers. The Services may contain links to third-party materials that are not owned or controlled by Mercury.