Everyone from independent contractors to scaling startups can benefit from having a strong business banking partner to help manage and protect their financial health. And with the rapid expansion of financial technology (or fintech) featuring platforms and apps that make it seamless to manage business finances beyond just traditional banking services, business owners have more options than ever to consider. Mercury is a popular fintech company that specializes in helping businesses, especially startups and tech-focused companies, streamline their financial workflow with a fully digital banking* solution. In this review, we’ll focus on their business checking accounts, provided through their FDIC-insured partner banks, to help you decide if you can trust Mercury to help safeguard and scale your financial future.
| Highlights |
|---|
| Up to 20X industry standard in FDIC insurance |
| No minimums, monthly maintenance or account opening fees |
| Unlimited 1.5% cashback on all credit spend |
| 100% free USD domestic and international USD-to-USD wires |
About Mercury
Originally founded to make business banking less of a hassle and more helpful for small business owners, Mercury has grown into a leading digital-first business banking platform that caters to startups and tech-focused companies. Their popular business checking account features no monthly or overdraft fees, no minimum balance requirements, free ACH transfers and free domestic wires.
Since Mercury is a fintech company, not a bank, they partner with three FDIC-insured banks, including Choice Financial Group, Column N.A., and Evolve Bank & Trust to handle the behind-the-scenes banking needs. These trusted partner banks and their use of sweep networks make it possible for business checking accounts obtained through Mercury to be FDIC-insured for up to five million dollars.*
In addition to typical banking services, checking and savings accounts through Mercury also come with access to advanced tools like cash flow analytics, invoice management, virtual debit cards, and seamless integrations with invoicing and payment platforms, making Mercury an excellent choice for tech-forward and growth-oriented businesses.
| Pros | Cons |
|---|---|
| No monthly fees or minimum balances on business checking accounts | No cash deposits |
| No overdraft fees | No brick and mortar locations |
| Up to $5M in FDIC insurance* —20 times the industry standard | |
| Free tier for checking and savings accounts | |
| Free USD wires, ACH and check payments | |
| Custom user permissions | |
| Developer API for automated workflows | |
| Robust security protocols and 24/7 monitoring | |
| Virtual cards for easy expense management | |
| Integrations with QuickBooks, Stripe, and other fintech tools | |
| Startup-friendly features like fundraising support and networking | |
| Eligible customers can earn a competitive yield with Mercury Treasury, by Mercury Advisory** |
Key Benefits of Mercury’s Business Checking and Savings Accounts
Mercury is a strong option for any business owner looking for a scalable, digital banking solution that offers a variety of features and services that can be tailored to your specific needs and goals.
Here are just a few top things that make Mercury accounts an ideal solution for small businesses:
- No Hidden Fees: To help startups and business owners minimize operating costs, Mercury offers no monthly or overdraft fees, minimum balances, or account maintenance fees.
- Convenient, Completely Virtual Banking: Mercury is a fully online banking* platform, which means you can handle all your banking needs from your desktop or device without ever having to leave the comfort of your own home. They even have a free mobile app available in the App Store or Google Play.
- Up to $5 Million in FDIC Insurance*—20X the Industry Standard: Through their partnership with regulated banks like Choice Financial Group, Column N.A. and Evolve Bank & Trust; Members FDIC, Mercury customers gain access to a sweep network of trusted banks that provides up to 20 times the industry standard $250,000 limit.
- Investment Options: Eligible Mercury customers can get access to Mercury Treasury,** designed by Mercury Advisory, to provide an intuitive, automated way for startups and fast-growing businesses to put their idle cash to work—without needing a dedicated treasury team. Currently only open to customers with accounts totaling more than $350,000.
- Advanced Tools: Dedicated to helping small businesses succeed, Mercury also offers built-in features to help handle the day-to-day, like cash flow analytics, virtual and physical debit cards, team permissions, and seamless integration with accounting and payment platforms like QuickBooks, Stripe, and PayPal—all from a single dashboard.
- Startup Support Program: Mercury offers unique access to venture capital tools, intros, mentorship opportunities and even fundraising assistance to help startups hit the ground running.
Superior Security and Fraud Monitoring: You can feel confident that your financial workflows are safe and secure with layers of protection, including robust encryption, yearly third party testing, multi-factor authentication, dark web monitoring and more.
Mercury Plans and Pricing
Whether you’re a cash-strapped startup or a business on a budget, perhaps the best perk of using Mercury business banking* is that it is practically free to use. Mercury’s checking and savings accounts gives you the flexibility, security and convenience to customize your settings to best fit your business needs and workflow.
With a Mercury account, you’ll enjoy:
- Up to five million dollars in FDIC insurance* through Mercury’s partner banks’ sweep networks
- Free domestic and USD international wire transfers
- Unlimited bill payments and invoice generation
- Corporate debit and credit cards for customers who meet eligibility requirements
- Reimbursement for up to five employees
- Third-party platform integration, including QuickBooks and Xero
If you find that your business would best benefit from more advanced features and payment workflows, you can upgrade to one of Mercury’s paid plans.
For $35 a month, the Mercury Plus plan includes everything you’d get in the free plan, plus:
- Added invoicing options, including recurring and branded invoices, plus ACH debit ($1/ACH debit transaction)
- Easy reimbursement for up to 20 employees
For quickly growing, larger businesses, the Mercury Pro plan offers a superior level of support and access, including:
- A dedicated relationship manager
- Advanced NetSuite automations
- Reimbursement for up to 250 employees
- ACH debit for $0
Mercury Customer Support
As a digital-first fintech company, Mercury’s customer support is also handled primarily online. Customers can choose to reach out to the company via the Contact Us form or from within their account dashboard. Mercury does offer live support for urgent issues; simply refer to your dashboard or the back of your debit or credit card for the correct customer service phone number to call.
Mercury Mobile App
In addition to an intuitive online dashboard, Mercury customers can take business banking anywhere by downloading the free mobile app available in the App Store and Google Play.
The Mercury mobile app makes it easy to:
- Monitor your balances across all accounts
- Send, receive, and transfer money
- Track all transactions
- View cash flow
- Deposit checks
- Pay recipients with wires, ACH and checks
- Manage your debit and credit cards
How Mercury Compares to the Competition
The modern business banking ecosystem continues to expand to give customers more options and benefits to choose from to fit their unique needs and goals. Here’s a closer look at what makes Mercury stand out:
Mercury vs. Relay
Both fintechs provide a fully digital business banking experience with low- or no-fee checking and no minimal balances. Mercury is better suited for startups and digital-focused businesses with specialized tech features and a streamlined user experience, while Relay caters to businesses who require robust oversight, management, and collaboration among multiple teams. Mercury also provides accounts with FDIC insurance for up to five million dollars* through their partner banks’ use of sweep networks, which is significantly more than Relay’s standard coverage, making it the preferred banking solution for hundreds of thousands of businesses.
Mercury vs. Chase Business Banking
While Chase is a well-established traditional bank with all the services and support you’d expect, Mercury caters to tech-savvy businesses and startups who prefer a fully digital banking* experience and appreciate the intuitive design and advanced technology that comes with it, like virtual cards, customized access controls and third-party platform integration. Chase often charges fees when certain balances or monthly thresholds are not met, but Mercury offers business checking with no maintenance fees or minimum balances required, plus unlimited ACH transfers. Unlike Chase, Mercury doesn’t support cash deposits or in-person banking, but if those aren’t priorities, Mercury provides a streamlined, budget-friendly alternative ideal for startups and small businesses.
The Bottom Line: Why We Love It
Mercury is ideal for startups and tech-centric small businesses who appreciate a fully digital banking experience with an intuitive design, advanced features and no hidden fees or minimums. While not technically a bank, Mercury partners with a trusted group of banks and their networks to provide up to five million dollars in FDIC insurance*, which is 20 times the industry standard. With helpful tools to manage employee spending and cashflow, seamless third-party platform integration, robust security and safety protocols and unique access to startup-friendly funding and expert support, it’s easy to see why more than 200,000 companies already rely on Mercury to help them manage their financial workflows.
FAQs
Mercury is a financial technology (also known as a fintech) company, not a bank, so they are not directly insured by the FDIC. Instead, Mercury partners with trusted federally insured banks, including Choice Financial Group, Column N.A., and Evolve Bank & Trust and their sweep networks, which essentially spreads your deposits across a network of established FDIC-insured banks. By doing this, Mercury’s partner banks are able to extend up to five million dollars of FDIC-insurance*—that’s 20 times the industry standard.
Mercury was founded to help startups simplify their business banking* experience and has now grown to be one of the leading fintech companies preferred by more than 200,000 startups and tech-focused companies. Since Mercury does not have any physical locations or accept cash deposits, it may not be the best fit for some businesses.
Mercury accepts most U.S. companies that are not money services businesses or those involved with certain industries. More details around qualifications can be found on the official Mercury website.
If you’re interested in opening a free business banking account with Mercury, there are a few things you’ll need to submit in order to open your account. Those include:
- Your company’s formation documents (e.g., Articles of Incorporation)
- An IRS-issued EIN document (for U.S. companies only) or an equivalent tax document
- Legal business name, industry, and company description
-
Physical address
- This may be commercial or residential (cannot be a PO box) but needs to be the main location of operations for your business. Further documentation may be needed.
- Source of funds and details about your current or planned U.S.-focused operations
-
An international passport or U.S. government ID for each founder or majority owner of the company
- Additional documentation and information will be needed for each person
For more information regarding the application process and required documentation, you can visit Mercury.com.
*Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are provided through our bank partners Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.
**Mercury Treasury, offered by Mercury Advisory, LLC, an SEC-registered investment adviser, seeks to earn net returns up to 4.27% annually on your idle cash. Net return or yield provided assumes total Mercury deposits of $20M+, is accurate as of 07/14/2025, and is subject to change.
This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Some of the data contained in this message was obtained from sources believed to be accurate but has not been independently verified. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies.
Mercury Treasury is not insured by the FDIC. Funds in Mercury Treasury are not deposits or other obligations of Choice Financial Group, Column N.A., or Evolve Bank & Trust, and are not guaranteed by Choice Financial Group, Column N.A., or Evolve Bank & Trust.
Disclaimer
Mercury
Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®️.
Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser. This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies.
Mercury Treasury is not insured by the FDIC. Funds in Mercury Treasury are not deposits or other obligations of Choice Financial Group or Column N.A., and are not guaranteed by Choice Financial Group or Column N.A.
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