Mercury Bank Review
Mercury banking offers true fee-free banking and access to investors for businesses, particularly for startups with access to a large amount of cash.
Mercury

Total Rating | 4.5 |
---|---|
Rewards & Perks | Excellent |
Pricing & Fees | Excellent |
Eligibility Requirements | Excellent |
Features | Excellent |
Customer Service | Fair |
APY
Up to 2.524%Monthly Fee
$0Business Size
Startups excluding sole proprietorsMercury At A Glance
- Banking stack aimed at startups
- US-based companies eligible with an EIN; sole proprietors and high-risk excluded
- FDIC-insured checking and savings
Pros
- No fees
- No minimum balances
- High APY available
- Access to startup capital
- Corporate card for small businesses
Cons
- Online only
- Large balance is required for high APY
- No cash deposits
- Available only to businesses with EIN
Table of Contents
What Is Mercury Bank?
Mercury is a banking platform aimed at startup companies. With no fees and no minimum balance or cash requirements, Mercury can be affordable, but is it the right banking option for you? This Mercury review will help you decide.
Available only for US-based businesses with an EIN, Mercury offers FDIC-backed checking and savings accounts and, for some customers, access to a high-yield treasury account. And Mercury now offers a corporate card called IO aimed at smaller businesses that may not qualify for other corporate card offers.
Let’s dig deeper into Mercury’s rewards, perks, features, and more to understand better what Mercury can deliver and what type of business it’s best for.
Mercury Bank Rewards & Perks
Mercury recently added a corporate charge card with an automatic 1.5% cashback on all purchases. No personal guarantee or credit check is required, and you can get an unlimited number of physical and virtual cards for your team members. It comes with an unusual benefit: free 2-day shipping from hundreds of online stores, thanks to a service called ShopRunner. To qualify for IO, you’ll need at least $50,000 in a free Mercury checking or savings account.
Mercury also offers numerous perks, including a wealth of discounts and promotional offers from a range of partnerships with business software companies. Since Mercury is aimed at startups, these discounts could come in very handy indeed.
Here’s a sampling of Mercury’s discount categories and offers. IO cardholders unlock a few additional discounts.
- Accounting and Finance: 30% off six months of QuickBooks Online, 25% off Pulley, 50% off Flow, and 20% off six months of Pilot
- Advertising: $500 credit with both AdQuick and Decibel
- Communication: 25 free seats with Loom and one year free with Intercom
- Developer Tools: $1,000 credit with both Mux and Rootly, three free connections with WorkOS, and 50% off Reflect
- eCommerce: 60 days free with Rebuy, $1,000 credit with ShipBob, 15% off any product with AliDropShip
- Hosting: up to $100K credit with AWS and $10K credit with Oracle
- HR: Three free months of Gusto, six months free with Rippling, two months free with Office Together
- Incorporation: $100 credit with Doola, $150 credit with BetterLegal, and 10% off with Firstbase
- Sales and Marketing: 30% off HubSpot, six months free with Zendesk, and $35K credits with Yext
Some Mercury bank customers will have access to a special savings vehicle, Mercury Treasury, that earns a high APY by putting funds into US government securities and money market funds. This fund is ideal for new businesses that might have a large amount of startup cash on hand and need to keep it liquid while ideally earning higher-than-average interest. You’ll need a minimum balance of $250,000 to join, and Mercury will build a custom portfolio based on your startup’s balance and cash flow.
Mercury advertises a current Mercury Treasury rate of up to 2.524% on its Treasury account. That compares favorably to the current national rate of 0.17% APY on savings accounts. However, the standard Mercury savings account that is available to all users comes with a much lower APY. Currently, it’s well below the national average of 0.17%.
Mercury also advertises special rewards it calls “celebrations.” According to the website, when your company hits a major milestone, such as raising a round of funding, launching a special feature, or going public, you can expect Mercury to hear about it and send you gifts in celebration.
Mercury Bank Pricing & Fees
Fee | Cost |
---|---|
Annual Fee | $0 |
Account Fee | $0 |
Global ACH Fee | $0 |
Wire Transfer Fee | $0 |
Foreign Transaction Fee | 0% |
Additional Cards Fee | $0 |
Mercury earns its Excellent rating in the pricing category by charging almost no fees and being transparent about the few fees you might encounter. For starters, Mercury does not charge any monthly or ongoing fees, and you won’t find any minimum balance or other requirements to meet. You won’t run into foreign transaction fees or wire transfer fees with Mercury, either. And while you can enjoy fee-free access to ATMs on the Allpoint network, you won’t be charged fees by Mercury for using your debit card out of network, though the ATM owner may charge you.
You may encounter some fees for specific uncommon transactions, namely mass payments through the Mercury API, treasury management, and currency exchange. If you’re converting foreign currency to US dollars, you will be charged 1% of the USD amount to cover Mercury’s costs through the SWIFT network.
Mercury Bank Eligibility Requirements
Requirement | Eligibility |
---|---|
Business Type | Not available to sole proprietors |
Minimum Annual Income | N/A |
Credit Score | N/A |
Location | US-based |
Personal Guarantee |
Although Mercury banking services are aimed at tech startups, there are no eligibility requirements that would prevent other types of businesses from using Mercury. The main requirement is that the business is US-based, and you’ll need to have an EIN to apply. You will need to share your Social Security number for identification purposes, but you won’t be subject to a credit check. Applications can be submitted online, and Mercury says applications are processed quickly, with a decision typically available in less than five to seven business days.
Unfortunately, Mercury bank is not available to sole proprietors or trusts. Mercury is also unavailable to some businesses classified as high-risk, specifically adult entertainment, marijuana, and internet gambling. Although Mercury limits its services to US-based businesses, you can use Mercury if you live overseas. However, Mercury declines to work with businesses where the owners reside or significantly operate in a number of prohibited countries or regions.
Mercury Bank Features
Feature | Availability | Summary |
---|---|---|
Cards | Physical & virtual Mastercards (debit & credit) | |
Card Controls | User permissions | |
Card Benefits | 1.5% cash back on purchases made with IO corporate card | |
Spend Tracking | Monitor employee spending | |
Bill Payment | One-time and recurring payments | |
Mobile Apps | For iOS & Android |
Mercury delivers the core banking services you’d expect to find in a business bank, with a couple of notable omissions. For one, Mercury does not offer merchant services, though you will find integrations with payment processors, such as Stripe. And you won’t find some traditional credit options, such as loans and lines of credit. However, we are pleased to see that Mercury has added a new corporate credit card, called IO, that comes with a satisfying 1.5% cashback rate on all domestic and international spending.
Additionally, Mercury can connect you with specialized credit aimed at startups, including access to venture capital. This includes an investor database that’s searchable by industry, type, check size, and global location.
It’s important to note that Mercury may not be a good business banking choice for you if your company does significant cash sales, as Mercury does not accommodate cash deposits.
Let’s take a look at the features on offer with Mercury bank:
- Credit Cards: Mercury recently rolled out a corporate card known as IO. Because Mercury does not have high cash-on-hand requirements for users, this card may be an excellent option for businesses that wouldn’t qualify for other corporate cards, such as Brex, that target larger customers. IO delivers a straight 1.5% cashback rate on all domestic and international purchases, with no foreign transaction fees. Cash back is deposited instantly into your Mercury bank account. (You must use Mercury’s banking services to use IO.) Applying will not involve a credit check. Full repayment of your IO balance is required monthly, with a credit limit determined by your Mercury account balance. Mercury does not report to credit bureaus.
- Debit Cards: Mercury accounts include virtual and physical Mastercard debit cards, with employee cards available. You can set custom limits on employee cards and track spending. You will not receive rewards for using the card, with no points or cash back options.
- Mobile App: Visit Google Play or the Apple App Store to download the well-rated Mercury banking app for Android and iOS. These apps let you access your account, manage your team, and access integrations.
- Deposits and Transfers: Add checks to your Mercury account using the mobile app. Add funds via ACH and send money with domestic and international wire transfers. Mercury suggests using a connected third-party service, such as TransferWise, to send international payments. Mercury does not accept cash deposits at this time.
- Startup Tools: Mercury supports startups with Mercury Raise, a pitch opportunity with 500+ investors; Series Tea, a chance to hear expert advice on investing, pitching, and more; and Future of Fintech, where top investors and operators talk about fintech trends.
- Integrations: Mercury is fully integrated with QuickBooks and Xero’s accounting software and will automatically sync transactions. Mercury also works with Stripe, Venmo, and PayPal and can accept Amazon payments. Mercury also uses Plaid to let customers connect their other business bank accounts with Mercury, enabling quick transfers between accounts and making all your financial data accessible on one dashboard.
- ATM Network: You can use your Mercury Mastercard debit card fee-free at any of the 55,000+ Allpoint ATMs located nationwide and internationally.
Like all banks, Mercury takes some time to process transactions. Here’s what you can expect with Mercury:
Incoming Payment Method | Processing Time |
---|---|
ACH | 1-3 days |
International ACH | N/A |
Domestic Wire Transfer | Same day |
International Wire Transfer | 3-9 days |
Check Deposit | 7 days |
Mercury Bank Customer Service
Mercury Support | Availability |
---|---|
Phone Support | |
Email Support | |
Support Tickets | |
Live Chat | |
Dedicated Support Representative | |
Knowledge Base or Help Center | |
Videos & Tutorials | |
Company Blog | |
Social Media |
Mercury banking support options are limited, with the company funneling all queries and support requests through email. There’s no live support via chat or phone, and you cannot submit a support ticket. You can browse an extensive FAQ section and read about 100 articles in the help center on the Mercury bank help center online. Mercury is active on social media sites, including Facebook, Twitter, and YouTube.
Despite the limited support options, some customers seem pleased with Mercury, while others complain that support offerings are lacking and reps are slow to respond. In the next section of this Mercury review, we’ll look at the specifics of what customers complain about and what they praise.
Mercury Bank Reviews
Mercury bank is not accredited by the Better Business Bureau, although the BBB maintains a profile for Mercury with a B- rating. Mercury users have filed 10 BBB complaints against Mercury in the past 12 months and rate the bank just 1/5 stars. However, many negative reviews on the BBB site come from would-be users angry that they were not approved to use Mercury. Additional complaints on the BBB site involve account closures and difficulty accessing funds. Mercury is responsive to these complaints on the site.
On another review site, Trustpilot, Mercury fares significantly better, with 4/5 stars based on 455 user reviews. The Mercury apps are well regarded, with 3.4/5 stars for the Android app (based on 116 reviews) and 4.7/5 stars for the Apple app (based on 791 reviews).
Let’s take a closer look at what actual users highlight in their Mercury bank reviews.
Negative Mercury Bank Reviews & Complaints
- Onboarding takes too long
- Difficult to access customer service
- Lengthy period for deposits to clear
- External transfers can be glitchy
Positive Mercury Bank Reviews
- Fast, responsive customer support
- Core services are complete and function well
- No fees
- Easy to use
Is Mercury Bank Safe?
Mercury bank is safe. Keep in mind that Mercury is a financial technology (fintech) company, not a bank. Banking services are provided by FDIC-insured banks, including Evolve Bank & Trust. Mercury checking and savings accounts are insured through the FDIC to the legal limits.
Mercury protects users’ data with third-party penetration testing, encrypted passwords, two-factor authentication via Authy and Google Authenticator, and a fully encrypted database.
Final Verdict: Is Mercury Bank Worth It?
Mercury Review | |
---|---|
Business Size | No sole proprietors |
Rewards Rate | Up to 2.524% APY available |
Choose If You Need |
|
Mercury bank delivers for its target audience: startups looking for an easy entry into business banking services. Of course, it’s not the only business bank ready to serve new businesses, but some features make Mercury stand out. For one thing, Mercury delivers truly fee-free banking. With no account minimums, no monthly or ongoing fees, and no foreign transaction or ATM fees, most users will be able to bank without any charges. Mercury’s few fees, including treasury management and currency exchange fees, won’t be encountered too often by the typical startup.
So what’s missing with Mercury? We’d like to see some more integrations with eCommerce and POS software to allow customers to tie all their finances together. We’d also like to see a savings vehicle that delivers something close to the national average. Although some Mercury customers with high amounts of cash on hand can easily top that average by investing at least $250K into Mercury’s Treasury account, that won’t be an option for all users. Still, it’s worth noting that while Mercury is open to all kinds of businesses, its target audience is tech startups that just might have that kind of cash, thanks to investors backing their efforts.
Another thing Mercury lacks is access to traditional credit vehicles, such as loans and lines of credit. Although Mercury’s IO corporate card and its database of investors are impressive, the startups Mercury targets probably would appreciate easier access to the credit they need as they develop.
Overall, Mercury hits the target for startups poised for growth. If that sounds like you, Mercury is a safe banking choice. If your small business is looking for a business bank that’s aimed at a more general audience, you might consider another option from our list of the best bank accounts for small businesses.
Finally, if you’re wondering if you need a business bank account, the answer is likely yes. For suggestions that can make it easier to open your first business bank account, check out our helpful step-by-step guide on how to open a business bank account.
Mercury Business Checking & Banking FAQs
Featured Free Corporate Card
Ramp ![]() |
---|
Ramp offers a free corporate card for virtually any business. Start earning rewards with your corporate spending today. Get your free card.
Featured Free Corporate Card
Ramp ![]() |
---|
Ramp offers a free corporate card for virtually any business. Start earning rewards with your corporate spending today. Get your free card.