Mercury Bank Review 2024

Mercury Bank logo

Mercury Bank

8.0 rating

Expert Take

Mercury Bank provides a user-friendly, tech-forward banking platform, catering to entrepreneurs looking to take their business to the next level. With digital tools, customizable interfaces, and no fees to worry about, Mercury takes a modern approach to the traditional world of business banking.


  • Extremely few fees
  • API access
  • Intuitive digital tools
  • Discounts on software integrations


  • No interest earned on deposits
  • No cash deposits
  • Limited customer service hours

Mercury Bank logo

Learn More

at Mercury Bank

Mercury Bank is a fintech company that provides banking services for start-ups and small businesses.

Founded in 2017, Mercury offers digital bank accounts and tools that aim to fortify the next generation of American entrepreneurs.

In this review, you’ll learn about everything that Mercury is doing to achieve that goal.

From modern online banking products to its pricing model, you’ll get a glimpse of everything that Mercury has to offer.

Mercury Bank Products

Mercury’s banking platform includes both a checking account and a savings account.

All Mercury accounts come with API access, virtual cards, team management tools, and third-party software integration.

Checking and Savings

Mercury’s checking and savings accounts feature a streamlined application process, an intuitive banking platform, and minimal fees.

You can manage cash flow, pay vendors, get company cards for your team, and set permissions for company spending.

The accounts come with zero monthly fees or overdraft fees. Account holders can enjoy free domestic and international wires and ACH transfers.

You also get virtual and physical debit and credit cards and can earn 1.5% cashback on all your credit card purchases.

Mercury’s checking and savings accounts are held by its partner banks, Choice Financial Group and Evolve Bank & Trust®. These FDIC-insured banks are part of sweep networks, which allows them to insure your deposits for up to $5 million rather than the standard $250,000.

Mercury doesn’t reimburse ATM fees, which is worth considering if you make a lot of cash withdrawals.

Credit Card

As mentioned above, Mercury’s IO credit card offers 1.5% cashback on all your domestic and international purchases.

Mercury’s Google Workspace integration allows you to easily issue cards to your whole team. Mercury issues metal cards for admins and unlimited virtual cards for team members.

With Mercury’s virtual cards, you can start spending immediately after opening an account, without having to wait for your new card to arrive.

The card has no annual fees and doesn’t require a credit check.

Venture Debt

Venture Debt is Mercury’s lending platform targeted toward startups. Venture Debt touts low interest rates, minimal dilution, and transparent repayment plans.

Mercury lends to a range of venture capital funded businesses across a wide variety of industries at all stages of development.

The fintech charges an origination fee, interest, and a small warrant, but it doesn’t charge prepayment fees, back-end fees, or final payment fees.

You can start out by completing a short questionnaire on Mercury’s website to determine your eligibility for Venture Debt then use the streamlined application to request funding and set your terms.


While you won’tt earn interest on checking and savings deposits with Mercury, you can earn up to 5.42% APY with Treasury.

Treasury funds are invested into portfolios that pose relatively low risk and promise high liquidity.

Funds are invested into the Vanguard Treasury Money Market Fund and the Morgan Stanley Ultra-Short Income Portfolio.

To get started, you can choose between five investment strategies and set up automated cash transfers. You can then manage your investments from the Mercury dashboard.

Mercury Bank Features

Here’s a rundown of Mercury’s best banking features.

Online-Only Banking

Mercury’s platform exists entirely online, so all of your banking is done on or in the mobile banking app.

Through its third-party integrations, you’ll also have access to everything you need to run the financial side of your start-up, from bookkeeping to payroll and invoicing.

Mobile App

The Mercury mobile banking app allows you to send money with ACH or wire transfers, sift through transactions, make mobile check deposits, and more, from your phone.

The Mercury app is available for iOS and Android users and has an average rating of 4.9 in the App Store.

Virtual Debit Cards

With Mercury, you can generate unlimited virtual debit cards through Mastercard, which can be assigned to specific users and sub-accounts. Virtual cards can be used for specific expenses or to track individual spending within your organization.

E-commerce Integration

According to its website, Mercury can link seamlessly with pretty much every US payment processor.

Platforms like Shopify, Amazon, Stripe, and PayPal all sync with your Mercury account, allowing for worry-free connectivity between your business operations and your bank account.

API Access

As a tech-focused company, Mercury gives users the tools to customize its platform based on each start-up’s individual needs.

With API access, you can design your own internal dashboards and customize transaction rules in whatever way works best for your organization.

Start-Up Community

Mercury is a banking option made by Silicon Valley for Silicon Valley.

As a customer, you’ll have access to the community through the Mercury Blog. You can also engage with other successful founders and investors through the Series Tea podcast and get your foot in the door with potential investors through Mercury Raise.

Mercury Bank Fees

Mercury’s pricing model is almost entirely fee-free. All of the usual suspects (monthly fees, balance requirements, overdraft fees, transaction fees, etc.) are absent here.

The only notable fee is a 1% fee on currency exchanges.

Getting Started

To apply for a Mercury account, you’ll need a US company with a federal EIN, and your company’s official formation documents. You’ll also need to provide your Social Security Number and a government-issued ID.

When you’re ready to sign up, just head to the Mercury website, click “Open Account,” and you can get the ball rolling within a few minutes (assuming you have the required information).

Mercury doesn’t perform a credit check when you apply, so there is no need to worry about any impact on your credit score.

It’s important to note that Mercury doesn’t service sole proprietors or trusts. It also doesn’t offer accounts to businesses that focus on adult entertainment, cannabis, or internet gambling.

Mercury Bank Promotions

Mercury Bank is currently offering a $500 sign-up bonus to new customers who spend at least $10,000 on their debit card or credit card within 90 days of opening an account.

Additionally, Mercury offers access to a ton of perks, partner rewards, and discounts on software integrations.

Here are some of the programs you can save on with Mercury:

  • Quickbooks
  • Slack
  • AWS
  • Intercom
  • Adobe Creative Cloud
  • TurboTax


As a tech-driven digital banking solution, Mercury puts online security at the top of its priorities.

Here’s a look at everything that’s in place to ensure that your business’s financials are in good hands:

  • Enhanced browser security
  • Third-party vulnerability testing
  • SOC 2 compliance
  • PCI standards
  • Two-factor authentication
  • Database and image encryption, plus additional encryption for sensitive data

Customer Service

Mercury’s support team, like the rest of the platform, is online-only.

There’s no customer service phone number, so when you need customer support, your options are sending an email or attempting to engage in real-time chat. You can also send a message on Twitter.

The good news is that the online customer support team is very responsive. Also, the Mercury Help Center is full of plenty of helpful FAQs to help you troubleshoot the most common issues.

Depending on the type of business you have, the inability to get someone on the phone when you need a hand with your accounts might be frustrating — especially if you frequently need to contact your bank and are accustomed to traditional banking practices.

Pros & Cons


  • Extremely few fees
  • API Access
  • Intuitive digital tools
  • Discounts on software integrations


  • No interest earned on deposits
  • No cash deposits
  • Limited customer service hours

Alternatives to Mercury Bank

There are plenty of alternatives when it comes to online banking for small business owners. Some of the top fintech companies to check out are:

By looking into each of these competitors’ offerings, you can get a sense of what other growing online business banking companies are bringing to the table.

Otherwise, large national banks like:

While all of these banks provide comprehensive financial services for businesses, these powerhouses won’t match the fee-free model of modern online solutions.

Frequently Asked Questions

Is Mercury a good bank?

Yes, it is. Mercury is a fairly new, uniquely tech-driven banking option for start-ups. Whether or not it’s a good option for your business depends on what you need from a bank account.

If you’re into customization, tech-focused banking products, and growing within the start-up community, then it might be an excellent banking solution for you (and the lack of fees doesn’t hurt).

How does Mercury make money?

Mercury makes money off of your debit card purchases through interchange fees. Basically, when you spend money with your debit card, merchants pay a fee to Mercury. It also earns revenue as a percentage of return on treasury deposits.

Is Mercury FDIC insured?

Yes, all Mercury accounts are FDIC-insured. Mercury partners with Evolve Bank & Trust®, and Choice Financial Group, which service Mercury’s accounts.

Which bank is best for start-ups?

When it comes to online business banking for start-ups, there is no shortage of options. With that said, Mercury is one of the few that is specifically engineered to serve tech-focused start-up companies.

There’s no definitive answer to the “best” solution for every company since each start-up’s financial wants and needs will vary based on size, goals, and priorities. Check out the other options listed in the Alternatives section and figure out which one will be the best fit to partner with your organization.

Is Mercury Bank Right For You?

Mercury provides a user-friendly, tech-forward banking platform, catering to entrepreneurs looking to take their business to the next level.

With digital tools, customizable interfaces, and no fees to worry about, Mercury takes a modern approach to the traditional world of business banking.

That said, with its minimalist approach to customer service and relatively limited banking services, Mercury might not be the best fit for your business.

No matter which banking partner you choose for your start-up, keep in mind that whatever account you go with should work for you and your business first. Here’s to taking that next step.

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