Mercury Bank Review

Mercury Bank logo

Mercury Bank

8.0 rating

Bottom Line

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 Android app
  • No sign-up bonus

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 automatically includes both a checking account and a savings account.

There are two tiers of each product, which are based on your total account balance.

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

Mercury Standard

Mercury’s Standard banking product comes with free checking and savings and no minimum balance requirements.

The only fees associated with the account are for outgoing wire transfers, but you can easily send money for free via ACH transfers and checks.

The account comes with a debit card, a searchable transaction history, and intuitive cash flow analytics that highlight where your money is going in real-time.

Unfortunately, Standard savings accounts don’t come with an associated interest rate, so you’ll have to look elsewhere to earn with an APY.

Mercury Tea Room

To enter the Mercury Tea Room, your business bank accounts must have a combined balance of at least $250,000.

Once you cross that threshold, you’ll get all of the features included with Standard, plus free incoming wire transfers, exclusive partner perks, and some free tea (seriously).

Like the Standard option, you won’t pay any monthly fees, and you’ll also be able to take advantage of Mercury Treasury.

This feature is still in beta, but essentially, it invests any extra funds into US government security and money market funds to help your idle cash grow over time.

The investments are all low-risk, and you can earn an estimated return of 0.05% on your reserves without having to pay trading fees or a financial advisor.

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 to 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, right from your smartphone.

The Mercury app is currently only available on iOS, so Android users won’t be able to access it for now.

That said, if the iOS app is any indication, it could be worth the wait for those running Android — the app currently holds an impressive 4.5-star rating in the App Store.

55,000 ATMs

Mercury is part of the Allpoint network, so users can access fee-free cash withdrawals at 55,000+ locations nationwide.

Mercury doesn’t charge out-of-network ATM fees, nor does it reimburse for fees charged by the ATM itself.

Virtual Debit Cards

With Mercury, you can generate up to 50 virtual debit cards through Mastercard, which can be assigned to specific users and sub-accounts. Virtual cards are for specific expenses or to track individual spending within your organization.

Ecommerce 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 Series Tea 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, and the fees that Mercury does have are more than reasonable.

As a Standard account holder, the only charges you are likely to encounter are a $5 outgoing domestic wire fee and a $20 outgoing international wire fee.

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 does not service sole proprietors or trusts. It also does not offer accounts to businesses that focus on certain industries like adult entertainment, cannabis, or internet gambling.

Mercury Bank Promotions

At the time of this writing, the only bonus that Mercury Bank currently offers is for former Azlo customers. Unfortunately, it’s going to be out of reach for the vast majority of people.

If you migrate over from Azlo and deposit $250,000 or more, you’ll get a $500 sign-up bonus.

You can also earn bonus amounts in $50 increments for each $1,000 that you spend on your Mecury debit card, up to a maximum bonus amount of $500.

Otherwise, Mercury doesn’t offer any cash bonus for signing up.

Not to worry, though. Mercury is free for all customers and offers access to a ton of perks, partner rewards, and discounts on software integrations with programs like QuickBooks, Xero, and more.


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
  • Strong, bcrypt algorithm passwords
  • 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 (which may not be available). You can also send a message on Twitter.

The good news is that the online customer support team is very responsive from what we are hearing. 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 a little frustrating — especially if you frequently need to contact your bank and are accustomed to traditional banking practices.

All that said, Mercury’s modern support strategy seems to be paying off. It currently has a high-end rating of 3.9 stars (out of 5) on TrustPilot.

Pros & Cons


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


  • No interest earned on deposits
  • No Android app
  • No sign-up bonus
  • No phone support

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:

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


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 completely 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, a financial institution based out of Memphis, which services 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 these days. 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.