Mercury Bank Review

Mercury Bank Review [Online Banking For Startups 2022]

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Mercury Bank Review

Mercury bank supports startup businesses by combining a series of traditional financial assets with tech assets. It was established with the main focus on tech startups, allowing better access to funds, an overview of company finances, and numerous functions to boost efficiency and improve their operations. 

In short, Mercury bank stands out due to its ability to combine FDIC-insured accounts with intuitive dashboards, cashflow analytics, and much more. The next sections discuss its services and functions in-depth and provide an overall review of Mercury bank and its benefits. 

Onto our Mercury bank review!

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What Is Mercury Bank?

Mercury bank is the ultimate solution for startups and small companies in need of banking products and services. The main purpose is to fund and power the new generation of firms by encouraging cash flow and providing plenty of funding opportunities. 

The company is located in San Francisco, California and the website provides a brand story that provides human qualities that make banking with them feel more natural and approachable for businesses and consumers alike. On their website, Mercury Bank’s claim of purpose is to power the following generation of companies that will make an impact on American industries in business. Their website is also transparent in listing their account prices, the perks in being a Tea Room member, and provides links to guides and a brand blog.

Mercury bank offers FDIC-insured checking and savings accounts to such businesses, along with extra perks that cover virtual cards, API access, team management, and many more. Even better, businesses can access these services remotely, so accounts can be opened online in a secure, simple, and straightforward environment. 

Mercury Bank Review

The institution provides steady access to resources that can help businesses create a competitive edge. For instance, it offers cashflow analytics, programmatic payments, and even estimates that can be used for better and more efficient budgeting, planning, and overall decision-making. 

If you want to send money, Mercury bank has one of the simplest processes. All you need is three simple clicks – these payments can be made by ACH, either check or wire. Additionally, the bank stores the history of all transactions and you can access and search it with ease at any time. This shows both where your money went and what money you received, all based on real-time data. 

All of this information is kept private and extremely safe. There are not only full activity logs, but each user has the ability to use 2-factor authentication. If you have employees, you can easily manage what features they have access to and which ones should not be visible. 

How Much Does Mercury Cost?

When you have a startup or small company, the cost is a major factor you need to consider. Fortunately, Mercury seems to know this and provides its clients with a no minimum balance policy, no monthly fees, and no fees related to opening an account. 

Even more, all ACH transfers are completely free of charge. International and domestic wires are free, and all wires are free if you are on the receiving end. 

Mercury Bank Pricing

Standard Accounts

  • Bank Accounts: Free
  • Domestic Wires: Free
  • International Wires: Free
  • Minimum Balance: None

Tea Room Accounts

  • Bank Accounts: Free
  • Domestic Wires: Free
  • International Wires: Free
  • Minimum Balance: 250K+ in deposits

Features and Benefits

As previously mentioned in our Mercury bank review, Mercury is FDIC-insured, which means that any money deposited into a qualifying bank account is insured up to $250,000. Another major benefit is the ease of opening an account – all you need is an EIN, company formation documents, and a passport. Optionally, you may also provide your social security number (SSN). Even better, it takes less than 15 minutes to open your FDIC-insured bank account which also comes with team management, API access, and virtual cards. 

Apart from a highly intuitive platform, Mercury comes with even more benefits for startups. For instance, many business operations nowadays are conducted on-the-go. Save time and replace the brick-and-mortar experience with an internet-based, always available banking service. Mercury has optimized services for your convenience, so you can save time and have all the data you need available at any time. 

As any disruptive tech-based force, Mercury bank focuses extensively on its clients’ security and data privacy. The institution has in place some of the most robust banking security measures, including FDIC insurance, heavy encryption systems on each page, and regular testing on all of its services to make sure your funds are thoroughly protected. 

Another benefit is in terms of cost. Fortunately, Mercury can provide startups with a cost advantage as you can send electronic transfers for free. If your business handles numerous wire transfers, these come at advantageous rates as discussed above. 

Mercury bank understands the intricacies of your business and knows that there are more people involved in the financial health of your firm. As a result, it offers you the opportunity to invite more users to access the business account, such as administrators, bookkeepers, and other financial positions that ease your activity. The main benefit is that they do not have any limit to the number of users you can add, so this is not only cost-free but also extremely flexible and suitable to accommodate any needs. 

  • Ability to switch between different companies instead of having to logout

Mercury Bank Credit Card

Most banks are quite rigid when it comes to generating credit cards; fortunately, Mercury is not one of them. You have the possibility to request a physical Mastercard for each user you added to your bank account and it is compatible with both wireless payments and Apple Pay. Even better, there are no fees for international transactions, so Mercury supports high-growth startups with global potential. 

Virtual Debit Cards

In addition to this, you can generate up to 50 virtual debit cards that can be used for any needs. Each of them comes with individual control features. For instance, if you are an administrator, you can collectively control all the cards, although each card is assigned to a certain user and sub-account. Some of the main options include freezing or unblocking the card, daily transaction limits, or setting PINs. 

Mercury Bank App

Yes, this online banking institution has a mobile phone app, but only for iOS devices. This app is quite versatile and user-friendly, providing plenty of benefits. For instance, you can check your total balance, regardless of how many accounts you have, you can see your cash flow in the past month, manage your debit cards, spending, transfer money between your accounts, check all the company’s transactions, and more. 

Most banks require you to go to the physical bank in order to send or deposit checks. As Mercury is an online banking institution, this option can be done online, too, saving your time. Once you create an account, you will have access to a user-friendly dashboard from where you can conduct all the relevant operations. You can also use this dashboard to send or deposit checks. 

The process is quite straightforward. All you need to do is download the Mercury mobile phone app on your iOS device and take a photo of the deposit checks. Upload it using the app, and then wait for one to three days so that the bank checks and confirms the payment. 

RELATED: Compare And Save On Credit Card Processing Fees.

Is Mercury Bank Safe?

Business safety, just like personal safety, is a crucial matter and cannot be overlooked. This is even more relevant in the case of an online business, such as Mercury. Fortunately, it is backed up by some of the most stringent security measures in the industry. 

First of all, if anything happens to your funds – although extremely unlikely, you are insured for up to $250,000 in a qualifying account. At the same time, each page you access online benefits from strong encryption measures, so your personal data cannot be stolen. 

The bank has a dedicated team that conducts regular penetration tests that simulate a real attack. This allows them to identify any potential weaknesses and address them before anything can happen. 

As Mercury takes security as seriously as possible, there are numerous other safety measures in place. For instance, its website requires HTTPS on every single one of its pages and uses HSTS. In simple words, the bank ensures that each user is connected only over highly secure connections each time they log in. 

Apart from permanent testing for vulnerabilities as discussed above, Mercury stores your password using the bcrypt algorithm. This means that your password is never available as plain text, so it cannot be accessed by anyone. 

When it comes to authentication, Mercury also has cutting-edge methods to ensure your safety. Firstly, they only use a time-based, one-time password that allows you to log in. In addition to this, the authentication codes are never sent via SMS or other similar insecure channels. 

Finally, Mercury never actually stores your debit card number for your safety and all database, uploaded images, and other relevant data are encrypted. Sensitive details, such as SSNs, are protected by further encryption. 

All of these measures make Mercury one of the best choices if you are concerned with your or your firm’s safety. 

Venture Capital

Mercury bank allows startups to apply for seed capital from some of the top investors with Mercury Raise. Mercury Raise doesn’t focus on the strategy for other companies or the programming behind the show; instead, Mercury Raise is aiming to make the fundraising process for startups easier through networking. This program through Mercury bank is a future endeavor that intends to connect startups with the right investors who are the most likely to be interested in the startups presented.

Participants will be scheduled to meet with investors one-on-one in 30-minute intervals, and 50 startups will be accepted into each round of Mercury Raise at a time. After the initial interview process is completed, the investors will review the applications presented to them and will reach out to their chosen startups within three weeks post-interview.

For those who are interested, Mercury Raise operates every quarter, once per quarter. Those eligible do not have to be Mercury Bank clients but are for startups with high potential who have been raising seed. 

Mercury Bank Review Pros & Cons

We look at the Mercury bank pros and cons below.


  • FDIC-insured deposits in qualifying accounts.
  • A savings bank account that provides up to 1-2% earnings.
  • Check payments: Although users can’t deposit cash, they can deposit money from other bank accounts, which is useful for those who prefer to bank mostly or fully online.
  • ACH payments.
  • Up to 50 virtual cards.
  • International and domestic wire transfers.
  • Access to over 55,000 ATMs: Not only can Mercury Bank users access their accounts through many available ATMs, but the ATMs available are also fee-free.
  • Partners with Firstbase. is a platform that provides users with access to financial credit and one of the most powerful start-up networking environments. Having access to such a network makes starting a profitable business increase in likelihood, and having financial backing is a plus when using Mercury Bank.
  • No monthly fees. Going through traditional banking, or other alternatives to Mercury, there are most likely to be fees and requirements for opening the account or to apply for financial funding. Mercury Bank does not have fees, which can be reassuring to start-up companies.


  • Not so suitable for businesses with numerous wire transfers due to costs.
  • Lacks business integrations.
  • Cannot be a part of certain industries: Your business cannot be in money services, adult entertainment, online gambling, or cannabis, which excludes several, large-scale industries. 
  • Low interest rate compared to other accounts: Mercury Bank only offers 0.001% in interest earnings, while the average is 0.60%. While this might be a plus because earning interest through Mercury is not dependent on how much is in your account, it is still a low rate.
  • Sole-proprietors cannot open an account: Unfortunately, this excludes a lot of entrepreneurs and small businesses, as many start off as sole-proprietors in this digital age, with the raise on online startups. 
  • No mobile app for Android devices: Mercury Bank only operates on iOS devices, like Apple, which also excludes potential customers who primarily use Android devices, like Google branded phones.
  • No cashback or cash deposits: Keeping cash on hand is a known trait of those in business, as it is a control method in terms of spending, and not being able to contribute to your Mercury account with cash through an ATM, or being able to pull cash from the account, can be an obstacle for some.

Alternative to Mercury Bank

Mercury Bank vs Azlo

Azlo is another entity that offers online banking accounts for businesses. Its main customer base includes small businesses, sole proprietors, and other startups. It is also FDIC-insured, offers savings and checking accounts, with free unlimited transactions, and no fees for overdrafts. 

When it comes to differences between the two, Mercury offers some free bookkeeping services, such as receiving wires, sending and receiving checks and ACH, and more. In other words, Mercury is one of the main entities that offer free services to clients, but it lacks integrations. 

This is where Azlo stands out compared to Mercury: numerous integration opportunities. Even though Azlo is a free-of-charge service, it offers unlimited invoicing. If your business expands quickly, you can update your Azlo account to pro and receive automated invoices that are integrated into your account. 

As the two companies are fierce rivals, Mercury offers you a $500 bonus if you are an Azlo customer and you deposit $250,000. As a cardholder, you can benefit from up to $500; this is offered in $50 batches every time you spend $1,000 within 500 days. 

Mercury Bank Vs SVB

Mercury Bank vs SVB

SVB, or Silicon Valley Bank, is another company specialized in banking services for tech startups. Actually, to date, it is claimed that SVB venture-backed about half of all tech and life science firms in the United States. Entrepreneurs love SVB due to the proactive help, insightful community, and deep startup knowledge. 

SVB offers quite a different range of benefits to its customers compared to Mercury bank. For instance, the company organizes regular events so that it can connect business owners to customers and even potential investors. SVB currently has a portfolio of global services aimed to fulfill numerous needs and preferences in terms of banking solutions. Regardless of your business size, SVB is known for catering to all needs and guiding business owners on each step of the journey. 

Mercury is not so focused on the helping and guiding aspect. It is more aimed towards startups in need of strong financing solutions. With a focus on user-friendly design and quick operations, Mercury caters to a different audience using approachable methods and an easy-to-use platform. 

Depending on your requirements, either one of these two institutions can cater to your needs, but Mercury might be more open to the general public. If you want a robust financing solution for your company, plenty of functionality, access on the go, and even the possibility to add unlimited users as your business grows, Mercury stands out from the crowd. 

Mercury Bank vs BlueVine

BlueVine offers business checking and loans with no minimum account deposit or monthly service fees. Founded in 2013, BlueVine has become a popular choice for business owners with a focus on small business owners. Unlike Mercury Bank, BlueVine offers a 0.60% interest rate on accounts totaling over $100,000, unlimited transactions, and the ability to make cash deposits. However, BlueVine is only available through 38,000 ATMs, and in order to make a cash deposit, users will need to use a Green Dot retail location, where a small fee of $4.95 will apply each time. 

BlueVine is FDIC insured with an outstanding customer service rating. They are SBA-approved and are available for both iOS and Android users. BlueVine offers a line of credit that reaches of maximum of $250,000, with an interest rate of 4.8%. This banking service also offers Invoice Factoring, which can allow users access to an advance on outstanding invoices of up to $5 million, with rates as low as 0.25%. 

Frequently Asked Questions (Faq)

Our Mercury Bank review answers some of the most commonly asked questions.

Can you open a US bank account from abroad?

Many ask how to open a US business bank account from overseas. Fortunately, Mercury Bank offers business owners the ability to open a US business bank account from abroad. You will need to have a registered US entity before applying.

If you were looking for a platform to help you launch your company from anywhere in the world, you might want to check out Firstbase. For a flat fee you get:

  • US company formation (LLC or C Corp)
  • EIN Tax ID
  • US bank account with Mercury
  • Registered agent
  • US address
  • Free calls with tax and legal experts
  • Post-incorporation documents

Where do I download the Mercury Bank app?

You can download the Mercury Bank app from the Apple App Store.

Mercury Bank Review: Conclusion

It is obvious that Mercury bank is one of the most modern banking institutions available. With a focus on tech startups, they revolutionize the market by fulfilling the expectations of such businesses. Apart from this, everything can be managed online, and both US and non-US businesses can register for an account. If you need plenty of functionality, a user-friendly design, a simple fee structure, and up to 50 virtual cards, Mercury bank may fulfill all of your needs and much more. 

Yet, if you prefer to have a more hybrid experience in being able to interchangeably use cash and credit, then Mercury Bank most likely isn’t the business bank for you. Also, if you strictly use non-iOS devices and are a sole proprietor, then Mercury Bank is simply not a choice that is currently available to you, which isn’t great as it excludes two large groups in the start-up world. 

Overall, however,  Mercury can be a terrific one-stop solution for small businesses and startups. If you have an innovative business, step away from the brick-and-mortar experience and enjoy higher operational efficiency with an online banking system that covers all of your business’s needs, financing, security, and protection of your data.  

Open A Mercury Account

Check out Mercury’s website to see if this bank for startups is a good fit for your needs.


Thanks for reading our Mercury bank review.

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