Mercury Review for 2025
Choosing the right banking service for your small business is an important step toward effectively managing your company’s finances and separating your business and personal assets.
Mercury is a digital banking service* built for startups and small businesses. Mercury’s digital-first approach offers business owners a seamless banking experience with real-time expense tracking and optimal spend controls. But, is it right for your business?
In this Mercury review for 2025, we outline the pros and cons, product details, and must-know information about Mercury’s business banking services to help you determine if it’s the right fit for your business.
Recommended Service: Open an account with Mercury for banking services built for businesses.
*Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are offered through their 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.
Is Mercury Right for You?
Mercury is a fintech company that offers digital banking services to startups, tech companies, and modern small businesses seeking a more sophisticated banking experience. Mercury combines powerful banking features with intuitive software tools. Specifically, the company offers features like API access, seamless integration with accounting software, and the ability to manage multiple currencies.
While not a bank itself (FDIC-insured partner banks offer banking services to Mercury’s clients), Mercury stands out from competitors by offering a suite of services particularly valuable to growing businesses.
PROS
- No required monthly or annual fees
- No balance minimum requirements for checking accounts
- Unlimited bill payments included with all plans
- Unlimited invoice generation included with all plans
- FDIC-insurance on deposits for up to $5 million through Mercury’s partner banks and their sweep networks*
- Virtual and physical cards
- No overdraft fees
- Enhanced security features
- Access to fundraising tools, such as working capital loans
- Integrations with popular accounting software
- Extensive discounts and partner perks
- User-friendly interface
- Real-time account overviews and monitoring
CONS
- Investment account requires a minimum $450,000 account balance**
- Foreign exchange for international transactions incur a flat fee
- No physical locations or cash deposits
Recommended Service: Mercury empowers startups and small businesses with powerful digital banking tools and zero hidden fees.
Mercury Pricing and Features
Mercury offers digital banking services with included features built to enhance business banking. Mercury customers gain access to expense management features, partner perks and discounts, as well as fundraising resources. With two optional paid plans available for advanced financial workflows and additional features, Mercury offers a mixture of banking services that are relevant to businesses of all types from small businesses to startups.
Mercury Account ($0 per month)
- No hidden or monthly fees
- Free domestic and international US dollar wires
- Virtual and physical debit and corporate credit cards
- Easy-to-use mobile app
- Auto-transfer between accounts
- Payroll automations
- Xero and QuickBooks integrations
- Spend management tools
Mercury Plus Plan ($35 per month)
- All features included with the Mercury account
- Recurring invoicing
- Branded invoices
- Reimbursements for up to 20 users per month
Mercury Pro Plan ($350 per Month)
- All features included in Mercury and Mercury Plus
- Reimbursements for up to 250 users per month
- Integration with NetSuite
- Dedicated relationship manager for optimal customer support
Mercury Business Account Perks
- 1.5% cash back*** on all credit purchases
- Up to a 4.27% yield with Mercury Treasury by Mercury Advisory, LLC**
- $5,000 in Amazon Web Services (AWS) credits
- Up to $200,000 off Google Cloud
- A three-month free trial of Gusto
- A six-month free trial of Notion
- 25% Slack subscriptions
- 30% off QuickBooks Online
- 50% off Namecheap
- One year of GitHub free
- $1,250 off Byteboard
Mercury Security Features
- FDIC insurance (up to $5 million)* through Mercury’s partner banks and their sweep networks
- All accounts are held in the customers name
- Mercury Vault for real-time account overview
- Automated fraud monitoring
- Multi-factor authentication
- Dark web monitoring
- ACH authorization
- User permissions
- Spend controls
- SOC 2 Type II compliance
Schedule of Fees
- Account opening fee: $0
- Minimum balance required: $0
- Monthly charge for subscription services (optional): $35-$350
- Overdraft fee: $0
- Incoming and outgoing ACH transfers: $0
- Domestic wire: $0
- International wire: $0
- Foreign exchange fee for non-USD wires: 1%
- International transaction fee for non-USD credit/debit spend: up to 3%
Are You Eligible for Mercury?
Mercury’s eligibility requirements are relatively accessible with few exceptions, and there’s minimal information required to apply. Once you submit your application, you can expect to learn about whether or not you qualify within five to seven business days.
To open an account with Mercury, small business owners will need to provide the following information:
- Their Social Security number (SSN)
- Information about all owners of the business with a 25% or more ownership stake
- Information about the company’s financial officers
- Government-issued IDs for all co-owners and financial officers
- Employer Identification Number (EIN) verification
- Formation documents
- Deposit and purchase history
Your industry or type of business may also impact eligibility. Mercury does not open accounts for the following businesses:
- Sole proprietorships
- Trusts
- Marijuana or cannabis businesses
- Gambling or online gambling businesses
- Businesses affiliated with the adult entertainment industry
You must have an account with Mercury and meet deposit minimums to become eligible for IO Corporate Charge Card and Mercury Treasury.
*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.
**The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®. To receive cash back, your Mercury accounts must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default.
***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 06/16/2025, 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.
Mercury Alternatives
Novo
Novo is a digital-first business banking platform designed specifically for small businesses and entrepreneurs that offers a free checking account with no minimum balance requirements or monthly fees.
Novo Business Checking Account: $0 per Month
- Free ACH transfers
- Free incoming wires
- Free mailed checks
- No monthly fees
- No minimum balance requirement
- Extensive integration offerings
- Refunds on all ATM fees
Schedule of Fees Summary
- Minimum amount to open: $50
- Minimum balance required: $0
- Annual Percentage Yield: 0%
- Monthly service charge: $0
- Early account closing fee: $0
- Incoming and outgoing ACH transfers: $0
- Incoming domestic wire: $0
- Incoming international wire: $0
PROS
- FDIC-insured up to $250,000
- Partners perks and discounts on popular software and services
- ATM refunds domestically and internationally (up to $7 per month)
- No hidden fees
- Quick and easy application process
- High number of integrations available
- Immediate access to one virtual card
CONS
- Services are only available to US residents
- Some restrictions on industry eligibility
- Some advanced features incur fees
Recommended: Try Novo's business banking services with zero hidden fees.
Relay
Relay is a digital banking platform that offers business checking accounts with unique features like multiple physical and virtual debit cards and the ability to create multiple subaccounts for different business purposes.
Relay offers its users two subscription packages:
Relay Standard: $0 per Month
- No monthly checking account fees
- No minimum balance requirement
- $0 bounced checks
- No ATM fees at 40,000+ AllPoint ATMs
- Great customer service — available 24/7
- Up to 20 no-fee checking accounts
- Up to 50 virtual or physical debit Mastercards
- Payments via ACH, wire, or check
- Ability to invite team members to your Relay account
- Automated spending limits for team members
- Third-party integrations, including Xero and QuickBooks Online
- Mobile app available for iOS and Android devices
- Third-party integrations (e.g., Gusto, Plaid, Yodlee, etc.)
- Online and mobile banking check deposits
- One- to two-day ACH delivery time
- Domestic wires available for $5
- Partner Program
- Client Portal
Relay Pro: $30 per Month
- Automatic importation of bills from QuickBooks Online and Xero
- Ability to view, approve, and pay all bills from a single dashboard
- Ability to set up and automate multi-stage approval workflows for bills
- Ability to pay bills in batches
- Free domestic and international wires
- Free ACH transfers
- Same-day ACH delivery time
Schedule of Fees Summary
- Direct deposits or ACH transfers initiated from an outside financial institution: Limited to $1 million per day
- Wires initiated from an outside financial institution: Limited to $1 million per day
- ACH Transfers: Limited to $100,000 per day
- Wires: Limited to $200,000 per day
- Bill Pay Checks: Limited to $40,000 per day
- Internal Transfers: Limited to $1 million per day
PROS
- Highly rated by verified customers
- Free Relay Demo offered with live Q&A
- Relay Partner Program available to earn referral benefits
- Payment processing available with PayPal, Stripe, and more
- No withdrawal fees
- No overdraft fees
- No account minimums
- FDIC insured up to $250,000 per account
- Scalable accounts and features for growing businesses
CONS
- Not as many integrations and free rewards as other providers
- Relatively high monthly fee for the Relay Pro plan, although this is made up through the no-fee financial transactions
Recommended: Try Relay's digital banking services built for small businesses.
Brex
Brex is another fintech company that offers online banking services. The company’s products are available for venture-backed and high-growth businesses.
Brex offers three packages:
Essentials: $0 per User per Month
- Bill pay tools
- Accounting integrations
- Global card acceptance
- AI-powered custom rules
- Reimbursement features
- Real-time reporting
- Up to two business entities
Premium: $12 per User per Month
- AI-powered compliance audit detection
- Multiple, customizable expense policies
- Advanced approvals
- Multi-entity (domestic and international) support
- Expense management tools
- Customizable enterprise resource planning (ERP) integrations
- Live budgeting tools
Enterprise: Custom Pricing
- Unlimited domestic and international business entities supported
- Local card issuance, reimbursements, and more
- Local language support
- Fully customizable implementation
- Admin center
- Account manager for personalized support
Schedule of Fees Summary
- Domestic ACH: $0
- International ACH: $0
- Checks: $0, sending and receiving
- Domestic wire transfers: $0, incoming and outgoing
- International wire transfers: $0, incoming and outgoing
- Account maintenance fees: None
- New account fees: None
PROS
- Integrations with popular accounting software
- Partner perks worth over $180,000
- Free plan available
- Myriad of valuable features available for global businesses
- Accounting and bill pay automations
- Expense management features included in all packages
- Up to $150 in Google Ads
- FDIC insured up to $250,000 per account
CONS
- Must be in business for six months
- Must be venture-backed to be considered for an account
- Can’t use Brex credit cards to withdraw money from an ATM
- Can’t deposit cash into your Brex account
Recommended: Brex offers top-tier banking services for high-growth businesses.
Frequently Asked Questions
While not a bank itself, Mercury is a legitimate financial technology company that partners with FDIC-insured banks to provide banking services. Your funds are held by Mercury’s partner banks and are FDIC-insured up to $5 million. The company has established itself as a reputable player in the startup and tech business banking space, having processed billions in transactions and served thousands of businesses since its founding in 2017.
The approval process for a Mercury account typically takes five to seven business days, though it can sometimes be faster or slower based on the complexity of your business structure and the completeness of your application. Mercury requires various documents from applicants, including government-issued ID, EIN documentation, and business formation documents, and conducts thorough compliance checks to meet banking regulations.
Yes, the Mercury credit card is a legitimate corporate credit card program. The card is designed specifically for startups and tech companies, offering features like 1.5% cash back on all purchases, virtual cards for team spending, and integration with Mercury’s banking platform. However, it’s important to note that approval for the card is subject to qualification criteria that includes business revenue and cash balance requirements.
Mercury partners with several FDIC-insured banks to provide banking services, including Evolve Bank & Trust and Choice Financial Group. These partnerships allow Mercury to offer FDIC insurance while providing the technology-forward interface and features for which Mercury is known. Each partner bank maintains the regulatory compliance and banking infrastructure while Mercury provides the customer-facing technology platform.
Mercury has no minimum balance requirement to open or maintain an account, which makes it accessible to new businesses and startups.
Yes, you can withdraw money from your Mercury account through various methods: you can use your Mercury debit card at ATMs, initiate ACH transfers to other bank accounts, wire money domestically or internationally, or use your debit card for purchases. Mercury also provides free domestic ACH transfers.