My Mercury Bank Review & Experience After 4 Years (In-Depth Analysis)

Mercury bank review
Quick summary

Mercury Bank Review


Over the past four years, my experience with Mercury has been transformative. Managing my finances has never been safer and easier with no-fee business checking, virtual cards, a $250 sign-up bonus, free wire transfers, and seamless invoicing. The platform’s powerful tools provide real-time insights, while personalized support ensures I stay on track with my business goals. Mercury has revolutionized my financial management, allowing me to get paid faster without transfer hassles.

  • 10 minutes approval
  • No monthly fees
  • FDIC-insured deposits up to $5 million


  • No cash deposits
  • Only U.S-based businesses
Mercury bank logo

Over the past four years, most of my business finances have been intrinsically tied to Mercury Bank, a banking platform catering to startups and tech-centric companies.

Has it been worth it so far?

How’s my experience with Mercury Bank been?

I discovered Mercury in 2020 (COVID-19 year) in my search for a checking banking solution that caters to one-man businesses and startups of every size. The allure of a banking solution designed for an online marketer operating out of the United States got me started.

I’ve never regretted it.

I’ve come to appreciate the platform’s straightforward approach, with no monthly fees and a seamless application and approval process that didn’t slow down my business momentum.

This Mercury review guide dives into my experience and everything I’ve enjoyed with Mercury.

What is Mercury Bank & How Does It Work?

Mercury bank homepage

Mercury is a digital banking platform designed explicitly for startups and tech-centric businesses. It operates online (but partners with real banks), allowing me to manage my company’s finances remotely.

Their service stands out because of its no-fee approach, which is particularly beneficial for new businesses looking to minimize costs.

Here are some of my favorite features:

  • Fast and easy application & approval process
  • Virtual Cards to sort business expenses
  • No monthly fees, overdraft fees, or ATM fees
  • FDIC-insured
  • Checking and Savings Account
  • Domestic and international transfers in 30+ currencies

I’ll explain more about these features very soon.

Mercury operates like any traditional bank but harnesses online technology to provide streamlined services. When I signed up, the process was quick and hassle-free, something you don’t often get with conventional banks in my city.

I can access my account via the Mercury dashboard to view my balances, transfer funds, and utilize Mercury’s financial services. Its user-friendly dashboard simplifies tracking my startup’s financial activity.

Mercury’s account also integrates well with top accounting, payments, and ecommerce platforms, making it easier for me to connect all aspects of my online business’s finances.

This seamless connectivity fosters efficient financial management and allows me to focus more on growth and less on banking logistics.

But how do you get started with Mercury?

Getting Started with Mercury Bank

Let’s discuss how to set up an account and what to expect regarding account types and business entity requirements.

Account Opening and Eligibility Requirements

When I opened my account with Mercury Bank, the process was digital and efficient. I don’t think much has changed even now.

In my four years as a Mercury Bank user, I’ve come to understand their eligibility criteria quite well. To open an account with Mercury, you need to meet specific requirements.

The primary requirements for opening a business checking account with Mercury are:

  • Your business must be registered/incorporated in the U.S. (I used Northwest)
  • You need an Employer Identification Number (EIN).
  • Your company’s official formation documents
  • A picture of your government ID (e.g., a passport or driver’s license).

Here’s a simplified checklist for your convenience:

Business TypeC-corp, S-corp, LLC, or Partnership.
LocationMust be a US-registered business or have a US business address.
EIN or SSNRequired for identity verification.
Legal DocumentsArticles of Incorporation/Organization or Partnership Agreement.
Personal IDGovernment-issued photo ID
Online Business Verification (optional)Website or online presence.

Unfortunately, Mercury currently cannot open accounts for businesses in the following countries and regions: Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Botswana, Burundi, Cameroon, Central African Republic, Cuba, Democratic Republic of the Congo, Congo, Croatia, Eritrea, Ethiopia, Haiti, Iran, Iraq, Kosovo, Lebanon, Libya, Macao, Mali, Mozambique, Myanmar, Nicaragua, Nigeria, North Korea, Pakistan, Russia, Somalia, South Sudan, Sudan, Syria, Tanzania, Turkey, Ukraine (Kherson, Zaporizhzhia, Donetsk, Luhansk, Crimea), Venezuela, Viet Nam, Western Sahara, Yemen, Zimbabwe.

Mercury requires no opening deposit, simplifying the startup phase for new businesses.

Click the button above to open your account for free.

Understanding the Different Account Types

Mercury Bank offers three main types of accounts:

Mercury Business Checking Account

This is the ONLY account I use on my Mercury.

My favorite benefit of this account type is that it also offers free international and local wire transfers.

The Mercury checking account is ideal for businesses with daily operations because of its minimal fees and digital-first convenience.

Here are other features:

  • Seamless Transactions: Enjoy the luxury of free international and domestic wire transfers in USD. If there are intermediary fees, opt for a flat fee of $15, and Mercury will take care of the rest.
  • Exceptional FDIC Insurance: Benefit from an extraordinary level of FDIC insurance, with coverage up to $5 million through sweep accounts.
  • Empowered Team Members: Issue employee debit and credit cards with customizable limits to align with your business needs.
  • Cost-Effective Money Movement: Make ACH payments at no cost and take advantage of low foreign exchange fees.
  • API Integration: Leverage Mercury’s API for seamless software application integrations, enhancing your operational efficiency.
  • Customized Control: Tailor your financial dashboard to optimize the organization of payments and financial data, giving you control over your monetary landscape.

Mercury Savings Account

Mercury Savings complements its checking account with simplicity and ease.

While it doesn’t offer interest, a departure from some high-yield business savings accounts, it stands out by imposing no fees and allowing unlimited withdrawals. This straightforward account is ideal for businesses prioritizing straightforward savings without additional costs.

Mercury Treasury Account

Mercury Treasury is the ultimate choice for businesses ready to maximize their financial growth. This account caters to balances over $500,000 and boasts a competitive interest rate ranging from 4.95% to 5.39% APY, with the highest rates reserved for investments over $20 million.

Here’s a breakdown of your potential net yield for the Mercury treasury account:

Total Mercury depositsNet yield up to
> $20M5.40%

There are no maintenance or transaction fees—instead, Mercury invests a portion of your funds, ensuring your money is always working for you.

You can read more about the Mercury treasury account type here.

My Favorite Mercury Features

Below are a few of my favorite features I love about Mercury:

1. Fast and Easy Application & Approval Process

My experience with Mercury Bank’s application process has been notably streamlined and user-friendly. When I first applied, Mercury advertised a 10-minute application time, which I found to be a bit optimistic. It took me closer to 30 minutes, but I attribute that to being meticulous with my documentation.

Application Steps I Encountered:

  1. Online form submission
  2. Business documentation upload
    • Articles of Incorporation
    • EIN
  3. Personal identification verification
  4. Final review and approval

Mercury’s entirely online application made it easy for me to undergo the process at my own pace. The step-by-step guide ensured that I didn’t miss any critical details.

Here is a breakdown of the required documents:

  • EIN Number: Essential for U.S. companies (get your EIN here)
  • Articles of Incorporation: To ascertain the legitimacy of my business
  • Government-issued ID: For personal identification

The approval timeframe was impressive, with a decision typically made within 1-2 business days. This efficiency was crucial for me, as it allowed swift access to banking services, pivotal in the foundational days of my business operations.

2. $250 Sign Up Bonus

When I opened my Mercury account, I was intrigued by their sign-up bonus offer. Mercury, designed with startups in mind, promotes a $250 sign-up bonus for new account holders. However, I never met the transaction threshold that qualifies me for the $250 bonus.

The process to qualify for the bonus was straightforward:

  • Sign up for a new Mercury account using a referral link.
  • Deposit/transact up to $10,000 within 90 days after your account approval.

Here’s a condensed breakdown of the steps I followed:

Deposit required amount ($10,000)Ensures eligibility for the bonus.
Open the accountComplete the application with necessary documents.
Deposit required amount ($10,000)This benchmark needs to be met before the bonus can be awarded.
Maintain the depositRequirements may include a waiting period before bonus payout.

Mercury also offers a Referral Program.

You’d become eligible to refer other businesses. Each successful referral who meets the deposit criteria also earns you an additional $250 bonus, extending the benefit beyond the initial incentive.

This means that when you sign up using my link (, both of us will get the bonus when you transact up to $10,000 within the first 90 days.

But I advise reading the latest terms, as promotions may change over time.

3. Business Checking and Savings Account

Over the past four years, my experience with Mercury’s business checking and savings accounts has been remarkable for their consistency and reliability, particularly the checking account.

You get both automatically when you get approved.

4. No monthly fees, overdraft fees, or ATM fees

One of the most significant advantages I’ve found with Mercury is the absence of multiple common banking fees.

Throughout my years of experience using Mercury, I’ve never had to pay a monthly fee to maintain my account. This is a standout aspect as it enables me to manage my finances without worrying about maintaining a minimum balance to waive fees.

ATM Fees: I’ve benefitted from Mercury’s no ATM fee policy. Even though I mainly use the virtual card, it’s reassuring to know that Mercury won’t charge for ATM withdrawals if I ever need cash. While some ATMs may impose their fees, this has been a rare occurrence in my experience.

Overdraft Fees: Mercury’s approach to overdraft fees can provide you with peace of mind. You won’t incur an overdraft fee with Mercury, unlike many traditional banks that can charge upwards of $30 for each overdraft occurrence.

5. Deposits FDIC-insured up to $5 million.

Mercury Bank provides a significant level of security for customers’ deposits.

Typically, FDIC insurance covers only up to $250,000 per depositor, per insured bank, for each account ownership category. Yet, Mercury offers an impressive FDIC insurance of up to $5 million. This is a rare benefit in today’s banking landscape.

Here’s how it works:

  • Spread Across Multiple Banks: Mercury achieves this level of insurance by distributing deposits across a network of FDIC-insured banks.
  • Opt-In Sweeps: If I have over $5 million, I can opt into Mercury’s sweep program, ensuring each dollar is protected within the FDIC’s limits.

6. Smooth Integration with Third-party Applications

When I started using Mercury Bank, one outstanding aspect was its ability to integrate smoothly with third-party applications.

As an entrepreneur, you likely rely on various digital tools to manage your business finances and operations.

Mercury Bank’s open API access becomes a game-changer in this aspect, as it enables you to create tailored dashboards and connect seamlessly with the applications you use daily.

First, the API access feature allows for advanced customizations and workflow automation. You can link your accounting software directly to your Mercury account, ensuring real-time updates and facilitating easier financial reconciliations.

Secondly, it integrates with third-party services like QuickBooks, payment gateways like Stripe, and financial management tools. This support ensures you don’t need to manage your finances on multiple platforms.


The absence of manual data transfer between Mercury and other services reduces the scope for human error, thus enhancing the reliability of your business’s financial data.

7. API Access

When you open your Mercury account, one standout feature you’ll notice is the read-and-write API access that comes standard with every account. The ability to plug into Mercury’s API allows you to customize your financial management.

The API documentation is thorough and straightforward, outlining the necessary steps for integration. For those with programming knowledge, these steps are easy to follow.

The APIs operate with a key system, ensuring access is controlled and secure. You have control over who and what has access to your account, providing peace of mind.

In practical terms, here’s what you can achieve with API access:

  • Automated Payments: Recurring payments are processed automatically.
  • Financial Reporting: Real-time data is fed into your internal dashboards.
  • Transaction History: Downloading and analyzing your transaction data becomes much simpler.

8. Virtual Cards

In my four-year experience with Mercury Bank, one feature that has consistently provided peace of mind is their virtual card.

I currently have two for my business:

My Mercury bank card

You can also create as many cards as possible for your business.

With my virtual cards, I’ve had immediate access to my funds for online payments, something crucial for my business as it grows in a digital age. The process to freeze or replace these cards is swift, ensuring that my business never faces unnecessary downtime due to card issues.

9. Domestic and International Transfers in 30+ Currencies

Mercury has also excelled in international and domestic transfers. They support transfers in over 30 currencies, which has been invaluable in my dealings across borders.

Here’s a quick breakdown:

Domestic Transfers

  • Cost: Free
  • Speed: Typically fast
  • Accessibility: Through the Mercury dashboard

International Wires

  • Supported Currencies: 30+
  • Cost for USD Wires: Free
  • Other Currency Wire Fee: $15, designed to cover the recipient’s transaction fees potentially
  • Accessibility: Integrated into the Mercury dashboard

Mercury’s transfer services have helped me bypass the traditionally high costs of international wires, which can be a substantial burden for a small business. Additionally, their FDIC-insured accounts add a layer of financial security, ensuring my money is protected.

What I Don’t Like About Mercury

Well, while I love Mercury, there are a couple of things I do not appreciate about them.

  • No Cash Deposits:

One notable limitation of Mercury is that it does not provide a means to deposit cash directly into my account. This can be quite challenging, especially for businesses that handle physical cash transactions.

  • Interest Rates:

Mercury’s savings and checking accounts do not offer interest. While this may not be a dealbreaker for everyone, I find the lack of incentive to keep large balances in my Mercury accounts disappointing.

  • Employer Identification Number Requirement:

The requirement that you have an EIN to open an account with Mercury might prove restrictive for some non-US business owners. It excludes sole proprietors who wish to bank but may not have an EIN.

  • No Phone Support:

In my experience, the absence of phone support and chat has been a drawback. When urgent financial issues arise, the inability to speak directly with a representative over the phone can be quite frustrating. But I’ve found their email support to be responsive within 14 hours.

Mercury Bank Pricing, Fees, and Limits

Mercury Bank takes pride in its straightforward pricing structure, which aligns well with bootstrapped and venture-backed businesses.

I’ll categorize the fees/pricing to make things easier for you.

Mercury Banking Pricing

Minimum balance$0
Monthly or overdraft feesNone
Checking & savings accountsFree
FDIC insurance through our partner banks and their sweep networksUp to $5M
Mercury Treasury 
(requires a minimum balance of $500K)Up to 5.40% yield
Debit cardsFree
IO credit cards (requires a minimum balance of $25K)1.5% cashback
Sending & receiving checksFree
Sending & receiving domestic wiresFree
Sending & receiving international wires (USD)Free
Currency exchange1% flat fee
Mercury Banking fees

Mercury Platform Pricing

Partner perks and rewardsFree
Payments API accessFree
Team managementFree
Bookkeeper accessFree
Third-party integrations with Stripe, Slack, and moreFree
Mercury Platform fees

Mercury Financial Workflow Pricing (Starting August 1st)

FeatureCore planPlus planProEnterprise
Monthly priceFree$35$350Contact them
Bank feed importQuickBooks Online, Xero, 
& NetSuiteQuickBooks Online, Xero, 
& NetSuiteQuickBooks Online, Xero, 
& NetSuiteQuickBooks Online, Xero, 
& NetSuite
20 bills/month

(+$2 per add’l bill)
QuickBooks Online & XeroQuickBooks Online & XeroQuickBooks Online, Xero, 
& NetSuiteQuickBooks Online, Xero, 
& NetSuite
Bill pay250 bills/month

(+$1 per add’l bill)
5 bills/month250 bills / month

(+$1 per add’l bill)
Contact them
Approval rulesBasic capabilitiesAdvanced capabilities 
(coming soon)Advanced capabilities 
(coming soon)Advanced capabilities
 (coming soon)
Email bill forwardingYesYesYesYes
250 bills/month

(+$1 per add’l bill)
Duplicate bill detectionYesYesYesYes
Dedicated Relationship ManagerNoNoYesYes
Invoicing (coming soon)NoNoNoNo

For specific transactions, such as batch payments and currency exchange, Mercury may apply certain fees. Still, they provide an array of no-cost options that enhance the value for business owners.

As I gear up for the upcoming changes on August 1st, it’s important to note that while advanced payment workflows will be free to trial until that date, a paid plan will be introduced thereafter, starting at $35/month.

This plan will be optional and geared towards businesses requiring such features for more transactions.

Serious Question: How does Mercury make money?

Although opening a Mercury account is free, they generate revenue through several channels.

For instance, they earn interest on deposits, fees from foreign exchange processing on international wires, and fees from Mercury Treasury and Mercury Venture Debt. They also receive a percentage of the interchange fees that Visa and Mastercard charge merchants when you use your debit or IO credit card.

Finally, Mercury also earns subscription revenue from their financial workflow products and Mercury Personal.

Mercury Customer Experience

In my four years as a Mercury Bank customer, I’ve interacted with their customer service numerous times via email. I’ve witnessed how they handle feedback and the resolution process. So far, they’ve been super helpful and friendly to my problems.

Customer Service and Support Channels

As a Mercury customer, the quality of support significantly enhanced my banking experience. Although there was no phone support, I found email communications efficient and professional.

Mercury does not have physical branches, so these remote channels are crucial for effective customer support.

Feedback and Resolution Process

My experience with their feedback system has been positive. Mercury acknowledged my concerns swiftly when I raised issues, whether it was a technical glitch or a misunderstanding about fees.

For instance, it took less than 2 hours to get help when I encountered an issue with my international wire transfer a few months ago:

Mercury support email

The issue was resolved after following the steps outlined.

Mercury Bank versus Other Alternatives

Mercury Bank’s low fee structure distinguishes it from its competitors. No annual fees, no account fees, and free transactions, like wire transfers, make it a cost-efficient solution.

Competitors like Novo and Bluevine provide similar benefits, but Mercury’s seamless API access provides a more tech-centric banking experience, which is particularly favorable for startups like mine.

Relay Bank, another alternative, offers innovative banking solutions; however, I’ve found Mercury’s interface more intuitive and its features more aligned with my business growth.

While SVB (Silicon Valley Bank) has been a strong player in the startup arena, Mercury appears to cater to a broader set of tech-focused businesses, providing flexibility that I greatly appreciate.

Brex is known for high-spending startups, and while its offerings are robust, Mercury’s straightforward banking services, without the need to earn points or manage rewards, resonate more with my practical approach to financial management.

Moreover, Wise (formerly TransferWise) is an alternative with a focus on international transfers. While Wise offers competitive exchange rates, Mercury’s no-fee approach for incoming international wires gives it an edge for my international business activities.

Choosing Mercury over the alternatives boils down to a combination of low fees, a powerful and developer-friendly API, and an overall user experience that I find indispensable for daily operations.

Final Thoughts – Is Mercury Bank Safe?

When I first signed up for Mercury, the $250 sign-up bonus was an attractive perk, especially since opening an account was straightforward.

Even though I never qualified for the bonus – the fast and easy application was not just marketing fluff; I completed the process quickly without any hitches.

One of the standout features has been the absence of fees. I relish not having monthly, overdraft, or ATM fees to worry about, which is a breath of fresh air compared to traditional banks.

In assessing Mercury Bank’s safety, I have thoroughly considered various factors over the past years of my experience. The institution has consistently demonstrated a strong focus on security, an essential aspect of any online banking platform.

So yes, Mercury is safe. As an online business founder, I have processed six figures on this platform safely and without hassles, and there’s nothing more I could have asked for.

  • Mercury uses industry-standard encryption to secure transactions.
  • They provide added layers of security through two-factor authentication (2FA).

What about regulatory compliance?

I hear you!

Mercury is federally regulated, and its partner banks are FDIC-insured, ensuring that each customer’s account is protected up to $250,000. So?

Worried about investment security?

The interest rates on Treasury funds vary from 4.95% to 5.39% APY, suggesting a stable return. And they are very transparent about how they generate revenue without imposing unnecessary fees.

Frequently Asked Questions

In my four years of using Mercury Bank, I’ve encountered several common questions that clients often ask. I’ll address these inquiries based on my experience and the information I’ve gathered.

Is Mercury Bank legit?

Yes, Mercury Bank is a legitimate online banking platform tailored for startups and tech-focused businesses. It offers no-fee options and robust API access. Mercury Bank partners with FDIC-insured institutions, protecting customers’ deposits.

How long does it take to get approved and reviewed by Mercury Bank?

Typically, approval and review for a Mercury Bank account take 1 to 2 days, though this can vary slightly based on individual circumstances and application volume.

How long do mercury ACH transfers take?

Mercury Bank ACH transfers generally take 1 to 3 business days, depending on the transfer initiation and bank processing times.

What are some of the benefits and features offered by Mercury Bank?

Mercury Bank offers various benefits, including no monthly fees, fee-free transactions, API access, and user-friendly online and mobile platforms. They also provide a $200 bonus upon meeting specific deposit conditions.

How does Mercury Bank compare to similar fintech banking services?

Mercury Bank often stands out for its focus on startups and the tech sector, API options, and no-fee banking experience compared to similar fintech banking services.

Are there any notable disadvantages associated with using Mercury Bank?

Some users have noted disadvantages with Mercury Bank, such as not being accredited with the Better Business Bureau (BBB) and receiving negative customer feedback concerning response times to complaints.

What bank does Mercury use?

Mercury Bank leverages the banking infrastructure of partner banks, such as Evolve Bank and Choice Financial Group, providing the assurance of FDIC insurance on deposits.

How long does it take for a check to be deposited at Mercury Bank?

Check deposits at Mercury Bank can take anywhere from 1 to 7 days to process and clear, which is standard for online banking platforms.

How long does Mercury balance transfer take?

Balance transfers within Mercury Bank typically take 1 to 3 business days, similar to ACH transfer times.

Does Mercury send checks?

Yes, Mercury Bank offers sending checks on behalf of account holders via USPS, which can take 7-10 business days to arrive at their destination.

What is Mercury bank routing number?

The Mercuy bank ABA routing number for their partner bank – Choice Financial Group – is 132456789.

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