Is Mercury safe for banking?

Item: Mercury Business Bank Account
Rating: 4.6

Mercury Business Account: 2025 Review

Our Take

4.6

NerdWallet rating

The bottom line:

Mercury is a no-monthly-fee option aimed at startups and tech-focused businesses. And while its API access stands out among online-first banking platforms, so does its lack of cash deposits.

Full review

Mercury Business Bank Account

Checking

Deposits are FDIC Insured

Monthly fee

Bonus

$300 Requirements to qualify

Learn more

at Mercury, Deposits are FDIC Insured

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Pros & Cons

Pros

No monthly fees or minimum opening deposit.
Unlimited fee-free U.S. dollar transactions; no overdraft fees.
Free domestic and international U.S. dollar wire transfers.
Advanced digital tools including API access to automate and customize your banking.
Unlimited refunds on all domestic ATM fees.

Cons

Can’t deposit cash.
Mercury is not part of a fee-free ATM network.

How does Mercury compare?

Mercury Business Bank Account Deposits are FDIC Insured	Novo Business Checking Deposits are FDIC Insured	Bluevine Business Checking Deposits are FDIC Insured
NerdWallet rating Learn more at Mercury	NerdWallet rating Learn more at Novo	NerdWallet rating Learn more at Bluevine
Monthly fee $0	Monthly fee $0	Monthly fee $0
APY N/A	APY N/A	APY 1.50% With $0 min. balance for APY
Bonus $300 Requirements to qualify	Bonus N/A	Bonus $300 Requirements to qualify

Full Review

Mercury is often a go-to for business accounts for startups. The fintech company — Mercury is not a bank — works with its partners to offer accounts insured by the Federal Deposit Insurance Corp., venture debt funding and other innovative features. For instance, Mercury's read-write application programming interface lets you truly customize your banking.

Mercury's business checking and savings accounts are provided through Evolve Bank & Trust, Choice Financial Group and Column, N.A. Deposits are protected by the FDIC for up to $5 million through those partner banks, which use Insured Cash Sweep networks to distribute funds across multiple financial institutions.

The star rating for this review corresponds to just Mercury’s free business checking account, not the overall platform.

That account has no monthly fees, minimum balance requirements or overdraft fees. It also delivers benefits well beyond the standard fare for many online business accounts. Customers get unlimited virtual debit cards and discounts on popular business tools. There are also no fees on wire transfers in U.S. dollars.

But Mercury has similar pitfalls to some other online options, too. It does not accept cash deposits and relies primarily on email for customer support. And while some online-only options turn their lack of overhead into financial benefits for their customers — like offering a strong APY or cash back on debit purchases — Mercury does not.

Mercury is best for small-business owners who:

Have more than $250,000 in deposits and want a sweep account to increase FDIC insurance coverage.
Frequently send or receive wire transfers.
Want access to venture funding.

Who should consider an alternative to Mercury?

Business owners seeking a traditional bank. Mercury is a technology company, not a bank. Consider American Express business checking if you want an online account directly from an FDIC member.

Companies with smaller bank balances that still want to earn interest. Bluevine business checking customers earn

1.5

% APY on all balances up to and including $250,000 (terms apply).

Mercury banking at a glance

Monthly fee:	$0
Minimum opening deposit requirement:	$0
APY:	Mercury business checking and savings: None. Mercury Treasury: Up to 4.47% APY, as of this writing.
Transactions:	Unlimited.
Bonus:	None.

How to open a Mercury business account

You can apply for a Mercury business account online, provided you run a U.S. company with a federal employer identification number. Don’t live in the United States? You can still open a Mercury account as long as you have existing or planned operations in the U.S., though there are some restrictions on founders living in certain countries. Trusts and businesses that deal with money services, adult entertainment, internet gambling or cannabis cannot open a Mercury bank account.

What you need to open a Mercury account

You need to provide the following information and documentation to open a Mercury business bank account:

Personal details: Date of birth, email, home address, Social Security number and government-issued photo ID (passport or U.S. driver’s license) for the applicant, anyone with 25% or more ownership and any officers who have control over your finances (e.g., a chief financial officer).
Business information: Business name, entity type, physical address and phone number. You also need to indicate your annual revenue, industry and EIN or tax ID.
Required documentation: Business formation documents (varies based on your entity type) and an employer identification number verification from the IRS.

Mercury’s business account application will also ask for details on your target customer, the types of transactions your business makes and links to any professional articles or announcements about your business.

» MORE: What you need to open a business bank account

Once approved, you can fund and open your business account, send payments and manage your transactions and spending. You’ll be able to download the Mercury mobile app, add users to your account and integrate with third-party business tools.

You’ll receive your business debit card within eight to 10 days after your account has been approved, but you can also generate virtual cards from your Mercury online account.

Initial check deposit limits are based upon business verification and your transaction history. Mercury may adjust this limit. Once enabled, you can deposit checks through the Add Funds flow; e-checks are not currently accepted.

Mercury business savings and treasury accounts

Mercury offers a dedicated business savings account. However, it doesn't earn interest — one of the biggest benefits of parking your money in such an account.

Account holders with balances of more than $500,000 can apply for Mercury Treasury instead to get interest on their idle funds. Mercury Treasury is an automated business cash management account that allows you to put extra funds into U.S. government securities and money market funds to earn a higher yield (up to 4.47% as of this writing).

Mercury Treasury is an investment account and does not qualify for FDIC insurance. Instead, funds are insured up to $500,000 by the Securities Investor Protection Corporation (SIPC).

Where Mercury banking stands out

Limited fees: Mercury's business checking account has no monthly fees, no minimum opening deposit requirement and no minimum balance requirement. It also has no overdraft fees, does not charge to send or receive checks and offers free domestic and international wire transfers (a 1% currency exchange fee applies to transfers not in U.S. dollars).

Digital tools: With Mercury, you have access to built-in digital tools that allow you to send and receive online payments, track transactions and cash-flow analytics and monitor spending. Mercury offers the ability to create virtual debit cards, as well as manage your debit card — edit spending limits, freeze your card, add it to your mobile wallet — through its app.

Additionally, Mercury gives you the ability to add as many team members as you want to your account, with two options for user access. You can add users as admins, allowing them to move money, receive a debit card and change permissions, as well as add users as bookkeepers, allowing them to only access your transaction history and statements.

Moreover, Mercury allows you to integrate your account with third-party business tools, such as QuickBooks and Xero.

API access: Mercury includes read-write API access with all accounts. In other words, developers can access its banking software. That's a particularly noteworthy feature for startups and other tech-focused businesses.

With this API access, you can customize and automate your Mercury account by designing internal dashboards, making bulk payments, creating transfer rules, reconciling transactions and more.

Where Mercury banking falls short

No cash deposits: Cash-based businesses will likely want to consider options besides Mercury. Many online business checking accounts support cash deposits. Mercury is not one of them. That said, Mercury does offer reimbursements on all ATM fees worldwide.

If your business deals in cash regularly, consider Relay business checking, which offers cash deposits and withdrawals at compatible Allpoint ATMs. (Relay offers low wire transfer fees, too.)

Low savings rate: Mercury comes with a built-in business savings account, but that account doesn’t earn interest. Mercury Treasury accounts offer a stronger return, with yields of up to 4.47% annually, as of this writing. However, you need at least $500,000 in your account to qualify and more than $20 million to get that highest return.

Live Oak business savings is a more accessible alternative, with a high-yield business savings account that earns

3.50%

APY, with no minimum balance requirement. It also uses sweep networks to offer up to $10 million in FDIC insurance coverage.

Limited phone support: Mercury’s online-first approach extends to its customer service. The fintech company funnels most of its customer support through email and doesn't publish a customer service phone number on its website. But Mercury does offer live phone support Monday through Friday from 6 a.m. to 5:30 p.m. PT — just call the number on the back of your Mercury debit card.

Want around-the-clock support? Consider

American Express® Business Checking

, which offers live customer service, 24/7.

📢 What do small-business owners say about Mercury?

NerdWallet's evaluations focus on data like fees, perks and accessibility. Customer satisfaction is harder to quantify. To understand sentiment broadly, we look at public forums (like Reddit, myFICO and Quora) and review sites (like Trustpilot and the Better Business Bureau). People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. However, NerdWallet does contact providers regarding negative feedback that we consistently observe.

Mercury’s banking interface and app receive praise from commenters. The overall platform, as well as features like API access and auto-transfers, are noted as intuitive and easy to use. The wire transfers are also pointed to as a major plus.

Check deposits, on the other hand, are repeatedly called out for delays. While a Mercury spokesperson said the majority of checks clear in two days, this process can last longer depending on a check's characteristics, like where it's coming from. Multiple commenters report deposits taking a week or longer to post.

Commenters also lament customer service being largely email only. They say that communication around issues like account closures and freezes can be vague, with drawn-out resolutions as a result. A Mercury spokesperson says the length of such investigations can vary as the company focuses on following regulatory compliance and anti-fraud procedures.

In NerdWallet's experience, these types of online complaints are not atypical for business accounts. They may be more pronounced for neobanks like Mercury, which lack physical branches (eliminating a way to get in-person assistance) and work with partner institutions for banking services. We recommend business owners understand what a neobank is before opting to use one for their company's operations.

» Read more about Mercury: Trustpilot | BBB | Reddit