Mercury summary
Pros
- No account fees or minimum deposit
- Virtual debit cards for online purchasing
- API for custom software integrations
Cons
- Customer support by email only
- Only accepts incorporated businesses
Editorial score
Fees?
No fees at all
Security
FDIC insured, SSL/AES encription and supports 2 factor and biometric authentication
Customer service
Limited customer service
Online experience
User friendly site with full online banking capabilities
Mobile experience
App only available on iOS/only Android
Advantages Over Traditional Banks
Mercury does not charge any account fees or require a minimum deposit to open a business checking and savings account. There are also no fees for check or ACH transfers or for receiving a domestic or international wire.
Another advantage to Mercury is that it takes a software-first approach to banking. You get access to Mercury’s API, which enables you to build custom integrations to link your bank accounts to the rest of your business software. Mercury also supports premade integrations for Plaid, Stripe, Gusto, Quickbooks, and eCommerce payment processors like PayPal and Shopify.
Cutting-Edge Banking Services
Mercury has several high-tech features, including the ability to create virtual debit cards for your employees. These cards can easily be used for online purchases and are simple to activate and deactivate from your account dashboard. You also have tight control over users’ access to your online account, and can use Mercury’s API to write custom rules for how employees can use your virtual debit cards.
Mercury also offers a feature known as Mercury Treasury, which enables you to invest money in your savings account in short-term bonds and government securities. You can customize your portfolio to suit your cash flow needs, and Mercury estimates that you can earn interest up to 0.14% APY. You can also set up custom rules to control how money flows between your Treasury portfolio, savings account, and checking account.
Traditional Banking Services
Mercury does not offer any traditional banking services. The company does not have physical locations and does not offer a network of ATMs. Mercury also does not offer business credit cards at this time.
Interest Rates and Fees
Mercury doesn’t charge any account fees and doesn’t require a minimum deposit to open an account. The only fees you could pay with Mercury are a $5 fee for sending a domestic wire and a $20 fee for sending an international wire. These fees are waived if you have a Tea Room account, which requires a $250,000 minimum balance. The Tea Room account also gives you access to Mercury Treasury.
| Minimum Deposit | Account Fees | Transaction Fees | Mercury Treasury | |
|---|---|---|---|---|
| Standard | $0 | None | $5 sending domestic wire $20 sending international wire | No |
| Tea Room | $250,000 | None | None | Yes |
Customer Service
Mercury offers support by email only. The company typically responds to messages within several hours during weekdays and within 24 hours on weekends.
Email: help@mercury.com
Mobile App
Mercury has a mobile app for iOS devices, but not for Android devices at this time. The app enables you to monitor your account balances, track and search your transactions, and create and manage virtual debit cards on the go. You can also deposit paper checks using the mobile app and transfer money between your checking and savings accounts.
Security
Mercury uses encryption on all web pages and stores your account password using the ultra-safe bcrypt algorithm. The company never stores your debit card number in your account dashboard and uses additional encryption for sensitive information like social security numbers. Mercury also requires that you use an authentication app for two-factor authentication instead of SMS, which could be compromised.
All funds you keep with Mercury are stored in FDIC-insured bank accounts.
Summary
Mercury offers high-tech business checking and savings accounts built with startups in mind. This online bank doesn’t require a minimum deposit to open an account and there are no account fees. The bank doesn’t have physical locations or traditional banking services. However, Mercury makes it easy to manage your company’s spending with virtual debit cards, flexible user permissions, and an API for custom integrations. Companies with more than $250,000 in deposits also get access to Mercury Treasury, which offers interest up to 0.14% APY.
Methodology
This review was created based on Mercury’s website and an email to Mercury’s customer support team.
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.
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