Looking for a great digital-first bank—but don’t know which to pick? As online banking evolves, Mercury has launched services geared toward startups. But before you commit your business finances to this fintech platform, let’s look into Mercury’s offerings. Whether you’re a startup founder or small business owner, this comprehensive Mercury Bank review will help you determine if their digital-first approach aligns with your business needs.

About Mercury Bank

Mercury Bank is a fintech platform specifically designed for tech startups and small businesses. It was founded to transform the business banking experience. Mercury offers an online banking solution meant to streamline financial operations and eliminate unnecessary fees. 

Its services are geared toward innovators and entrepreneurs, making it particularly well-suited for companies in the technology sector, such as software developers, e-commerce brands and digital service providers. Their efficient financial management tools include automated accounting, payment processing and integrations with popular business software.

Mercury’s business customer base is diverse: they serve U.S.-incorporated businesses, with the exception of sole proprietorships without an EIN and trusts. They also do not serve companies in restricted industries like adult entertainment, cannabis or internet gambling. 

This approach, combined with a user-friendly digital platform and emphasis on community support, makes Mercury a good banking partner for many American businesses.

Mercury Bank Features and Pricing

Mercury Bank offers business checking and savings accounts, credit cards, lending solutions and cash management services, all accompanied by transparent pricing. Here are some of their products, including features and pricing.

Business Checking Accounts

Mercury Bank’s business checking accounts are FDIC-insured, offering up to $5 million in coverage through partner banks. One of the standout features is the absence of monthly fees—this makes it an economical choice for businesses looking to save cash and manage their finances efficiently. Customers benefit from free domestic and international wire transfers. 

The user-friendly platform supports scheduling one-time or recurring ACH and wire transfers, simplifying bill payments with a drag-and-drop interface. Businesses can also control access to their accounts with customizable user-level permissions for employees.

However, it’s important to note that while there are no monthly fees, you may encounter a few fees associated with specific transactions. For instance, there is a $3 fee for outgoing ACH transfers beyond the first five per month, and a $0.50 fee for incoming wire transfers.

Business Savings Accounts

The bank offers high-yield business savings accounts that allow businesses to earn interest on their idle cash. Mercury also provides automatic transfer options, enabling businesses to set up rules for seamless transfers between checking and savings accounts. This is ideal for effective cash management and helps companies build their savings. Better yet, there are no monthly fees for savings accounts, either.

Corporate Credit Cards

Mercury offers the IO Mastercard, which features unlimited 1.5% cashback on all spending. Tailored specifically for startups, this card comes with higher credit limits based on the business’s profile. 

Users can also take advantage of instant virtual cards, allowing team members to start using their cards immediately. Notably, there are no annual fees for the IO Mastercard, making it an attractive choice for growing businesses trying to save money.

Lending Solutions

Mercury Bank offers flexible lending solutions, including venture debt designed for venture-backed companies. This product provides competitive terms for growth financing, allowing businesses to secure the capital they need while minimizing equity dilution. 

Repayment plans are tailored to meet startups’ financial needs. While specific fees vary based on individual agreements, Mercury emphasizes transparent terms to ensure businesses understand their obligations.

Cash Management Solutions

Mercury offers cash management tools designed to help small businesses streamline their financial workflows. This includes the integrated bill payment system, which allows users to pay bills directly from their bank accounts and uses AI technology to auto-populate bill details. Business owners can set up multi-layered approval rules for payments, ensuring instant approvals via mobile or Slack, and preventing overpayments with duplicate bill detection.

These tools also allow users to generate polished invoices in minutes and accept payments through various channels like credit cards, Apple Pay and ACH transfers. The platform also allows for recurring invoices and automated payment matching to invoices. Payroll management is enhanced through dedicated payroll accounts.

There are flexible pricing plans tailored to different business needs. Basic features are free. Advanced features are available through the Mercury Plus and Mercury Pro plans.

Mercury Treasury

With Mercury Treasury, businesses gain access to high liquidity options. This allows you to invest in lower-risk mutual funds while maintaining easy transfers back to your checking accounts. The treasury service offers competitive yields on idle cash, with rates reaching up to 4.85 percent. There are no maintenance fees associated with this service.

Startup Perks and Transparent Pricing

Mercury Bank also offers various startup perks, including exclusive discounts on essential tools and services like AWS and Google Cloud. Their pricing structure includes no overdraft fees and a flat 1 percent foreign exchange fee for international payments. This straightforward approach ensures businesses can navigate their banking needs without the stress of hidden costs.

Mercury Bank Pros and Cons

When considering a banking partner, small business owners need to weigh the advantages and disadvantages. Mercury Bank offers a range of services tailored for startups and small businesses, but it also comes with certain limitations. Here’s a breakdown of the pros and cons to help you decide if Mercury Bank is the right fit for your business.

Pros

  • No monthly fees: Mercury’s business checking and savings accounts come with no monthly maintenance fees, allowing you to cut down on added costs.
  • High-yield savings options: Their high-yield savings accounts provide competitive interest rates.
  • Transparent pricing: Mercury Bank is known for its straightforward pricing structure, with no overdraft fees and low transaction fees for specific services. This transparency makes it easy to create—and stick to—your business budget.
  • Flexible lending: Mercury offers venture debt tailored for startups, providing growth financing with competitive terms. This can be particularly beneficial for businesses looking to expand without diluting their equity.
  • User-friendly digital banking: Their online platform features intuitive navigation, enabling easy management of accounts, scheduling transfers and customizing user access for employees.
  • Cash management features: The included cash management tools can cut down on the time it takes to manage invoicing, payments and more.
  • Startup perks: Access to discounts on essential business tools and services can help reduce operational costs, making it an attractive option for new businesses.

Cons

  • No cash deposit options: Mercury Bank does not offer cash deposit services, which can be a significant drawback for businesses that deal heavily in cash transactions.
  • Lack of paper check options: The absence of paper checks may be inconvenient for businesses that rely on traditional payment methods.
  • Industry limitations: Mercury Bank does not support businesses in certain industries, such as gambling or marijuana. 
  • No sole proprietorships: While Mercury caters primarily to startups, businesses that don’t fit this category—like sole proprietorships—will not be able to open an account.
  • Limited customer support options: Mercury’s customer support is less accessible compared to traditional banks. This can be problematic if you need instant or in-person assistance.
  • Transaction fees: Although there are no monthly fees, certain transactions, like outgoing ACH transfers beyond the first five per month, do incur fees. This could add up for businesses with high transaction volumes.

North One: A Digital-First Solution for Small Businesses

Mercury Bank has a lot to offer—but it’s not suitable for every small business, especially if you’re a sole proprietor. North One is a better digital-first banking solution. While both platforms court the startup and small business crowd, they bring distinctly different offerings to the table.

North One keeps it refreshingly simple with a no-monthly-fee structure on Standard accounts and unlimited transactions. They also offer plenty of software integrations and an all-in-one financial command center, including real-time expense tracking, smart budgeting tools and seamless invoicing. This integrated approach is a game-changer during tax season, helping you stay organized and budget appropriately. Plus, North One’s business-focused customer support team consistently delivers tailored, helpful guidance. Mercury Bank’s support, though reliable, has received more mixed feedback from users.

Neither bank offers physical branches—so if you’re someone who values face-to-face banking, you’ll need to look elsewhere. But for entrepreneurs ready to embrace digital banking, North One’s combination of smart financial tools, straightforward pricing and dedicated support makes it the stronger choice for managing your business finances.

Mercury Bank In Review

Our research for this Mercury Bank review revealed a platform that’s clearly built with tech startups in mind. There are some impressive features, like high-yield savings options, venture debt financing and comprehensive cash management tools. However, its limitations—particularly the exclusion of sole proprietorships and cash-heavy businesses—mean it’s not a one-size-fits-all solution. While Mercury excels in certain areas, alternatives like North One offer more inclusive, straightforward solutions for a broader range of businesses. 

The choice ultimately depends on your business structure, industry and specific banking needs. For tech startups and incorporated businesses comfortable with a fully digital banking experience, Mercury could be an excellent fit. For others, especially sole proprietors, North One might better serve your financial goals.