But finding a business bank account has historically been much more challenging. Most brick-and-mortar banks make it challenging to apply for a business bank account without stepping into a branch. By contrast, Mercury Bank makes business banking cheap and easy.
If you own a corporation (LLC, S-Corp, etc.) you don’t yet have a business bank account, keep reading to learn what Mercury has to offer and how to decide if it's right for you.
- Online business bank accounts with no monthly fees
- Must have articles of incorporation to open an account
- Easy integration with third-party business software
Mercury Bank Details
Up to 0.07%
What Is Mercury Bank?
Mercury Bank is an online bank designed to help small companies (startups) manage their cashflow better. It makes it easy for any company with formation documents and an Employer Identification Number (EIN) to open a business bank account.
Unlike many business bank accounts, the accounts at Mercury Bank are fee-free. Additionally, companies that keep more than $250k in their account can have their spare cash “invested” in extremely low-risk securities such as Treasury Bonds.
Account-holders can make payments using debit cards, wire transfers, ACH transfers, or payroll processing platforms. They can collect money from payment processors (Stripe, PayPal, etc.). The accounts are also designed to link to online accounting software.
What Does It Offer?
Mercury has several points of differentiation that set it apart from other business banking options. Here are four of its most notable features.
Streamlined Application Process
First, Mercury makes it super easy to apply for an account. Founders who have their articles of incorporation and your EIN number from the IRS will be able to complete an online application in minutes.
This simplified account opening is amazing. Many banks make the opening process difficult for small companies that are just trying to get started. Not so with Mercury.
Sure, you’ll need a few government documents to open up the account. But if you’ve taken care of those details, the bank account won’t take long to open.
Mercury makes it easy for a founder to share financial responsibility among team members without turning over the keys to the bank account. It offers virtual cards and variable permissions for employees. Founders can also interact with their accounts via API which makes it easy for finance teams to develop reporting, or for developers to build integrations with apps and more.
The next point of differentiation is the low fees. Mercury Bank only charges for wire transfer fees — $5 for domestic and $20 for international transfers. Everything else, including monthly fees and overdraft fees, are $0. Wire transfer fees are waived for "Tea Room" clients (those with at least $250k+ in deposits).
Tea Room Perks
In addition to the waived wire fees, Tea Room customers can also access "higher yields" through Mercury Treasury, which puts extra cash in U.S. Government securities and money market funds. "Higher yields" is in quotation marks because the maximum yield is still just 0.07%. See our favorite high-yield bank accounts >>>
If you have a Tea Room account, you'll also gain access to "Partner Perks" for things like bookkeeping, servers, and 409As. And, as its name suggests, Mercury will send you some free tea after you join Team Room and periodically thereafter.
Is Mercury A Full-Service Bank?
On its home page, Mercury says that it offers "full-stack bank accounts." But, to be clear, full-stack doesn't mean full-service. Mercury doesn't have any local branches and it isn't able to accept cash deposits.
It should be noted that account holders can make fee-free cash withdrawals at all Allpoint network ATMs. Still, Mercury plainly says on its FAQ page that its product is geared towards tech startups and might not be the best fit for businesses that frequently deal with cash.
While users can keep their deposits at Mercury, it doesn’t typically serve as a lending institution. However, the company did make it possible for account holders to apply for the PPP loans that were part of the COVID-19 emergency stimulus package for businesses.
Up to 0.07%
Up to 0.10%
55,000+ Free ATMs
38,000+ Free ATMs
Is It Worth It?
Mercury makes it easy to get started with low-cost business banking. With minimal fuss, you can quickly be up and running with a legitimate business bank account. This, along with Mercury's online tools and user permissions, could make it a compelling option for business owners.
However, you'll need to look elsewhere if you're wanting to earn a high yield on deposits, would like to get cash back on your debit card transactions, or need a bank account that can accept cash deposits. Compare your business bank account options here >>>
Mercury Bank Features
Checking and savings
Up to 0.07%
Wire Transfer Fee
Waived for Tea Room accounts
Tea Room Account Minimum
None (online-only bank)
55,000+ fee-free ATMs nationwide within the Allpoint ATM network
Customer Service Options
Customer Service Email
Mobile App Availability
1299 (Evolve Bank & Trust)
Mercury Bank Review
- Fees and Charges
- Products and Services
- Customer Service
- Ease of Use
- Tools and Resources
Mercury Bank’s business bank accounts are low-cost, easy to open online, and integrate well with other business tools.
- No monthly fees
- Multiple employee permission levels
- Many third-party platform integrations
- Sole proprietors can’t open accounts
- Customers aren’t able to deposit cash
- No mobile app for Android devices
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.