Mercury offers business checking and savings accounts focused on creating smooth operational flows for startups. Here are the details of Mercury’s business bank accounts
Mercury Checking
Mercury’s free business checking account offers very low barriers to entry—no minimums and no monthly maintenance fees. While it doesn’t earn interest, it comes with ample perks, including:
- Free international and domestic wire transfers in USD
- Higher than standard FDIC insurance—up to $5 million using sweep accounts
- Employee debit and credit cards with customizable limits
- Free ACH payments
- Low fees for foreign exchange
- Access to fee-free ATMs using the Allpoint network
- Application programming interface (API) that allows integration with many different software applications
- Customizable dashboard for easy organization of payments, financial data and more
Overall, Mercury’s checking offers endless customization and zero risk of high fees, allowing you to make your accounts your own regardless of your business’s size. Its biggest drawback is its lack of traditional banking features—no cash deposits are accepted and checks cannot be drawn on Mercury checking accounts. Everything must be completed digitally. Mercury checking does not offer an interest-bearing checking account.
Mercury Savings
Although there’s plenty to love about Mercury’s checking account, its savings account is a fairly basic add-on. This perfunctory account comes standard with a checking account but doesn’t offer any of the benefits that come with even the most traditional brick-and-mortar bank accounts, like the ability to earn interest. The current APY is 0.00%, while some of the best business savings accounts earn 4.00% APY or more.
That said, there are no fees listed for the savings account, and users may make as many withdrawals as they wish without penalty.
Mercury Treasury
Clients seeking to earn yields on their extra cash might be most interested in Mercury’s Treasury account, which functions similarly to a cash management account. Treasury is only available to clients with balances over $500,000 and it charges no maintenance fees or transaction fees. Instead, Mercury earns money by keeping a percentage of your Treasury funds invested. The account offers a more competitive interest rate of 4.99% to 5.43% APY. Only clients investing more than $20 million will receive the top interest rate.
This service invests clients’ cash reserves in two low-risk funds by Vanguard and Morgan Stanley and is administered by Apex Clearing Corp. While these funds are not FDIC-insured, Apex Clearing Corp is insured by the Securities Investor Protection Corporation (SIPC) up to $500,000 per investor.
