Banking · Small-Business Checking
Mercury Review
Online business banking with no monthly fee and up to $5M FDIC coverage via sweep, but no cash deposits
Reputation warning
Mercury's BBB profile lists 151 complaints closed in the last three years, and Mercury is not BBB accredited. Its partner bank's deposit agreement allows freezes and holds during investigations and account closure at any time, so keep a backup account.
Quick verdict
Mercury is best for US-registered contractors and agencies paid by ACH, check, wire or card (not cash) who want online banking with no monthly fee and large FDIC coverage. No cash deposits; no branches; a fintech relying on partner banks while its own bank charter awaits final approval; partner-bank terms allow holds, freezes and closures; recurring and ACH-debit invoicing need a paid plan.
Fees & APY
Mercury (free plan) $0/mo: Mercury says there are no minimum balance requirements, overdraft fees, required monthly fees or account opening fees. ACH and domestic wires are free to send and receive; international USD wires are free, or a flat $15 if you choose to cover the fees (OUR); non-USD wires carry a 1% conversion fee. QuickBooks and Xero enriched automations are free on every plan. Paid plans: Mercury Plus $29.90/mo (recurring invoices, ACH-debit invoicing at $1 per transaction) and Mercury Pro $299/mo (ACH-debit invoicing at $0, relationship manager), both lower when billed annually; enriched NetSuite automations need a paid plan.
- Monthly fee
- $0 (free plan); Plus $29.90/mo, Pro $299/mo
- APY / yield
- No APY shown for business checking or savings; Mercury Treasury (money-market funds, not FDIC-insured) requires $250,000+ in Mercury balances
Affiliate disclosure: The link to Mercury on this page goes to its own site and is not an affiliate link.
About Mercury
Mercury is online business banking from Mercury Technologies, a San Francisco fintech founded in 2017 that says more than 300,000 entrepreneurs use it. The free plan has no monthly fee, no minimum balance and no overdraft fees, and includes checking and savings accounts, debit cards, free ACH and domestic wires, free international USD wires, bill pay, basic invoicing and free QuickBooks and Xero automations. Mercury says deposits are FDIC-insured up to $5M through its partner banks' sweep networks, which spread money across up to 20 banks, well above the standard $250,000 per bank.
Mercury is a fintech, not a bank. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC. In April 2026 the OCC gave Mercury conditional approval to form its own national bank, Mercury Bank, N.A., to be headquartered in Utah; it still needs final OCC approval plus FDIC and Federal Reserve approvals, and Mercury said accounts stay with its partner banks in the meantime.
The biggest limit for trades is cash: Mercury's FAQ says it does not support cash deposits, and the partner bank's deposit agreement says it does not accept cash. You fund the account by ACH, wire or remote check deposit through the dashboard. There are no branches, and Mercury says customers must be formed and registered in the United States or a US territory.
The trade-off: Mercury gives an electronically paid contractor free banking, free wires, accounting sync and large FDIC coverage, but a business that collects cash needs a second account somewhere that takes it.
How it works
Apply online; there are no branches. Mercury says customers must be formed and registered in the United States or a US territory. Deposits are held at partner banks (Choice Financial Group and Column N.A.) and swept across up to 20 banks for up to $5M in FDIC coverage. Fund the account by ACH, incoming wire or remote check deposit in the dashboard; cash deposits are not supported. From one dashboard you manage debit cards, ACH and wires, bill pay, invoicing, multiple accounts and auto-transfer rules, with QuickBooks and Xero automations included on the free plan.
Pros & cons
What works
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No monthly fee or minimum
Mercury says its business banking has no minimum balance requirements, overdraft fees, required monthly fees or account opening fees.
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Up to $5M FDIC via sweep
Mercury says partner-bank sweep networks spread deposits across up to 20 banks for up to $5M in FDIC coverage, useful when a large project deposit lands.
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Free wires and ACH
ACH and domestic wires are free to send and receive, and international USD wires are free unless you choose to cover the fees ($15 flat).
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Auto-transfer rules
Mercury offers scheduled payments and auto-transfer rules, so you can move money into separate accounts for taxes or upcoming jobs automatically.
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Free accounting sync
QuickBooks and Xero enriched automations are free on every plan; bank-feed import to NetSuite is free, with enriched NetSuite automations on a paid plan.
What doesn't
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No cash deposits
Mercury's FAQ says it does not support cash deposits, a dealbreaker for a contractor who collects cash.
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No branches
It is online-only, so there is no teller or in-person help when something goes wrong.
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A fintech, not a bank (for now)
Mercury itself is not an FDIC-insured bank; its own national bank has only conditional OCC approval and still needs final OCC, FDIC and Federal Reserve approvals.
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Account holds and closures possible
The partner bank's deposit agreement lets it freeze or hold funds while it investigates suspected irregular activity and close an account at any time.
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Some features cost extra
Recurring and ACH-debit invoicing need Plus ($29.90/mo) or Pro ($299/mo), and non-USD wires carry a 1% conversion fee.
Features & integrations
Key features
Integrations
Frequently asked
Can I deposit cash with Mercury?
No. Mercury's FAQ says it does not currently support cash deposits, and its partner bank's deposit agreement says it does not accept cash. You can fund the account by ACH, wire or remote check deposit. If your business collects meaningful cash, pair Mercury with a bank that takes cash deposits or choose a different account.
Is Mercury a real bank, and is my money safe?
Mercury is a fintech, not a bank. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC, and Mercury says their sweep networks give up to $5M in FDIC coverage across up to 20 banks. In April 2026 Mercury received conditional OCC approval to form Mercury Bank, N.A., but it still needs final OCC, FDIC and Federal Reserve approvals. FDIC insurance covers bank failure, not an account hold or closure.
Is Mercury free?
The base Mercury plan is $0/mo with no minimum balance, overdraft fees or opening fees, and it includes free ACH, domestic wires and international USD wires plus free QuickBooks and Xero automations. Mercury Plus ($29.90/mo) adds recurring invoices and ACH-debit invoicing at $1 per transaction; Mercury Pro ($299/mo) makes ACH-debit invoicing free and adds a relationship manager. Non-USD wires carry a 1% conversion fee.
Is Mercury good for contractors?
It fits US-registered contractors and agencies that get paid electronically and want online banking with no monthly fee, strong FDIC coverage and accounting sync. It does not fit trades that deposit cash or want a branch to walk into. Match it to how you actually get paid.
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