Banking · Small-Business Checking
Mercury Review
Modern free business banking with up to $5M FDIC — but no cash deposits
Account-freeze warning
Documented pattern of sudden account freezes/closures during compliance reviews (a common fintech risk), and it does not accept cash deposits at all — a hard limitation for cash-handling trades.
Quick verdict
Mercury is best for Registered, online-paid contractors and agencies (ACH/check/card, not cash) who want modern free banking and large FDIC coverage. No cash deposits at all; no branches; a fintech relying on partner banks; documented account-freeze complaints; best perks gated behind $299/mo or large balances; skews to registered LLCs/corps.
Fees & APY
Free tier $0/mo, no minimums, no overdraft fees; free domestic + USD international wires; free QuickBooks/Xero/NetSuite. Paid: Plus $29.90/mo, Pro $299/mo (relationship manager, advanced invoicing)..
- Monthly fee
- $0 (free); Plus $29.90/mo, Pro $299/mo
- APY / yield
- No checking APY; treasury/savings yield available
Affiliate disclosure: affiliate_url stays TBD until the tracking link is confirmed.
About Mercury
Mercury is sleek, genuinely free online business banking with a standout safety feature: a sweep network that spreads deposits across partner banks for up to $5M in FDIC coverage — far above the standard $250K, which matters when a large project deposit lands. It bundles checking, savings, cards, wires, bill pay, and invoicing in one clean dashboard used by 300,000+ businesses, with free QuickBooks/Xero/NetSuite sync even on the free plan.
Two things make it a careful fit for trades. First and biggest: Mercury does not support cash deposits at all — a dealbreaker for any contractor who takes cash. Second, it's a fintech, not a bank (deposits sit at partner banks like Choice, Column, and Evolve), and like other fintechs it has documented sudden account-freeze/closure complaints. It also skews toward registered LLCs/corps and gates its best perks behind $299/mo or large balances. For a registered, paid-by-ACH/check/card contractor or agency that wants modern banking and big FDIC coverage, it's excellent; for a cash-handling shop, look elsewhere.
How it works
Open an account fully online; deposits are held at FDIC-insured partner banks and swept across up to 20 of them for up to $5M coverage. Fund by incoming wire, ACH, or remote check deposit — but not cash. Manage everything (cards, wires, bill pay, invoicing, sub-accounts) from one dashboard, with free accounting integrations. There are no branches.
Pros & cons
What works
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Truly free, no minimums
$0/mo with no minimum balances or overdraft fees — good for lean or seasonal trades cash flow.
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Up to $5M FDIC via sweep
Deposits spread across partner banks for far more coverage than the standard $250K — reassuring for large project deposits.
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Sub-accounts with rules
Create accounts with auto-transfer rules to set aside taxes or per-job funds, a basic Profit First-style workflow.
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Built-in invoicing + bill pay
Bill clients and pay vendors from the same dashboard, with free domestic and USD international wires.
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Free accounting sync
QuickBooks, Xero, and NetSuite integrations are free even on the no-cost plan, keeping books reconciled.
What doesn't
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No cash deposits at all
Mercury explicitly does not support cash deposits — a hard dealbreaker for any contractor who collects cash.
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No physical branches
It's online-only, so there's no teller or in-person help when something goes wrong.
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A fintech, not a bank
Your money sits at partner banks (Choice, Column, Evolve); Mercury itself isn't FDIC-insured as a bank.
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Account-freeze complaints
Like other fintechs, it has documented sudden account-freeze/closure complaints during compliance reviews.
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Best perks gated / LLC-leaning
Skews to registered LLCs/corps, and the strongest features sit behind $299/mo or large balances.
Features & integrations
Key features
Integrations
Frequently asked
Can I deposit cash with Mercury?
No — Mercury does not support cash deposits at all. If your trades business collects any meaningful cash, Mercury is the wrong choice; look at a traditional bank (Chase, BofA, U.S. Bank) or a fintech that supports retail cash deposits (Lili, NorthOne). Mercury suits businesses paid by ACH, check, and card.
Is Mercury a real bank, and is my money safe?
Mercury is a fintech, not a bank — your deposits are held at FDIC-insured partner banks (Choice Financial, Column, Evolve) and swept across many of them for up to $5M in FDIC coverage. The money is insured against bank failure, but FDIC insurance does not protect against a compliance-driven account freeze, which is the main fintech risk to weigh.
Is Mercury free?
Yes — the core plan is $0/mo with no minimum balance or overdraft fees, including free domestic and USD international wires and free QuickBooks/Xero/NetSuite sync. Paid tiers (Plus $29.90/mo, Pro $299/mo) add relationship management and advanced invoicing, but most small trades stay on the free plan.
Is Mercury good for contractors?
It's good for registered contractors and agencies that get paid electronically and want modern, free banking with strong FDIC coverage and accounting sync. It's a poor fit for cash-collecting trades (no cash deposits) and for owners who want a branch to walk into. Match it to how you actually get paid.
Other banking options
Found
Banking built for the self-employed — taxes and bookkeeping included
Novo
Free, integration-friendly small-business checking
Relay
Multi-account business banking built for Profit First cash management
Bluevine
Business checking with high APY plus a line of credit
Lili
Banking + automatic tax set-aside built for 1099 and solo trades
NorthOne
Trades-targeted business checking with Envelopes for taxes and per-job budgeting