Mercury

Mercury is the undisputed champion of banking for startups and digital-first companies. It is technically a financial technology company, not a bank, but it offers a banking experience that puts traditional institutions to shame. With $0 monthly fees, free international wires, and a high-yield Treasury account option for idle cash, it is purpose-built for tech companies and e-commerce brands that want to automate their finances and avoid "nickel and dime" fees.

At a Glance

• Account Type: Business Checking (Fintech)
• Monthly Fee: $0
• Minimum Opening Deposit: $0
• Transaction Fees: $0 for domestic wires, international wires (USD), and ACH.
• APY (Interest): 0% on standard checking; Access to Mercury Treasury (up to ~5% yield) for balances over $500k (sometimes lower minimums apply based on offers).
• ATM Access: Fee-free at 55,000+ Allpoint® ATMs.
• Key Feature: Free International Wires & API Access for custom automation.
• Eligibility: Available to U.S.-incorporated businesses (LLCs, C-Corps). Sole Proprietors are generally NOT accepted.

Overview

Mercury is a fintech company designed specifically for the startup ecosystem. It partners with FDIC-insured banks (Choice Financial Group and Evolve Bank & Trust) to hold your money while providing a Silicon Valley-style software layer on top. It is built to scale from "two guys in a garage" to "IPO," offering venture debt and treasury management alongside basic checking.

Features & Benefits

• The "Zero Fee" Promise: Mercury makes money on interchange fees (when you swipe their debit card) and on deposits. They do not charge monthly fees, overdraft fees, wire fees, or minimum balance fees.
• Mercury Treasury: If you have over $500,000 in your account, you can upgrade to Treasury. This service invests your excess cash in ultra-safe government securities to earn yield, automating what usually requires a CFO to manage.
• API Access: Developers can use Mercury's API to build custom internal tools. For example, automatically creating a virtual card for a new employee or reconciling transactions in a custom dashboard.
• Perks: The "Mercury Perks" program offers significant discounts on startup essentials like AWS credits, QuickBooks, HubSpot, and Slack.

Fees & Requirements

• Monthly Fee: $0.
• Wire Fees: $0 (Domestic & International USD). A 1% fee applies only if you want to exchange currency (e.g., send EUR instead of USD).
• Requirements: You must be a U.S. company with an EIN. Founders can be non-resident international citizens, provided the company is incorporated in the US.

Borrower Experience

• Onboarding: Application is 100% online and usually takes 10–20 minutes. Approvals are fast for standard tech/e-commerce businesses.
• Virtual Cards: You can spin up a virtual debit card for specific subscriptions (e.g., "Marketing Ads Card") and set spend limits to prevent overcharges.

Who It’s Best For

• Funded Startups: If you just raised $2 million in VC funding, Mercury Treasury allows you to earn 5% on that cash safely while keeping it liquid.
• E-Commerce Brands: The free wires are crucial for paying overseas suppliers without the $45 fee per transaction.
• Remote Teams: The ability to issue virtual cards to employees and manage permissions remotely makes it ideal for distributed workforces.

Who Should Skip It

• Sole Proprietors: Freelancers and side-hustlers without an LLC usually cannot open an account. Look at Novo or Bluevine instead.
• Cash Businesses: Bars, restaurants, and laundromats need a traditional bank (such as Chase or Wells Fargo) to process cash deposits.
• Paper Check Writers: If you write 50 checks a month to local vendors, the lack of a physical checkbook will be annoying.

Bottom Line

Mercury is the standard-bearer for modern business banking. It treats banking as software, not a utility. If you run a digital business and want to avoid fees while earning yield on your operational cash, there is simply no better option. Just ensure you are incorporated as an LLC or C-Corp before applying.