We receive advertising fees from the companies listed in the chart below, which affect rankings

Mercury Review

Mercury Review

Navigate

About Mercury

Account Basics

Services and Products offered

Quick Access

Fees

Mercury Vs Traditional Banks

Aditi Patel

Top Online Banking Services Editor

Pros

No ATM fees, monthly fees or overdraft fees
Integrates smoothly with most third-party apps
Offers up to $5million FDIC insurance
Allows free wire transfers

Cons

Accepts only incorporated businesses
Restricted customer support through email to only new members

About Mercury

Mercury stands out as a digital bank catering to startups and expanding businesses, providing advanced business checking as well as savings accounts. Noteworthy for its fee-free structure and absence of minimum deposit requirements, Mercury allows users to obtain physical debit cards or computer-generated cards for their team. An additional feature is the API integration, facilitating a seamless connection between your bank account and other essential business software tools. Mercury’s focus on modern solutions makes it an appealing choice for businesses seeking convenience and flexibility in their financial operations.

Account Basics

Mercury presents business checking as well as savings accounts designed to streamline operational processes for startups. Read an overview of Mercury’s business banking offerings:

Mercury Bank – Checking

Mercury’s complimentary professional checking account ensures easy entry with no minimum balance requirements or monthly account maintenance fees. Although it doesn’t accrue interest, the account provides several valuable benefits, such as:

Free domestic and international wire transfers (USD)
Up to $5million FDIC insurance
Customizable limits for employee credit and debit cards
Comparatively less foreign exchange fees
Free access to Allpoint network ATMs
API (Application Programming Interface) that integrates with a wide variety of applications
Free ACH expenses
Easy and customizable dashboard that allow quick organization of financial data, payments, etc.

In essence, Mercury’s checking account provides limitless customization without the worry of substantial fees, catering to businesses of all sizes. However, it does have limitations, as conventional banking features like cash deposits and check-writing capabilities are not supported. All transactions must be conducted digitally, and the checking account doesn’t accrue interest.

Mercury Bank – Savings

While Mercury’s checking account has its merits, the savings account is rather straightforward and lacks the perks commonly found in a basic brick-and-mortar banks, such as earning interest. With a 0.00% APY, it falls short compared to the competitive rates offered by a few of the finest business/professional savings accounts, which can go up to 4.00% APY/more. On a positive note, there are not any specified fees for these savings account, moreover users can make unlimited withdrawals without incurring penalties.

Mercury Bank – Treasury

For clients looking for maximizing returns on surplus funds, the Mercury Treasury account serves as a money management solution. Available exclusively to customers with an amount exceeding $500,000, this account boasts no maintenance or any additional transaction fees. In its place, Mercury generates revenue by retaining a fraction of the invested Treasury funds. Offering a modest interest rate ranging between 4.99% and 5.43% APY, the account provides a more substantial return. However, the highest interest rate is reserved for clients investing over $20 million. While the invested assets are not insured by FDIC, the account administrator, Apex Clearing Corp is insured by the SIPC (Securities Investor Protection Corporation) equal to $500,000 for each investor.

What Do People Say About Mercury?

For non-US residents like me with a business entity in the states, this is hands down the best online bank. The support is lightning fast. Recently, my business faced some tough times with cash flow, and these folks not only understood but also hooked me up with funding through one of their partners. It just doesn’t get much better than this!

Daniel Taylor – Mercury

Tucson, Arizona

I had an awesome experience with their customer support! Initially, my account opening got denied, but after some back-and-forth and a bit of digging, they managed to reopen it for me. Their support team was super helpful, sorting things out in less than 24 hours. Much appreciated!

Paul Martinez – Mercury

Orlando, Florida

Services and Products offered

Mercury extends its services to include a business credit card- IO Mastercard. This credit card comes with noteworthy advantages, including no yearly fee and no requirement for a credit background check. Among its key benefits is the capability to make 1.5% returns on all buys. The card provides boundless computer-generated cards, a durable real metal card, and a comprehensive dashboard for efficient spending management and control settings on employee/member cards. Additionally, for startups with fundraising aspirations, Mercury offers project debt funding as part of its suite of financial solutions.

Quick Access

Mercury, being a digital-first platform, stands out in delivering smooth and adaptable user interfaces. Clients benefit from an online control panel providing a comprehensive view of checking plus savings accounts, outgoing payments, capital, employee cards, etc. The user-friendly mobile apps, available on both iOS as well as Android platforms, empower customers to execute various tasks. These include making payments, sending, receiving, and transferring money, as well as digitizing receipts for streamlined bookkeeping processes. The intuitive design ensures a seamless and efficient user experience.

Fees

Mercury distinguishes itself through its fee-free structure, encompassing no regular monthly fees, wire fees, ATM fees or overdraft fees. It’s essential to note a 1% charge for cash exchange in the case of foreign transactions. While Mercury emphasizes a fee-free approach, certain advanced features might incur associated fees. Examples include mass payments, elective superior processing on universal transactions, facilitated through the Mercury API, and the management of Treasury accounts. Clients should be aware of potential charges related to specific advanced functionalities.

Mercury Vs Traditional Banks

Mercury sets itself apart by offering business checking alongwith savings accounts without any account fees or mandatory minimum deposits. Additionally, there are absolutely no charges for check or ACH transfers, and receiving domestic or USD international wires is fee-free. Embracing a software-first philosophy, Mercury provides access to its API, empowering users to create custom integrations connecting their bank accounts with other business software. The platform also supports ready-made integrations with key services such as Plaid, Stripe, Gusto, Quickbooks, and popular eCommerce payment processors like PayPal and Shopify.

Security

Mercury prioritizes the security of your information through robust measures. All web pages are encrypted, and account passwords are securely stored using the bcrypt algorithm. Debit card numbers are not stored in the account dashboard, and additional encryption safeguards sensitive data like social security numbers. For enhanced security, Mercury mandates the use of an authentication app for two-factor authentication, a more secure alternative to SMS-based authentication that reduces the risk of compromise. Your safety and the protection of your sensitive data are key considerations in Mercury’s approach to security.

Customer Services

To contact Mercury, new members can initiate communication via email at help@mercury.com. The company is prompt in responding to emails, typically within several hours on weekdays and within 24 hours on weekends. Additionally, members have the option to engage in real-time chat with the Mercury team from Monday to Friday, between 6 am and 5 pm PT.

Bottomline

Mercury Bank is a fintech firm providing tailored online-banking facilities, particularly beneficial for startups, particularly those in the tech sector. With features such as no account min. limits, wire fees, ATM fees, or maintenance fees, at over 55,000 Allpoint ATMs, Mercury Bank’s checking as well as savings accounts propose adaptable and accessible solutions for businesses of varying sizes.

While the Mercury Savings Account does not yield any interest (0.00% APY), clients maintaining high balances have the option to apply for the interest-bearing Mercury Treasury Account. Additionally, Mercury employs sweep networks of banks to enhance protection, offering potential FDIC insurance coverage of up to $5 million. This makes Mercury a compelling choice for startups with substantial capital.

Mercury

View Rates

Bluevine

Relay

Found

Novo

Grasshopper

Photo-of-cheerful-loving-young-couple-using-laptop-and-analyzing-their-finances-with-documents.-Look-at-papers.

Earn More Money by Keeping It in a Savings Account

Helpful-young-adult-son-helping-aiding-his-old-senior-elderly-father-in-using-laptop.

Here’s What You Need to Do to Make Sure You Get Good Rates for Your CDs

Close-up-smiling-man-and-woman-hugging-using-smartphone-sitting-on-couch-in-living-room.

How to Find the Right Online Bank

TopOnlineBankingServices.com is a free online platform designed to help users with the process of choosing the services or products that meets their needs by providing helpful reviews, articles and comparison based content. We receive compensation from the various brands we review, compare and rank on the website. TopOnlineBankingServices.com is not a lender, broker or financial institute, nor a party to any engagement related to financial products or transaction. All rates, fees and offers’ terms presented herein are provided by the third party brands we engage with, which may include lenders, brokers and aggregators. We do not make any decision regarding such rates, fees, terms and eligibility or approval of a financial offer. The actual offer you will receive is subject to its provider’s sole discretion including credit score, minimum deposit, minimum balance, requested loan amount, loan term, etc. and there is no guarantee you will qualify for the rates, fees, or terms presented herein. The content herein is not, and shall not be taken as an endorsement, recommendation or solicitation to borrow or obtain any financial service. We encourage you to carefully review the actual offer’s terms you receive from the provider, including all associated fees and costs. Filing for bankruptcy shall not exempt from repayment obligations.

The offers on our page do not represent all account options available.
*APY (Annual Percentage Yield).
Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the financial institution for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.

Upgrade Disclosures:

Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information.
There are no overdraft fees or annual fees. Optional out-of-network ATM withdrawals are subject to a fee of $2.50, plus any third-party fees. Debit card transactions with merchants outside the U.S. or in a foreign currency are subject to a 3% fee. Outbound domestic wire transfers are subject to a fee of $20 after your first fee-free transfer per calendar month. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade Visa® Debit Card Agreement and Disclosures for more information.
Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards and more. See the Active Account page for more information.

SoFi Disclosures:

Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Fee Policy
Our account fee policy is subject to change at any time.
Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s
regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program.
See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM,
however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled
payment date, but may vary.
Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation
Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period
of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting
either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft
Coverage.

^{*CIT BANK}Promotion Disclosures

This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on February 26, 2025 and can end at any time without notice.

Customers will receive a $225 or a $300 bonus provided that the program requirements are met:

New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:

Offer Requirements

New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.
New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.
The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.

CIT Bank Customers Prior to the Promotion: Offer valid for a Primary account owner of an existing or newly opened Platinum Savings account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:

Offer Requirements

Current customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the promotion using Promo Code PS2025 or open a new Platinum Savings account via the enrollment web page using Promo Code PS2025. After opening or enrolling the account deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into their enrolled Platinum Savings account within 30 calendar days (the “Funding Period”) from the date they enrolled or opened the account. All funds deposited to qualify for the bonus must be new funds from a source outside CIT Bank. Funds already on deposit with CIT Bank are ineligible.
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account with a valid Promo Code PS2025 which appears on the enrollment web page for the Platinum Savings Account Bonus Promotion and deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the account within the first 30 calendar days following account opening (the “Funding Period”). All funds deposited to qualify for bonus eligibility must be new funds from a source outside of CIT Bank. Funds already on deposit with CIT Bank are ineligible.
Customers who are not the Primary account owner on a Platinum Savings account may be eligible to earn a $225 or $300 bonus by opening a new Platinum Savings account as a Primary account owner with a valid Promo Code PS2025 which appears on the enrollment web page for the Platinum Savings Account Bonus Promotion, and depositing at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus to the account within the first 30 calendar days following account opening (the “Funding Period”). The minimum $25,000 or $50,000 used to fund the account must come from a funding source outside of CIT Bank. Funds already on deposit with CIT Bank are ineligible. Transfers from existing CIT Bank accounts will not qualify.
CIT Bank will deposit the qualifying bonus into the customer’s enrolled account within 60-days following the 30-day funding period.
The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.

There is a limit of one Platinum Savings promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.

Custodial accounts and Trust Accounts are not eligible.

This offer is non-transferable.

IMPORTANT: All customers who qualify for the $225 or $300 bonus offer will receive the bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding period.

Example and key dates for the Platinum Savings promotion

Below is an illustration of the promotion requirements and key dates. Individual results may vary based on the date of account opening.

A customer who opens a Platinum Savings account with the promotional code, “PS2025,” on February 26, 2025, funds it with a minimum of $25,000 or $50,000 by March 26, 2025, and satisfies the additional requirements specified above can expect to receive the qualifying bonus no later than May 26, 2025. Below are the key dates and deadlines in this example:


Key dates and deadlines	Details
2/28/2025	The Platinum Savings account is opened by a customer who uses promotion code PS2025.
2/28/2025 – 3/29/2025	The account is fully funded with a minimum of $25,000 or $50,000 via deposit(s) from an external account(s). This represents the 30-day Funding Period.
5/28/2025	The qualified account will be credited the $225 or $300 bonus payment by this date which is 60 days after the end of the funding period.

The value of the $225 or $300 bonus will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.

Platinum Savings interest rates are variable and may change without notice, including after the account is opened.

Live Oak Bank:

1. Important Information about this Personal Savings Bonus Offer:

Customers must meet all of the following requirements to be eligible for the $300 bonus:

New and Existing Customers:
- Only one bonus is available per Tax Identification Number per promotional period.
- Only personal savings accounts are eligible for the bonus offer. Checking accounts, CD accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
- A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 03/31/2025 to be eligible for the bonus.  If the account is not fully funded by March 31st, then the account is not eligible for the bonus offer.
- All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer.
- Beginning on the date in February or March 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $300 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-day period.
- Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected.
- Any promotional amounts received may be subject to taxation.
Existing Customers:
- In addition to the other requirements for the bonus offer, existing Live Oak Bank , customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of February 2nd 2025 11:59:59pm (ET) across their existing personal savings in order to be eligible for the bonus offer.

2. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 2/3/2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.

3. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 1/21/2025; average rate used is for deposits under $2,500.

4. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.

Current:

*Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

Savings Pods The Annual Percentage Yield (“APY”) earned on Savings Pods is variable and may change at any time. The disclosed APY is effective as of May 1, 2023. Must have $0.01 in Savings Pods to earn either 0.25% APY or 4.00% APY on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00% APY. Qualifying direct deposit of more than $200 required for 4.00% APY. No minimum balance required. Please refer to Current Boost Terms and Conditions.