Mercury Review

Company background

Mercury is a safeguarded e-money institution, founded in 2019, headquartered in the United States, operating under Mercury Technologies, Inc.. Mercury is the go-to operating account for venture-backed startups, pairing free business banking with a deep sweep network and treasury tools. We rate it best for startups. At its core it is a 3-currency account you run entirely from your phone, bundling multi-currency balances and business accounts into one app.

Fees and pricing

On day-to-day costs, Mercury charges no monthly account fee, and applies a 1% markup on foreign-currency spending.

• Monthly fee: no monthly account fee.
• FX markup: 1% on spending outside your currency.
• ATM withdrawals: 0% fee.
• Savings: no in-app savings interest.

For everyday domestic use the running cost is effectively nil, so the figure that matters most is how often you spend or withdraw in another currency.

Regulation and safety

Mercury operates as a safeguarded e-money institution, regulated by FDIC (partner banks). Eligible deposits are protected up to 5,000,000 USD under FDIC up to 5,000,000 USD via partner-bank sweep. That guarantee is backed by a national compensation scheme, so your covered balance is returned even if the provider fails.

Platform experience

Mercury is available across iOS, Android and Web. The mobile apps score 4.6/5 on the App Store and 4.2/5 on Google Play. Payments run on a Mastercard physical and virtual card, and it works with Apple Pay and Google Pay.

Pros and cons

On the plus side, free business banking built for startups and founders, extended FDIC cover through a partner-bank sweep network and treasury yield and software integrations built in. The main trade-offs are no personal accounts; business and US-incorporated focus and fX on international payments carries a markup. On balance it is a comfortable pick best for startups, provided its limitations line up with how you actually bank.