Updated October 14, 2026 · VaultCue Editorial Team
Mercury vs Varo Bank
Mercury
Varo Bank
Higher score in this comparison
Mercury vs Varo Bank: the differences
| Compare | MercuryReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Currency conversion fee | 1% | 0%Lower |
| Transfer fee | ACH and domestic wires free; USD international wires free, OUR option $15; non-USD international wires 1% FX fee | Free |
| Licence type | Not confirmed | Bank |
| Currencies | 40 | Not confirmed |
Same on both: Monthly fee ($0), Deposit protection (FDIC up to USD 250,000), Local account details (Us ACH), Free ATM withdrawals ($0).
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Varo Bank scores higher overall: 8.9 vs 8.8.
- Founded is lower at Varo Bank: 2015 vs 2017.
- Currency conversion fee is lower at Varo Bank: 0% vs 1%.
- Support channels: only Varo Bank offers Phone.
- Features: only Mercury offers Joint account.
- Features: only Varo Bank offers Digital only, No credit check.
Our verdict on each
Mercury
Mercury in the United States is a fintech business-account platform with cards, invoicing, bill pay and spend management. It offers team access roles and syncs transactions with QuickBooks Online, Xero and NetSuite; partner banks remain distinct from Mercury.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Mercury | Varo Bank |
|---|---|---|
| Cost | 9.1Monthly fees of $0 and a minimum deposit of $0; the site conversion median is 0.5% and Mercury's is 1%. | 9.3Higher |
| Offer | 9.2HigherAn easy-access easy access balance for business and freelancer, paying 3.5% that is variable, with free ATM use and joint accounts. | 9.0 |
| Trust | 8.3 | 8.5Higher |
How they place
| Ranking | Mercury | Varo Bank |
|---|---|---|
| Savings accounts | 472 of 1420 | 440 of 1420 |
Every fact side by side
| Fact | Mercury | Varo Bank |
|---|---|---|
| Audience | Business, Freelancer | Not confirmed |
| Pricing model | No monthly fee | No monthly fee |
| Features | Free ATM, Joint account | Free ATM, Digital only, No credit check |
| Legal entity | Mercury Technologies, Inc. | Varo Bank, National Association |
| Headquarters | United States | United States |
| Founded | 2017 | 2015Lower |
| Support channels | Email, Chat, Help centre | Email, Chat, Phone, Help centreCovers more |
Savings
| Fact | Mercury | Varo Bank |
|---|---|---|
| Headline rate | 3.5% | 1% to 3.75%Higher |
| Rate type | Variable | Variable |
| Minimum deposit | $0 | $0 |
| Access terms | On-demand access: unlimited USD wires, ACH, real-time payments and checks between personal, joint and trust accounts | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Mercury | Varo Bank | Median |
|---|---|---|---|
| Monthly fee | $0at the median | $0at the median | $0 |
| Currency conversion fee | 1%above the median | 0%below the median | 0.5% |
| Currencies | 40highest quarter | Not confirmed | 5 |
| Free ATM withdrawals | $0at the median | $0at the median | $0 |
Median across 536 listed accounts.
Pros and cons
Mercury
Pros
- Business tools and accounting integrations are described.
Cons
- Mercury is a fintech platform, not itself a bank
- partner-bank protections are not platform guarantees.
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
Mercury
Who it suits
- US businesses comparing account-management, team-access and accounting-sync tools.
Who should look elsewhere
- Businesses requiring Mercury itself to be the deposit-taking bank or a platform-level protection guarantee.
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Current offers
Mercury
Current offer
First period offer
Mercury Plus first month waived on annual pricing: $35/mo waived until Dec 31, 2026
Mercury Plus plan billed annually (15% off)
Source, checked September 26, 2026
Bonus
Xero and Amazon gift card with Mercury Plus and Pro: 6 months free Xero + $100 Amazon gift card
Mercury Plus or Mercury Pro plan; Xero/Amazon terms apply
Source, checked September 26, 2026
Bonus
Mercury Personal included with any business plan: $240/year Personal subscription covered
Requires an active Mercury business account in good standing
Source, checked September 26, 2026
Country by country
| Country | Mercury | Varo Bank |
|---|---|---|
| United States | Yes | Yes |
Questions about each
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Is there a minimum deposit to open the savings account?+
The minimum deposit is $0, so you can start with a small balance. The account also has no savings cap, and Varo ranks first on minimum deposit among the brands compared.
Is my money protected and who regulates Varo Bank?+
Varo Bank, National Association is a US bank regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, listed as FDIC cert 59190. Deposits carry FDIC up to USD 250,000, and the rate is paid on an easy-access basis of easy access.
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