Mercury offers bank accounts to startups, as well as tools and features to help tech companies scale. They want to power the next generation of companies that will contribute to America’s economy.
Mercury: Banking For Startups
When you open an account with Mercury for your startup, you will get all you need to manage the finances of your business:
- Bank Accounts: A checking account, a savings account
- Debit cards
- Easy Payments: ACH payments, check payments, and domestic and international wire transfers
- Tools and features: Like company analytics searchable transactions, user permissions, and software integrations
Mercury Bank Accounts
Mercury bank accounts are completely free. They don’t require a minimum balance; there are no fees for account opening or monthly maintenance fees.
Using your bank account, you can easily send money by wire, check, or ACH. Bank wires cost $5 domestically and $20 internationally. If you hold more than $250,000 in deposits (Tea Room Member), domestic wires are free.
Since Mercury works with FDIC-insured banks, including Evolve Bank & Trust, Member FDIC, to store your deposits, your savings and checking accounts are both insured up to the FDIC limit.
Business Banking Tools and Features for Startups
Aside from the bank accounts, debit cards, and easy payment processing, Mercury also gives you access to some tools to help you make smart decisions to grow your business, such as:
- Company Analytics: Real-time insights as to where you are making and spending your money
- Software integrations: Connect your accounts with popular accounting systems and online payment software.
- Searchable Transactions: Don’t waste time finding the information you need.
- User Management: Keep under control what your users see on your Mercury account.
Bank-Level Security
Since your account security is a top priority for Mercury, they have some bank-level security items in place:
- Require HTTPS and use HSTS on all pages for browsers to connect securely.
- Check vulnerabilities through an annual third-party penetration test.
- Store passwords hashed with the bcrypt algorithm.
- Never store or log plaintext passwords.
- Use time-based one-time passwords for two-factor authentication.
- Never send authentication codes via insecure channels.
- Encrypted database and all uploaded images.
- Additional encryption for sensitive data.
- Never store your debit card number.
How Much Do Mercury Bank Accounts Cost?
Mercury prides in the simplicity and transparency of their costs. They currently offer two different pricing tiers:
- The Standard plan is free and gives you access to a free checking and free savings account, debit cards, easy payments, and other tools and features.
- The Tea Room plan that you automatically join when you have more than $250,000 in deposits across your accounts. This upgrade gives you access to all the items in the Standard plan plus free domestic wires, partner rewards, and tea when you join.
Who Can Sign Up For Mercury Bank Accounts?
Most U.S. companies can sign up for Mercury bank accounts; however, their product is designed for tech companies startup, so think if Mercury is a good fit for your company. Some exceptions apply, as they can’t open bank accounts for money services businesses or involved with adult entertainment, marijuana, or internet gambling, nor for sole proprietors or trusts.
Since you can open Mercury bank accounts from your laptop, you can do so from anywhere in the world apart from these countries: Belarus, Burundi, Central African Republic, Cuba, Democratic Republic of the Congo, Iran, Iraq, Lebanon, Libya, Nicaragua, North Korea, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, and Zimbabwe.
If you meet the company type and location requirements, you will need to provide the following information to open your Mercury bank accounts:
- A U.S. company
- Your company’s federal EIN
- Your company’s official formation documents
- A picture of your government I.D. (passport or U.S. driver’s license)
