Quick Answer
Mercury is a no-fee business account with no minimum balance and free USD wires (non-USD wires carry a fee), built for US LLCs and corporations. It does not accept sole proprietorships and does not support cash deposits. Founders living outside the US can apply with a US-registered entity and an EIN, except residents of countries on Mercury's prohibited list (which includes Nigeria, Pakistan, and the Philippines as of September 2026). Mercury is a financial technology company, not a bank; deposits are FDIC-insured through its partner banks.
Mercury is a business account with no monthly fees, no minimum balance, and free USD wires (non-USD wires carry a fee), built for companies rather than individuals. That last part is the whole review in one line: if you have a US LLC or corporation with an EIN, Mercury is one of the best online accounts you can open. If you're a sole proprietor working under your own name, you cannot open one, and no amount of reading reviews changes that. This review tells you which side of that line you're on before it tells you anything else.
Disclosure: InvoiceBloom is a Mercury referral partner and earns a commission if you open and fund an account through our link. That doesn't change what's written here — where Mercury isn't the right fit, this page says so and names an account we earn nothing from.
Who can open a Mercury account
Mercury requires a registered US business entity — an LLC, C-corp, S-corp, or partnership — with an Employer Identification Number from the IRS. It does not accept sole proprietorships operating under a Social Security number. A single-member LLC qualifies as soon as it has its EIN, which you can get free in minutes from the IRS's online application.
You do not need to live in the US. Mercury accepts founders living abroad as long as the company is US-registered — with one important exception: it does not accept applicants who reside in certain countries. As of September 2026 that list includes Nigeria, Pakistan, the Philippines, Ukraine, Croatia, Russia, Iran, and a number of others; the rule is based on where you live, not your citizenship. The list changes, so check Mercury's prohibited-countries page before applying. If you're not sure where you land, the business bank account finder asks five questions and tells you.
Sole proprietor? Read this first.
Mercury will decline you, and so will Relay and Brex. Novo, Bluevine, and Found all accept sole proprietors with an SSN. If you'd rather form an LLC and then open Mercury, our guide to sole proprietor vs LLC for freelancers walks through what that costs and when it's worth it.
What you get
| Feature | Mercury |
|---|---|
| Monthly fee | None |
| Minimum balance | None |
| Domestic USD wires | Free, sent and received |
| Non-USD (foreign currency) wires | A fee applies |
| ACH transfers | Free |
| Checks | Free to send; mobile check deposit |
| Cash deposits | Not supported |
| Debit and credit cards | Virtual and physical; credit card with cashback for eligible companies |
| Sub-accounts | Multiple checking and savings accounts under one login |
| Interest on idle cash | Through Mercury Treasury for larger balances (a separate investment product, not the checking account) |
| Invoicing and bill pay | Included |
| Accounting sync | QuickBooks, Xero, NetSuite |
| FDIC insurance | Pass-through coverage via partner banks, using sweep networks (Mercury states up to $5M) |
Fees and features per Mercury's published FAQ, retrieved September 2026. Confirm current terms before you apply; they change.
Is Mercury a bank?
No, and this matters more than it sounds. Mercury is a financial technology company. The accounts themselves are held at partner banks, and your deposits are FDIC-insured through those banks — Mercury spreads larger balances across several of them using a sweep network, which is how it can quote coverage well above the standard $250,000 per depositor. The FDIC explains how deposit insurance works if you want the primary source. The practical implication: you're trusting Mercury's software and its partner-bank arrangements, not a bank you can walk into. For most online-first companies that's fine. If you want a branch, this isn't the product.
Where Mercury is genuinely the best choice
- You send or receive wires. Free domestic USD wires are unusual (wires in other currencies carry a fee). If clients pay you by wire or you pay contractors that way, this alone can save real money every month.
- You hold a meaningful balance. No fees, no minimums, and Treasury for cash you don't need this month.
- You're a startup or an agency. Cards for the team, spend controls, sub-accounts for taxes and payroll, and clean accounting sync — the operating layer, not just a checking account.
- You're a non-US founder with a US entity. Mercury is one of the few accounts that will consider you at all. More on the catch below.
Where it isn't
- You handle cash. Mercury has no way to deposit it. Relay accepts cash at Allpoint+ ATMs; that's a better fit for a cash business.
- You're a sole proprietor. Ineligible, full stop. Novo or Bluevine will take you today with an SSN; Found is built for single-owner self-employed people.
- You want interest on everyday checking. Bluevine pays interest on the checking balance itself; Mercury's yield lives in Treasury, which is aimed at larger balances.
- You want a branch and a banker. Not this.
Not sure which account you can actually open?
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The non-US founder catch
Mercury accepts founders abroad, and a whole industry of formation services exists to set up a Wyoming or Delaware LLC and point you at Mercury. What those services don't advertise is that Mercury's review is designed to flag exactly the profile they create: a brand-new LLC, a registered-agent address, no website, an EIN that's still pending, and no operating history. Applications like that are routinely declined. What tends to get approved: a real operating address (home is fine; a PO box or your registered agent's address is not), a company domain with an email at it, a website that describes what the business does, and — for non-residents — recent personal bank statements when asked. Apply after the business exists, not the day the paperwork clears. Our guide on how to open a Mercury account covers the documents step by step.
How it compares
| Account | Sole proprietors | Cash deposits | Stands out for |
|---|---|---|---|
| Mercury | No | No | Free USD wires (fee on non-USD), no monthly fees, startups and LLCs, non-US founders with a US entity |
| Relay | Yes (SSN + US address) | Yes (Allpoint+ ATMs free; Green Dot for a fee) | Up to 20 checking accounts; cash businesses |
| Bluevine | Yes (SSN) | Yes (Green Dot or Allpoint+, for a fee) | Interest on the checking balance |
| Novo | Yes (SSN) | No | Simple no-fee checking for freelancers |
| Found | Yes — single owner, no employees | Check Found's site | Solo self-employed; tax tracking built in |
Eligibility verified against each provider's own site in September 2026. "Check" means we couldn't confirm it on the provider's site and won't guess. All five are financial technology companies, not banks; banking services are provided by their partner banks.
Verdict
For a US LLC or corporation that doesn't handle cash, Mercury is hard to beat: nothing to pay, free USD wires (a fee on non-USD ones), and the operating tools that usually cost extra elsewhere. For everyone else, the eligibility rules decide before the features do. Know which group you're in, and if it's Mercury, apply once your business looks like a business — that's what gets approved.
Frequently Asked Questions
Can a sole proprietor open a Mercury account?
No. Mercury requires a US-registered LLC, corporation, or partnership with an EIN and does not accept sole proprietorships operating under a Social Security number. A single-member LLC qualifies once it has an EIN. Sole proprietors can open accounts at Novo, Bluevine, or Found with an SSN instead.
Is Mercury a bank?
No. Mercury is a financial technology company. Accounts are held at its partner banks, and deposits are FDIC-insured through those banks using sweep networks, which is how Mercury quotes coverage above the standard $250,000 per depositor. You are relying on Mercury's software and its bank partnerships rather than a bank with branches.
Does Mercury accept cash deposits?
No. There is no way to deposit cash into a Mercury account. It accepts ACH transfers, wires, and mobile check deposits. If cash is part of your business, Relay accepts cash deposits at Allpoint+ ATMs and is a better fit.
Can I open a Mercury account if I live outside the US?
Yes, if your company is a US-registered LLC or corporation with an EIN and you do not live in a country on Mercury's prohibited list, which as of September 2026 includes Nigeria, Pakistan, the Philippines, Ukraine, Croatia, and Russia among others. The rule is based on residence, not citizenship. Expect a closer review: a real operating address, a company website and email, and recent bank statements are what get non-resident applications approved.
What does Mercury cost?
Nothing for the core account: no monthly fee, no minimum balance, free domestic USD wires and ACH transfers (wires in other currencies carry a fee), per Mercury's published FAQ as of September 2026. Optional products such as Treasury and credit cards have their own terms. Confirm current pricing on Mercury's site before applying.
Where will this payment land?
Mercury gives you a business account with no monthly fees, no minimums, and free USD wires (non-USD wires carry a fee) — so client payments land somewhere separate from your personal money.
Earn $125 when you deposit and maintain a balance of $5K for 30 days within your first 90 days. Terms apply.
Open a Mercury accountPartner link — InvoiceBloom earns a commission if you open and fund an account. Free for you either way. Mercury is a financial technology company, not a bank; banking services are provided by Mercury's partner banks, Members FDIC.
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