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Mercury vs Novo (2026)

Fees, wires, cash, interest and who is even allowed to open each one, read from Mercury's and Novo's own sites on September 18, 2026.

Disclosure: InvoiceBloom is a Mercury referral partner and earns a commission if you open and fund a Mercury account through our link. We earn nothing from Novo. Where Novo is the better fit, this page says so.

Quick answer

Novo if you are a sole proprietor or just want the simplest no-fee checking; Mercury if you have an LLC or corporation, receive wires, or hold more than $250,000.

Pick Mercury when

  • You have an LLC or corporation and receive payments by wire
  • You will hold more than $250,000 and want the larger FDIC sweep
  • You want Treasury yield and bill pay in the same place

Pick Novo when

  • You are a sole proprietor applying with an SSN
  • You want the plainest free checking account with ATM fee refunds
  • You use Reserves to set aside tax money automatically
Visit Novo →

Who can open which

The question most comparison pages skip. Fees only matter once you can actually get in.

Mercury Novo
Sole proprietors No. Mercury needs a state-registered LLC, corporation or partnership with an EIN; a sole proprietorship has no formation document to verify. Yes. Novo's own guidance says sole proprietors can usually apply with an SSN.
Founders living outside the US Yes, with a US-registered company, unless you live in a prohibited country (residence, not citizenship). Not stated on Novo's site (Sept 2026).
Cash deposits Not supported at all. Not accepted. Novo suggests pairing it with a local bank if your business handles cash.

Mercury vs Novo, line by line

Feature Mercury Novo
Monthly fee None None
Minimum balance None None
Sole proprietors No. Mercury needs a state-registered LLC, corporation or partnership with an EIN; a sole proprietorship has no formation document to verify. Yes. Novo's own guidance says sole proprietors can usually apply with an SSN.
Founders living outside the US Yes, with a US-registered company, unless you live in a prohibited country (residence, not citizenship). Not stated on Novo's site (Sept 2026).
Cash deposits Not supported at all. Not accepted. Novo suggests pairing it with a local bank if your business handles cash.
Incoming wires Free (USD) Free, domestic and international.
Outgoing wires Free for USD; 1% currency-conversion fee on non-USD international wires. A fee, shown before you confirm the transfer; the amount is not published (Novo's own guide says outgoing wires "typically cost $15 to $25").
ACH transfers Free Free standard ACH.
Interest Mercury Treasury only (up to 3.89% yield, eligibility applies); no APY on the checking balance. None stated on checking.
Sub-accounts Multiple checking and savings accounts (count not stated). Reserves: up to 20 buckets inside the checking account.
FDIC coverage (through partner banks) Up to $5M through partner banks Choice Financial Group and Column N.A., Members FDIC. Up to $250,000 through Middlesex Federal Savings, F.A., Member FDIC.
Mobile check deposit Yes, remote deposit from the dashboard. Not confirmed on the pages we read (Sept 2026).
Invoicing and extras Invoicing and bill pay included. Invoicing included; third-party ATM fees refunded up to $7 a month.

Mercury and Novo are financial technology companies, not banks; banking services are provided by their partner banks, Members FDIC. "Not stated" means we could not find it on the provider's site and will not guess. Terms change; confirm before you apply.

Sources, verified September 18, 2026

Frequently Asked Questions

Can a sole proprietor open Novo but not Mercury?

Yes. Novo's guidance says sole proprietors can usually apply with a Social Security number. Mercury cannot open a sole proprietorship because there is no state formation document to verify; it needs an LLC, corporation or partnership with an EIN.

Which has cheaper wires?

Both take incoming wires free. Mercury also sends USD wires free, with a 1% conversion fee on non-USD international wires. Novo charges for outgoing wires and shows the fee before you confirm; its own guide puts typical outgoing wire fees at $15 to $25. If clients pay you by wire, that is the difference.

Does Novo or Mercury accept cash?

Neither. Novo says plainly that it does not accept cash deposits, and Mercury does not support them at all. A business that takes cash needs a different account, such as Relay or Bluevine, or a local bank alongside either of these.

How much FDIC coverage do they carry?

Novo deposits are insured up to $250,000 through Middlesex Federal Savings, Member FDIC. Mercury spreads deposits across partner banks and sweep networks for coverage up to $5M. For most freelancers $250,000 is more than enough; for a company holding a large runway it is not.

Is Novo a bank? Is Mercury?

Neither is. Novo is a financial technology company whose banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. Mercury is a financial technology company whose banking services are provided by Choice Financial Group and Column N.A., Members FDIC.

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 account

Partner 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.

Not sure which applies to you?

The business bank account finder asks five questions and tells you which of these you can actually open. Or read the full Mercury review and how to open a Mercury account.

Other comparisons: Mercury vs Relay, Mercury vs Bluevine.