Mercury vs Relay (2026)
Fees, wires, cash, interest and who is even allowed to open each one, read from Mercury's and Relay'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 Relay. Where Relay is the better fit, this page says so.
Quick answer
Relay if your business takes cash or you run money through many separate accounts; Mercury if you are a US LLC or corporation that never touches cash and wants free USD wires and the larger FDIC sweep.
Pick Mercury when
- You are a US LLC or corporation that never deposits cash
- Clients pay you by wire and you want those free in USD
- You hold larger balances and want the $5M FDIC sweep and Treasury yield
Pick Relay when
- You take cash and need somewhere to deposit it
- You are a sole proprietor without an LLC
- You want up to 20 checking accounts to run a Profit First style system
Who can open which
The question most comparison pages skip. Fees only matter once you can actually get in.
| Mercury | Relay | |
|---|---|---|
| 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, with an SSN, a physical US address and a DBA name if you trade under one. |
| Founders living outside the US | Yes, with a US-registered company, unless you live in a prohibited country (residence, not citizenship). | Citizens and residents of 200+ countries if the business has a US operating presence; some countries excluded (Relay's help center has the list). |
| Cash deposits | Not supported at all. | Yes: free at Allpoint+ ATMs, or at Green Dot retailers for up to $4.95 per deposit. Limits apply. |
Mercury vs Relay, line by line
| Feature | Mercury | Relay |
|---|---|---|
| Monthly fee | None | $0 on Starter; $30 on Grow (savings APY and same-day ACH differ by plan) |
| 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, with an SSN, a physical US address and a DBA name if you trade under one. |
| Founders living outside the US | Yes, with a US-registered company, unless you live in a prohibited country (residence, not citizenship). | Citizens and residents of 200+ countries if the business has a US operating presence; some countries excluded (Relay's help center has the list). |
| Cash deposits | Not supported at all. | Yes: free at Allpoint+ ATMs, or at Green Dot retailers for up to $4.95 per deposit. Limits apply. |
| Incoming wires | Free (USD) | Not stated on Relay's pricing page (Sept 2026). |
| Outgoing wires | Free for USD; 1% currency-conversion fee on non-USD international wires. | Not stated on Relay's pricing page, which says only "additional transaction fees apply" (Sept 2026). |
| ACH transfers | Free | Standard ACH included; same-day ACH carries a fee on Starter and Grow, free on Scale. |
| Interest | Mercury Treasury only (up to 3.89% yield, eligibility applies); no APY on the checking balance. | 1.19% APY on savings (Starter), 1.87% (Grow), 3.21% (Scale). None on checking. |
| Sub-accounts | Multiple checking and savings accounts (count not stated). | Up to 20 checking accounts per business on Starter and Grow; 50 on Scale. |
| FDIC coverage (through partner banks) | Up to $5M through partner banks Choice Financial Group and Column N.A., Members FDIC. | Up to $3M through Thread Bank, Member FDIC, via a sweep program. |
| Mobile check deposit | Yes, remote deposit from the dashboard. | Yes, in the Relay app. |
| Invoicing and extras | Invoicing and bill pay included. | Invoices offered as a product; details on Relay's site. |
Mercury and Relay 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
- Mercury FAQ
- Mercury Help: company structures supported
- Mercury Help: prohibited countries
- Relay pricing
- Relay FAQs
- Relay Help: required documents by entity type
Frequently Asked Questions
Is Relay or Mercury better for a sole proprietor?
Relay, because Mercury cannot open a sole proprietorship at all. Relay opens one with an SSN, a physical US address and a DBA name if you use one. Mercury needs a state-registered LLC, corporation or partnership with an EIN, so a sole proprietor's only route to Mercury is forming an LLC first.
Which one accepts cash deposits?
Only Relay. Cash goes in free at Allpoint+ ATMs or at Green Dot retailers for up to $4.95 per deposit, with limits. Mercury does not support cash deposits in any form; it is funded by ACH, wire or check. If cash is a regular part of your business, that single difference settles the choice.
Does either charge a monthly fee?
Mercury has no monthly fee and no minimum balance. Relay's Starter plan is $0 a month; its Grow plan is $30 a month and mainly buys a higher savings rate and cheaper same-day ACH. Neither has a minimum balance.
Which pays interest?
Relay pays on savings, from 1.19% APY on Starter to 3.21% on Scale, and nothing on checking. Mercury pays nothing on checking or savings by default; yield comes from Mercury Treasury, up to 3.89%, which has its own eligibility. For a freelancer parking a few thousand dollars, Relay's savings rate is the simpler of the two.
Are Relay and Mercury banks?
No. Both are financial technology companies. Relay's banking services are provided by Thread Bank, Member FDIC, with coverage up to $3M through a sweep program. Mercury's are provided by Choice Financial Group and Column N.A., Members FDIC, with coverage up to $5M through sweep networks.
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.
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.
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