Mercury

Category FinTech
Reviewed by Alina
Updated August 27th, 2021

Tekpon Score

8.8

Users Score

7.5

Mercury Bank Review

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The Mercury bank is a financial service provided by Evolve Bank & Trust. In the years since it has been on the market the financial service provider got noticed for their reliability and ease off using their services. Let us see all about the neobank from the Mercury bank review.

UI/UX

9.0

Ease of use

9.0

Value for Money

10.0

Features

8.0

Customer Support

8.0
Pricing Details

Starting from: $0

Pricing Model: per month

No free trial

No free version

PROs
  • Easy to create bank account
  • Suitable for StartUps
  • Easy to use
  • Helpful customer service
  • FDIC insured
  • ACH
  • Wire transfers
  • Virtual and physical cards available
  • No fees
  • Unlimited free transactions
CONs
  • Complications might appear when transferring funds from abroad
  • Not available for Solopreneurs
  • No cash deposits
  • No Android app
  • Low savings account rates
Best for
  • StartUps
  • Small business
  • Medium business
  • Large enterprises
Deployment
  • Cloud, SaaS, Web-Based
  • Mobile - iPhone

Who is Mercury Bank?

Not to be confused with the Mercury credit card or the Mercury insurance offers by the Bank of America. Mercury bank is a neobank catered towards StartUps. The virtual bank is held under the wing of Evolve Bank & Trust,  meaning that Mercury is not a bank but rather a financial service.

Furthermore, Mercury was launched with the desire to support Startups back on April 17th, 2019. The bank is located in the “StartUps Paradise” San Francisco, California.

How safe is Mercury Bank?

As Mercury is under the wing of a bank, you have your checking and saving accounts insured up to the FDIC limit of $250.000. At the same time, the fintech product is catered towards StartUp and is brilliant at what it does. Moreover, Mercury offers a two-step sign-up through tokens and full logs of all the activity on your bank account.

Companies that trust Mercury bank- honest reviews by Tekpon

However, we would advise that for a larger project with a large amount of backup and investment, maybe even listed on the stock exchange; you should probably consider a larger bank.

From another perspective reviewing the support Mercury bank receives from important investors, venture capitals, and hedge funds, many influential individuals in the fintech product and its success see its need in the market. But, now, we still believe that it is a bank suitable for smaller companies and start; however, their investor portfolio might make you disagree with us.

Investors in mercury bank- trusted reviews by tekpon

We are moving on with our Mercury bank review and looking at creating a bank account and what feature you have available.

How do you open a Mercury bank account?

To open a Mercury bank account is as easy as it gets, and it shouldn’t take you more than 10 minutes to apply for one. First of all, you will need to provide all your personal information, choose a password and wait for approval from the bank. The approval takes about 48h, and you are all set to work with it. That is at least the pleasant experience we had with Mercury; however, this might differ from individual to individual. Still, keep in mind they have a very responsive and helpful customers support team that will get back to you in no time.

While we are delighted with the experience, we remarked on some shortcomings in making international transfers towards the Mercury bank account. Therefore, if you find yourself in a similar situation, try making the transfer with Wise towards Mercury. Then, you will have the money in your bank account quickly as if you were making a domestic bank transfer.

Mercury Startup Bank Features

Some of the most appreciated features that Mercury comes with and which we will discuss in this Mercury bank  review are the following:

  • API Access
  • User Permissions
  • Mobile App
  • Cash Management
  • Sharp Security

We can say so far it is interesting for an easy-to-use product and pretty share in the ” make what people want” area.

Mercury bank API Access

Mercury Startup bank comes with an easy-to-implement API that will give you access to all your transactions. Above all, this will help you automate processes and save you lots of time. However, to implement this API, you have to follow a few steps.

Implementing Mercury API

First of all, to do this whole process, you will need to log in to your Mercury bank account, then follow the following steps:

  • Go to settings

Here generate a new API token where you allocate permissions to the user, either full API access or read-only.

  • Secure your Token

After you generate your Mercury token, make sure you keep it in a safe place as people who have access to it might be able to temper with your bank account. Therefore, they should never be stored in any public place. If the security is compromised, make sure you immediately revoke access from your Mercury dashboard and create a new one.

  • Using the Mercury Bank Token

The Mercury token uses basic authentication over HTTPS.

  • Mercury API Security Policy

Mercury bank allows you to change the permission of your token and offers real-time updates for its users for security and mobility reasons. Moreover, you can whitelist IPs, and you will be notified about any actions in the accounts via email. For example, you will receive a 7 days notification before the expiration date of a token.

User Permissions

Invite team members to the bank account, giving them specific roles such as:

  • Employee
  • Bookkeeper
  • Admin

Moreover, if the person you would like to have access to your bank account does not fall under any of these categories, Mercury gives the option to create a custom role.

Mercury Mobile App

Mercury startup bank offers an IOS application that enables you to take all the action you would take from in front of your computer. However, the fintech product does not offer an Android version of the app, but if you have an Android phone, you can still access your bank account from the web-based version.

Cash Management

Probably one of the collects features Mercury offers. Essentially, this Mercury bank feature proves that Mercury is a true fintech product and is worth all the support it gets from Silicon Valley investors.

The feature offers an automatic cash management system, meaning that you can choose to invest the extra money in your startup in the U.S Government securities financial instruments. Now, if you are wondering why you should do that. Well, the answer is simple. As for your personal finances, you keep money in your bank account. However, you essentially lose value so instead of doing that, make them work for you and multiply them to avoid inflation and for extra security and profit on them. So it is literally passive income.

Above all, Mercury bank made it super easy, and you don’t need a team of specialists to make this work for you and your startup.

Sharp Security

Mercury startup bank offers full activity logs and 2 steps logging authentication process secured through a token on your mobile phone. Each code provided by the token on your mobile phone is unique and expires fast.

Mercury Bank Integration

You can integrate your Mercury account with:

Mercury Pricing

Mercury bank is an essentially free product with no fees charged for any transfers, domestic or international. However, the fintech product does offer two separate products depending on the stage of development your business is at.
Standard – $0 deposits

  • Free bank accounts
  • Free domestic wires
  • Free international wires
  • No minimum balances

Tea Room– $250k+ in deposits

  • Free bank accounts
  • Free domestic wires
  • Free international wires
  • Mercury Treasury (beta)
  • Access to Tea Room Events
  • They’ll send you tea once you join hance the name

Mercury Bank Alternatives

  • Novo Bank
  • Brex
  • Silicon Valey Bank

Mercury Bank Review Conclusion

To sum up, Mercury bank offers a startup-catered fintech product. Mercury is not a bank. However, its services are provided and backed up by it. Moreover, it comes with a state of the art security and with integrations with the most commonly used payment gateways in the United States.