BlueVine vs Mercury Business Checking: Which is Better?
- BlueVine offers high interest rates, cash acceptance, and 2 free checkbooks.
- Mercury provides API access, access to an investor network, and doesn't charge overdraft fees.
- Consider your business type, interest in earning interest, cash deposit needs, and financing requirements when choosing between the two banks.
- Mercury offers an almost fee-free experience, high-yield savings products, startup financing assistance, and free wire transfers.
As a business owner, you might find yourself debating on BlueVine vs. Mercury when it comes time to open a business checking account. Both companies offer solid online banking services, so you’ll have to think about their different features and services when choosing the right one for your company.
We’ll break down each bank’s offerings to help you find the right checking account.
BlueVine Pros and Cons
|High interest rate||Requirements to earn APY|
|2 free checkbooks||Very limited integrations|
|Ability to accept cash||Poor app ratings|
|No overdraft fees|
Mercury Pros and Cons
|Read and write API access||No cash deposits|
|No overdraft fees||Not open to sole proprietors|
|Access to investor network|
|International founders allowed|
BlueVine vs. Mercury Business Checking Accounts Overview
Before you jump in and start comparing the basic details of each bank, you should get a clearer picture of where each bank is coming from.
BlueVine has been operating since 2013. It was founded in California and primarily focuses on small and medium-sized businesses.
Mercury is the newer company. It was founded in 2019 in San Francisco. Describing itself as the next generation of business banking for startups, it focuses on startup companies that are aiming to grow quickly. That means it offers many services that help with funding and growth.
|BlueVine Services and Features||Mercury Services and Features|
|Business checking||Business checking|
|Business lending||Send check, wire, and ACH payments online|
|Bill payment||Virtual and physical debit cards|
|Quickbooks integrations||Rewards credit card|
|Interest checking||Business savings account|
|Discounts on business services|
BlueVine vs. Mercury Business Checking Accounts Comparison
When you think about BlueVine vs.Mercury, you need to consider a few things.
Of course, you should consider the details of each bank’s checking account. That will help you decide on the right account. However, you also need to consider the additional services and tools that each offers.
|Best for||Companies looking to earn interest on their balance||Companies that want business financing|
|Required Opening Deposit||None||None|
|Required Balance Minimum||None||None|
|Transaction Limit Before Fees||None||None|
|Requirements to avoid monthly fee||N/A||N/A|
|APY||2.0% on balances of $250,000 or less, once qualifications are met||None|
|Other fees||Two fee-free paper checkbooks per year, 2.9% credit card bill payment fee, $15 outgoing wire transfer fee, $4.95 per cash deposit, $2.50 out-of-network ATM fee||1% for currency exchange|
|Other features||Make cash deposits, Earn interest||Business credit card, Business savings account free with business checking|
Both checking accounts are relatively inexpensive. Mercury has fewer fees, only charging when you convert between currencies, but many businesses could find themselves paying zero fees with either account.
That means you’ll be relying on the additional services that each offers to make your decision.
Why Choose BlueVine Business Checking
Read 2023 Review
- 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances
- Get up to $3 million in FDIC insurance — that’s up to 12x the national average See More Highlights
- Unlimited transactions, no overdraft fees, and no fees on ACH payments, incoming wires
- Add up to 5 sub accounts each with designated account numbers
- Free & easy 100% online sign up (no minimum deposit)
- Live customer support from dedicated professionals (A+ rated by BBB)
There are many reasons to select BlueVine over Mercury.
You are a sole proprietorship or trust
Mercury's services are not accessible to sole proprietorships or trusts, in contrast to Bluevine, which extends its services to all business owners, irrespective of their business entity type.
You want to earn interest
While Mercury does have a business savings account available, it doesn’t offer a very high interest rate. BlueVine, on the other hand, does offer interest on checking account balances up to $100,000. At the time of writing the rate is 1.5% APY, which is higher than you can earn from many savings accounts.
If your company keeps a lot of cash in the bank at a time, you could earn as much as $1,500 a year just for working with BlueVine.
You need to make cash deposits
Both BlueVine and Mercury are online banks. In general, online banks aren’t the ideal choice for companies that use a lot of cash in their day-to-day operations.
This remains true for BlueVine, but the bank still offers a way for customers to make cash deposits to their accounts. You’ll pay a fee for each cash deposit, but it’s still a nice option to have.
Your company needs a line of credit
BlueVine offers lines of credit to its business banking customers. A line of credit works much like a business credit card, giving your company access to cash when it needs it. You can draw from the line of credit multiple times and only pay interest on your current outstanding balance.
BlueVine offers lines of credit up to $250,000 at relatively low rates, making it a good source of financial flexibility for businesses that need it.
Why Choose Mercury Business Checking
Mercury has many appealing features that could draw a business to choose its service.
You want access to high-yield savings products
Mercury provides customers with a savings account and a high-yield treasury account known as "Mercury Treasury." The Mercury Treasury account invests surplus funds into money market accounts, generating interest at rates reaching up to 5.43%. However, this option is exclusively accessible to accounts holding balances exceeding $500,000, and businesses must initiate a request to access it. In contrast, Bluevine exclusively offers business checking accounts without these additional savings or treasury account options.
You want an almost entirely fee-free experience
While BlueVine and Mercury both keep fees low, Mercury offers an almost 100% fee-free experience. The only fee that Mercury charges is a currency conversion fee of 1%. However, many businesses don’t use foreign currencies at all.
If your company only operates in the US or only accepts payments in dollars, then you’ll never pay a fee with Mercury.
You’re a startup that needs funding
Mercury bills itself as “banking for the next generation of startups”. As part of working with startups, Mercury helps with the funding and financing processes that new companies use to quickly expand.
Through Mercury Capital, you can get help with:
- Venture debt
- Daily payouts from eCommerce
- Revenue-based financing
- R&D tax credits
- Equity sales
If you expect to use any of these strategies to help finance your business, Mercury might be the right choice of bank.
You rely on wire transfers
Mercury imposes no fees for either incoming or outgoing wire transfers. It's important to note that all wire transfers must be processed through Mercury's system. In contrast, Bluevine levies a $15 fee for all outgoing wire transfers.
Bluevine vs Mercury User Reviews
|Trustpilot Rating||4.2 (based on 7,400-plus reviews)||3.7 (based on 600-plus reviews)|
|Users Like||Easy application process, Good customer service||Easy application process, Minimal fees|
|Users Dislike||Mobile check deposits limited to $50,000 per month, Closes accounts without explanation||Slow bank-to-bank transfers, Lack of transparency when rejecting applicants and closing accounts|
Bluevine boasts a Trustpilot rating of 4.2, while Mercury holds a Trustpilot rating of 3.7. Both fintech companies receive acclaim for their responsive and helpful customer service.
Bluevine garners praise from its customers for its straightforward application processes, whether for its checking account or line of credit. Reviewers also commend its customer service for its efficiency and responsiveness.
On the other hand, Mercury users appreciate the provider's minimal fee structure. Many customers also find value in its uncomplicated online application process and user-friendly interface.
However, both providers face criticism regarding a lack of transparency concerning account closures. In the case of Mercury, a similar issue of transparency arises during the application process, as rejected applicants have reported a dearth of clear explanations for their denial.
Mercury is the clear winner for startups with major growth in mind due to its various funding services. BlueVine, on the other hand, is a great fit for small or medium-sized businesses that aren’t as focused on explosive growth or that want to earn interest on their excess cash.
Before you open an account at either bank, make sure you consider other options too. Compare all of the business checking accounts on the market to find the best one for your company’s needs.
Compare Other Business Banks to BlueVine:
Frequently Asked Questions
Is Bluevine a legitimate bank?
Yes, BlueVine is a legitimate bank. It has been operating for nearly a decade and offers useful banking and lending services to companies.
Can Mercury be trusted?
Yes, Mercury can be trusted. It is a legitimate bank and offers full FDIC protection on the money deposited into its accounts.
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