BlueVine vs Mercury Business Checking: Which is Better?
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 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|
|Requirements to avoid monthly fee||N/A||N/A|
|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
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- Earn 2.0% APY on your balance up to $250,000 (50x the national average)
- Up to 5 free sub-accounts for flexibility and control over business budgeting See More Highlights
- Free & easy 100% online sign up (no minimum deposit)
- Zero monthly fees (no minimum balance required) and unlimited transactions
- Live customer support from dedicated professionals (A+ rated by BBB)
- FDIC-insured up to $250,000 through Coastal Community Bank (Member FDIC)
There are many reasons to select BlueVine over Mercury.
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 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.
BlueVine and Mercury are both popular online business banks. It’s hard to go wrong by working with either. However, your specific business goals can help you make your choice.
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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