Mercury vs. Bluevine — Which Is the Best Online Banking Platform?

While Bluevine and Mercury are both online banking services, they have slightly different target audiences. Mercury primarily targets early-stage and established startup companies although any US company with an Employer Identification Number (EIN) can apply. Alternatively, Bluevine focuses more on small businesses. 

Mercury offers checking and savings accounts while Bluevine only offers business checking. However, you can still earn interest from your Bluevine checking account. 

While both services lack monthly fees, Bluevine charges more fees than Mercury overall for basic services like outgoing domestic and international wire transfers, non-network ATM use, and cash deposits.

Both Mercury and Bluevine require no monthly fees to maintain a business checking account. 

Neither Mercury nor Bluevine have minimum balance requirements to open an account. Plus, new customers can set up their account for free. 

Both Mercury and Bluevine offer business lines of credit and corporate credit cards. However, Mercury also offers venture debt funding options for startups while Bluevine doesn’t. 

Bluevine is used by entrepreneurs who:

• Run small to medium-sized businesses 
• Want a digital alternative to traditional banking 

Aim to earn interest through their banking solution

Here are some reviews (from Trustpilot) from verified Bluevine customers:

“Bluevine is fantastic! We have loved using Bluevine credit cards for our startup company. The initial selling point for us was no personal guarantee — we have funding for our startup and want to minimize the personal financial ties to it — so this was just what we were looking for. But the benefits have surpassed just that, as Bluevine is very easy to use, and helps us cleanly track our spending and cash flow. We are very happy with this card.”

"Everything about Bluevine is very user-friendly and they are great about keeping fees low. However, when I’ve needed to contact someone for help I sat on hold for over an hour before talking to someone. They also can only offer one account per EIN number, which I wish I would’ve known before opening with them. I personally like to have multiple accounts to distribute my funds between as a budgeting method. If this doesn’t change soon. I’ll probably end up switching to a different bank.”

“Bluevine made my online business account much easier to open and keep track of all my transactions. Customer service was excellent, and I would recommend this company for your business banking.”

Mercury is used by entrepreneurs who:

• Run early-stage to growth-stage startups 
• Seek a user-friendly online banking solution
• Want access to fundraising opportunities 

Here are some reviews (from Trustpilot) from verified Mercury customers:

"We have been banking with Mercury for a little bit over a month and they have been nothing short of amazing. The infrastructure is very solid. Transferring money is easy and uncomplicated, and they handle bigger sums without problems."

"Banking with Mercury feels like a fresh lemon ice water on a scorching hot day. I'm so glad they exist and spend everyday making corporate banking a bit less awful. I can't recommend them enough!"

"Wonderful bank for ecommerce sellers! If you read and love the book Profit First, this bank is perfect for you to [separate] your accounts [and] allocate percentages for each account. You can also have virtual cards, do ACH, wires, [and] deposit checks, but no cash deposit unfortunately. Overall, [it’s] one of the best banks to use for ecommerce."

Both Mercury and Bluevine offer free business checking accounts. Here’s how the two platforms stack up against each other based on key features, additional fees, and incentives. 

Price: Free (Some Fees Apply) 

Notable Features:

• No monthly or overdraft fees 
• No minimum balance requirement 
• A 2% annual percentage yield (APY) on balances up to $250,000 
• Federal Deposit Insurance Corporation (FDIC) insurance up to $3 million 

Bluevine’s business checking account is free to open and requires no monthly fees. However, you’ll incur fees associated with certain transactions like outgoing wire transfers and international payments.

Price: Free (Some Fees Apply) 

Notable Features:

• Checking and savings accounts 
• No monthly or overdraft fees 
• No minimum balance requirement 
• A 5.46% yield through Mercury Treasury 

While you can use the Mercury platform for free, some of its advanced features come with fees. These include making mass payments using the platform’s API, exchanging money in non-US currencies, and using Mercury Treasury account management tools.

While Mercury and Bluevine are both digital banking providers, they suit different business types. Mercury targets incorporated, early-stage startups while Bluevine caters primarily to small and medium-sized businesses. 

Overall, Mercury has fewer fees and provides access to  venture debt funding options— a real benefit for startups. Plus, it’s a great alternative to other, more exclusive startup banking solutions. 

Open a business bank account for your startup today with Mercury.