The best prosumer bank account
I've been using Mercury Personal for 9+ months. It's amazing.
This is not financial advice. Always consult a financial professional before making financial decisions.
I've been using Mercury Personal for 9+ months. It's amazing.
Unlimited checking accounts
Unlimited savings accounts
High yield savings
Unlimited virtual and physical debits cards
Free ATM withdrawals + ATM reimbursements that other banks charge you
Free outgoing wire and ACH transfers
Up to $5M in FDIC insurance through their syndicate of partner banks
Beautiful web application with intuitive UX
Beautiful and easy to use mobile app that is getting better every day
In addition they have almost all the table stakes of a traditional bank account: mobile deposit, send checks etc...
To me this is well worth the $20/mo cost. A savings balance of $4,800 would cover the subscription cost not to mention the free ATM withdrawals and wires.
My only gripes are:
No Zelle; which isn't a deal breaker because their payments features are strong and I still have a bank account elsewhere with Zelle. It mostly means I need to ask all vendors and contracts etc... for their routing / account number to pay them which adds some additional friction and work.
No trust accounts; they tell me this is something they are researching and considering adding.
Previously I had been a First Republic client. Once FRB started to be consumed by Chase the service level changed unless you could keep a lot of money with Chase Private Client; which to me didn't make sense as their savings yield is insultingly low.
I was fortunate to get early access to test Mercury Personal through my friend Dan. And I've been using it, loving it and signing its praises ever since.