The best prosumer bank account
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.