Mercury vs Relay Business Banking (2026): Fees, Yield and FDIC Coverage by Stage
Pick Mercury if you are a venture-backed SaaS startup with $250K or more in the bank, you send wires, and you want one account from seed to Series A. Its wires are free, its sweep covers up to $5M, and its Treasury pays a money market yield (3.28% to 3.73% net as of October 12, 2026). Pick Relay if you hold less than $250K, want interest on every dollar in an FDIC-insured savings account, spend abroad on cards (1% FX against Mercury's 3%), or need to deposit cash. Relay's Scale plan pays the most interest (3.21% APY as of September 17, 2026) and costs $90 a month on a promotion; Relay's fee schedule lists it at $120. Both are fintechs, not banks: Mercury works with Choice Financial Group and Column N.A., Relay with Thread Bank.
What each costs at pre-seed, seed and Series A
| Stage | Option | Fees per year | Card cashback per year | Yield per year (rate) |
|---|---|---|---|---|
| Pre-seed | Mercury (free plan) | $504 | $648 | $11,480 (3.28%) |
| Pre-seed | Relay Starter ($0) | $900 | $432 | $4,165 (1.19%) |
| Pre-seed | Relay Grow ($30) | $1,152 | $540 | $6,545 (1.87%) |
| Pre-seed | Relay Scale ($90) | $1,848 | $648 | $11,235 (3.21%) |
| Seed | Mercury (free plan) | $3,600 | $3,240 | $85,750 (3.43%) |
| Seed | Relay Starter | $4,896 | $2,160 | $29,750 (1.19%) |
| Seed | Relay Grow | $4,896 | $2,700 | $46,750 (1.87%) |
| Seed | Relay Scale | $5,520 | $3,240 | $80,250 (3.21%) |
| Series A | Mercury (free plan) | $18,720 | $12,240 | $363,000 (3.63%) |
| Series A | Relay Starter | $20,880 | $8,160 | $119,000 (1.19%) |
| Series A | Relay Grow | $20,268 | $10,200 | $187,000 (1.87%) |
| Series A | Relay Scale | $20,700 | $12,240 | $321,000 (3.21%) |
The activity profile is our assumption: pre-seed $500K cash ($150K operating), 2 domestic wires, 1 non-USD payment of $3,000 and $4,000 card spend a month (10% non-USD); seed $3M ($500K operating), 6 wires, 4 x $6,000, $20,000 card; Series A $12M ($2M operating), 15 wires, 12 x $10,000, $80,000 card (15% non-USD). Yield on cash above operating needs. Mercury = Treasury in MRGXX, a government money market fund, net of Mercury's fee, as of October 12, 2026 (not FDIC insured). Relay = savings APY at Thread Bank as of September 17, 2026 (FDIC-insured deposit). Relay Scale at its $90 promotional price; at the $120 in Relay's fee schedule its fees are $2,208, $5,880 and $21,060.
On fees, the two are close. Mercury's are all FX; Relay's are wire fees plus FX, with a cheaper card FX rate. Relay Scale's 1.5% card cashback equals Mercury's IO card. The gap is yield, and the two yields are different products. Relay pays deposit interest that is FDIC-insured through Thread Bank. Mercury publishes no interest rate on checking or savings, and its Treasury is a money market fund that is not FDIC-insured and needs $250K at Mercury. Below $250K, Relay earns interest and Mercury earns none. Above it, Mercury's net Treasury yield beats Relay Scale by 0.07 to 0.42 points in our three stages. Run your own numbers.
Published prices
| Plan | Price (monthly / billed yearly) | For / limits |
|---|---|---|
| Mercury | $0/mo | 'Powerful banking and finance essentials included with every account': checking and savings, free ACH, domestic and USD international wires, RTP, checks, debit cards, IO card, bill pay, invoicing, QuickBooks/Xero sync; Reimbursements for up to 5 active users per month (pricing FAQ: paid plan needed for 'reimbursing out-of-pocket expenses for more than 5 active users per month') |
| Mercury Plus | $35/mo monthly or $29.90/mo billed annually (15% off) | Recurring invoices, invoice with ACH debit ($1/transaction), unlimited 1099 tax filings, $50 off eligible LegalZoom Compliance Plans, 6 months free Xero |
| Mercury Pro | $350/mo monthly or $299/mo billed annually (15% off) | Relationship manager, invoice with ACH debit ($0/transaction), NetSuite categorizations, unlimited 1099 tax filings |
| Add-on: ACH, domestic wires, real-time payments, checks (send and receive) | $0 on all plans | RTP only for accounts on Column N.A. (pricing footnote and help article 43065703960852) |
| Add-on: USD international wire (outgoing) | $0 (SHA); $15 flat to send as OUR so Mercury covers intermediary fees | Pricing FAQ and help article 28773111244436 |
| Add-on: Non-USD international wire (outgoing) | 1% currency exchange fee | Pricing table and help article 28772836414228 ('The exchange includes a 1% currency conversion fee'); negotiable above $200K/month exchanged |
| Add-on: Incoming non-USD wire | No Mercury fee stated; Column N.A. converts at mid-market, Choice uses intermediary banks that 'typically add a 2-3% markup' | Help article 34750478414740. USD-only accounts: incoming non-USD is converted to USD. |
| Add-on: Non-USD card transactions (debit and IO) | 3% currency exchange fee | Pricing compare table and help article 32529650270484; also applies to non-USD ATM withdrawals; not refunded; excluded from cashback |
| Add-on: IO card cashback | 1.5% cashback on all settled purchases | Charge card issued by Patriot Bank, N.A.; cash-underwritten (balance cannot exceed Mercury cash); daily repayment until $15K total Mercury balance, then monthly; no annual fee. Cashback paid when the balance is repaid. |
| Add-on: Mercury Treasury | Advisory fee 0.15%-0.60%/yr of Treasury positions by total Mercury deposits ($0-2M 0.60%, $2-5M 0.45%, $5-10M 0.35%, $10-20M 0.25%, >$20M 0.15%); minimum $250K total Mercury balance | Net yields as of 2026-10-09/10-12 on mercury.com/treasury: MRGXX (State Street govt MMF, 7-day effective SEC yield as of 10/12/2026) 3.28% at $250K-$2M, 3.43% $2-5M, 3.53% $5-10M, 3.63% $10-20M, 3.73% $20-50M; MCRYX (Morgan Stanley ultra-short bond, floating NAV, not an MMF, 30-day effective yield as of 10/09/2026) 3.60% / 3.75% / 3.85% / 3.95% / 4.05%. Not FDIC insured; SIPC via Apex Clearing. |
| Add-on: Mercury Books | $35/mo, waived until Dec 31, 2026 | Shown under the free plan on the pricing page |
| Add-on: 1099 filing (free plan) | $5/filing | Unlimited on Plus and Pro |
| Add-on: Invoicing ACH debit (receiving) | $1/transaction on Plus, $0 on Pro | Card payments on invoices via Stripe fees |
| Add-on: Mercury Personal | $240/year, included free with an active Business account | Pricing page and FAQ |
Prices verified on mercury.com/pricing on October 13, 2026.
| Plan | Price (monthly / billed yearly) | For / limits |
|---|---|---|
| Starter | Free | 'For solopreneurs & startups': 20 checking accounts, 1.19% APY on savings (as of 9/17/2026), 1% cash back on credit cards, unlimited users |
| Grow | $30/mo | 'For small & medium-sized teams': 1.87% APY on savings (as of 9/17/2026), 1.25% cash back, multi-step approval rules, recurring invoices, bookkeeping automations |
| Scale | $90/month (shown as $120 struck through, 'Limited-time discount') | 'For large teams': 50 checking accounts, 3.21% APY on savings (as of 9/17/2026), 1.5% cash back, no fee for same-day ACH, partner perks |
| Add-on: Domestic wire (outgoing) | $8 Starter / $5 Grow / $5 Scale | Pricing page comparison table and deposit agreement fee schedule (effective September 1, 2026) agree. Incoming domestic and international wires $0 on the pricing page. |
| Add-on: International wire (outgoing) | Swift: $25 / $22 / $20; Local network: $5 / $3 / $1.50; plus currency exchange 'as little as 1%' | International payments provided by Community Federal Savings Bank, facilitated by Nium (pricing page footnote 5). |
| Add-on: Same-day ACH | $1 Starter / $0.50 Grow / $0 Scale | Standard ACH free on all plans. |
| Add-on: Card international transaction fee | 1% of the transaction | Debit: deposit agreement fee schedule 'International transaction fee: One percent (1%) of the transaction ... for any ATM or POS transactions conducted outside the United States'. Credit card: cardholder agreement 'Foreign Transaction: 1% of each transaction in U.S. Dollars'. |
| Add-on: Credit card cash back | 1% Starter / 1.25% Grow / 1.5% Scale | Relay Visa Credit Card issued by Thread Bank; ATM, money orders and cash equivalents excluded; paid within 30 days of billing cycle end. |
| Add-on: Savings APY (as of 9/17/2026) | 1.19% Starter / 1.87% Grow / 3.21% Scale | Variable, tied to 90% of the fed funds target-range midpoint times .3385 / .5321 / .9071 (savings account agreement, accounts opened on or after April 29, 2025). No balance cap stated. Savings accounts: 2 per business. |
| Add-on: Cash deposit | Up to $4.95 via Green Dot; $0 at AllPoint ATMs | Pricing page comparison table. |
| Add-on: Invoice payment processing | Cards 2.9% + $0.30; Pay-by-bank 1% / 0.75% / 0.5% capped at $10; wire payment on invoice $5 | Fee schedule lists 'Incoming Wire: $5/transaction' under Payment Processing Fees (invoice payments), while the pricing page lists incoming domestic wire transfers at $0. |
| Add-on: Stop payment | $10.00 per request |
Prices verified on relayfi.com/pricing on October 13, 2026.
Mercury's paid plans (Plus $35, Pro $350, less 15% on annual billing) add invoicing and workflow features, not cheaper banking. Relay's plans change your wire fees, cashback rate and savings APY, so the plan you pick drives the cost. Details in Mercury pricing.
Six things that decide it
1. Wires
Mercury charges $0 for domestic wires and USD international wires ($15 if you choose OUR so Mercury pays intermediary fees). Relay charges $8, $5 or $5 for an outgoing domestic wire and $25, $22 or $20 for a Swift wire, by plan. Relay also offers local-network international transfers at $5, $3 or $1.50. Both charge about 1% to convert currency: Mercury "a 1% conversion fee", Relay "as little as 1%", which is a floor, not a fixed rate.
2. Card spend abroad
Mercury charges 3% on non-USD card transactions and pays no cashback on them. Relay charges 1% on its debit and credit cards. If your team buys tools or ads billed in euros or pounds, this is the biggest fee difference between the two.
3. Yield and where it sits
Relay's savings rate is a formula tied to the federal funds rate (90% of the target-range midpoint times .3385, .5321 or .9071 by plan), with no balance cap and no minimum. Mercury's Treasury rate falls into balance tiers, and Mercury's fee (0.60% under $2M, down to 0.15% above $20M) comes out of it. Its "up to 4.05%" headline is MCRYX, an ultra-short bond fund that "is not a money market fund, and carries principal risk".
4. FDIC coverage
Mercury offers up to $5M through Choice and Column sweep networks; Relay up to $3M through Thread Bank's sweep (27 program banks on Thread's list dated November 7, 2025). Both depend on pass-through conditions, and the FDIC says nonbank companies "are never FDIC-insured". Our seed company holds $3M, the whole of Relay's coverage; at Series A ($12M) both caps are exceeded unless the surplus sits in Mercury Treasury or another product. Thread Bank had an FDIC consent order; the FDIC listed its termination in its December 2025 enforcement orders, published January 30, 2026. Mercury's IO card issuer, Patriot Bank, had an OCC formal agreement from January 2025 that the OCC terminated on June 30, 2026.
5. Who can open an account
Both need a US business. Relay's help center (updated August 11, 2026) says "every beneficial owner must have a valid SSN"; its deposit agreement describes a tier for "U.S. based entities with foreign beneficial owners". We could not resolve that conflict. Mercury's Treasury page lists 12 countries where the business may be located and excludes owners living in "certain restricted countries".
6. Cash and bank charter
Relay takes cash at AllPoint ATMs for $0 or through Green Dot for up to $4.95. Mercury's pricing page lists no cash deposit option. Mercury has preliminary conditional OCC approval for Mercury Bank, N.A. (April 24, 2026), not yet open. We found no charter application from Relay.
Recent changes
- Relay: same-day ACH cut on September 1, 2026 from $5/$3/$1 to $1/$0.50/$0. Plans moved from Relay and Relay Pro ($30) to Starter, Grow and Scale by May 2025. The savings APY on Scale went from 2.68% (as of December 11, 2025) to 3.00% (May 1, 2026) to 3.21% (September 17, 2026).
- Mercury: annual billing at 15% off added in September 2025; Treasury minimum lowered from $500K to $250K during 2025; Treasury funds switched to MCRYX and MRGXX in July and August 2026.
Switching cost
Neither charges to open or close an account. The work is operational: new account and routing numbers for customers paying you by ACH or wire, payroll and bill-pay links, card replacements for every subscription, and accounting feeds. Mercury Treasury money must be redeemed to cash first. Keep the old account open for a billing cycle so late payments land somewhere.
Not hands-on tested yet: we have not opened an account with Mercury or Relay, which requires a US company and identity checks. Fees and rates come from Mercury's and Relay's published pricing pages, fee schedules and help centers, read on October 13, 2026.
Frequently asked questions
Which has better FDIC coverage, Relay or Mercury?
Mercury advertises up to $5M, Relay up to $3M, both through partner-bank sweep networks with pass-through conditions. Mercury Treasury balances are not FDIC-insured at all; they sit with Apex Clearing under SIPC.
Can I deposit cash with Relay or Mercury?
Relay, yes: free at AllPoint ATMs or up to $4.95 at Green Dot. Mercury's pricing page lists no cash deposit option.
Is Relay cheaper than Mercury?
On fees at our three stages, Mercury is cheaper by about $400 to $2,200 a year, because its wires are free. Relay costs less if you spend a lot on cards in other currencies. Once you hold $250K or more, yield matters far more than either.
Which is better for Profit First budgeting?
Profit First needs several accounts. Relay gives 20 checking accounts on Starter and 50 on Scale. Mercury also lets you open several accounts and move money between them, but publishes no account count on its pricing page.
Related: startup banking costs by stage, Mercury alternatives, cash runway.