Mercury and Novo compared on the points that usually decide a business account: account type, monthly fee, currency support, eligibility and where each one is available.
General information, not financial, legal, or tax advice. There is no single best account. The right fit depends on your business. Verify current terms and eligibility with each provider before applying.
Mercury vs Novo at a glance
| Feature | Mercury | Novo |
|---|---|---|
| Account type | Checking and savings provided through FDIC member partner banks. Mercury is a fintech, not a bank. | Online business checking account |
| Who it suits | United States registered startups and growing companies, including those with founders based abroad, that want a digital first account with no monthly fee on the free plan and modern software. | United States based sole proprietors, LLCs, partnerships and corporations, especially small businesses and freelancers that want a free online checking account. |
| Monthly fee | Free plan with no monthly fee. Plus is about 35 US dollars a month and Pro is about 350 US dollars a month, with lower rates if billed annually. As of 11 June 2026. | No monthly fee (as of 12 June 2026). |
| Transaction fees | No monthly fee, overdraft fee or minimum balance on the free plan. ACH, domestic wires and international wires in US dollars are free. Non US dollar card transactions carry a 3% currency exchange fee. As of 11 October 2026. Verify the current rate card with Mercury. | No monthly fees and no transaction limits. Incoming wires are free, and Novo refunds third party ATM fees up to 7 US dollars a month. Check Novo's current fee schedule for insufficient funds and returned item charges. As of 11 October 2026. |
| FX fees | International wires in US dollars are free. Non US dollar international wires carry a 1% currency exchange fee, and non US dollar card transactions carry 3%. As of 11 October 2026. Verify with Mercury. | Primarily a US dollar account. International features are limited. Verify current terms with the provider. |
| Minimum deposit | No account minimum and no account opening fee. As of 11 June 2026. Verify with Mercury. | No minimum balance. Novo's account pages do not state an opening deposit, so check it with Novo. As of 11 October 2026. |
| Multi currency | Accounts are United States dollar based. International United States dollar payments are supported, and some currency features carry fees. As of 11 June 2026. Verify with Mercury. | No. It is a US dollar checking account, not a multi currency account. |
| Integrations | Accounting integrations including QuickBooks and Xero, an API, bill pay, expense management, and treasury tools. Verify current integrations with Mercury. | Invoicing tools and integrations with common business and payment apps. |
| Eligibility | Businesses formed and registered in the United States or a United States territory, with United States operations or plans. Founders in many countries can apply, though some regions are not supported. As of 11 June 2026. Verify eligibility with Mercury. | United States based sole proprietorships, partnerships, LLCs and corporations. Applicants need a US Social Security number and a US address. Confirm details with the provider. |
| Broadly available in | The United States. The business must be a United States entity, though founders living in many countries can apply. As of 11 June 2026. | United States only. |
Mercury suits a United States LLC or corporation, including one whose founders live outside the United States, that sends wires in US dollars and wants them free. Novo suits a United States sole proprietor or freelancer with a Social Security number who wants a free account linked to tools such as Stripe, Shopify and QuickBooks. Mercury does not accept sole proprietorships, so a freelancer without a registered company cannot use it.
Open a business account
Both providers accept business customers in their supported markets. Fees and eligibility shown as of 11 June 2026 for Mercury and 12 June 2026 for Novo. Confirm current terms with the provider before applying.
Visit Mercury → Commission link: we may earn a fee if you open an account through it. It does not change what we publish or how we rank providers. Visit Novo → Commission link: we may earn a fee if you open an account through it. It does not change what we publish or how we rank providers.Questions about Mercury and Novo
Which is better for my business, Mercury or Novo?
Can I open both Mercury and Novo?
Are the fees on this page current?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 11 October 2026. Confirm current terms with each provider before applying.