Ask HN: Best Bank for Startups? (US, 2023)

1 points by xenomachina 3 years ago | 2 comments

Given the recent news about SVB, we're looking for a new bank. There was a previous Ask HN three years ago (https://news.ycombinator.com/item?id=23682511) with the same question, but a lot has changed since then, so it seems worth re-asking.

We've been using SVB, and have been thinking about changing for a while. They always seemed like they barely works. Their web UI was terrible, their communication wasn't great, and they didn't have features we want, like ghost/virtual debit cards for one-time/annual/monthly payments.

KomoD 3 years ago |

Mercury is pretty good isn't it?

xenomachina 3 years ago | |

That's what comments in the other post said, but I don't know if there's new info in the last 3 years.

Looking at their site, the features sound good (though I'm not thrilled about Plaid integration, TBH). They aren't a real bank, though, from their own site:

> Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

The page that links to, https://mercury.com/how-mercury-works, seems to suggest that by using "sweep networks", their clients are able to get even better than normal FDIC protection. Their FAQ also says "Mercury checking and savings deposits are FDIC-insured up to $1M. As a broader effort, we are working on expanding all coverage up to $4M. You can learn more about FDIC insurance through their own FAQ here."

The marketing copy sounds good, but I'm curious to know what others think about these claims.