The best prosumer bank account

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:

  1. 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.
  2. 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.