Mercury vs Found: The Best Bank for Your LLC
Relay and Mercury are fighting for the crown, but for solo pros, Found is the dark horse. Here is the math on which one to pick.
By MyBizNerd Team · Published
Key Takeaways
- Found won our solo-operater category because it integrates tax withholding and bookkeeping directly into the app for $0 a month.
- Mercury scored an 8.2 for growing teams by offering 15 free checking accounts and advanced user permissions that Found lacks.
- Solo freelancers can save an estimated $40 to $80 monthly by using Found's built-in tools instead of paying for a separate QuickBooks subscription.
- Businesses with over $250,000 in cash should prioritize Mercury to access Treasury products that offer higher yields than standard checking.
A husband-and-wife landscaping team in Raleigh recently hit a wall. They had $45,000 in their account but no idea how much of it belonged to the IRS and how much was profit. They were using a standard big-bank business account that charged them $15 every month just to keep the lights on. When they tried to add an office manager to the account, the bank demanded a physical branch visit and three forms of ID.
- Found offers a built-in tax estimate tool that automates your quarterly payments.
- Mercury provides a 'Vault' feature that uses sweep networks to insure up to $5 million in deposits.
- Both platforms are fintechs, not banks, meaning they partner with FDIC-insured institutions to hold your cash.
The Solo Pro Verdict: Found Takes the Lead
If you're a solo contractor or a single-member LLC, Found is the smarter choice. The reason is simple: it does the work of three apps. Most owners have to pay for a bank, a bookkeeping tool like QuickBooks, and a tax calculator. Found puts all of that in one place. When you spend money on a business lunch, the app categorizes it immediately and updates your projected tax bill. (Disclosure: we may earn a commission if you sign up through our links.)
For someone just starting a side hustle, the cost of admin work is the biggest hidden tax. The IRS requires you to keep records that support your deductions, as detailed in IRS Publication 583. Found handles this by letting you snap photos of receipts and tie them to transactions inside the banking app. You don't need to export CSV files to an accountant every month because the data is already clean. Mercury is a fantastic bank, but it doesn't try to be your bookkeeper. If you pick Mercury as a solo pro, you'll still likely end up paying for a separate accounting software.
The Scaling Team Verdict: Why Mercury Wins at 5+ Employees
Mercury is built for the business that plans to hire. Found is very restrictive with multiple users. If you try to give a debit card to a foreman or an assistant, you'll find Found's walls very quickly. Mercury, however, allows you to issue unlimited virtual and physical cards with individual spending limits. This is a massive relief for owners who are tired of sharing their own card numbers with employees for hardware store runs.
Mercury also wins on the sheer volume of accounts.
You can open up to 15 different checking accounts under one EIN. This allows you to use the 'Profit First' method or simply wall off your payroll funds from your marketing budget. For businesses handling larger sums, Mercury offers access to Mercury Treasury. S. Government securities. S. gov/resource-center/data-chart-center/interest-rates/Daily-Treasury-Yield-Curve-Rates) to see the potential return on your operating capital. Found offers a competitive APY on their paid tier, but it doesn't match the institutional-grade scaling Mercury provides.
| Feature | Found (Solo) | Mercury (Teams) |
|---|---|---|
| Monthly Fee | $0 (Basic) | $0 |
| Tax Withholding | Automated | Manual |
| Sub-accounts | 1 Primary | Up to 15 |
Selecting between these two comes down to your headcount. Found is a specialized tool for the person who hates admin work and wants their bank to tell them exactly how much to send to the IRS. Mercury is a powerhouse for the owner who needs to delegate spending and manage six-figure cash reserves. If you're still working a 9-to-5 while building your brand, Found will save you more time this week. If you just hired your third employee, move your money to Mercury.
Check your state's specific LLC filing requirements at your Secretary of State website before opening any new business account.
Related free tool
Quarterly Estimated Tax Estimator — Get your per-quarter number in 60 seconds. Free, no signup to start.
📋 Disclaimer
This article is for informational purposes only and does not constitute legal, tax, financial, or professional advice. Laws and regulations change frequently, and the information presented may not reflect the most current legal developments. Always consult with a qualified professional (CPA, attorney, financial advisor) before making business decisions based on this content. MyBizNerd may receive compensation through affiliate links, but this never influences our recommendations.