Mercury vs Novo: which one fits your business?
Side-by-side comparison of Mercury and Novo — fees, features, ease, support, and which one fits your business. Scored on the same rubric.
Short answer: Mercury wins on our scorecard (8.3/10 vs 7.9/10).
| Scored on | Mercury | Novo |
|---|---|---|
| Right fit for small biz | 7 | 7 |
| Ease of use | 9 | 9 |
| Fees & pricing | 9 | 9 |
| Customer support | 6 | 5 |
| Features | 9 | 8 |
| Monthly Service Fee | $0 | — |
| Domestic Wires (Send/Receive) | $0 | — |
| International Wires | $0 (1% FX fee may apply) | — |
| Minimum Opening Deposit | $0 | $0 |
| ATM Withdrawals | Reimbursed at Allpoint locations | — |
| Monthly Maintenance Fee | — | $0 |
| ATM Fee Reimbursements | — | Unlimited |
| Incoming Wires (Domestic/Intl) | — | $0 |
| Insufficient Funds Fee | — | $27 |
Mercury in one paragraph
A brilliant software-first financial platform that eliminates fees for tech startups but carries the risk of automated account freezes.
Skip it if: You own a brick-and-mortar business that needs to deposit physical cash or work in a 'high-risk' industry like CBD or gaming.
Novo in one paragraph
Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Skip it if: You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.
Frequently asked questions
Which is better, Mercury or Novo?
On our five-axis scorecard, Mercury scores higher (8.3/10 vs 7.9/10). A brilliant software-first financial platform that eliminates fees for tech startups but carries the risk of automated account freezes.
Who should skip Mercury?
You own a brick-and-mortar business that needs to deposit physical cash or work in a 'high-risk' industry like CBD or gaming.
Who should skip Novo?
You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.