Relay and Mercury are financial technology companies. Neither holds a bank charter. This comparison covers U.S. business deposit accounts as of October 2026.
Relay places deposits at Thread Bank. Mercury places deposits at Choice Financial Group or Column N.A. Plan prices, wire fees, and FDIC sweep caps differ.
At a glance
Relay lists up to 20 checking accounts on Starter and Grow, and up to 50 on Scale. Outbound domestic wires are $8 on Starter and $5 on Grow and Scale.
Mercury lists the deposit account at $0 a month. Its sweep coverage is up to $5 million. USD domestic wires are $0 to send and receive. Plus is $35 a month. Pro is $350 a month.
How the products compare structurally
Relay and Mercury publish different caps on accounts, wires, and insured cash.
| Dimension | Relay | Mercury |
|---|---|---|
| Banking partner | Thread Bank | Choice Financial Group or Column N.A. |
| Bank charter | No | No. Preliminary OCC approval, April 2026 |
| FDIC sweep | Up to $3 million | Up to $5 million, across up to 20 banks |
| Checking accounts | 20 on Starter and Grow. 50 on Scale | Extra accounts. No numeric cap on the help pages |
| Savings accounts | Up to 2. APY set by plan | Checking and savings on the $0 tier |
| Debit cards | Up to 50 per cardholder per checking account | Issued by the partner banks |
| Charge card | Invitation-only Relay Visa Credit Card | Mercury IO. Limit follows balances |
| Treasury product | No separate treasury product | Yes, above $250,000. Not FDIC-insured |
| Monthly price | $0, $30, or $90 | $0 account. Plus $35. Pro $350 |
| Outgoing domestic wire | $8, $5, or $5 by plan | $0 |
| Incoming domestic wire | $5 on every plan | $0 |
| International USD wire | $1.50 to $25 by network and plan | $0 on SHA, or a $15 OUR fee |
How each product is structured
Relay
Relay provides the account interface. Thread Bank, Member FDIC, holds the deposits and issues the Visa debit card and the Relay Visa Credit Card.
A business can open many checking accounts under one login. Starter and Grow list up to 20. Scale lists up to 50. Every plan lists up to 2 savings accounts. Each checking account can have its own account number and routing number.
A contractor can keep payroll in one checking account and tax reserves in another. Moving cash between those Relay accounts stays inside the same login.
Debit cards are capped at 50 virtual or plastic cards per cardholder per checking account. The Relay Visa Credit Card is a separate charge card. The full balance is due on a 30-day cycle and auto-pays from a Relay account. Cash back is 1% on Starter, 1.25% on Grow, and 1.5% on Scale.
Savings APY is 1.19% on Starter, 1.87% on Grow, and 3.21% on Scale. Relay dates those rates to September 17, 2026, and says they move with the federal funds target.
FDIC pass-through coverage can reach $3 million when Thread Bank places deposits across program banks. Each program bank covers $250,000, and other deposits at that bank in the same ownership capacity count toward the cap. The Thread Bank sweep disclosure states the conditions. Relay’s sweep page says enrollment is automatic. Opting out leaves coverage at Thread Bank, up to $250,000.
Team access uses six presets. They are Admin, Manager, Bill Payer, Cardholder, Deposit Only, and Read Only. Accountants and bookkeepers get a separate advisor permission set, so the owner does not share a login.
The account cap is a plan limit. It is not a second bank relationship.
Mercury
Mercury provides the account interface. Choice Financial Group or Column N.A. holds each deposit. The customer can see which partner is on the statement.
An admin can open more checking and savings accounts from the dashboard and give each one a nickname. The public help pages describe that flow and do not publish a numeric cap.
Sweep networks at those partners spread deposits across up to 20 banks. Mercury states FDIC insurance up to $5 million when pass-through conditions are met.
On April 24, 2026, the OCC granted preliminary conditional approval to charter Mercury Bank, National Association, in OCC Corporate Decision 1372. Final approval still depends on preopening requirements. Deposits today still sit at the partner banks.
Mercury IO is a charge card issued by Patriot Bank, N.A. There is no separate application after the deposit account is open, and Mercury says it does not run a credit check. The limit follows balances with Mercury. Balances under $15,000 use daily repayment. At $15,000 the account can switch to a 30-day cycle. There is no annual fee. Autopay means the card does not charge interest.
Mercury Treasury is a separate product from Mercury Advisory, LLC, an SEC-registered investment adviser. It is not a deposit and is not FDIC-insured. The pricing page says the annual fee is 0.15% to 0.60%, based on total Mercury balances.
Preset team roles are part of the $0 account. A relationship manager is on Pro, and also on accounts with a balance of $10 million or more.
The charter filing does not move today’s deposits off the partner banks.
Fees and pricing mechanics
Relay sells three plans. Starter is $0 a month. Grow is $30 a month. Scale is $90 a month. The pricing page lists Scale’s regular price at $120 and marks $90 as a limited-time discount. There is no minimum balance and no overdraft fee on the plans.
Standard ACH has no separate fee on any Relay plan. Same-day ACH is $1 on Starter, $0.50 on Grow, and has no separate fee on Scale. Outbound domestic wires are $8 on Starter and $5 on Grow and Scale. Incoming domestic wires are $5 on every plan.
Local-network international wires are $5, $3, and $1.50 by plan. SWIFT wires are $25, $22, and $20. Currency exchange is listed as low as 1.00% on every plan. Card payments collected through Relay are 2.9% plus $0.30 on every plan. Pay-by-bank fees are 1.00% on Starter, 0.75% on Grow, and 0.50% on Scale, each capped at $10.
Mercury prices the checking and savings account at $0 a month, with no minimum balance and no overdraft fee. ACH and domestic wires are free to send and receive. Real-time payments are free on Mercury’s side. The other provider can still charge its own fee.
A USD international wire can go out at $0 under the SHA code. Intermediary banks may then deduct fees from the amount the recipient gets. The OUR code is a flat $15 paid by the sender so those intermediary fees are charged back to Mercury.
Plus is $35 a month, or $29.90 a month when billed annually. Pro is $350 a month, or $299 a month when billed annually. Paid plans add workflows such as recurring invoices, NetSuite automations, and reimbursements for more than 5 active users a month. QuickBooks and Xero bank feeds are on the $0 account.
Mass payments on the Mercury API can carry a fee. Non-USD debit and Mercury IO purchases carry a 3% conversion fee. Access to Treasury account management can also carry a fee, separate from the 0.15% to 0.60% annual advisory fee.
Relay’s $0 Starter plan still charges $8 for an outbound domestic wire and $5 for an incoming one.
Limits, eligibility, and availability
Relay accepts U.S. corporations, LLCs, general partnerships, and sole proprietors. Its FAQ says owners can be citizens or residents of more than 200 countries when the business has a U.S. operating presence. A prohibited-country list still blocks some owners.
The Relay Visa Credit Card is narrower than the deposit account. It is invitation-only. Sole proprietorships are not eligible. Beneficial owners must be U.S.-based. The business must be a U.S. LLC, general partnership, or corporation. One path is at least $50,000 in average monthly revenue over three months and 12 months in business. The other is at least $20,000 in average monthly revenue over three months, 6 months in business, and a $25,000 Relay balance. Up to 5 credit cards can be issued per cardholder per credit account.
Scale is the plan that lists priority support. Starter and Grow stay on standard support. There are no branches.
Mercury requires a company formed and registered in the United States or a U.S. territory, plus some U.S. operations. Founders do not have to be U.S. residents. Founders or financial controllers who live in a restricted set of countries are outside the current list. The application asks for an EIN, formation documents, and beneficial ownership.
Mercury IO limits follow total balances, not a separate underwriting file. Treasury requires more than $250,000 across Mercury accounts in one organization. It is closed to nonprofits, partnerships, LLPs, and single-member LLCs. The business must also sit in a country on Mercury’s Treasury list. That list includes the United States, the United Kingdom, Canada, India, Singapore, and Israel. It also includes the Netherlands, Spain, Germany, Denmark, Australia, and Mexico.
Deposit-account eligibility and charge-card eligibility are different tests on both platforms.
Tradeoffs and constraints
Relay prices wires, same-day ACH, and savings APY by plan. Checking caps are 20 or 50. The charge card does not come with the deposit account. Insured cash stops at the $3 million sweep, or at $250,000 if the business opts out.
Mercury lists USD domestic transfers at $0 and a balance-based charge card. Treasury balances are not FDIC-insured. Insured cash stops at the $5 million sweep across partner banks. The OCC approval is preliminary. Customer cash still sits at Choice Financial Group or Column N.A.
See also: Bluevine Review.
