Mercury vs Relay: Business Banking Compared (2026)
Mercury and Relay are two of the most popular online business banks for startups and small businesses. Mercury leans toward funded startups with treasury management and venture debt. Relay focuses on profit-first budgeting with its 20-account system. Here's how they stack up — and how Holdings compares to both.
Bottom line: Mercury wins on FDIC coverage ($5M) and venture debt. Relay wins on profit-first budgeting. Holdings combines unlimited sub-accounts, built-in accounting, 1.75% APY, and 35+ free tools — features neither Mercury nor Relay include free.
| Feature | Mercury | Relay | Holdings |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| APY (checking) | 0% (Treasury up to 4.25%) | 0% | 1.75% |
| Sub-accounts | Limited | 20 free | Unlimited free |
| Built-in accounting | $50/month add-on | ❌ | ✅ Free |
| Virtual cards | Unlimited | ❌ | Unlimited |
| Team permissions | ✅ Role-based | ✅ Basic | ✅ Role-based |
| Venture debt | ✅ | ❌ | ❌ |
| FDIC coverage | $5M | $3M | $3M |
| Integrations | QuickBooks, Xero, Stripe | QuickBooks, Xero | Native (no integration needed) |
| Free business tools | ❌ | ❌ | 35+ included |
When to Choose Each
Choose Mercury if…
- • You need venture debt or credit
- • You hold $1M+ and want $5M FDIC
- • You need treasury management for idle cash
- • You want developer-friendly APIs
Choose Relay if…
- • You use profit-first budgeting
- • You need 20 accounts for allocations
- • You want basic team permissions
- • You're already on QuickBooks/Xero
Choose Holdings if…
- • You want banking + accounting in one
- • You need unlimited sub-accounts
- • You want 1.75% APY on checking
- • You don't want to pay for QuickBooks
Frequently Asked Questions
Is Mercury or Relay better for small business?▾
It depends on your priorities. Mercury is better for funded startups that need treasury management and high FDIC coverage ($5M). Relay is better for businesses using profit-first budgeting with its 20-account system. Holdings combines the best of both — unlimited sub-accounts, built-in accounting, 1.75% APY, and 35+ free tools — at zero cost.
Does Mercury or Relay have built-in accounting?▾
Neither includes free accounting. Mercury offers an accounting add-on for $50/month. Relay has no accounting features and requires QuickBooks or Xero ($30-80/month). Holdings includes full accounting free — auto-categorization, P&L, balance sheet, and cash flow.
Which has better FDIC coverage — Mercury or Relay?▾
Mercury offers up to $5M FDIC coverage through its sweep network. Relay offers up to $3M. Holdings offers up to $3M. For startups holding large cash reserves, Mercury has the edge on insurance.
Try the alternative
Holdings combines the best of Mercury and Relay — unlimited sub-accounts, built-in accounting, 1.75% APY — all free.
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