Mercury, a U.S.-based neobank catering to over 100,000 startups, has introduced Mercury Personal, a consumer-focused banking product designed specifically for entrepreneurs and investors. Launched in 2017, Mercury aims to provide customers with customizable features including debit card limits, worldwide ATM fee reimbursements, and no-fee domestic wires and ACH transfers, without requiring minimum balances.
Mercury Personal offers customers up to $5 million in FDIC insurance cover and a high-yield savings account with a 5% APY for a $240 annual subscription fee. Alexey Likuev, Head of Personal Banking at Mercury, highlights the perceived gap in the banking landscape, where traditional banks offer high-touch private banking services while most neobanks focus on basic offerings. Mercury Personal seeks to bridge this divide, providing enterprise founders with a robust self-service banking option tailored to their personal needs. Interested individuals can join a waiting list for the solution, with a full launch anticipated for U.S. customers later this year.
