Mercury vs Bluevine vs Brex vs First Internet Bank: 2025 SaaS Banking Comparison
Quick Answer: Mercury offers the highest APY at 4.5% (for $500k+ balances) with excellent APIs, while Bluevine gives 1.5% on any amount with no minimums. Brex provides 3.94% APY but requires VC backing. First Internet Bank is the most traditional option at 0.50% APY.
The Best Banks for SaaS Companies at a Glance
| Bank | Best For | Key Rate | Minimum Balance | Monthly Fee |
|---|---|---|---|---|
| Mercury | Tech startups with $100k+ | 4.50% APY | $500k for max rate | $0 |
| Bluevine | Any SaaS size | 1.5% APY | $0 | $0 |
| Brex | VC-backed startups | 3.94% APY | $0 | $0 |
| First Internet | Traditional approach | 0.50% APY | $10k | $0 |
Picking the right online bank for your SaaS company is important, especially when most of your revenue comes from recurring payments. Online banks save you money with lower fees, offer higher interest rates, and automate many financial tasks, making them especially useful for tech startups.
Let’s closely compare four popular online banking options designed to help SaaS companies manage their finances: Mercury, Bluevine, First Internet Bank, and Brex. We’ll discuss interest rates, eligibility requirements, API capabilities, customer service, international support, and account specifics to help you clearly see your options and pick what’s right for your business.
Why SaaS Companies Need Specialized Banking
Online banks don’t have physical branches. You do your banking using their website or app. They’re often cheaper, have better interest rates on deposits, and come with integrations or automations to save you time—really helpful for businesses that manage recurring payments, invoices, and a lot of online transactions.
Common features of good online banks include:
- Digital-only accounts, accessible anytime
- FDIC insurance (so your money is safe)
- Easy integration with accounting tools (QuickBooks, Xero)
- Automation through API capabilities for customized banking workflows
Mercury: Best for Tech Startups with Developer Teams
Mercury is geared specifically toward startups and tech companies. If you’ve got larger cash reserves and love automation, Mercury stands out.
Mercury Interest Rates (Updated 2025):
Mercury savings accounts have interest rates based on account balances:
| Balance | Interest Rate (APY) |
|---|---|
| Under $25,000 | 0.01% |
| $25,000–$99,999 | 0.10% |
| $100,000–$249,999 | 0.25% |
| $250,000–$499,999 | 1.00% |
| $500,000 or greater | 4.50% |
Important: Checking accounts do not earn interest. The 4.50% APY only applies to savings accounts with at least $500,000.
Mercury’s Standout Features:
World-Class APIs:
- Custom payment workflows (ACH and wire payments)
- Direct sync with your tools or dashboards
- Automated financial reporting with QuickBooks or Xero
- Perfect if you have developers who want custom solutions
Customer Support:
- Online support included
- Premium plan ($35/month) includes dedicated account manager
- Y Combinator partner with strong startup community
FDIC Coverage: Up to $5 million through multiple partner banks
Who Should Choose Mercury:
- SaaS companies holding $100k+ in cash
- Teams with developers who want API automation
- Startups planning significant growth
Mercury Drawbacks:
- Lower balances earn minimal interest
- International transfer fees apply
- Overkill for simple banking needs
Bluevine: Best Simple Solution for Most SaaS Companies
Bluevine provides straightforward banking, competitive interest rates, and simple automation good for smaller or mid-sized SaaS companies.
Bluevine’s Simple Pricing:
1.5% APY on ALL checking account balances - No minimums, no tiers, no complexity.
Bluevine’s Key Features:
Built-in Automations:
- Automated bill pay
- Invoice tracking and reminders
- Basic accounting integrations
- No complex APIs needed
Customer Support:
- Live phone, chat, and email support
- Business hours only (no weekends)
- Quick response times reported by users
FDIC Insurance: Standard $250,000 coverage
Who Should Choose Bluevine:
- SaaS companies under $100k in cash
- Teams without dedicated developers
- Businesses wanting simplicity over features
Bluevine Limitations:
- No advanced API capabilities
- Standard FDIC coverage only
- Less attractive for large cash reserves
First Internet Bank: The Traditional Online Option
First Internet Bank offers traditional online banking—solid and dependable for those who don’t need modern features.
First Internet Bank Rates:
- 0.50% APY for balances of $10,000 or more
- No interest earned below $10,000
Key Features:
Traditional Banking Approach:
- Basic QuickBooks integration
- Standard ACH and wire transfers
- No fancy automation tools
Customer Support Excellence:
- Available weekends and extended hours
- Phone-based support focus
- No account manager options
Who Should Choose First Internet Bank:
- Conservative businesses
- Those prioritizing support hours
- Companies avoiding fintech complexity
Limitations:
- Lowest interest rates of the four
- No modern integrations
- Not built for SaaS needs
Brex: Best for VC-Backed Startups
Brex offers a cash management account (not traditional banking) for funded startups.
Brex Interest Rate:
3.94% APY on all balances - No minimums required
Brex’s Unique Position:
Expense Management Focus:
- Excellent expense tracking tools
- Integrates with Stripe, PayPal
- Corporate card programs included
- Built for VC-backed companies
Eligibility Requirements:
- Series A funding or higher preferred
- Solid revenue streams required
- Not available to all businesses
FDIC Coverage: Up to $6 million through partner banks
Who Should Choose Brex:
- VC-backed startups
- Companies needing expense management
- Teams with complex spending needs
Brex Limitations:
- Not a traditional bank account
- Restricted eligibility
- Limited payment automation
Complete Comparison: Which Bank Wins for Your SaaS?
| Feature | Mercury | Bluevine | First Internet | Brex |
|---|---|---|---|---|
| Max APY | 4.50% | 1.5% | 0.50% | 3.94% |
| Minimum for Max Rate | $500k | $0 | $10k | $0 |
| API Quality | Excellent | Basic | None | Limited |
| FDIC Coverage | $5M | $250k | $250k | $6M |
| Monthly Fee | $0 | $0 | $0 | $0 |
| Best For | Tech startups | Any size SaaS | Traditional | VC-backed |
Making Your Decision: A Simple Framework
Choose Mercury if:
- You have $100k+ in cash reserves
- API automation is important
- You have developer resources
Choose Bluevine if:
- You want simplicity with good rates
- You’re under $100k in cash
- You need basic automation without complexity
Choose First Internet Bank if:
- Traditional banking is your preference
- Weekend support matters most
- You avoid fintech companies
Choose Brex if:
- You’re VC-backed
- Expense management is crucial
- You qualify for their requirements
Next Steps
- Calculate your average balance to see real interest earnings
- List your must-have features (APIs, support, etc.)
- Check current promotions at each bank’s website
- Open accounts at two banks to test (most are free)
Be sure to verify current rates and features at Mercury, Bluevine, First Internet Bank, and Brex as banking products can change quickly.
Remember: The best bank for your SaaS depends on your specific situation—cash reserves, technical needs, and growth stage all matter in making the right choice.