Mercury

## What are the wire transfer and high-yield savings features included with Mercury Personal?

## Overview Mercury Personal is a premium, subscription-based personal banking product offered by the fintech company Mercury, designed specifically for founders, investors, and other tech-focused individuals. The service operates on a flat annual fee of $240, which is billed upon signup and each subsequent anniversary. This subscription model is intended to provide a comprehensive suite of features without per-transaction fees for core services. Key offerings include a high-yield savings account, unlimited fee-free domestic and international USD wire transfers, and significantly elevated FDIC insurance coverage. The product positions itself as a sophisticated financial tool for individuals who manage substantial or frequent capital flows, distinguishing it from standard consumer banking accounts. ## Key Features The high-yield savings component of Mercury Personal offers a competitive interest rate on deposited funds. As of February 6, 2026, the stated Annual Percentage Yield (APY) is 3.25%, with an underlying interest rate of 3.20%. It is important to note that this rate is variable and can be changed at the bank's discretion at any time. Interest is calculated using the daily balance method and is compounded daily. A notable feature is the absence of any minimum balance requirement to either open an account or earn the stated APY, making the high-yield feature accessible regardless of the account balance. Independent analysis has noted that a balance of approximately $7,500 would generate enough interest to offset the $240 annual fee. One of the primary features of Mercury Personal is its wire transfer policy. The account includes unlimited, no-fee domestic wire transfers. It also offers unlimited, no-fee international wire transfers denominated in U.S. dollars. While Mercury does not charge a fee for these outgoing USD wires, users should be aware that third-party correspondent or recipient banks involved in the SWIFT network may still deduct their own processing fees from the transfer amount. For international transfers that require currency conversion, Mercury applies a 1% currency exchange fee. For security and compliance, Mercury reserves the right to impose transaction limits, though specific velocity caps are not publicly disclosed in its terms and are instead communicated to users within the application. ## Technical Specifications Mercury Personal provides an exceptional level of deposit insurance through its partner banks, Choice Financial Group and Column N.A. Since Mercury is a fintech platform and not a bank, it relies on these FDIC-member institutions to hold customer funds and provide insurance. Through a sweep network mechanism, deposits are automatically distributed across multiple program banks. This structure allows Mercury Personal to offer FDIC insurance coverage up to $5 million per depositor, which is twenty times the standard $250,000 limit offered by a single institution. This extended coverage is a significant benefit for high-net-worth individuals. ## How It Works ## Use Cases ## Limitations and Requirements Eligibility for a Mercury Personal account is restricted to individuals who are at least 18 years of age and have a valid government-issued ID and a valid residential address within the 50 U.S. states, Washington D.C., or U.S. territories. The accounts are strictly designated for personal, family, or household use and cannot be utilized for business purposes. Each individual is permitted to hold one individual account and one joint account, with the latter supporting up to four co-owners. Independent media sources like Yahoo Finance and Morningstar have corroborated the product's features, pricing, and target audience, confirming its positioning as a premium service for the tech community. ## Comparison to Alternatives ## Summary In conclusion, Mercury Personal is a specialized banking product with a $240 annual fee that provides significant value through its combination of features. The 3.25% variable APY on savings, unlimited fee-free domestic and international USD wires, and $5 million in FDIC insurance coverage cater directly to the needs of its target demographic of founders and investors. The service's structure, relying on partner banks and sweep networks, enables these premium features, though users must remain aware of the variable nature of the APY and the potential for third-party fees on international wire transfers.