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Relay is a financial technology company providing business checking and savings accounts with minimal fees. It’s perfect for business owners looking to simplify their finances and implement a “Profit First” cash flow strategy.
Relay is also great for managing multiple employees or freelancers with various bank accounts and debit cards. However, there may be better options if you need credit cards, loans, or an interest-bearing checking account.
This review covers the features and drawbacks of Relay business checking accounts and their services. Read on for more details.
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Relay Bank Review
Relay is a financial technology company that offers FDIC-insured business banking accounts through Thread Bank. Previously partnered with Evolve Bank and Trust, Relay’s updated features — including cash deposits and savings accounts — are available under “Relay 2.0.”
This version refers to accounts opened in 2023 or existing ones transitioned to Thread-supported services. Relay accounts have no minimum balance requirements, transaction limits, overdraft fees, free incoming wire transfers, and the option to deposit cash at compatible AllPoint ATMs.
Relay’s premium account, Relay Pro, costs $30 monthly and includes same-day ACH availability, free outgoing wire transfers, and accounts payable features such as automatic bill import from QuickBooks Online and Xero.
Additionally, Relay offers a high-yield business savings account, FDIC-insured up to $2.5 million via the Insured Cash Sweep program. This savings account has no monthly fee or minimum balance requirement but follows a tiered interest structure. A balance of at least $1 million is required to unlock the highest rate:
- Less than $50,000: 1.00% APY
- Between $50,000 and $250,000: 1.50% APY
- Between $250,000 and $1,000,000: 2.00% APY
- $1 million or higher: 3.00% APY
Relay’s business savings account doesn’t include checks, a debit card, or ATM access. Funds can only be transferred internally with a Relay Checking account. ACH transfers to another bank or merchant aren’t permitted. Relay business checking customers can open up to two savings accounts.
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Pros & Cons of Relay Bank
Pros
- No monthly maintenance fees for the base plan
- No minimum balance requirements
- Ability to open up to 20 accounts and receive 50 physical or virtual Visa debit cards
- Native integration with popular accounting software and online payment processors
- FDIC coverage up to $3 million through a deposit sweep program
- 24/7 email support and weekday phone support
Cons
- No physical branches are available
- Doesn’t offer lending or credit card products
- Access to accounts payable and faster ACH payments requires a paid plan
- Mobile check deposits may take up to seven business days to process
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Relay Business Checking Features
Relay’s integrated accounting and banking tools simplify financial management at an affordable cost. Here are some of its standout features.
Multiple Checking Accounts
Relay allows you to create up to 20 individual sub-accounts under a single account name for LLCs and corporations, while sole proprietorships can have up to 10. Each account is FDIC-insured and comes with its own account number.
Relay enables instant money transfers between checking accounts, allowing you to set up dedicated accounts for various business expenses like taxes, payroll, and operating costs.
Customizable Debit Cards
Upon opening an account, Relay will send a physical debit card to your business address. You can issue up to 50 virtual or physical Visa debit cards, with virtual cards activated instantly and physical cards shipped within eight to 10 business days. Each debit card must be linked to a specific checking account.
Relay debit cards are accepted anywhere that takes credit cards and can be used without fees at Allpoint ATMs for cash withdrawals and deposits. The cards are also compatible with Apple, Google, and Samsung Pay for in-person transactions.
Team Member Account Permissions
You can grant team members access to specific sub-accounts and debit cards. As the main user, you can monitor card activity and set daily spending and ATM withdrawal limits.
With full control over account permissions, team members can assist with financial tasks like bill payments or bookkeeping without having too much control over business funds.
Accounting Software Integrations
Relay seamlessly integrates with QuickBooks Online and Xero, allowing businesses to import transaction data directly into their accounting software. This feature helps small business owners update bank feeds easily and gain a clearer picture of cash flow.
Detailed Transaction History
Each transaction entry includes detailed information such as the amount paid, recipient, debit card used, and the checking account from which the funds were withdrawn.
For account reconciliation, you can search transactions by payment type, merchant, card name, or initiator.
Mobile App
Relay’s mobile app allows you to:
- View accounts and transactions
- Issue and activate debit cards
- Edit checking account names
- Set and edit debit card transaction limits
- Deposit checks via mobile check deposit
- Send payments
- Transfer funds
The app has a rating of 4.7 on the App Store from over 800 reviews and 4.4 on Google Play from about 340 reviews. Users praised the free business tools but noted some platform glitches.
High FDIC Insurance Coverage
Relay offers up to $2.5 million in FDIC insurance protection through a sweep program provided by its partner, Thread Bank.
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Other Relay Business Products
Relay business banking offers a paid premium service called Relay Pro and a business savings product.
Relay Pro
Relay Pro is priced at $30 per business per month and includes the following advantages:
- Fee-free domestic and international wire transfers
- 50 same-day ACH transfers
- Batch bill payment capability
- Automatic bill import from QuickBooks Online and Xero
- Ability to establish multi level approval rules for bill payments
Savings
Relay offers two savings accounts per business where idle cash is automatically transferred. These accounts have no fees or minimum balance requirements. The APY rates vary based on your account balance:
- 1% APY for balances under $50,000
- 1.5% APY for balances between $50,000 and $250,000
- 2% APY for balances between $250,000 and $1 million
- 3% APY for balances above $1 million
Accounts Payable
Relay allows you to pay bills using free same-day ACH transfers, checks, or domestic and international wires. It includes a currency conversion option for paying international clients. You can also manage all your payees and upload vendor details, such as W-9 forms, to streamline tax season.
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Relay Business Pricing
As a small business owner, managing finances can be challenging, so it’s important to carefully review Relay’s pricing.
Minimum Balance Requirements
One advantage of using Relay for business banking is the absence of minimum balance requirements. Whether you opt for Relay’s free account or the paid Relay Pro, there’s no need to maintain a specific balance.
Monthly Fees
Relay’s basic plan is entirely free at $0/month, making it an affordable choice. If your business requires additional features like same-day ACH transfers and advanced billing options, the Relay Pro plan costs $30 per month. Both plans allow you to have up to 20 individual checking accounts without any monthly fees.
Withdrawals & Limits
Relay offers unlimited free withdrawals at AllPoint ATMs and fee-free withdrawals at any ATM worldwide, though the ATM owners may charge fees. For Relay’s physical cards, the maximum daily transaction limit is $7,000, and the ATM withdrawal limit is $1,000 per card.
Other Fees
Relay generally maintains a fee-free structure for most services. However, it’s important to identify any specific fees that may apply to your business, such as wire transfer fees.
International Transfer Costs
For businesses that frequently handle international transactions, Relay’s system is user-friendly. Each outgoing international transfer costs $10, but this fee is waived for Relay Pro users.
Currency Conversion Costs
Relay bases its exchange rate on the foreign exchange market, refreshing rates every 60 seconds. Depending on the currency and the timing, they apply a rate 1% or more above the current rate. Before finalizing the conversion, you’ll see the exact charge and the recipient’s amount.
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Who Is Relay For?
Relay is a business checking account tailored for small business owners and entrepreneurs. It features no minimum balance requirements, fees, or transaction limits. Business owners can also add employees to their accounts and assign permissions based on their roles.
This banking solution is ideal for those running e-commerce companies or online businesses. Relay supports deposits from payment processors like Stripe and Square, and it integrates seamlessly with QuickBooks and Xero to simplify cash management.
However, Relay may be less beneficial for established business owners looking to scale their companies. It doesn’t provide access to lines of credit or business loans, which are crucial for business growth.
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Relay Bank Reviews from Real Users
Relay business checking reviews are largely positive. With a Trustpilot rating of 4.6 from over 1,300 reviews, users commend Relay’s responsive customer support and clear communication. They also value the ability to open multiple accounts for free and the simplicity of setting up an account. Here are a few comments from Relay users.
Relay Bank Alternatives – Relay Business Checking Review
Relay is a great choice for business owners, though it does have some limitations that might pose challenges. Consider these two alternatives that provide similar features plus additional benefits like access to credit and the opportunity to earn interest.
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Bluevine is an online business banking option with features similar to Relay, but it also offers additional services that might appeal to business owners. Account holders can deposit cash and earn up to 2.00% APY (terms apply). Bluevine also provides lines of credit for business owners looking to expand their operations.
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Lili is a financial technology company offering business checking accounts that are ideal for tech-savvy business owners who rarely use traditional payment methods like checks. Partnering with Choice Financial Group, Lili insures deposits up to $250,000 through the FDIC.
Initially designed for freelancers in 2018, Lili has expanded its online business checking accounts to accommodate most business entity types. It has also introduced higher deposit and transfer limits to support larger businesses.
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Axos Bank is a strong option for those who prefer digital banking, featuring low fees, interest-bearing accounts, and an extensive ATM network. Axos provides a wider range of accounts than many online banks, helping you save on fees. While it may not offer the highest savings rates, the yields and rewards on its checking accounts are competitive.
The Axos Bank Rewards Checking account has no monthly maintenance fee and offers unlimited domestic ATM fee reimbursements. It has a maximum APY that surpasses many savings account rates. Earnings depend on how you use the account and any other Axos Bank accounts you hold.
Relay Bank Review – FAQs
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Bottom Line – Relay Business Checking Review
Relay’s integrated bookkeeping and banking solutions make it an excellent choice for businesses looking to simplify cash management. The ability to create multiple sub-accounts and debit cards also makes it ideal for small business owners wanting to delegate financial responsibilities to team members. However, you must consider other options to access lending products.
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