Choosing the right business banking solution is crucial for the success of any company. A reliable platform can streamline cash flow management, reduce unnecessary fees, and provide robust tools to support growth and scalability. On the other hand, the wrong solution can lead to inefficiencies, missed opportunities, and financial setbacks.

In this comprehensive Relay Business Banking review, we’ll examine how the digital-first banking platform is designed to meet the unique needs of small business owners. From its transparent fee structure and versatile account options to its seamless integration capabilities and customer-focused support, Relay aims to empower businesses with smarter financial tools.

Keep reading to discover if Relay Business Banking is the right solution to help your business thrive.

About Relay Business Banking

Relay is a digital business banking platform tailored for small business owners. Their mission is to provide financial clarity and control without the burdens of traditional bank fees. With features designed to simplify cash flow management, Relay offers up to 20 checking accounts, savings accounts with competitive APY and both physical and virtual cards for team use. They also provide integrations with popular bookkeeping software like QuickBooks and Xero.

Relay’s target customers are small business owners, particularly anyone who needs cash flow management tools, automated savings and expense tracking. Thanks to their role-based access, reporting tools and software integrations, Relay is also suitable for bookkeepers. 

By prioritizing features that empower small businesses, Relay creates a “financial command center” for those looking to streamline operations and gain transparency into their cash flow.

Relay Business Banking Review: Features and Pricing

Relay offers two main account types: Relay and Relay Pro, designed to meet different needs for business banking. Here’s a look at the features, account options and pricing for both.

Features

  • Multi-account structure: Relay offers up to 20 individual checking accounts and two savings accounts. These are designed to help business owners segment funds for payroll, expenses, taxes and more.
  • Cards: Businesses receive physical and virtual debit cards for team use. Relay Pro also offers 1.5 percent cash back on credit card spending.
  • Automated transfers and allocations: Users can set percentage-based or dollar-based transfer rules to automatically allocate funds across different accounts. This helps businesses reach goals like saving for taxes or managing payroll.
  • Integrations: Relay easily integrates with QuickBooks Online, Xero, Gusto and other popular bookkeeping software to further help you streamline your accounts.
  • Expense management: Relay supports receipt capture, SMS reminders for receipts and cleans up vendor names for easy tracking. Team members can upload receipts via desktop, mobile or email.
  • Accounts payable (Relay Pro): Relay Pro includes accounts payable tools, including auto-importing bills from QuickBooks, multi-step approval rules for bill payments and consolidated payments for vendors.

Account Types and Pricing

Relay’s basic business banking accounts have no monthly fees and a range of essential banking features. There are no charges for account maintenance, overdrafts or minimum balances. Customers can open up to 20 checking accounts and two savings accounts, with competitive APY rates from 1.00% to 3.00%. 

For transactions, Relay supports ACH transfers, wire payments and mobile check deposits, as well as cash withdrawals at Allpoint ATMs and cash deposits at Allpoint+ ATMs and Green Dot Network locations. 

Transaction fees are straightforward, with a $5 fee for outgoing domestic wires, while incoming domestic wires are free. Outgoing international wires cost $10. There is no charge for incoming international wires.

Generally, Relay’s basic accounts offer clear, predictable costs for businesses managing both domestic and international transactions.

Relay Pro is available with a monthly fee starting at $30 per business. The Pro accounts expand on Relay’s core offerings. Relay Pro includes same-day ACH transfers and free outgoing wires, making it ideal for businesses with frequent or urgent payment needs. These accounts also include accounts payable tools. 

For firms and accountants handling multiple clients, Relay Pro provides role-based access to enable better management and security across various accounts.

Relay’s tiered approach lets small business owners find a banking solution that aligns with their needs—whether it’s fee-free basic banking or advanced financial management tools through Relay Pro.

Relay Business Banking Pros and Cons

If you’re considering Relay for your banking needs, here’s a breakdown of its advantages and disadvantages.

Pros

  • Monthly fee-free base plan: Relay’s base plan is completely free of monthly maintenance fees, allowing small business owners to access essential banking features without extra costs. This is particularly beneficial for startups or businesses looking to reduce overhead costs.
  • No minimum balance requirements: Relay has no minimum balance requirements. This flexibility is great for businesses that experience fluctuating cash flows. This is especially helpful during early growth stages or lean months.
  • Multiple checking accounts and debit cards: Relay allows businesses to open up to 20 checking accounts to better manage finances and set aside funds for specific purposes—such as payroll, taxes or operational expenses. Businesses can also request up to 50 physical or virtual Visa debit cards for team members.
  • Payment processor and bookkeeping integrations: Relay integrates with widely used accounting software like QuickBooks Online and Xero. It also works with online payment processors such as Stripe, Square and PayPal. This helps businesses manage income streams from multiple platforms in one place.
  • Enhanced FDIC coverage: Through its partnership with Thread Bank and a deposit sweep program, Relay provides FDIC insurance coverage for deposits up to $3 million. This protection is significantly higher than the standard $250,000 offered by traditional banks.
  • 24/7 customer support: Relay offers 24/7 email support and weekday phone support for customers who need assistance.

Cons

  • No physical branches: Relay operates entirely online, which means there are no physical branches for in-person banking. While this digital-only approach suits many tech-savvy entrepreneurs, it could be a drawback for business owners who prefer face-to-face interactions or need in-person services. Without in-person options, users experiencing significant issues may find it challenging to receive the assistance they need promptly.
  • No lending or business credit card products: Relay does not offer traditional lending options, such as business loans or lines of credit. They also do not provide credit card products beyond debit and cash-back cards. 
  • Accounts payable and faster ACH payments require a paid plan: While the free base plan covers essential banking needs, advanced features like accounts payable management and faster ACH payments are only available with the paid Relay Pro plan. 
  • Delayed mobile check deposits: Relay’s mobile check deposit feature can take up to seven business days. This delay may affect cash flow, especially for businesses that rely on quick access to check payments. 
  • Limited customer service responsiveness: Users have reported difficulties with reaching customer service, especially during high-volume periods, leading to delays in resolving critical issues.
  • Account freezing and limited communication: Relay has reportedly frozen accounts with limited communication or explanation, leaving some users unable to access essential funds for extended periods.
  • Unclear resolution timelines: Relay’s communication around issue resolution can be inconsistent, causing frustration for users who need urgent access to funds.

Who is Relay Business Banking Best For?

Relay offers a modern solution for small businesses seeking streamlined, digital-first banking services. With features including multiple checking accounts, integrated expense management and comprehensive software integrations, Relay offers significant advantages for tech-savvy business owners. The platform’s fee-free basic plan and high FDIC coverage make it particularly attractive for startups and growing businesses.

However, potential users should carefully consider the trade-offs. The lack of physical branches, limited lending options and reported customer service challenges may impact businesses requiring traditional banking services or immediate issue resolution. While Relay’s Pro plan offers advanced features like same-day ACH and accounts payable tools, these come at an additional cost that should be factored into the decision-making process.

For businesses comfortable with digital banking and seeking a platform that prioritizes financial clarity and control, Relay can serve as an effective financial command center. Companies with complex banking needs or those requiring frequent cash transactions might want to explore alternatives like North One. 

North One: Your Digital-First Business Banking Alternative

North One makes an excellent alternative to Relay, especially for small, cash-dependent businesses like restaurants, laundromats, and other service-based companies. Though it operates without physical branches, North One partners with 90,000 cash deposit locations, making it highly convenient for businesses that need frequent cash handling. It features an innovative Envelope budgeting system, which automatically organizes deposits for better budgeting and expense control—ideal for business owners focused on managing cash flow effectively.

Unlike Relay, North One offers business loans of up to $250,000, making it an attractive option for founders seeking funding to expand or stabilize their operations. North One’s real-time payment capabilities further support cash flow management, providing rapid payment processing. Integrations with platforms like QuickBooks and Xero also save time on bookkeeping, which is perfect for busy small business owners. While North One lacks virtual cards and international wire transfer options, its live in-app support helps ensure smooth operations for small business owners who value responsive assistance and ease of use.

Frequently Asked Questions

Is Relay a reliable bank?  

Relay can be a reliable choice for business banking, although some users have reported frustration. Relay is designed specifically for small businesses looking for digital banking solutions. All Relay accounts come with FDIC insurance coverage of up to $3 million, provided through its partner bank, Thread Bank. Relay’s intuitive platform, security features—including two-factor authentication and Visa® Zero Liability Protection—and high customer service standards make it a good option for businesses seeking a streamlined banking experience.

Is Relay a real bank?  

Relay itself is not a bank but a financial technology company that partners with a fully chartered bank to offer banking services. Through this partnership, Relay provides FDIC-insured accounts and banking services in compliance with U.S. regulations. This setup allows Relay to deliver a high-tech, fee-free, secure banking experience.

Who is Relay Bank backed by?  

Relay is backed by Thread Bank, a well-established financial institution founded in 1906, which provides the FDIC insurance and financial infrastructure that power Relay’s accounts. Additionally, Relay is supported by a network of world-class investors, including Bain Capital Ventures and Better Tomorrow Ventures.