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Relay offers an online business checking account that includes no monthly fees, no account minimums, and no overdraft fees. Although Relay’s Pro account has a high monthly fee, the Standard plan should be sufficient for the majority of small businesses to get started.
Summary: Relay is designed to help small businesses streamline their bookkeeping, so business owners have greater visibility over earnings and expenses.
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|HQ||Toronto, ON, Canada|
|Monthly Fee||$0 for Relay Standard or $30 for Relay Pro|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Transfer Fee||$0 – $10|
|ATM Fee||No ATM withdrawal fees at AllPoint ATMs|
|Transactions||Unlimited electronic deposits|
|State Restrictions||Available in all US states|
Relay was founded with the mission to empower small businesses through the automation of business finances. Partnering with Evolve Bank & Trust, Relay provides personalized business support to help your small business grow and be a success.
Offering a simple two-tier pricing plan, you can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Currently, the pricing plans include the following benefits:
|Relay Standard||Relay Pro|
|Get up to 20 no-fee checking accounts||Import bills from QuickBooks Online and Xero|
|Get up to 50 Mastercard debit cards||Approve and pay bills from one dashboard|
|Make payments by ACH, wire or check||Automate multi-stage approval workflows for bills|
|Set spending limits for team members||Pay bills in batches|
|Receive bank feeds into Xero and QuickBooks Online||No fees for domestic and international wire transfers|
|Invite team members to bank online||No fees for same-day ACH transfers|
All features in the Standard plan are also included in the Pro plan.
To open a business checking account with Relay, you can sign-up via their website. It only takes a few minutes, and you’ll need to provide the following information:
You can fund your account with an initial deposit via an ACH or wire transfer.
You can get started with Relay’s business checking account with no monthly fees, no overdraft fees, and no minimum balance requirements. Depending on whether you are on the Standard plan or Pro plan, here are some additional fees to consider:
Standard plan fees:
Pro plan fees:
You can view Relay’s fees and pricing plans on their website.
Key features for Relay’s business checking account include the following:
The Relay business checking account does not accommodate cash deposits. Customers can receive money via ACH or wire transfer. Remote check deposit is also available via the mobile app.
For withdrawals, you can access your money using an ATM. Alternatively, you can send an ACH or wire transfer.
The Relay business checking account is a fully serviced digital banking experience. There are no physical branches or in-person support available.
To get in touch you can email [email protected] which is available 7 days a week. Relay aims to respond within a couple of hours.
For a more personalized experience, you can also call 1-888-205-9304 from 9 am to 5 pm ET, Monday to Friday.
According to Trustpilot, Relay has an excellent 4.5/5-star rating with many customers enjoying the easy-to-use interface and great customer service. Some of the negative comments come from users not willing to pay $30 a month for extra features and benefits.
Relay partners with Evolve Bank & Trust to provide you with FDIC-insured accounts of up to $250,000. In addition, cardholders are covered by the Mastercard® Zero Liability Policy, from any unauthorized transactions.
Biometric security is used and logins are protected by two-factor authentication. Users can also freeze their Relay card with a single tap to prevent any misuse of debit cards.
Relay’s business checking account is a great option for small businesses looking for a personalized banking experience with no monthly fees, and an array of business tools to help keep track of day-to-day finances that streamlines their bookkeeping.
Where Relay stands out is the ability to use up to 20 dedicated checking accounts, this can be assigned with a specific purpose and managed by team members with user permissions.
However, if you have a small business that is dependent on cash deposits or you’re looking to earn interest on balances in your checking account, you may want to consider looking into alternative options.