Relay Financial Business Banking Review
- Fee
- $0 per month
- APY
- Up to 2.86%
- Minimum deposit to open
- $0
Our verdict
A business account for small businesses, large teams and a plan with no monthly fees.
Relay offers business checking and savings, with three plans to choose from. It heavily focuses on accounts for large teams, letting you create multiple checking accounts, get up to two savings accounts and issue up to 50 virtual or physical debit cards to team members. Earn up to 0.97%, 1.65% or 2.86% APY on your savings, depending on your plan. All plans offer invoice creation, bill creation, receipt collection and storage, payment request links and more. As you might expect, the paid plans offer the most perks, but Grow costs $30 per month and Scale costs $90 (discounted) or $120 per month.
Pros
-
$0 plan available
-
Create multiple cards and accounts for your team
-
Earn 0.97% to 2.86% APY on savings, based on plan
-
Tons of management, bill and invoice tools
-
Can integrate with QuickBooks, Xero and more
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Up to $3 million FDIC deposit insurance
Cons
-
Best APY requires most expensive plan
-
Online only
-
No paper checks
Plans and cost
Relay has recently added a third plan, and it still offers a $0 monthly plan with plenty of great features.
| Plan | Monthly cost | Features |
|---|---|---|
| Starter | $0 |
|
| Grow (previously Pro) | $30 | Everything with Starter, plus:
|
| Scale | $120 (currently discounted to $90) | Everything with Grow, plus:
|
What we like about Relay Business
Relay is a legitimate fintech company with banking services provided by Thread Bank and Evolve Bank & Trust, Members FDIC.
Team management
This is where Relay really stands out compared to other business checking accounts.
With the Starter and Grow (previously Pro), Relay lets you create up to 20 checking accounts to categorize finances or give individual teams their own account. With Scale, you can create up to 50 checking accounts.
All plans let you issue up to 50 Visa debit cards (virtual or physical) with the ability to limit daily spending and ATM withdrawals. You can also limit how much money each card can spend from your company account.
High FDIC insurance
The typical FDIC insurance coverage is up to $250,000. With Relay, through the sweep program, FDIC insurance up to $3 million is available for funds on deposit via Thread Bank, Member FDIC. There are only a handful of other banks that offer coverage that high.
Decent APYs on savings
Relay used to require balances of at least $50,000 to earn its best rates, but they’ve removed those balance tier requirements.
Instead of your balance determining your savings rate, it’s now dependent on your plan:
- Up to 0.97% APY with Starter
- Up to 1.65% APY with Grow
- Up to 2.86% APY with Scale
These are decent rates, and they don’t have minimum balance requirements. These rates are also much higher than the national average, which stands at 0.40% for savings accounts right now.
Lots of accounting tools and doodads
Relay can integrate with a lot of different accounting software, which include Gusto, QuickBooks, Plaid, Xero and Yodlee.
You can also deposit ACH transfers, wire transfers, checks, cash and payments from software such as PayPal, Stripe and Square. All plans also offer receipt collection and storage, invoice creation, payment request links and more.
With the paid plans, you can set up recurring invoices, set up automated rules to approve bills and set up workflows to pay multiple bills or vendors with one transaction.
Where it falls short
While all plans offer multiple checking account creation, sole proprietorships can only create up to 10 checking accounts. Another downside is that the automated bill payment and accounts payable features are only available with the paid plans, starting at $30 per month.
Like many online banking platforms, you won’t get paper checks with Relay or in-person customer support. But you can use the app to send electronic checks or deposit checks via the app.
Relay’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service |
|
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare Relay banking to other business accounts
Narrow down top business accounts by opening deposits, APYs and fees. Tick the Compare box on up to four providers to see features side by side.
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How we picked these
What is the Finder Score?
The Finder Score analyzes and evenly weighs business accounts against multiple factors, including monthly maintenance fees, opening deposits, overdraft fees, wire transfer fees and transaction limitations. We also award accounts that offer extra perks not normally offered, such as annual percentage yield (APY), without penalizing accounts that aren’t interest-bearing.
What you need to open a Relay account
Relay is available to businesses and business owners from sole proprietors to companies with 100+ employees, including sole proprietors, LLCs, general partnerships and corporations. Relay accepts US entities with account holders holding US and non-US citizenship. To qualify, you must have an operating presence in the US.
The registration and qualifications vary depending on your business type. However, beneficial owners who own at least 25% of the business will need the following documents:
- Government-issued ID
- Social Security Number or a Passport Number
- Personal address of beneficial owner
- Position / title of beneficial owner
- Personal and business phone numbers
- Email address
Customer experience
| BBB accredited | No |
|---|---|
| BBB rating | C+ |
| BBB customer reviews | 1 out of 5 stars, based on 4 customer reviews |
| Trustpilot score | 4.5 out of 5 stars, based on 2,827 customer reviews |
| App Store Score | 4.8 out of 5 stars, based on 2,400 customer reviews |
| Google Play Score | 4.6 out of 5 stars, based on 694 customer reviews |
| Customer reviews verified as of | 22 September 2025 |
On Trustpilot, the reception is largely positive. Most customers are very happy, with many citing friendly customer service experiences and quick issue resolution. Many reviews also praise the affordable wire transfers, easy-to-use online tools, low fees and the ability to create multiple checking accounts for free.
Although it earns a mediocre C+ rating with the Better Business Bureau (BBB) and is not accredited, there have only been a handful of complaints in the last three years. It’s common to see thousands of complaints for online banking options.
The few complaints and negative reviews are mostly grievances around frozen transfers and transactions due to being flagged for fraud. A few other customers noted that deposits might be held for a week for processing, which can hold up payments. However, these are typical banking complaints not unique to Relay.
Frequently asked questions
Can I use Zelle with Relay?
No, Relay is not currently integrated with Zelle. However, Relay business accounts can integrate with Gusto, QuickBooks, Plaid, Xero and Yodlee.
How long does it take to open an account with Relay?
Relay has a typical turnaround time of one to two business days for account approval or denial. The speed of your application process depends on how quickly you can submit the required documentation to verify your identity and business.
How do I withdraw money from my Relay account?
Relay is an online fintech, so it doesn’t have any physical branches where you can withdraw cash. However, you can use Allpoint ATMs for free, and Relay doesn’t charge for cash withdrawals or deposits with Allpoint ATMs or other domestic ATMs. If you use a domestic out-of-network ATM, you may be charged operator fees — but Relay won’t charge you a thing.
Sources
Your reviews
Bethany Finder
Banking editor
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