Relay Banking Review

Pros

• Multiple checking and savings accounts with high APY
• Debit cards for employees
• Integrations with popular software
• Cash deposits accepted

Cons

• Some features are fee-based
• Up to 7-day delay on funds availability with mobile check deposit

What Is Relay?

Relay is an online banking and money management platform backed by Relay Financial, a fintech company. Banking services including FDIC insurance are provided by Thread Bank, Member FDIC.

Some of Relay’s perks and features landed this banking platform a spot on two of our top banking lists: the best free business bank accounts and the best business bank accounts for freelancers. So what makes Relay so notable? Let’s dive in.

Services Offered By Relay

Overall, Relay has a solid selection of services, which resulted in a high rating for this review.

Relay Rewards & Perks

Relay comes in a bit light regarding rewards and perks. For example, you won’t see any valuable partner perks or cash-back rewards on your debit card purchases that you would find with many of the banks on our list of the best online business bank accounts.

You will find a notable 1.03%-3.03% APY on Relay savings accounts. Relay also regularly offers referral bonuses for opening a Relay bank account.

However, Relay has recently released the Relay Visa Credit Card (issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.) This card comes with no annual fees, 30-day payment terms, spend management tools, employee cards, and 1.5% cash back on every purchase. The Relay Visa Credit Card is available to Relay users by invitation only.

Relay Pricing & Fees

Here is Relay’s pricing breakdown:

Relay’s fee structure is simple, and it contains a lot of zeros, earning it a high rating in this category.

Relay Eligibility Requirements

Relay’s eligibility requirements are broad and easy to meet, earning it high marks for this section. US corporations, LLCs, partnerships, and sole proprietorships can use Relay. There are no revenue requirements, minimum credit score, or other barriers to accessing Relay’s banking services.

Relay stands out from its competitors in the business banking field by accommodating non-US citizens, too. Citizens and residents of more than 200 countries can use Relay’s business banking services, as long as their business has an operating presence in the US.

If your business deals with cryptocurrency, firearms or weapons, credit repair, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales, you will not be eligible to bank with Relay.

Relay Features

Relay offers many of the business banking features you’d expect to find but with a few very unique features thrown in.

Relay allows for 20 checking accounts and two savings accounts, so you can have the flexibility to organize and manage your finances. Relay also is the official banking platform for Profit First Professionals and has several built-in savings automations to help businesses stay profitable and meet savings goals.

Relay integrates with QuickBooks Online and Xero.

Relay is lacking a bit when it comes to other finance management features and has some lower starting transaction limits for certain transaction types that could be problematic for some businesses.

Here are some of the additional features you can find with Relay:

Transaction Limits & Processing Times

Like all banking service providers, Relay puts some limits on the availability of funds deposited into your account. The good news is that you can request transaction limit increases within the Relay app.

Here is a quick overview of the basic transaction limits associated with Relay:

Relay Application Process

Relay doesn’t disclose much information on its application process, which lowered our score for this section. You can expect to have to prepare the standard documents required to open a bank account.

The good news is that once you submit your application online, the application processing time takes 1-2 days so long as you provide all of the documentation. There’s no opening deposit required, and you can start ordering virtual cards as soon as you’re approved.

Relay Sales & Advertising Transparency

Relay has a relatively straightforward website and discloses most information on the site itself or in its detailed FAQ bank. Customers have relatively good things to say about Relay’s sales ethics and practices as well, resulting in a solid overall rating for this section.

Relay Customer Service

Relay offers a good variety of support options, including telephone service. Judging from actual customers’ comments on review sites, customer support is a standout feature.

Relay is active on social media, including YouTube, Instagram, Facebook, LinkedIn, and the platform formerly known as Twitter. You can also email, visit the online help center, or access resources from within the iOS or Android app. The only downsides are that there is no dedicated customer support rep and the company’s phone hours could be longer.

Relay User Reviews

Although you’ll have to look under the parent name, Relay Financial, it’s easy to find positive reviews of Relay’s banking services. Overall, customers have positive things to say about Relay. The company gets a good amount of positive reviews on its mobile apps as well.

There are some complaints, but overall Relay has a strong reputation amongst small business owners.

Negative Relay Reviews & Complaints

• Slow transfer times, especially checks
• Poor service
• Frozen accounts with no warning or explanation

Positive Relay Reviews

• Excellent customer service
• Multiple account options
• No fees
• Easy setup and user-friendly platform

Is Relay Safe?

Relay takes a multi-layer approach to security, protecting users against digital and systemic risks as well as fraud. Relay uses industry-standard encryption to ensure secure and protected data transmission. The platform is continuously monitored using CloudWatch and CloudTrail. Regular regulatory audits and penetration tests identify potential vulnerabilities.

Your accounts with Relay will require two-factor authentication by default. The apps use biometric security measures.

Up to $3 million in FDIC insurance coverage is available for deposits through a sweep program offered by its partner Thread Bank. Debit transactions are covered by Visa’s Zero Liability Protection.

Final Verdict: Is Relay Worth It?

Relay is a standout business banking option that we are happy to recommend to businesses. With a large amount of positive customer reviews, a small amount of fees, and several standout checking and savings features, Relay is a solid choice for small businesses.

Relay may not be the best choice if you want specific perks like cash-back checking or lending options, but if you’re looking for a standard checking and savings account that can grow with your business, Relay is a good option. The addition of the Relay Visa Credit Card is also a nice touch, although it is only available by invitation.

If you want to compare Relay to other online banks, check out our top list of the best high-yield savings accounts or the best business checking accounts for more options.

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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