Relay Business Checking Review 2024: Features, Fees, & More

Relay

Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Thread Bank.

Business Checking is an online banking solution designed to streamline financial management for small businesses. With no monthly fees and robust tools for account organization, budgeting, and integrations, Relay has built a reputation among modern business owners looking for an efficient way to manage finances without a traditional bank.

Relay’s fast facts

Our rating: 4.7 out of 5

Starting price: Free (no monthly fees or minimum balance requirements)

Key features:

No fees for basic services.
Free access to multiple business accounts.
Customizable budgets and sub-accounts.
Integrations with QuickBooks, Xero, and more.

Image: Relay

Relay aims to simplify business banking by focusing on digital tools and integrations with accounting platforms. Unlike traditional banks, Relay operates entirely online, providing features that support remote financial management, a major benefit for small businesses and freelancers. Business owners can set up multiple checking accounts for budgeting and have complete control over spending with built-in expense categorization and detailed financial tracking.

Relay reviews: What users are saying

4.75/5

Users often highlight Relay’s transparency in pricing, ease of setup, and the convenience of creating separate accounts for budgeting. Freelancers, startups, and small businesses with limited cash deposits find it particularly suitable since Relay eliminates common fees associated with traditional banks.

TrustPilot: 4.7/5 stars.
G2: 4.6/5 stars.
Nerdwallet: 4.5/5 stars.

While most users appreciate Relay’s digital-first approach, a few drawbacks have been noted, such as the absence of cash deposit options and limited physical branches, however, for online-based businesses or those that don’t rely heavily on cash, Relay is highly recommended.

Relay’s pricing structure

4.9/5

Relay’s standout pricing model is fee-free. It provides a completely free business checking account without hidden costs, monthly maintenance fees, or minimum balance requirements. This makes Relay appealing for startups, freelancers, and small businesses looking to maximize savings and minimize banking expenses.

No monthly fees: Completely free account setup and maintenance.
Unlimited ACH transfers: No fees for transfers between accounts.
Access to digital tools: Users can open up to 20 checking accounts for free.
Built-in financial tracking: Categorize transactions and manage expenses easily.

Relay also provides access to banking features such as ACH transfers, multiple sub-accounts, and tools for budgeting, allowing business owners to manage cash flow without additional costs. For businesses seeking faster ACH and outgoing wires, the ability to auto import bills from QuickBooks Online or Xero, and multi-step approval rules for bill payment, Relay offers an upgraded account — Relay Pro — starting at $30/month.

Relay’s key features

4.9/5

Relay stands out for its user-centric approach and flexible features tailored to business owners looking to streamline their banking. Here’s a deeper look at what Relay offers:

1. Budgeting and sub-accounts

Relay allows users to set up multiple checking accounts under a single business entity, providing flexibility in budgeting and managing different expense categories. With up to 20 free sub-accounts, business owners can organize funds for specific purposes, such as payroll, taxes, and operational expenses, all in one place.

2. Accounting integrations

Relay integrates smoothly with popular accounting software like QuickBooks, Xero, and Gusto, allowing users to sync transaction data automatically. This integration helps with real-time financial tracking, seamless bookkeeping, and more accurate tax reporting.

3. Expense management tools

Relay’s account features offer built-in tools for tracking expenses and managing team spending. Users can issue individual debit cards with customizable spending limits, enabling better control over business expenditures.

4. No monthly fees or minimum balance requirements

One of Relay’s main selling points is its truly fee-free structure. Businesses can avoid monthly maintenance fees, minimum balance requirements, and charges for basic services, making it an ideal choice for small companies looking to save on banking costs.

5. Secure online banking platform

Relay operates exclusively online but is FDIC-insured through its banking partners. It utilizes robust security measures, including two-factor authentication and advanced encryption, ensuring business funds are protected.

Would our expert use Relay?

5.00/5

Relay suits small business owners, startups, and freelancers who value digital banking and do not require cash deposits or in-person branch services. Its no-fee structure and integrations with leading accounting tools make it a practical choice for those looking to manage finances efficiently without incurring high fees.

Our expert’s opinion: Relay’s free, versatile features are great for small businesses or entrepreneurs who want a modern, tech-savvy banking solution. However, for businesses that rely on cash deposits or physical branch interactions, a more traditional bank may be more suitable.

Relay’s pros

No fees: Truly free banking with no monthly or hidden charges.
Multiple checking accounts: Up to 20 sub-accounts for budgeting flexibility.
Seamless integrations: Syncs with QuickBooks, Xero, and Gusto for streamlined finances.
Expense tracking tools: Manage team spending with individual debit cards.

Relay’s cons

No cash deposits: Relay does not support cash deposits.
No physical branches: Relay operates entirely online.
Limited support options: Mostly online support, with no phone service.
No lending options: Relay does not offer business loans.

Alternatives to Relay

If Relay Business Checking doesn’t fit all your needs, here are some alternatives to consider with similar online bank offerings:

	Bluevine Business Checking	Chase Complete Business Checking	Novo Business Checking
Starting price	Free	$15/month (waivable)	Free
Key features	1.5% APY on balances up to $250,000 Free ACH transfers Business line of credit available	Nationwide branch network Same-day deposits Mobile payment tools	Integrated tax tools Fee-free overdrafts up to $200 Real-time expense tracking
Key distinctions	Offers interest on deposits	Extensive in-person support	Fee-free overdrafts
Learn more	Visit Bluevine ^{Bluevine is a financial technology company, not a bank.Bluevine deposits are FDIC-insured through Coastal Community Bank, Member FDIC.}	Visit Chase	Visit Novo ^{Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.}

Methodology

To create this review, we analyzed Relay’s banking features and compared them to similar platforms while we evaluated user reviews from various sources. We considered the unique needs of freelancers and small business owners to determine how well Relay meets those requirements compared to its competitors.

Conclusion

Relay Business Checking offers an accessible, digital-first solution for small businesses, freelancers, and startups looking for an efficient way to manage finances and get set up with a bank account for their business. With no monthly fees, flexible sub-accounts, and robust accounting integrations, it is a competitive choice in the online banking space. These are very important services to consider when choosing a bank for your business. While it lacks cash deposit and lending options, Relay’s streamlined approach and fee-free structure make it an ideal option for businesses that operate primarily online.

Frequently Asked Questions

How reliable is Relay?

Relay is highly rated for its online banking services and partners with FDIC-insured financial institutions, ensuring funds are secure and protected up to standard FDIC limits.