Relay Bank Review 2024: Free All-In-One Business Banking

Last Updated on January 3, 2023 by Harrison Brown
8.9/10 (Expert Score)
Product is rated as #6 in category Business Banking
8.9Expert Score
Solid, Online-Only Business Bank Account

Relay Bank is a fee-free business bank account that offers no overdraft fees, free ATM withdrawals, free ACH transfers, free incoming wire transfers, and direct integrations with top accounting programs like Quickbooks and Xero. There are no minimum balance requirements and no monthly fees, but it does lack some features traditional brick-and-mortar banks have like cash deposits and physical locations.

  • Zero Monthly Fees
  • Accounting Integrations
  • No Minimum Deposit
  • No Physical Locations
  • No Cash Deposits
  • No Lending Services


Relay Bank Overview

Monthly Fee:$0.00
Minimum Opening Deposit:$0.00
Cash Deposits:Not Supported
Overdraft Fees:$0.00
Fee-Free ATM Access:50,000+ Locations
Debit Cards (Physical & Virtual):50 Per Account
Courtesy of Relay

Who Is Relay Bank For?

  • A business that needs multiple, online-only bank accounts to segment their various businesses or business units.
  • Business owners who already use QuickBooks, Xero, Gusto, or any other popular accounting/payroll software want to integrate it directly into their bank accounts.
  • A non-cash business that does not require cash deposits (i.e., e-commerce stores, affiliate marketers, etc.)

Pros & Cons

Pros And Cons Of Relay Bank

  • Fee-Free Banking: One of the biggest selling points of Relay Bank is that there are no fees associated with any of their services. This includes things like overdraft fees, account maintenance fees, foreign transaction fees, and more.
  • Accounting Integrations: Relay Bank integrates with some of the most popular accounting software on the market, making it easy to keep track of your finances and expenses.
  • No Minimum Deposit: There is no minimum deposit required to open an account with Relay Bank.
  • Virtual Debit Cards: Issue up to 50 virtual or physical debit cards for free with Relay Bank. These can be used for online shopping, in-app purchases, or segmenting your various purchase categories.
  • No Physical Locations: As with most new “neo-banks”, Relay Bank lacks physical locations. This can be a problem if you need to deposit cash or talk to a human baker in person.
  • No Cash Deposits: Another downside to Relay Bank is that you cannot deposit cash into your account. If you're a cash-based business, this bank business account is not for you.
  • No Lending Services: Relay Bank does not offer any lending products like loans or lines of credit. If you need access to capital from your business bank, you might want to consider Nearside Bank.
  • Limited Live Support: Live phone support is only available from 9:00 AM – 5:00 PM (EST) Monday – Friday. However, email support is available 24/7 with response times averaging less than 1 hour.


Relay Bank Features

Business Checking Account

The Business Checking Account from Relay Bank has no minimum balance requirements and no monthly fees. You'll also get free ATM withdrawals, free ACH transfers, and free incoming wire transfers. Within your Relay account, you can have up to 20 separate checking accounts (10 for sole-proprietors) to help you segment your various businesses or business units.

Business Debit Cards

Relay Bank offers both physical and virtual Mastercard debit cards that can be used anywhere Mastercard is accepted. You can have up to 50 cards issued for free and there are no foreign transaction fees.

Member Access With Permissions

You can give employees, contractors, or vendors limited access to your Relay Bank account with restricted permissions. For example, you can give an employee the ability to view transactions and balances but not initiate transfers. Or you can give your accountant access to change transaction categories and labeling but restrict their ability to deposit or withdraw cash.

Fee-Free ATM Access

Your Relay business checking account gives you fee-free access to all 50,000+ Allpoint ATMs around the world, and never worry about being charged an ATM fee again.

Mobile Banking

The Relay app is available for both iOS and Android devices and lets you do everything from checking your account balance to initiating ACH transfers. The mobile app also lets you deposit checks remotely using your phone's camera.

Native Integrations

Relay integrates with some of the most popular accounting programs like Quickbooks, Gusto, Xero, Plaid, and more. This allows you to automate your accounting processes while reducing redundant tasks.

Bill Pay

With Relay Bank, you can automatically pay your bills online for free. Simply link your vendors and schedule payments to be made automatically or on a one-time basis.

Open Account

How To Open A Relay Bank Account

Estimated Time To Create Account: 3 minutes

Create An Account

To open a Relay Bank account, simply go to their website and create an account. You'll need to provide your basic personal information like full name, phone number, email address, work position, and password.

Upload Your Business & Personal Documentation

Once you've entered in your personal information, you'll need to provide business documentation to verify your ownership of your business.
You may need to upload one or more of the following:

– Government ID (Drivers license or photo ID)
– SSN (Sole-proprietor) or EIN (Existing business entity)
– Personal address and phone number
– US business address and phone number
– DBA (Doing business as) if you have filed for one
– Articles of Organization (for LLCs)
– Partnership Registration Form (for partnerships)
– Articles of Incorporation (for corporations)

Wait For Account Approval

Now, all you have to do is wait for your account to be approved. This usually takes less than 24 hours but may take up to a few days.
Once your account is approved, you'll be able to log in and start using all of Relay's features immediately.


Use your business email to speed up the verification process. This will ensure you have to complete fewer business verification steps in the future.


Relay Bank Fees & Pricing

Relay Bank currently has two seperate plans: Relay and Relay Pro. Their base-plan is free to use and offers all the tools you'll need to jump-start your business. However, if you need more advanced accouting tools and with complex, multi-step approval processes, and same-day ACH transfers, Relay Pro could be a better choice for you, but the plan does start at $30/mo.


Monthly Fee:$0.00/mo
No-Fee Checking Accounts:20
ACH Transfer Time:1-2 Business Days
Integrations:Xero, Quickbooks Online
Pay Bills In Batches:No
Approve & Pay Bills In Once Place:No
Import Bills From Quickbooks & Xero:No
Multi-Stage Workflows:No
Domestic Wires:$5.00 Each
International Wires:$10.00 Each
Courtesy of Relay

Relay Pro

Monthly Fee:$30.00/mo
No-Fee Checking Accounts:20
ACH Transfer Time:Same day
Integrations:Xero, Quickbooks Online, and more
Pay Bills In Batches:Yes
Approve & Pay Bills In Once Place:Yes
Import Bills From Quickbooks & Xero:Yes
Multi-Stage Workflows:Yes
Domestic Wires:Free
International Wires:Fee
Courtesy of Relay


Relay Bank Vs. Other Business Bank Accounts

Relay Bank Logo
Relay Bank
No monthly fees
No account minimums
Major accounting& payroll integrations
No lending features
No Cash deposits
No physical locations
Nearside Bank Logo
Nearside Bank
No monthly fees
Unlimited 2.2% cash back debit card
Discounts on services like Google Ads, Quickbooks, & more
No 24/7 live support
Checking account does not earn interest
No physical locations
NorthOne Logo
NorthOne Bank
Unlimited fee-free transactions
Major accounting & payroll integrations
24/7 live chat and email
$10/month fee
Cannot send/receive international wires
No physical locations

Relay Bank Vs. Nearside Bank

If you're looking for a business bank account with no monthly fees, free ATM withdrawals, and free ACH transfers, then Relay Bank is a great option. However, if you need access to lending products like loans or lines of credit, Nearside Bank might be a better option as they offer these services. Additionally, Nearside Bank also offers a debit card that gives unlimited 2.2% cash back while Relay Financial's debit card gives no cash back.

Relay Bank Vs. NorthOne Bank

If you care about monthly fees, we recommend Realy Bank as there are no minimums or monthly maintenance fees. NorthOne Bank has a monthly fee of $10 per month. However, to make up for this monthly fee, NorthOne does have more ATM access points as well as more native integrations with platforms like Stripe, PayPal, Amazon, Shopify, and more.

Bottom Line

Is Relay Bank For You?

If you're looking for a free all-in-one business banking solution, Relay Bank is definitely worth checking out. They offer a variety of features that are perfect for small businesses, including free online and mobile banking, no monthly fees or minimum balances, and unlimited transactions. Plus, there's no need to switch banks – Relay Bank is FDIC insured and can be used with your existing personal or other business checking account.

Overall, we were extremely impressed with Relay Bank and would definitely recommend them to anyone looking for an online-only bank account that does not need cash deposits!


Relay Bank FAQ

Do I Need An LLC To Get A Relay Bank Account?

No, you do not need to have an LLC to get a Relay Bank account. However, if you are a sole proprietor, you will need to provide your Social Security number (SSN) when you apply.

Is Relay Bank FDIC Insured?

Yes, deposits are insured for up to $250,000 by the FDIC. Evolve Bank & Trust is a member of the Federal Deposit Insurance Corporation (FDIC), and they are the banking partner of Relay Bank.

Does Relay Bank Offer Credit Cards?

No, Relay Bank currently does not offer credit cards. However, they are planning to launch a business credit card sometime in the near future.

Is Relay Business Banking Legit?

Yes, Relay Bank is a legitimate company, and its banking partner, Evolve Bank & Trust, has been in business since 1925.

Relay Bank Review 2024: Free All-In-One Business Banking
Relay Bank Review 2024: Free All-In-One Business Banking
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