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Relay Review

Relay Review

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Banking Services Offered by Relay

How Much Does Opening an Account at Relay Cost?

Accessibility and Security

Customer Support

Bottom line

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Aditi Patel

Top Online Banking Services

Banks nowadays add pricey additional fees to their services. However, with Relay, you can enjoy their excellent baking services with no hidden fees. If you own a small business or are a bookkeeper or an accountant, then you may use this online banking platform to pay your bills with convenience, control cash flow, and track your business’ operating costs. Relay, which was established in 2021, makes sending and receiving wire transfers, checks, and ACH transfers much simpler and more convenient. You may set up role-based permissions and data transaction synchronization immediately in Xero or QuickBooks, eliminating the need for employees to exchange login credentials.

How is Relay Better than Other Traditional Banks?

The accounts provided by Relay include a number of interesting features that set them apart from commercial banks. There are no fees for ATM withdrawals, minimum balances, checking accounts, or overdrafts, and there is no minimum initial deposit necessary. Relay also allows small enterprises to share access and transfer money much more easily by giving them the chance to link a maximum of 20 checking accounts, as well as 50 virtual and physical debit Mastercards on every account.

No account or overdraft fees

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Banking Services Offered by Relay

Relay also has services that you may only experience with traditional banks. This includes transferring and depositing money. Its mobile app comes in handy where you can check your account balance, and wire transfers to another bank account, and has ATC. Cash withdrawal is made easier as there are 30,000 Allpoint ATMs throughout the country that has no additional fee. However, Relay does not offer other financial services like loans, mortgages, or retirement accounts to this day.

With Relay’s adaptable system access, you may limit the permissions that each user on your account has. You may set up separate logins for each of them and limit their access from read-only to full cash control. Since Xero and QuickBooks are accessible on Relay, direct bank feeds are available with these platforms and you may preset spending caps on your associates.

Signing up for Relay Pro also gives you perks such as easy reconciliation and importing automatically of bills in Xero and QuickBooks. The subscription also enables you to make free wire transfers domestically and internationally and instructions for paying bills.

Its mobile application makes it simple to transfer or send payments through ACH, wire, or check. By just clicking a button, you can suspend transactions on your card, and see your transaction history effortlessly thanks to its improved security.

How Much Does Opening an Account at Relay Cost?

Relay Standard accounts are available for no cost, whereas Relay Pro accounts cost $30 per month. Through its Partner Program, accountants and bookkeepers can get discounts for a maximum of 27% when they purchase Relay Pro depending on how many clients they have encouraged to use Relay. This online business banking does not impose any charges for bank accounts, ATMs, minimum balances, overdrafts, or bounced checks, regardless of the plan you select. As for deposits, however, users will receive no interest because the annual percentage yield, or APY, is zero percent.

Accessibility and Security

Remote check deposits, transferring and receiving money, and managing accounts while on the road are made possible by Relay’s mobile app, which is available for iPhone and Android smartphones. Your account is protected by biometric and two-factor verification, and the app also lets you restrict card permissions.

Relay is insured by the Federal Deposit Insurance Corporation (FDIC) which you are guaranteed of refund of up to $250,000. If an unfortunate incident happened and you lost your card, you can suspend your account and report it immediately on your account portal. Your Relay card is also covered by Mastercard’s Zero Liability Policy, ensuring that cardholders are not liable for illegal charges. The downside in this, however, is that Relay lacks a specialized fraud team.

Customer Support

If you need help with your account or any Relay transactions, you may give them a call on their phone from Monday to Friday 9 am to 5 pm ET. You may also email them atsupport@relayfi.com which can answer you any day of the week. If you need assistance after regular business hours, check out Relay’s FAQ page. A detailed system demonstration of the functions and features of Relay is held every other Thursday at 2 pm ET. Answers are also entertained on their live Q&A.

Reviewers on Trustpilot have given Relay a rating of 4.4 out of 5 stars, noting that the platform is simple to register for and navigate and that the company’s customer service department provides good assistance.

No account or overdraft fees

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Bottom line

Relay is a banking platform perfect for small business owners, accountants, and bookkeepers. You can anage your cash flow and financial transactions with Relay. A maximum of 20 checking accounts may be opened, and 50 physical or virtual Mastercard debit cards may be ordered. Accounts can also be connected to Xero and QuickBooks. There are no additional fees for checking accounts, ATM transactions, minimum balances, or overdrafts. Subscribe to Relay Pro for $30 to have access to more benefits like cost-free domestic and international wire transfers.

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Earn More Money by Keeping It in a Savings Account

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How to Find the Right Online Bank

TopOnlineBankingServices.com is a free online platform designed to help users with the process of choosing the services or products that meets their needs by providing helpful reviews, articles and comparison based content. We receive compensation from the various brands we review, compare and rank on the website. TopOnlineBankingServices.com is not a lender, broker or financial institute, nor a party to any engagement related to financial products or transaction. All rates, fees and offers’ terms presented herein are provided by the third party brands we engage with, which may include lenders, brokers and aggregators. We do not make any decision regarding such rates, fees, terms and eligibility or approval of a financial offer. The actual offer you will receive is subject to its provider’s sole discretion including credit score, minimum deposit, minimum balance, requested loan amount, loan term, etc. and there is no guarantee you will qualify for the rates, fees, or terms presented herein. The content herein is not, and shall not be taken as an endorsement, recommendation or solicitation to borrow or obtain any financial service. We encourage you to carefully review the actual offer’s terms you receive from the provider, including all associated fees and costs. Filing for bankruptcy shall not exempt from repayment obligations.

The offers on our page do not represent all account options available.
*APY (Annual Percentage Yield).
Rates / Annual Percentage Yield terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit unions are member FDIC or NCUA. Contact the financial institution for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.

Upgrade Disclosures:

Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information.
There are no overdraft fees or annual fees. Optional out-of-network ATM withdrawals are subject to a fee of $2.50, plus any third-party fees. Debit card transactions with merchants outside the U.S. or in a foreign currency are subject to a 3% fee. Outbound domestic wire transfers are subject to a fee of $20 after your first fee-free transfer per calendar month. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade Visa® Debit Card Agreement and Disclosures for more information.
Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards and more. See the Active Account page for more information.

SoFi Disclosures:

Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Fee Policy
Our account fee policy is subject to change at any time.
Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s
regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program.
See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM,
however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled
payment date, but may vary.
Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation
Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period
of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting
either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft
Coverage.

^{*CIT BANK}Promotion Disclosures

This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on February 26, 2025 and can end at any time without notice.

Customers will receive a $225 or a $300 bonus provided that the program requirements are met:

New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:

Offer Requirements

New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.
New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.
The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.

CIT Bank Customers Prior to the Promotion: Offer valid for a Primary account owner of an existing or newly opened Platinum Savings account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:

Offer Requirements

Current customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the promotion using Promo Code PS2025 or open a new Platinum Savings account via the enrollment web page using Promo Code PS2025. After opening or enrolling the account deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into their enrolled Platinum Savings account within 30 calendar days (the “Funding Period”) from the date they enrolled or opened the account. All funds deposited to qualify for the bonus must be new funds from a source outside CIT Bank. Funds already on deposit with CIT Bank are ineligible.
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account with a valid Promo Code PS2025 which appears on the enrollment web page for the Platinum Savings Account Bonus Promotion and deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the account within the first 30 calendar days following account opening (the “Funding Period”). All funds deposited to qualify for bonus eligibility must be new funds from a source outside of CIT Bank. Funds already on deposit with CIT Bank are ineligible.
Customers who are not the Primary account owner on a Platinum Savings account may be eligible to earn a $225 or $300 bonus by opening a new Platinum Savings account as a Primary account owner with a valid Promo Code PS2025 which appears on the enrollment web page for the Platinum Savings Account Bonus Promotion, and depositing at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus to the account within the first 30 calendar days following account opening (the “Funding Period”). The minimum $25,000 or $50,000 used to fund the account must come from a funding source outside of CIT Bank. Funds already on deposit with CIT Bank are ineligible. Transfers from existing CIT Bank accounts will not qualify.
CIT Bank will deposit the qualifying bonus into the customer’s enrolled account within 60-days following the 30-day funding period.
The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.

There is a limit of one Platinum Savings promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.

Custodial accounts and Trust Accounts are not eligible.

This offer is non-transferable.

IMPORTANT: All customers who qualify for the $225 or $300 bonus offer will receive the bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding period.

Example and key dates for the Platinum Savings promotion

Below is an illustration of the promotion requirements and key dates. Individual results may vary based on the date of account opening.

A customer who opens a Platinum Savings account with the promotional code, “PS2025,” on February 26, 2025, funds it with a minimum of $25,000 or $50,000 by March 26, 2025, and satisfies the additional requirements specified above can expect to receive the qualifying bonus no later than May 26, 2025. Below are the key dates and deadlines in this example:


Key dates and deadlines	Details
2/28/2025	The Platinum Savings account is opened by a customer who uses promotion code PS2025.
2/28/2025 – 3/29/2025	The account is fully funded with a minimum of $25,000 or $50,000 via deposit(s) from an external account(s). This represents the 30-day Funding Period.
5/28/2025	The qualified account will be credited the $225 or $300 bonus payment by this date which is 60 days after the end of the funding period.

The value of the $225 or $300 bonus will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.

Platinum Savings interest rates are variable and may change without notice, including after the account is opened.

Live Oak Bank:

1. Important Information about this Personal Savings Bonus Offer:

Customers must meet all of the following requirements to be eligible for the $300 bonus:

New and Existing Customers:
- Only one bonus is available per Tax Identification Number per promotional period.
- Only personal savings accounts are eligible for the bonus offer. Checking accounts, CD accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
- A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 03/31/2025 to be eligible for the bonus.  If the account is not fully funded by March 31st, then the account is not eligible for the bonus offer.
- All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer.
- Beginning on the date in February or March 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $300 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-day period.
- Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected.
- Any promotional amounts received may be subject to taxation.
Existing Customers:
- In addition to the other requirements for the bonus offer, existing Live Oak Bank , customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of February 2nd 2025 11:59:59pm (ET) across their existing personal savings in order to be eligible for the bonus offer.

2. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 2/3/2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.

3. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 1/21/2025; average rate used is for deposits under $2,500.

4. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.

Current:

*Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

Savings Pods The Annual Percentage Yield (“APY”) earned on Savings Pods is variable and may change at any time. The disclosed APY is effective as of May 1, 2023. Must have $0.01 in Savings Pods to earn either 0.25% APY or 4.00% APY on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00% APY. Qualifying direct deposit of more than $200 required for 4.00% APY. No minimum balance required. Please refer to Current Boost Terms and Conditions.