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Relay Bank Review

June 2, 2023 By Bob Lotich, CEPF®

Ok, I keep getting asked about the business bank account that we use…

These are just 2 in the last week…

small business bank account - my favorite is Relay bank
What business bank account do you use?

And honestly I feel like I get this question all the time, so let’s chat…

I haven’t liked many business checking accounts.

In the last 16 years I have had quite a few business checking accounts and I have been disappointed by most unfortunately.

And I think the biggest reason is that all of them from U.S. Bank, to BOA, to other regional banks, have all made me feel like they are always out to “get me”.

As in, if you don’t follow the 15 random weird rules with this account we are going to charge you a $30 fee each month.

So “if you don’t make 7 deposits each month, we are going to getcha!”

Or “if your average daily balance falls below $2,000, we are going to getcha!”

Or “if you transfer too much money out, we are going to getcha!”

Or “if you look at us the wrong way, we are going to getcha!”

Anyway, you get the point.

And then for the smaller banks or credit unions I have tried, they have been about 20 years behind with their tech, so they are just too limited.

Enter Relay Bank

So a few years ago I read this book Profit First, which encourages a business money management method that is actually pretty similar to our Real Money Method (for personal) and most banks do NOT work with that method.

And in my research I found one bank that seemed perfectly designed and suited for the method and it was Relay Bank.

I quickly switched and honestly have loved it ever since.

Relay bank accounts

They don’t have all the insane fees that big banks have and I have found that they have customer support reps who actually think and act human, rather than just reading off scripts for every question you ask.

They don’t have any physical branches so if that something you feel like you need you could keep your brick and mortar biz acct for those tasks and use Relay for everything else.

I actually still have a biz acct at U.S. Bank for just that reason, but that is literally the only reason. To say I am not a fan of U.S. Bank is an understatement. But about 2 times a year it comes in handy to have a physical branch I can walk into.

So anyway, there is the answer to the question I keep getting which I am selfishly answering like this so I can just send this to the next person who asks rather than typing the same thing over and over LOL.

Here are more details and things I like about Relay bank…

  • No account fees, overdraft fees or minimum balances – woo hoo!
  • Unlike most banks, they have a great mobile app
  • They offer regular debit cards, but they also allow you to create “virtual” debit cards that you can use for specific purposes. I.E. giving one to each employee, or using one only for online purchases, etc
  • Integrates with Quickbooks Online and Xero
  • You can deposit/withdraw cash at Allpoint ATMs
  • Domestic wire transfers are $5 (almost every other bank I have used charges $30)
  • You can deposit checks easily with their app
  • And they are FDIC insured. That wasn’t something people thought much about until recently, but yes they are FDIC insured up to $250k per depositor.

Is Relay a Legit bank?

The short answer is yes. They have over 36,000 small businesses that use their accounts, have a ton of great reviews on Trustpilot, and is FDIC insured.

Who owns Relay bank?

Relay (like a lot of the newer banks) is actually owned by a larger bank called Evolve Bank and Trust that has been around for nearly 100 years.

U.S. Businesses only?

Kind of. As long as the business has an operating presence in the U.S. (even if you are based out of another country) then you can open a Relay bank account.

Anyway, so there you have it. That is the bank that I use for my business that is the first one that I have actually liked LOL.

If you decide to sign up, they are currently offering a $50 signup bonus if you use this link:

And, like always, when you do use our referral link, it doesn’t cost you anything but it contributes to our giveaway fund for you!

And since we are talking about it, we are currently giving away $2,000! Get in on it here!

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About Bob Lotich, CEPF®

Bob Lotich, CEPF® is a Certified Educator in Personal Finance and has over 15+ years experience writing about Biblical personal finance. He is the award-winning author of Simple Money, Rich Life and has been named a top 20 social influencer in personal finance.

Check out his on-demand Christian financial class for couples, small groups and churches called True Financial Freedom.

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What is SeedTime?

Bob Lotich

Hi there! We are Bob & Linda Lotich. Jesus followers, authors, podcasters, and undying fans of Michael Scott.

This site contains the lessons we learned on our journey from being stingy, debt-ridden fools, to being able to reach our biggest financial goal of giving $1 million by age 40, having zero debt & a paid off house by age 31, and peace with money in the process.

Now we share our best lessons with people like you, groups, and churches with our best-selling book Simple Money, Rich Life and our 6-week video course True Financial Freedom.

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The articles on this site should not be taken as financial advice. We recommend contacting a Christian financial advisor or Bible-based financial coach for specific advice regarding your situation. Any references to interest rates, giveaways, deals, products, and websites are subject to change without notice. We try our best to keep the information current, but things are always changing so it may be different now than when it was first published. Also, all the pages on SeedTime help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others but our opinions are NEVER for sale. Find out more here.

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