Relay is online business banking that puts small business owners in complete control of their cash flow.
What Relay offers:
• 20 checking accounts to earmark cash for operations, payroll, taxes and more
• Multiple debit and credit cards—with built-in spend policies—to meticulously organize spending by team or project
• 1.5% cash back* on all credit card purchases, and savings accounts with up to 3.00% APY** to help you grow reserves
• All the payment types you could need—including ACH transfers, wires and checks (yes, including paper checks!)
• Automations—like maximum-balance transfer rules—that make money move for you so can focus on running your business
Plus, each business is insured up to $3M for funds on deposit via Thread Bank, Member FDIC.***
Learn more at relayfi.com.
Relay is a financial technology company, not a bank. Banking services are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® cards are accepted. The Relay Visa® Credit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
*Terms and conditions apply to the cash back rewards program. Cash back will be credited to your Relay checking account at the end of your 30-day billing cycle. ATM transactions, the purchase of money orders or cash equivalents made with your Relay Visa® Credit Card are not eligible for cash back. Please refer to https://relayfi.com/visa-signature-rewards-program-terms for more details.
**The interest rates and annual percentage yield on your account are accurate as of 9/18/2024 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1.00%-3.00% depending on the balances held. Earn 1.00% APY on savings balances of less than $50,000, 1.50% APY on savings between $50,000 and $250,000, 2.00% APY on savings balances between $250,000 and $1,000,000 and 3.00% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.
***Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in Thread Bank, Member FDIC’s deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
It’s taking 11 days for my first check to be deposited!
DanielRayHermanJr
Honestly, I was pretty stoked on this app because I found it through the Profit First book. I deposited my first check by taking a picture of it on Friday evening.If you tend to take pictures of checks to deposit them into your account. I would stay away from Relay. I’ve had plenty of other bank accounts that will make the funds available within a few hours and then let it pend for a day or two. Relay on the other hand, currently takes seven business days for a picture of a check to clear. I took the picture on November 8, it is currently November 18 and the check is still pending and I can’t access the money. It’s because I got paid on Friday, so I took the picture that evening. Then it was the weekend, and then some holiday, then it went through another weekend and now it’s still has another day or two of pending. By this point, I could have took a picture of the check through my other bank account and then wire transferred the money to Relay and it would’ve got there quicker. If they would fix this, then I would put my rating back up to five stars. But 11 days to get a check is ridiculous.
Not friendly for new businesses. Good though, if you are switching business banks.
SituKaiba
I run a small business, and I decided to try Relay due to their services and low fees compared to the bigger banks. Now, I understand there’s a lot of concerns about a lot of documents, forms and personal forms you need to upload, and the process taking weeks (which is true, but not a problem to me). However, one of the screening requirements ask for a business bank statement from a previous bank. Now why would Relay ask for a previous business bank statement if that’s the whole reason I’m applying for a BUSINESS Bank account? Unfortunately, they do not take personal bank statements that has business activity, so I guess my only recommendation would be that Relay is probably a good bank if you already own a business bank account and are looking to switch, but it seems they are unfriendly and un-eager to help and support new businesses.
Stay Away!
Unhappy victim of Mesibo
You cannot post lower than 1 stars but Relay doesn't even deserve that. This is a company that needs to be banished from offering banking services or in anyway managing funds of others. We have had numerous false and misleading statements abiout funds we attempted to wire. We were informed that wire was sent and the funds were deducted from our account but they were never received by the receiving bank. After three days of trying to get a response, we finally received an email, no call allowe apparently, that the wire had not been processed yet. Then they go and ask for the same information that we provided when we opened the account. Many emails form them about sorry for the delay but the wire was processed and again, nothing ever arrived. This is not a company any business should trust with their funds. Stay away! Don't put any funds with Relay you can't afford to lose completely.
Stay far away from this bank
BJB 223
Up until this week working with relay has been smooth sailing. After this week it’s been a nightmare. I’m a 1099 and a new vendor wrote me a check to deposit. For whatever reasons Relay held up the check for verification purposes. I immediately gave them all the requested information as to the check issuer you would this would have resolved the matter. Yet 1 week later not only do I not have access to the funds from the check but they have also frozen my account. I don’t have access to any of my funds that were already in my account. More over I am unable to take payments from my vendors and they have sent money back to them for services already rendered.Can’t wait to close out my account and move to a more reputable bank. Customers beware!! Do not trust your business banking with Relay.
This release adds the lending dashboard to mobile, giving eligible customers with an existing draw a clearer view of their repayment details, including schedule and remaining balance. We’ve also fixed a few bugs and made stability improvements to keep things running smoothly.
Version 2.40.0
The developer, Relay Financial Technologies Inc, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy .
Data Not Collected
The developer does not collect any data from this app.
Privacy practices may vary, for example, based on the features you use or your age. Learn More
Accessibility
The developer has not yet indicated which accessibility features this app supports. Learn More
Information
Seller
Relay Financial Technologies Inc.
Size
103.4 MB
Category
Finance
Compatibility
Requires iOS 15.1 or later.
iPhone Requires iOS 15.1 or later.
iPod touch Requires iOS 15.1 or later.
Mac Requires macOS 14.0.0 or later and a Mac with Apple M1 chip or later.
