Monday, December 2nd
2024 Business Bank Account Reviews
Relay
- No account fees, overdraft fees, or minimum balances
- Can have up to 20 checking accounts and 2 savings accounts
- Can send payments via ACH next day (no fee), domestic/international wire ($5/$10 fee), or paper check (no fee)
- Upgrade to $30/month tier for extra perks
- Direct integrations with platforms like Xero and QuickBooks
- Official relationship with Profit First Professionals
- Role-based user permissions
- 24/7 support
- Over 1,500 5-star reviews
- In business since 2018
Ready to be "on the money” with all of your business banking? Relay can help you get there. As a fintech backed by Thread Bank, this service is the ultimate in no-fee finances: you'll never pay an account fee or overdraft fee, and there are no minimum balances required. But wait, there's more!
Perfect for Profit First fans
If you're a big fan of Mike Michalowicz and his "Profit First” methodology, you're going to love Relay. Not only is this business banking option the official platform for Profit First Professionals, it's also set up so that you can use that method for easy-peasy auto-transfers and allocations on autopilot. And, during our most recent visit to the Relay site, there was a banner at the top advertising a webinar with the author himself, on the topic of navigating cash flow chaos.
Up to 20 sub-accounts and 2 interest-bearing savings accounts
Of course, even if you have no idea what "Profit First” is, Relay is an excellent choice for business banking. They knock it out of the park with the features on our must-have list, like allowing for up to 20 separate checking accounts (all connected to one another for easy transfers) and 2 savings accounts that pay 1%-3% APY (based on your balance amount). In our business, it's critical to have multiple "buckets” for cash flow management, and Relay checks that box - and we appreciate being able to earn a little extra when we put money aside for savings.
Several well-known integrations
You've also got direct integrations with many services you might already be using. That includes bookkeeping platforms Xero and QuickBooks, payroll app Gusto, and money management apps Plaid and Yodlee (both of which can then connect with platforms like Venmo, Wave, Expensify, and Freshbooks).
Add users as needed
It's also super easy to set up Relay for multiple users. Whether you've got a co-owner or an accountant who needs to access your business banking account, you can set up role-based permissions so that any users you specify can take care of bookkeeping tasks, manage your Relay debit card(s), help with bill payments, and so on.
No- and low-fee payment options
When it's time to send a payment, Relay gives you plenty of choices. Next-day ACH payments and paper checks can be used with no fees; the only payment format that incurs a fee are wires, with $5 per transaction on domestic and $10 per transaction on international.
Round-the-clock customer service
Finally, Relay offers 24/7 support - which you would think is the default for business banking, but many rivals only provide assistance during traditional business hours. That is actually the case for Relay too, but only when it comes to phone support; you can reach out via live chat on the site anytime.
Upgraded tier with a few extra perks
All that being said, there is an option to pay $30/month for Relay Pro. Most business owners won't need the upgrade, but it does get you faster (same-day) ACH and no-cost outgoing wires. You can also auto-import bills from Xero or QuickBooks, consolidate multiple payments to a vendor into one transaction, create approval rules for bill payments, and a few other more advanced features. But, for the average company, Relay's 100% free business banking is more than enough.
Well-loved by business owners
At the time of this evaluation, Relay's rating with the Better Business Bureau was on hold: the BBB gave Relay a "Not Rated” status while looking into some previously-closed complaints. Fortunately, though, this business banking platform has an excellent track record elsewhere, including more than 1,500 5-star reviews on Trustpilot alone. Clients there say that Relay does everything that their small business needs, praising the ability to have multiple savings and checking accounts, bi-weekly Zoom calls to get a better understanding of the banking features, and fantastic (and accessible) customer service. We were especially impressed by comments from business owners who have used Relay for years and love it - and those from people who own multiple companies and trust Relay with all of their business banking.
#1 pick for business banking
Relay is the ideal solution for most business banking needs. What's not to love about having multiple accounts with no fees, earning interest on savings, round-the-clock customer support, and having a connection with the "Profit First” community? Relay is the first place we would turn for business bank accounts, and it earns our most enthusiastic recommendation.
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The 10 Best Business Bank Accounts
Where Should You Open a Business Bank Account?
Running a business means keeping your finances in order, and the right bank can help you do just that. But with so many options available, it can be tough to know where to start. When you're ready to open a business bank account, you'll want to consider a few key factors to make sure you're choosing the right one for your needs.
First, think about your business' cash flow. You need easy access to your money so you can cover expenses, pay employees, and handle daily operations without a hitch. A bank with fast and hassle-free deposits and withdrawals is essential. If you ever find yourself struggling to pay vendors or make payroll because of banking delays, it could harm your business in the long run. Picking a bank that works smoothly with your financial schedule is crucial.
Business Bank Account FAQ
Continued from above...
Next, be mindful of the fees associated with business accounts. Banks often charge for everything from ATM use to wire transfers, and these fees can add up quickly. Some banks may also charge monthly maintenance fees or penalties if your account balance dips below a certain threshold. Before opening an account, take a close look at these costs and decide if they're worth it for your business. The goal is to avoid paying for services you don't need, while making sure the services you do need are affordable.
Another important factor is how the bank integrates with your business' accounting systems. Does the bank support connections with your accounting software or allow your accountant to access the account? This can save time and simplify your financial management. Some banks also let you set up permissions for other team members, so they can help manage payments or reconcile transactions. These tools can make day-to-day operations much easier and more efficient.
Got all that? Good. Now you're ready to take a look at some of today's most popular options for business banking, not just big-name financial institutions with both brick-and-mortar and digital services, but also online-only fintech platforms that often have the bells-and-whistles missing from "brand-name” financial institutions. Here's a helpful checklist to help you to compare and decide:
- In-person vs. online. Do you need the reassurance of having a physical branch nearby to do your business banking? Or are you comfortable with going fully digital? There are pros and cons to both. You may need a business bank with a brick-and-mortar option if you're going to make lots of cash deposits every month.
- Features. What are the absolute must-haves for your business banking? For some, that's the ability to have sub-accounts for easy cash flow management. For others, it's having access to a wide network of ATMS. And don't forget about integration with any software you might already be using (like QuickBooks). It's okay if you don't have that worked out yet, but keep in mind that big banks tend to offer fewer features focused on small businesses.
- Fees and limits. Be very aware of what your business banking will cost, both from month-to-month and for the types of transactions you'll be making most often. Pay attention to minimum deposit/balance requirements, limits on wire transfers (inbound/outbound), transaction limits, and so on.
- Reputation. See what the Better Business Bureau has to say about the bank, but also what business owners like you have reported. Has the banking experience made life easier to run their company or has it been a hassle?
The experts at Top Consumer Reviews have researched and ranked many of the most popular options for business banking today. This information can help you keep some of the most important factors in mind, so that you can choose an institution that helps you manage your finances effectively and supports your company's success.
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