Entrepreneurs and freelancers may find it hard to choose the right business bank. Relay Financial has a digital banking platform with no fees that is perfect for managing small businesses. Plus, for a limited time, you can get a $300 signup bonus for qualifying deposits. We’ll give a complete, easy-to-understand look at Relay’s features, requirements, fees, and possible downsides. It helps people who are new to business banking make an informed choice.
What Is Relay Financial?
Relay Financial is a financial technology company that works with Thread Bank (Member FDIC) to offer digital business banking services. It delivers tools tailored for small business owners, freelancers, and entrepreneurs, including:
- Up to 20 checking accounts per user
- Up to 50 virtual or physical Visa® debit cards.
- Integration with QuickBooks, Xero, Gusto, Stripe, PayPal, Square, and more.
- Automated savings, expense tracking, and receipt categorization.
Relay supports a basic Starter Plan ($0/month) and optional paid tiers (Grow at $30/month, Scale at $90/month) that offer higher APYs and advanced features.
$300 Bonus Offer (Current Promotion)
| Requirement | Details |
|---|---|
| Deposit Requirement | $10,000 within 30 days |
| Maintain Balance | For 90 consecutive days |
| Bonus Credit Timeline | Within 30 days of meeting requirements |
| Effective Annual Yield | ~12% APY over the 90-day period (~13% total) |
| Source | Published 4 days ago. |
This offer is much better than past ones that required a $100 deposit for a $150 bonus. However, those older offers are no longer available.
Features & Pricing
| Feature | Starter Plan | Grow Plan ($30/mo) | Scale Plan ($90/mo) |
|---|---|---|---|
| Checking Accounts | Up to 20 | Same | Same |
| Debit Cards | Up to 50 | Same | Same |
| Annual Percentage Yield (Savings) | ~1.03 % APY | ~1.75 % APY | ~3.03 % APY |
| Outgoing Domestic Wire Fee | $5 | Free | Free |
| Same‑Day ACH | Standard timing | Available | Available |
| Bill Pay / AP Tools | Basic | Included | Included |
| FDIC Deposit Coverage | Up to $3 million via sweep program | Same | Same |
Fee Structure & Limits
- No monthly maintenance fees, no minimum balance, and no overdraft fees on all plans.
- Incoming domestic and international wires: free
- Outgoing wires: $5 (domestic), $10 (international) on the Starter Plan; free for Grow and Scale.
- Check deposits via mobile may be held for up to 6 – 7 business days, depending on conditions.
- Cash deposits accepted through Allpoint+ ATMs and Green Dot Network with standard limits and minimal fees.
Pros & Cons
Advantages
- No fees or minimums, making it ideal for early-stage or growing businesses
- Flexible budgeting with multiple sub‑accounts
- High deposit protection via FDIC coverage up to $3 million
- Deep software integrations and limited‑user access control
- $300 bonus translates to high effective APY during the offer period
Potential Drawbacks
- Delay in mobile check deposits (possibly up to a week) may impact cash flow.
- Limited or slow customer support has been reported by some users, particularly during account holds or freezes.
- There are no physical branches, so people who like to bank in person may not like the fully digital experience.
- Savings APY is modest unless subscribed to higher‑tier plans.
Step-by-Step: How to Claim the $300 Bonus
- Open a Relay checking account via the official website and complete the signup process with required business documentation.
- Deposit $10,000 into the account within 30 days of opening.
- Maintain the $10,000 balance for 90 consecutive days.
- Wait—the $300 bonus should post within 30 days after meeting all conditions
Note: Relay may confirm via email or dashboard updates
Conclusion
Relay Financial is a great digital-first banking option for new or growing businesses. It has powerful tools, flexible accounts, and a basic plan with no fees. The current $300 bonus promotion has a great short-term yield, especially when you think about how much risk and time it takes to get it. That being said, users need to think about possible drawbacks like slow check processing and customer service that is only available online. Before you move forward, make sure you read the terms of your account and think about what your business needs. Relay can be a great financial partner for business owners who value organization, software integration, and ease of use online.
Frequently Asked Questions
Is Relay a bank?
No. Relay is a fintech company that offers banking services through its partner Thread Bank. Thread Bank has FDIC insurance for deposits up to $3 million per user.
Will I earn interest on balances?
Yes. Relay’s Starter Plan savings accounts earn 1.03% APY, Grow accounts earn 1.75% APY, and Scale accounts earn 3.03% APY. However, the high APY is only available on paid plans and requires a higher level of commitment.
Do account activities affect the bonus?
You can make transactions and withdrawals, but to get the $300 bonus, you must keep a balance of at least $10,000 for 90 days in a row.
What happens if I need support?
Relay is available by phone on weekdays and by email 24/7. Some users say that when they have complicated banking problems, it takes longer to resolve them or to talk to someone.
Is cash deposit supported?
Yes. You can deposit cash at Allpoint+ ATMs or Green Dot stores, but there are limits and fees that may apply.
Updated by Albert Fang
Source Citation References:
+ Inspo
There are no additional citations or references to note for this article at this time.