What it is
Relay is an online banking platform for US small businesses offering up to twenty checking accounts, team debit cards and accounts-payable tools through a partner bank, popular with bookkeepers and Profit First practitioners.
Who it suits
US businesses that want to separate money into many accounts and give their bookkeeper direct access.
Regulation and protection
Financial technology company; banking services by an FDIC-member partner bank.
How it charges
A free plan with all core banking, and a paid plan that adds same-day ACH, faster wires and accounts payable automation. No monthly minimums.
Getting started
Apply online with business formation documents and owner ID; approval typically within a few business days.
At a glance
- Free plan
- Yes
- Is a bank
- No (partner bank, FDIC)
- Multi-currency
- No
- Accounting sync
- Yes (QuickBooks, Xero)
- Headquarters
- Toronto
- Founded
- 2018
Strengths
- Many checking accounts with no fee
- Accountant and bookkeeper access built in
- Team cards with spending limits
Watch for
- No lending
- Limited to US businesses
Readers ask2 questions answered
Why would I want twenty accounts?
To ring-fence tax, payroll, profit and operating cash so budgets are visible in the balance rather than in a spreadsheet.
Is Relay FDIC insured?
Deposits are held at Thread Bank, an FDIC member, and insured through it.
Run the numbers before you sign up
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