Relay Bank vs. US Bank: An In-Depth Comparison For Businesses

It can take so long to search for a bank that fits your business’s exact needs. Do you go with a local bank in your city? They’re close, but what if they don’t fit what you’re looking for at all? And how do you know you can trust digital banks with no physical locations? Not to mention spending hours and hours going over the details of each to see if one is better than the next.

With so many similar banks for businesses out there, it can be difficult and cumbersome to sift through them all. That’s why we decided to do the grunt work for you by researching each one in-depth and diving into all the details, so you don’t have to!

We are taking a look at Relay Bank and US Bank. US Bank and Relay are both digital banks, while US Bank has physical branches, too. US Bank is built for both personal use and business use, whereas Relay is centered around small businesses. We will break everything down for you to help you make the best choice for your biz.

US Bank is an online bank with over 2000 local branches, it caters to both personal use and for businesses big and small. Their basic plan (Silver) for small businesses has no account fees, no minimum balance, and overdraft fees forgiveness for overdrafts under 50 dollars. With their business accounts you can create up to ten different accounts. You can withdraw from and check your accounts at over 4,700 ATMS nationwide.

US Bank has three upgraded business plans available. Their gold plan for $20 a month, the Platinum plan for $30 a month and the premium plan with fees that vary on the needs of the account holder.

US Bank has a Gold Plan for $20 a month. This plan is geared towards growing businesses. With 300 free transactions per statement cycle and $10,000 of free cash deposits or 100 free cash transactions.

US Bank has a Platinum Plan for $30 a month. This plan is geared towards mature businesses with higher balances. With 500 free transactions per statement cycle and $20,000 of free cash deposits or 200 free cash transactions. This plan also includes free mobile check deposit.

US Bank has a Premium Plan with monthly fees based on your business needs.

Relay Bank is a digital bank that is built for small businesses, but also caters to accountants and bookkeepers, too. Their basic plan for small businesses, like US Bank, has no account fees, or minimum balances. Relay bank does offer no overdraft fees. You can create up to 20 individual checking accounts and have the option to be issued up to 50 virtual or physical Visa debit cards. You can withdraw and deposit cash at over 40,000 Allpoint ATMs, and this plan also integrates with QuickBooks Online and Xero.

Relay bank has a Pro Plan for $30 a month. It is a plan that is built around those who wish to handle their accounting and bookkeeping within the same app as their bank. With this plan, you can get same day account and free outgoing wires (Compared to 1 to 2 days for their basic plan), auto-import bills from QuickBooks online or Xero, create rules for bill payments, and consolidate payments to the same vendor in a single transaction – all tasks that are meant to streamline your accounts payable.

Quick Overview of US Bank vs. Relay Bank

US Bank Features

US Bank is a digital and physical bank, with over 2,000 physical branches across the United States.

US Bank’s core features center around personal banking, business banking, wealth management, and investing. Within each of these, there are a whole host of other features.

Within US Bank’s business checking section, there are four plans available – a free plan and three paid ones. All of their business checking accounts include online bill pay, check for fraud protection, and remote check deposit. With their business accounts you can create up to ten different accounts. You can withdraw and check your accounts at over 4,700 ATMS nationwide.

Their basic plan (Silver) for businesses has no account fees, no minimum balance and overdraft fees forgiveness for overdrafts under 50 dollars. They allow for 125 free transactions per statement cycle and $2,500 of free cash deposits or 25 free cash transactions. They state that this plan is best for new or small businesses with basic banking account needs.

US Bank has a Gold Plan for $20 a month. This plan is geared towards growing businesses. With 300 free transactions per statement cycle and $10,000 of free cash deposits or 100 free cash transactions.

US Bank has a Platinum Plan for $30 a month. This plan is geared towards established businesses with higher balances. With 500 free transactions per statement cycle and $20,000 of free cash deposits or 200 free cash transactions. This plan also includes free mobile check deposit.

US Bank has a Premium Plan with monthly fees that are based on your business needs. With their Premium plan, you can earn credit on qualifying purchases and access 24/7 telephone support.

You have the option to have the monthly fee for the Gold, Platinum, and Premium waived if you meet certain account criteria of high deposit and balance amounts.

All US Bank business checking accounts come with a free debit card. For their business checking accounts, they don’t currently offer cashback rewards.

As stated above, US Bank also offers personal checking and savings accounts, wealth management services, credit and financing options, and personal and business credit cards.

US Bank Pros and Cons

Relay Bank Features

Like US Bank, Relay Bank has a free basic plan and a paid Pro plan. Their basic plan for small businesses has no account fees, overdraft fees, or minimum balance requirements. You can create up to 20 individual checking accounts according to your business’s needs and have the option to be issued up to 50 virtual or physical Visa debit cards. You can withdraw and deposit cash at over 40,000 Allpoint ATMs across the United States, and this plan also integrates with QuickBooks Online and Xero.

Relay Bank has a Pro Plan for $30 a month. It comes with all of the features in the basic plan, plus you can get same day ACH and free outgoing wires (Compared to 1 to 2 days and a small fee in their basic plan), auto-import bills from QuickBooks, Xero and other accounting softwares, create rules for bill payments, approve and pay bills under one dashboard, and consolidate payments to the same vendor in a single transaction – all tasks that are meant to streamline your accounts payable. Relay Pro also comes with 50 same-day ACH transfers per month.

Relay Bank Pros and Cons

General Comparison of US Bank vs. Relay Bank

While Relay Bank has just a basic plan and a Pro plan for $30, US Bank has more account options, depending on where your business is in its stage of growth. US Bank also offers more transactions and deposits per month in their paid plans than Relay’s paid plan.

Relay Bank offers more Visa debit cards if needed, while US Bank offers just one. This can come in handy if you have multiple people making purchases on behalf of your business, but may not be necessary if you work by yourself.

Relay also allows you to be more flexible with your accounts, as they not only offer up to 20 individual checking accounts for different business categories and expenses, but also allow you to approve and pay bills in one dashboard, create single or multi-step approval rules for bill payments, and consolidate payments to the same vendor into a single transaction. In our research, US Bank only offers ten accounts with not as many flexible choices.

Relay just offers business checking. If you wanted to do your personal banking at the same bank, create savings accounts, and access financing, US Bank would allow that for you.

Both are available in the United States, boast several no-fee features, and are available on both phone and desktop.

Fees

As stated above, both Relay Bank and US Bank offer free basic plans with similar features. They both offer paid plans – US Bank has 3 main paid plans and Relay has just one.

The US Bank Gold plan is just $20 per month, while the Relay Pro plan is $30 per month. US Bank’s Platinum Plan is $30. Their Premium Plan has a fee that depends on how high your business banking needs are. (Number of transactions, ACH transfers, etc).

As for fees for services, both Relay and US Bank offer no minimum balance, no annual fees, and no ATM fees at participating ATMs across the United States. Relay also offers no overdraft fees, while US Bank has an overdraft fee of $36.

Availability by Region

US Bank and Relay bank are both available across the entire United States. US Bank is also available in select countries outside of the U.S.

Relay Bank’s website states that they support business owners that are citizens and residents of over 200 countries around the world including Canada, the United Kingdom, Australia, and many others – as long as their business has an operating presence in the United States.

Security

When it comes to banking, one of the top concerns is security. You want to know that your money is going to be safe, even if your information is stolen. You want to know that the bank takes your security seriously, and does everything they can on the I.T. side to protect your information.

As far as both banks being insured, they are both covered by FDIC. US Bank checking accounts are insured up to $250,000 through FDIC. Relay Bank checking accounts are insured up to $250,000 as well. Relay works with an FDIC-insured bank, Thread Bank, to store your deposits.

US Bank offers P2PE encryption, a variety of secure electronic payment solutions, and are PCI-compliant.

Our research showed on Relay’s website that there was no specific dedicated space or page to show what security measures they take for their customers. However, they did publish a blog to show how safe online banking is compared to traditional in-person banking, and in that blog, they have an infographic that states the following security measures are taken at Relay: liability protection on cards, multi-factor authentication, multiple checking accounts to minimize the risk of fraud, instantly freeze cards and issue new ones, and collaborate on banking securely, without needing to share login details.

Mobile App

Both Relay and US Bank have fully digital banking apps and are available for both Android and Apple products.

US Bank has a 4.7 star rating for Androids, and a 4.8 rating for Apple. Relay has an Android and Apple rating of 4.6 stars.

Debit Cards

Both banks offer business debit cards. Neither bank offers cashback rewards on their debit cards. US Bank offers a debit card with Visa SavingsEdge with all of their business accounts. Relay offers up to 50 business debit cards under their Pro plan.

Credit Cards

US Bank offers a variety of business credit cards, with different limits according to your business’s usage. They have cards that give you cash back, points, or rewards for traveling.

Currently, Relay doesn’t offer credit cards as part of their services.

Customer Service

US Bank offers support Monday through Friday 8 AM to 8 PM CT and Saturday 8 AM to 6:30 PM CT via phone or email. You can also visit a local US Bank location in person or access their live chat with a real-life agent.

Relay offers support via email 7 days a week – they state they “will get back to you in a few hours.” They also have live chat available on the browser version of Relay. Live chat is available M-F from 9 AM to 6 PM EST and on Saturday and Sunday from 12 PM to 3 PM EST. Their phone lines are available M-F 9 AM to 5 PM EST.

Why Choose US Bank?

For businesses looking for a blend of traditional and digital banking, with a range of financial products beyond checking accounts, including loans and wealth management, US Bank offers a comprehensive solution that can grow with your business.

Why Choose Relay?

If your business operations are heavily digital and you require high flexibility in account management, Relay’s ability to integrate with modern accounting software and offer numerous accounts and debit cards under one plan makes it a strong contender.

Bottom Line

Both Relay Bank and US Bank offer robust business checking solutions, but the best choice depends on your business structure, growth stage, and banking preferences. Whether you lean towards a fully digital option or a traditional bank with a broad array of services, evaluating your business needs against these offerings will guide your decision.

Interested in what other mobile banks can offer you? Read our other mobile bank comparison blogs here.

What types of business plans do these banks offer, and how do they differ?

US Bank offers multiple business plans, including free, Gold, Platinum, and Premium plans, each with varying features and fees. Relay Bank offers a free basic plan and a Pro Plan with advanced features designed for streamlined accounting.

Which bank should I choose based on my business's growth and specific needs?

Consider US Bank if your business is scaling rapidly, and you require personal banking services or financing options. Opt for Relay Bank if you are a small business looking for streamlined accounting, multiple checking accounts, and integrated solutions.

How do these banks ensure the security of my accounts and transactions?

Both banks are FDIC insured, offering protection for deposits up to $250,000. US Bank employs security measures like P2PE encryption and PCI compliance. Relay Bank emphasizes security features such as multi-factor authentication and card liability protection.

About The Author

Bryan Huynh

Product Tester & Writer

Bryan Huynh, a committed Product Tester and Writer, ensures that you are well-informed, guiding you in discovering and comparing top-rated financial services, including personal loans, business loans, credit repair, and tax relief.

Articles by Bryan Huynh

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