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

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

The Credit Review

October 2, 2023 Business Banking

Key Takeaways

US Bank offers digital and physical services, while Relay Bank focuses on digital solutions.
Consider US Bank if your business is rapidly growing and you require personal banking services or financing. Relay Bank is suitable for small businesses looking for streamlined accounting and multiple checking accounts.
Relay Bank provides flexibility with multiple checking accounts and debit cards, while US Bank offers fewer options.
US Bank has more physical branches, while Relay Bank provides access to cash through Allpoint ATMs.

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	Relay
Availability	Available in the U.S. and also has banks located in 26 states.	Available in the U.S., and also 200+ other countries if business has an operating presence in the U.S.
Standout Features	Ability to pick a plan that fits your business needs.	Up to 20 checking accounts and 50 debit cards. Flexible control over accounts. Integrates with Quickbooks and Xero.
Minimum Opening Deposit	$100	$0
Fees	US Bank gold for $20 a month. US Bank Platinum for $30 a month.	Relay Pro for $30 a month.
APY	N/A	N/A
Free Cash Deposits	Yes, Up to $2,500 per month	Yes, Unlimited
Security	FDIC Insured	FDIC Insured
Card	Get a free debit card with your checking account. Offers business credit cards as well.	Up to 50 free debit cards under the Pro plan.
Mobile App	Yes, available for Android and Apple. Also available on desktop.	Yes, available for Android and Apple. Also available on desktop.

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 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

Pros	Cons
No monthly service fee for Silver Business Checking account	Low cash deposit limits
Business accounts can be opened entirely online	Terms and fees are not easily accessible via the bank’s website
Optional payment processing services ranging from mobile apps to in-store payment terminals
Welcome bonus for new customers

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

Pros	Cons
No monthly fees or minimum opening deposit	Limited phone support. Email support available seven days a week
Unlimited fee-free transactions; no overdraft fees	Deposited checks are held for up to 6-7 business days
Cash deposits via compatible AllPoint ATMs
Automatic transfers to high-yield business savings earning up to 3.00% APY
No foreign transaction fees when you use your Relay Mastercard abroad

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?

If you want a bank that grows with your business as it scales, or you find that your business is exponentially taking off, then US Bank may be the right bank to keep up with you. If you also need personal banking services and financing, US Bank would be the wise choice.

Why Choose Relay?

If you're starting to hire other employees within your business and your spending is increasing across multiple types of vendors, Relay may be the way to go for you. With the Relay Pro plan, they offer up to 20 individual checking accounts and up to 50 different physical or virtual debit cards. If you are a bit of a larger company, you probably already have accounting software – Relay easily integrates with Quickbooks, Xero, and others.

Bottom Line

You know what your business’s exact needs are. Large factors in choosing between these two banks are business size and rate of growth. We hope that after reading this, you are educated on both and are close to making the choice of which one is right for your business.

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.