Banking · Small-Business Checking
Relay Review
Multi-account business banking built for Profit First cash management
Quick verdict
Relay is best for Contractors who want disciplined cash management — splitting every deposit into tax, materials, owner-pay, and profit accounts (Profit First) — with no-fee multi-account banking and crew debit cards. Partner Thread Bank had a 2024 FDIC enforcement action and some users report account freezes; limited cash deposits; top savings APY requires a paid plan; multi-account system requires discipline to benefit.
Fees & APY
Starter free (0.91% savings APY); Grow $30/mo (1.55% APY); Scale $90/mo (2.68% APY). Up to 20 checking accounts + 2 savings under one login, 50 debit cards, FDIC up to $3M via Thread Bank's deposit-sweep program. No minimum balance.
- Monthly fee
- $0 (Starter); Grow $30/mo, Scale $90/mo
- APY / yield
- Savings APY: 0.91% (Starter) / 1.55% (Grow) / 2.68% (Scale)
Affiliate disclosure: No confirmed affiliate program — we currently earn nothing from Relay.
About Relay
Relay is business banking built for cash management — specifically the Profit First method, where you allocate every deposit across dedicated accounts for taxes, owner pay, materials, and profit. Founded in 2018 (Bain Capital Ventures-backed) and providing banking via Thread Bank (Member FDIC), it lets you open up to 20 checking accounts and 2 savings accounts under one login, each with its own account/routing number, plus up to 50 debit cards with individual limits. It topped at least one 2026 ranking of best business bank accounts.
For a trades business that struggles with cash flow — not knowing how much of the bank balance is really 'theirs' versus owed for taxes and materials — Relay's multi-account structure is genuinely useful: split each customer payment automatically so the tax money is physically separated before you spend it. Pricing scales from a free Starter plan (0.91% savings APY) through Grow ($30/mo, 1.55%) and Scale ($90/mo, 2.68%), with no minimum balance, and FDIC coverage up to $3M via Thread's deposit-sweep program.
The trade-offs: Thread Bank received an FDIC enforcement action in 2024, and some users report occasional sudden account freezes with slow resolution (funds remain FDIC-insured) — a risk worth noting, though common across fintech banking. And like its peers, cash deposits are limited. For a contractor who wants disciplined, multi-account cash management and no-fee banking, Relay is the standout; cash-heavy operators and those wanting a single simple account may prefer alternatives.
How it works
You open a Relay account (banking via Thread Bank, Member FDIC) and create up to 20 checking accounts and 2 savings accounts under one login, each with its own account/routing number. You then allocate incoming deposits across them — the Profit First approach of immediately moving set percentages into tax, owner-pay, materials, and profit accounts so the money is separated before you spend it. You can issue up to 50 debit cards with individual limits/restrictions for staff. Savings tiers earn 0.91%/1.55%/2.68% APY depending on plan (Starter free / Grow $30 / Scale $90), with FDIC coverage up to $3M via Thread's deposit-sweep. There's no minimum balance.
Pros & cons
What works
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Multi-account Profit First structure
Up to 20 checking accounts under one login let you split every deposit into tax, owner-pay, materials, and profit buckets automatically — solving the cash-flow clarity problem that sinks many trades businesses.
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No-fee Starter plan
The Starter plan is free with no minimum balance and 0.91% savings APY, so a contractor can adopt disciplined multi-account banking without a monthly cost.
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Tiered savings APY
Savings APY scales to 1.55% (Grow) and 2.68% (Scale), so as you keep reserves (tax/materials buckets), they earn meaningful interest rather than sitting idle.
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Up to 50 debit cards with controls
Issue cards to staff with individual spending limits and merchant restrictions — useful for a crew-based trades business controlling field spending.
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High FDIC coverage
FDIC insurance up to $3M via Thread's deposit-sweep program (vs the standard $250K) protects larger balances — reassuring for a contractor holding tax and materials reserves.
What doesn't
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Thread Bank enforcement + freeze reports
Relay's partner, Thread Bank, received an FDIC enforcement action in 2024, and some users report sudden account freezes with slow resolution. Funds remain FDIC-insured, but it's a real operational risk — keep a backup account.
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Limited cash deposits
Like other fintech-banking platforms, Relay isn't built for cash deposits. Cash-handling trades will find this a meaningful limitation for an operating account.
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Best value needs a paid plan
The higher savings APYs (1.55%, 2.68%) require Grow ($30/mo) or Scale ($90/mo). The free Starter is fine for the multi-account structure, but top yield costs a monthly fee.
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Multi-account setup takes discipline
The power of Relay comes from actually using the multi-account/Profit First system. If you won't set up and maintain the allocations, a simpler single account (Novo) may serve you better.
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Fintech, not a chartered bank
Relay is a fintech with banking via Thread Bank. Deposits are FDIC-insured through the partner, but it's not a traditional bank relationship — understand the structure, especially given the 2024 enforcement action.
Features & integrations
Key features
Integrations
Frequently asked
What makes Relay different from other business banking?
Relay is built for cash management: you can open up to 20 checking accounts and 2 savings accounts under one login, each with its own account/routing number, and allocate every deposit across them — the Profit First method. That multi-account structure, plus up to 50 controlled debit cards, is its core differentiator versus single-account banking like Novo.
How much does Relay cost?
The Starter plan is free (0.91% savings APY, no minimum balance). Grow is $30/mo (1.55% APY) and Scale is $90/mo (2.68% APY). The multi-account structure is available on the free plan; the higher savings yields require a paid tier.
Is Relay safe given the Thread Bank issues?
Relay provides banking through Thread Bank (Member FDIC), which received an FDIC enforcement action in 2024, and some users report occasional account freezes with slow resolution. Customer funds remain FDIC-insured (up to $3M via deposit sweep), but it's prudent to keep a backup account and not run your only operating cash through any single fintech platform.
Can I deposit cash with Relay?
Cash deposits are limited, as with most fintech-banking platforms. If your trade takes meaningful cash, Relay (like Novo and Found) isn't ideal as your sole account — you'd need a traditional bank for cash handling. Relay shines for card/ACH/check-based businesses that want multi-account cash management.
Is Relay good for the Profit First method?
Yes — Relay is one of the most-recommended platforms for Profit First specifically, because its many sub-accounts let you automatically allocate each deposit into tax, owner-pay, materials, and profit buckets before you spend. If you follow (or want to adopt) Profit First, Relay is purpose-built for it.