Relay vs American Express Business Banking: Which Is Better?
A Profit-First cash-flow cockpit with up to 20 real checking accounts versus a card giant's single account that quietly earns interest and Membership Rewards points. Six rounds. Real numbers. One honest scorecard.
The verdict
Relay takes it, 4–2 on rounds.
The deciding question isn't the interest rate — it's whether you touch cash and how you like to organize money. Relay wins for structure and cash access; American Express wins for cash-light simplicity and rewards.
Choose Relay if…
- • You handle any physical cash, or budget with Profit First across many accounts
- • You work tightly with a bookkeeper or need FDIC coverage above $250,000
Choose American Express if…
- • You're cash-light and want automatic checking interest with zero effort
- • You already hold Amex cards and want Membership Rewards on your banking
Round by round
- Round 1Cash AccessRelay winsRelay9/10
90,000+ retailers
Cash-load points plus deposits/withdrawals at compatible Allpoint ATMs
- Cash withdrawal also available at compatible Allpoint ATMs
- 55,000+ fee-free Allpoint ATM network
Source: Relay deposit disclosures
American Express1/10$0
Cash deposits not supported at any amount
- No cash deposits accepted, at any amount
- No branches to deposit cash in person either
Source: American Express Business Checking terms
This round goes to Relay, no contest.
- Round 2Interest on Your BalanceAmerican Express winsRelay5/10
0% checking; savings 0.91%-2.68% by tier
- Scale tier savings can reach ~2.68%, above Amex's 1.30%
- Top rate locked behind a paid $90/mo plan
American Express8/101.30%
Automatic APY on the checking balance itself, no tier or activity required
- No monthly fee required to earn the rate
- Covers balances up to $500,000
Source: American Express Business Checking disclosures
So this round goes to American Express.
- Round 3Rewards & PointsAmerican Express winsRelay3/10
~$50 promo
Periodic signup and referral cash bonuses; no ongoing spend-based rewards
- No ongoing points program on spend
- Bonus offers vary by promo window, not guaranteed
Source: Relay promotional offer history
American Express8/101 pt / $2
Membership Rewards on debit spend plus a 30,000-point signup offer
- Points pool with existing Amex card rewards
- Signup bonus requires $5,000+ deposited within 30 days
Source: American Express Business Checking rewards terms
This round goes to American Express, no contest.
- Round 4Account StructureRelay winsRelay9/10
Up to 20 real accounts, 50 cards
- Percentage auto-transfer rules across up to 20 accounts
- Up to 50 cards issued across accounts for team spend control
American Express4/101 account
No envelopes, sub-accounts, or allocation rules
- Genuinely simple for a one-balance, one-card operation
- No sub-accounts for taxes, payroll, or profit envelopes
Source: American Express Business Checking product pages
So this round goes to Relay.
- Round 5FDIC CoverageRelay winsRelay8/10
$3,000,000
FDIC coverage via Thread Bank deposit sweep
- FDIC coverage roughly 12x the standard $250,000 limit
- Migrated sponsor banks (Evolve to Thread) in 2023
Source: Relay/Thread Bank sweep disclosures
American Express6/10$250,000
Standard FDIC limit, held directly at American Express National Bank
- Direct bank charter — no sweep network to track
- Coverage capped at $250,000 per depositor
Source: FDIC standard limit; American Express disclosures
So this round goes to Relay for offering way more FDIC coverage, even if the setup shifted recently.
- Round 6Accountant & Bookkeeper CollaborationRelay winsRelay8/10
Direct access
Bookkeeper/accountant collaboration built into the platform
- Native QuickBooks Online and Xero sync
- Built-in receipt capture for expense tracking
Source: Relay product disclosures
American Express5/10QuickBooks sync, mixed post-transition support
- Consolidates cleanly if Amex cards feed the same books
- No dedicated bookkeeper collaboration access
So this round goes to Relay.
Which one is for you?
Service business that still collects some cash from clients
→ Relay · Relay loads cash at 90,000+ retailers; Amex cannot take cash at all
Owner running strict Profit First budgeting across profit, tax, and payroll
→ Relay · Up to 20 real checking accounts with percentage auto-transfers
Cash-light consultancy keeping $40K-$120K idle and wanting it to earn
→ American Express · 1.30% APY paid automatically on the checking balance, no effort
Existing Amex cardholder who redeems Membership Rewards for travel
→ American Express · Debit spend earns points that pool with card rewards, plus a signup bonus
Side by side
- Up to 20 checking accounts, 50 cards
- Official Profit First Professionals platform
- Included free on Starter plan
- Accepts cash — rare among fintechs
- Rare for any checking account to pay real interest
- Applies up to a $500,000 balance
- Never charges a maintenance fee
- No minimum balance to track
- No teller window; retailer middleman
- Best rates locked behind paid tiers
- No branches — online-only
- Toronto-based; sponsor-bank migration in 2023
- Cannot accept any cash deposits
- Online-only, no branch workaround
- Value depends on how you redeem Membership Rewards points
- No branches or in-person support