Relay vs Bank of America Business Banking: Which Is Better?
A fee-free online platform built for Profit First budgeting versus a big-4 branch bank with nearly 5,700 locations. Six rounds. Real fee schedules. One honest scorecard.
The verdict
Relay takes it, 4–2 on rounds.
There's no universal winner — it's about how you manage money, not just where you keep it: Relay for budgeters and bookkeepers, Bank of America for cash and branches.
Choose Relay if…
- • You run Profit First or want income auto-split into tax, payroll, and profit buckets
- • You run lean and want a free account with no minimum balance
Choose Bank of America if…
- • You deposit substantial cash every cycle and want a teller to hand it to
- • You want branch access, in-person help, or a path to business lending
Round by round
- Round 1Multi-Account Profit First BudgetingRelay winsRelay9/10
20 accounts, 50 cards, auto-split by %
- Auto-split by percentage
- 20 accounts + 50 cards
- Multi-account setup takes initial configuration
Bank of America3/101 account
Single Business Advantage Fundamentals account; no built-in bucket splitting
- No built-in bucket splitting
- Manual multi-account workaround needed
Source: Bank of America product disclosure
This round goes to Relay.
- Round 2Cash DepositsBank of America winsRelay5/10
90,000+ retailers
Cash loads via retail partners + Allpoint ATMs — rare for a fintech
- Accepts cash via 90,000+ retailers
- Allpoint ATM cash deposits
- Fees and limits on retail cash loads
Source: Relay cash-deposit disclosure
Bank of America8/10$7,500/cycle free
Free cash deposited directly at ~5,700 branches, then $0.30 per $100
- $7,500 free cash per cycle
- ~5,700 branches, no middleman
Source: Bank of America fee schedule
This round goes to Bank of America.
- Round 3Monthly Fee & MinimumsRelay winsRelay9/10
$0/mo
Starter plan, no minimum balance, no per-transaction fees
- $0/mo Starter plan
- No minimum balance
Source: Relay pricing
Bank of America5/10$16/mo after year one
- $16/mo after the free first year
- $5,000 balance needed to waive fee
So this round goes to Relay for simple, fee-free basics that actually work for small business budgets.
- Round 4Savings & InterestRelay winsRelay8/10
up to 2.68% APY
Tiered business savings: ~0.91% Starter / 1.55% Grow / 2.68% Scale
- Tiered savings up to 2.68% APY
- Top rate locked behind paid Scale tier
Source: Relay product disclosure
Bank of America3/100% APY
Business Advantage Fundamentals checking pays no interest
- Higher-tier accounts and savings products can earn interest
- 0% APY on entry checking
Source: Bank of America product disclosure
So this round goes to Relay, no contest.
- Round 5Branches, In-Person Service & LendingBank of America winsRelay3/10
0 branches
Online-only, Toronto-based; FDIC via Thread Bank sweep up to ~$3M
- FDIC sweep coverage up to ~$3M
- No branches
- Online-only support
Source: Relay disclosure
Bank of America9/10~5,700 branches
Tellers, business bankers, and integrated lending nationwide
- ~5,700 branches
- Integrated business lending
Source: Bank of America disclosure
This round goes to Bank of America.
- Round 6Accountant & Bookkeeper CollaborationRelay winsRelay9/10
accountant collaboration
Dedicated bookkeeper/accountant access plus native QuickBooks and Xero sync
- Native QuickBooks/Xero sync
- Dedicated accountant access
Source: Relay product disclosure
Bank of America5/10QuickBooks integration, no dedicated access
- QuickBooks integration
- No dedicated multi-user accountant access
Relay wins this round.
Which one is for you?
Business running Profit First across tax, payroll, and profit buckets
→ Relay · Up to 20 real accounts and percentage auto-transfer rules are purpose-built for envelope budgeting
Cash-heavy retailer or restaurant depositing thousands in cash a cycle
→ Bank of America · $7,500 free cash at ~5,700 branches beats Relay's retailer/Allpoint cash loads
Bookkeeper or accountant managing several clients' cash flow
→ Relay · Dedicated accountant access plus native QuickBooks/Xero sync built for collaboration
Business that wants a teller, in-person help, and a path to lending
→ Bank of America · ~5,700 branches plus integrated lending give a full relationship Relay can't
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
- Free, easy cash deposits nationwide
- Interest-bearing options exist at higher relationship tiers
- Free first year with no balance required
- Direct chartered-bank relationship, lower operational risk
- No teller window; retailer middleman
- Best rates locked behind paid tiers
- No branches — online-only
- Toronto-based; sponsor-bank migration in 2023
- Charges $0.30 per $100 beyond the $7,500 free limit
- Idle balances earn nothing
- $5,000 balance hurdle after year one
- Lower coverage ceiling than Bluevine's sweep