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Relay vs Bank of America

Relay is an one of the best online business banking accounts for large teams. How does it compare to Bank of America? Read our comparison chart below.

Relay lets you open up to 20 individual business checking accounts and 50 debit cards at no extra charge. There's also free cash deposits and free mailed checks through the app. There's no monthly fee.

While Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

Compare Relay with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 RelayBank of America
Member FDIC
 Visit SiteLearn More
 

Relay

Bank of America

SPECIAL OFFER
No-Fee Business Checking - Learn More

Read Relay Review

OFFER
Bank of America Advantage Banking - $200 Bonus Offer

Read Bank of America Review

 

Benefits and Features

SavingsEarn up to 3% APY: Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000.Bank of America Advantage Savings Standard Rate: 0.01% APY
CD 
Check
CheckingUp to 20 individual business checking accounts; no monthly fees; no overdraft fees
Check
Monthly Fee
$0
 
APY
N/A
 
Minimum Deposit to Open
$0
 
ACH Transfer Fee
$0
 
ATMs
55,000+ AllPoint ATMs
Approximately 16,000+ ATMs
Balance Requirement
None
 
Cash Deposit Fee$0 for cash deposits at Allpoint ATMs 
Customer ServicePhone: Monday - Friday, 9 am - 5 pm ET; Email: Everyday
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
Incoming Wire Transfer Fee
$0
 
IRA CD 
Check
Locations
Online only
3,922 financial centers
Out of Network ATM Fee
Fee from ATM owner
 
Outgoing Wire Transfer Fee$5 for domestic; $10 for international 
Overdraft Fee
$0
 
 

CreditDonkey® Reviews

 RelayBank of America
CheckingStarStarStarStarStarStarStarStarStarEmpty Star
FeesStarStarStarStarStar
Mobile AppStarStarStarStarHalf StarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
SavingsStarStarEmpty StarEmpty StarEmpty Star
CDStarStarStarHalf StarEmpty Star
Pros & ConsPros:
  • Up to 20 checking accounts
  • Up to 50 debit cards
  • $0 monthly fee
  • Earn interest with automated savings
Cons:
  • No paper checks
Pros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Bottom LineOne of the best online business banking accounts for large teams... Read full reviewNational bank with widespread accessibility and wide range of services... Read full review
 Visit SiteLearn More

No-Fee Business Checking

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    Bank of America: Pricing information from published website as of 06/13/2024 based on 91107 zip code.

    Relay

    No-Fee Business Checking

    • $0 monthly service fee
    • $0 minimum opening deposit
    • Open up to 20 individual business checking accounts
    • Earn up to 3% APY with automated savings
    • Issue up to 50 Visa® debit cards to your team
    Banking services provided by Thread Bank and Evolve Bank & Trust; Members FDIC.
    Bank of America
    Member FDIC

    Bank of America Advantage Banking - $200 Bonus Offer

    Expires 9/30/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 9/30/2024.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

    Bank of America Business Advantage Checking Account - $200 Bonus Offer

    Expires in 6 days
    Earn a cash bonus in three steps:
    1. Open a new eligible business checking account by June 30, 2024
    2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
    3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
    *Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
    **The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
    Member FDIC
    Bank of America
    Member FDIC

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.

    Which is Better: Relay or Bank of America?

    Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Relay or Chase.

    In short: Relay's checking is excellent.


    Articles on Relay

    Relay Financial Review

    Relay Financial offers online banking services for businesses. Yes, it is free. But, is it the right platform for you? Find out.

    Articles on Bank of America

    Bank of America Review

    Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Bank of America High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    How to Close a Bank of America Account

    Want to close your Bank of America account? Learn how and what you need to do before you close your account.

    Bank of America Hours

    Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

    Bank of America Routing Number

    Find your Bank of America routing number and learn about money transfers in our guide.

    Which Do You Think is Best?





    Which Bank Account is Right for You?


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    About CreditDonkey
    CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

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