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Relay vs Novo

Relay is an one of the best online business banking accounts for large teams . How does it compare to Novo? 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 Novo offers all-in-one banking for digital businesses. It includes up to 20 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.

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

 RelayNovo
 Visit SiteVisit Site
 

Relay

Novo

SPECIAL OFFER
No-Fee Business Checking - Learn More

Read Relay Review

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo 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.No savings account, but you add up to 20 Reserves
CheckingUp to 20 individual business checking accounts; no monthly fees; no overdraft feesNo monthly fees; no balance requirements
Monthly Fee
$0
$0
APY
N/A
N/A
Minimum Deposit to Open
$0
$50 to access all Novo's features
ACH Transfer Fee
$0
$0
ATMs
55,000+ AllPoint ATMs
Up to $7 per month reimbursement of ATM fees worldwide
Balance Requirement
None
None
Cash Deposit Fee$0 for cash deposits at Allpoint ATMs
N/A
Customer ServicePhone: Monday - Friday, 9 am - 5 pm ET; Email: EverydayPhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Incoming Wire Transfer Fee
$0
$0
Locations
Online only
Online only
Out of Network ATM Fee
Fee from ATM owner
Up to $7 per month ATM fee reimbursement
Outgoing Wire Transfer Fee$5 for domestic; $10 for international
N/A
Overdraft Fee
$0
$0
 

CreditDonkey® Reviews

 RelayNovo
CheckingStarStarStarStarStarStarStarStarStarEmpty Star
FeesStarStarStarStarStar
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
SavingsEmpty StarEmpty StarEmpty StarEmpty 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:
  • No monthly fees
  • ATM refunds up to $7 per month
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Bottom LineOne of the best online business banking accounts for large teams... Read full reviewFee-free online business checking with lots of good features... Read full review
 Visit SiteVisit Site

No-Fee Business Checking

Novo: Pricing information from published website as of 04/10/2024.

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.
Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • ATM fee refunds up to $7 per month
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Novo

Free Business Checking

  • $0 monthly service fee
  • ATM fee refunds up to $7 per month
  • Free ACHs, incoming wires, and mailed checks
  • Up to 20 Reserves to manage multiple budgets
  • Thousands of app integrations
Banking services provided by Middlesex Federal Savings F.A., Member FDIC

Which is Better: Relay or Novo?

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 Novo

Novo Review

Novo provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review.

Is Novo Legit

Novo is a platform offering banking services for small businesses and freelancers. But is it safe and legit? Read on to find out.

Which Do You Think is Best?





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

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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