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.
 |  | |
| Visit Site | Visit Site | |
Relay | Novo | |
|---|---|---|
No-Fee Business Checking - | Free Business Checking - | |
Benefits and Features | ||
| Savings | Earn 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 |
| Checking | Up to 20 individual business checking accounts; no monthly fees; no overdraft fees | No monthly fees; no balance requirements |
| Monthly Fee | ||
| APY | ||
| Minimum Deposit to Open | $50 to access all Novo's features | |
| ACH Transfer Fee | ||
| ATMs | Up to $7 per month reimbursement of ATM fees worldwide | |
| Balance Requirement | ||
| Cash Deposit Fee | $0 for cash deposits at Allpoint ATMs | |
| Customer Service | Phone: Monday - Friday, 9 am - 5 pm ET; Email: Everyday | Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST |
| Incoming Wire Transfer Fee | ||
| Locations | ||
| Out of Network ATM Fee | Up to $7 per month ATM fee reimbursement | |
| Outgoing Wire Transfer Fee | $5 for domestic; $10 for international | |
| Overdraft Fee | ||
CreditDonkey® Reviews | ||
| | |
| Checking |  |  |
| Fees | | |
| Mobile App |  | |
| Customer Service | | |
| Savings | | |
| Pros & Cons | Pros:
| Pros:
|
| Bottom Line | One of the best online business banking accounts for large teams... | Fee-free online business checking with lots of good features... |
| Visit Site | Visit Site | |
Novo: Pricing information from published website as of 09/27/2024. | ||
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
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Spend $1500 with your Novo card within 90 days, and get $75
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
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
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 Bank of America.
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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