Relay Business Checking
Startup / Profit First multi-account checking — $0 Starter, up to 20 checking buckets, QBO/Xero sync; no APY on checking
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Relay Business Checking | Novo Business Checking |
|---|---|---|
| Monthly maintenance | Starter $0; Grow $30; Scale $90 limited-time (list $120). Paid plans billed from designated checking account. | $0 unconditional |
| Fee waiver | No balance waivers — Grow/Scale are subscriptions, not waivable by balance | N/A — already $0 |
| Transaction fees | No per-item checking cap published. Unlimited standard ACH and digital items. Same-day ACH extra: $1 Starter / $0.50 Grow / included Scale. | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | $0 overdraft fees; transactions that would overdraw decline. Optional backup account internal pull (not a priced OD product). | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| ATM fees | Allpoint in-network $0 Relay fee. Out-of-network owner surcharge not rebated. Allpoint+ cash deposit $1,000/txn; cash withdrawal $400/txn. | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. |
| Wire/ACH | Incoming domestic: $5 (Aug 2026 official table). Outgoing domestic: $8 Starter / $5 Grow / $5 Scale. Incoming intl: typically $0. Outgoing intl Local Network $5/$3/$1.50; SWIFT $25/$22/$20. Standard ACH in/out: $0. | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. |
Interest & Yields
| Metric | Relay Business Checking | Novo Business Checking |
|---|---|---|
| Checking APY | None — non-interest-bearing checking | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | Plan-tiered on up to 2 savings accounts: Starter 1.11%, Grow 1.75%, Scale 3.00% APY (as of 2026-05-01). Variable; savings cannot originate ACH/wires. | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Thread Bank — combined across all Relay sub-accounts | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Relay Business Checking | Novo Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Allpoint network (32k–55k+ cited). Cash deposit at Allpoint+ only ($1k/txn). Green Dot retail. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | iOS ~4.8; Android ~4.5 (~3.5k / ~1.1k reviews per 2026 aggregators) | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Included — physical + virtual Visa debit with freeze, limits, spend policies | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | $0 | $0 ($1,000 recommended) |
| Eligibility | U.S.-registered sole prop, LLC, C-corp, S-corp, partnership, nonprofit. Not supported: personal, escrow, trusts, Series LLCs, 401(k)s. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
Pros & Cons
Relay Business Checking
Pros
- Starter $0 with no minimum balance, $0 OD fees, and no per-item checking cap
- Up to 20 checking accounts (50 on Scale) with auto-transfer rules — rare on free tier
- Native QuickBooks Online and Xero feeds on all plans including Starter
- Outbound domestic wires $8/$5/$5 — below typical big-bank $15–$30
- IntraFi sweep to $3M; Scale savings 3.00% APY; unlimited users and virtual debit cards
Cons
- Checking earns 0% APY — savings yield is plan-gated and mid-pack at Starter/Grow
- Mobile check funds can take up to 7 business days
- Cash deposits via Allpoint+/Green Dot only — retailer fee up to $4.95, low caps
- Official Aug 2026 table lists $5 incoming domestic wires (conflicts with free-inbound marketing)
- BaaS structure (Thread Bank); sub-accounts do not multiply $250k FDIC; weekday-only support
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Verdict
Relay Business Checking
Relay Business Checking is an online SMB platform from Relay Financial Technologies with deposits at Thread Bank, Member FDIC, and IntraFi sweep to $3M. Checking is non-interest-bearing across Starter ($0), Grow ($30), and Scale ($90–$120) plans; savings APY is 1.11%/1.75%/3.00% as of May 1, 2026. Differentiator is operational: up to 20–50 checking buckets with auto-allocation, unlimited users, virtual Visa debits, and native QBO/Xero on Starter. Official Aug 11, 2026 fees: incoming domestic wire $5, outgoing $8/$5/$5, same-day ACH $1/$0.50/included. Weak on cash deposits, check holds (7 days), 0% checking, and BaaS partner-bank structure. Strong for Profit First digital SMBs; weak for cash retail and same-day check users.
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.