Bluevine vs Relay Business Checking 2022: Which Is Better For You?
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
If you’re hoping to open a business bank account, Bluevine Business Checking and Relay Standard are both excellent accounts for businesses needing affordable digital-only checking solutions. Bluevine’s biggest advantage over Relay is that it earns interest. Its APY of 1.50%, offered only to qualified accounts, is one of the highest on the market.
Where Relay holds an edge over Bluevine is its ability to streamline cash management processes. Users can create up to 20 checking accounts under a single account number, a feature that can be used to separate balances into dedicated spending and savings buckets. They can also issue up to 50 debit cards and transfer business expense responsibilities to team members and employees.
- Bluevine Business Checking*: Best for businesses wanting a fee-free, digital-only checking account that earns interest at competitive rates and allows cash deposits
- Relay Standard*: Businesses wanting a fee-free, digital-only checking account that offers multiple subaccounts and debit cards
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Evolve Bank & Trust for Relay).
Bluevine vs Relay Quick Comparison
 Bluevine Business Checking |  Relay Standard | |
|---|---|---|
Required Opening Deposit | None | None |
Required Balance Minimum | None | None |
Transaction Limit Before Fees | None | None |
Automated Clearing House (ACH) Fees | None | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 | Incoming: $0 Outgoing: $5 |
International Wire Fees | Incoming: $15 Outgoing: $15 | Incoming: $0 Outgoing: $10 |
ATM Fees | Free at MoneyPass locations nationally; $2.50 for out-of-network ATMs* | Free at Allpoint ATM networks; no fee for out-of-network ATMs* |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations | Not available |
APY | 1.50% on balances of up to $100,000, once qualifications are met | None |
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*Third-party operator fees may apply.
Bluevine Business Checking | Relay Standard | |
|---|---|---|
Debit Card | Free debit card, mailed within 10 business days of application approval | Up to 50 free Mastercard debit cards |
Physical Checks | Two free checkbook orders per year | Unlimited free physical checks |
Accounting Software Integrations | QuickBooks and Xero | |
Business Payment Integrations | Connects with business payment solutions, including Stripe, PayPal, and Expensify | Connects with business solutions, including Gusto, Wise, and Expensify |
Customer Service | Live customer support from dedicated professionals | 24/7 email support from dedicated professionals Available for live phone chat, 9 a.m. to 5 p.m. Eastern time, Monday to Friday |
Invoicing Products | N/A | |
Other Products Available | Line of credit | Relay Pro version with fewer fees |
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When To Use Each
When To Use an Alternative
- Your business makes frequent cash deposits: Relay doesn’t support cash deposits at all, and though Bluevine allows cash deposits through Green Dot retail locations, it charges a steep fee of $4.95 per transaction. Bank of America lets customers make up to $7,500 worth of cash deposits per month, fee-free.
- You want to save money on ATM withdrawals: Bluevine and Relay users are limited to MoneyPass and Allpoint ATM networks, respectively. Bluevine charges a $2.50 fee for out-of-network ATM transactions, plus possible third-party operator fees. Although Relay doesn’t charge out-of-network ATM fees, third-party operator fees may also apply. Businesses wanting to save money on ATM withdrawals should choose Novo, which refunds all ATM fees at the end of each month.
- You want help with tax preparation: Neither Bluevine nor Relay has products that help with tax preparation. The digital banking solution Lili comes with a tax optimizer feature that helps businesses set aside funds for taxes automatically. It also uses banking data to help businesses prefill their Schedule C forms.
If your business fits any one of these scenarios, you can also look into our list of the best checking accounts for small businesses.
Bluevine vs Relay Business Checking Account
Both Bluevine Business Checking and Relay Standard are digital-only checking accounts that don’t charge monthly maintenance and day-to-day transaction fees. Neither has brick-and-mortar branch locations and charges fees for receiving wire transfers.
However, sending wire transfers with Bluevine costs $15 for both domestic and international transactions. Under Relay, sending domestic wire transfers costs $5, while sending international wire transfers costs $10.
Bluevine customers can deposit cash through Green Dot retail locations for a fee of $4.95, whereas Relay doesn’t support cash deposits.
Relay offers a premium checking account called Relay Pro. The account charges a $30 monthly maintenance fee in exchange for advanced features. Some exclusive features of Relay Pro include fee-free wire transfers, same-day ACH, and batch bill payments.
Bluevine vs Relay Business Checking Account Overview
Bluevine Business Checking | Relay Standard | |
|---|---|---|
Best For | Businesses that want a fee-free, digital-only checking account that earns interest at competitive rates | Businesses hat want a fee-free, digital-only checking account that offers multiple sub-accounts and debit cards under one name |
Required Opening Deposit | None | |
Interest on Balances | 1.50% on balances up to $100,000 for qualified accounts | None |
Bank Network & ATMs | Free at MoneyPass locations nationally; $2.50 for out-of-network ATMs | Free at Allpoint ATM networks |
Accounting Software Integrations | QuickBooks and Xero | |
Business Payment Integrations | Connects with business payment solutions, including Stripe, PayPal, and Expensify | Connects with business solutions, including Gusto, Transferwise, and Expensify |
Reserve Accounts | Up to five subaccounts | Up to 20 checking accounts |
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Relay Standard isn’t an interest-earning account. In comparison, Bluevine Business Checking’s biggest strength is its high-interest APY. Accounts that meet the following criteria qualify to earn Bluevine’s APY of 1.50% are those that
- Spend $500 or more in a month using their Bluevine debit card
- Receive $2,500 per month in customer payments through ACH, wire transfer, mobile check deposit, or a merchant payment processing provider
Bluevine also lets users create secondary accounts. However, users are limited to five subaccounts per account number. Meanwhile, Relay’s strongest feature is that it allows users to create up to 20 checking accounts per account number. Through these accounts, users can separate checking balances into dedicated buckets for spending and savings categories like taxes, payroll, and profit.
Relay users can also issue up to 50 debit cards for employees and team members and select which accounts each debit card is connected to. Users can control employee debit card spending by setting spend and withdrawal limits.
Bluevine vs Relay Business Checking Account Costs
Bluevine Business Checking | Relay Standard | |
|---|---|---|
Monthly Fee | None | None |
Criteria to Waive Monthly Fee | N/A | N/A |
Transaction Fee | None | None |
Cash Deposit Fee | $4.95 per item at Green Dot retail locations | N/A |
Neither Bluevine nor Relay charges monthly maintenance fees or transaction fees. Bluevine users can only make cash deposits through Green Dot retail locations, which charge a $4.95 fee per deposit. Relay, on the other hand, doesn’t support cash deposits.
Relay vs Bluevine Business Checking Account Sample Scenario
Relay Standard | Bluevine Business Checking | |
|---|---|---|
Wire Transfer Fees | 5 outgoing domestic transactions x ($5) + 2 outgoing international transactions x ($10) = $45 | 5 outgoing domestic transactions x ($15) + 2 outgoing international transactions x ($15) = $105 |
Out-of-network ATM fees | 5 transactions x $3.08* = $15.40 | 5 transactions x ($2.50 + $3.08*) = $27.90 |
Possible Total Fee | $90.40 | $177.90 |
*The average ATM surcharge from the ATM owner in 2021 was $3.08, per Bankrate’s 2021 checking account and ATM fee study.
If your business sends wire transfers on a regular basis, Relay is the more affordable option. Its fees for outgoing domestic and international wire transfers are significantly lower than Bluevine’s.
Businesses that regularly withdraw money from out-of-network ATMs should also choose Relay as Bluevine charges an out-of-network fee on top of the ATM surcharge. Relay users only have to pay the ATM surcharge.
Bottom Line
Although Bluevine and Relay both offer digital-only checking accounts with minimal fees, there are stark differences between the strengths they offer. If you’re looking for a checking account that can help you earn interest on balances, Bluevine and its competitive 1.50% APY would be a good fit. It’s also the better option if you need lending products or support for cash deposits. If you need an account that helps you streamline cash management and save on wire transfer fees, the better choice is Relay.
