Relay and Novo are two of the best financial technology (fintech) solutions available on the market today. Although both provide affordable business checking with useful budgeting tools, each offers distinct selling points.
Relay was designed for teams of two or more and primarily offers business checking with collaborative features. Aside from letting you create multiple accounts and debit cards, the platform lets you distribute banking tasks by allowing you to add additional team members to your account and customize access levels per user.
On the other hand, Novo helps you save on ATM fees by providing unlimited ATM refunds every month. However, its biggest selling point is that it provides fast access to revenue from payment processing software. With a feature called Novo Boost, Novo deposits Stripe payouts into your account within hours instead of days. Novo also offers Express ACH, which lets you process same-day automated clearing house (ACH) payments for yourself and your employees and vendors.
Here is a summary of when to choose Relay vs Novo business checking:
- Relay Relay is a fintech company, not a bank. It provides deposit services and Federal Deposit Insurance Corporation (FDIC) insurance through supporting bank partnerships with Thread Bank and Evolve Bank and Trust. is best for businesses needing multiple accounts and debit cards
- Novo Novo is a fintech company, not a bank. It provides deposit services and FDIC insurance through a supporting bank partnership with Middlesex Federal Savings. is best for businesses needing rapid access to funds, faster payments, and fee-free ATM usage
For small business owners that prefer a traditional bank, we recommend:
- Chase: Best for national availability, easy-to-waive monthly fees, and suite of additional banking products
Relay vs Novo Business Checking Quick Comparison
 Relay Standard |  Novo Business Checking |  Business Complete Banking | |
|---|---|---|---|
Required Opening Deposit | $0 | $0 | $0 |
Required Balance Minimum | $0 | $0 | None |
Transaction Limit Before Fees | No limit | No limit | 20 monthly, then 40 cents per transaction |
Monthly Fees | $0 | $0 | $15; waivable if conditions are met |
Automated Clearing House (ACH) Fees | $0 | $0 | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | $0 for incoming $5 for outgoing | None for incoming; cannot send wires domestically | Up to $35 for outbound, up to $15 for inbound |
International Wire Transfer Fees | $0 for incoming $10 for outgoing | Novo partners with Wise to send international wires for a low fee | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | None at Allpoint and Allpoint+ ATMs | All fees refunded at the end of the month | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees |
Cash Deposit Fee | Cash must be deposited through Allpoint ATMs | Cash must be deposited through money orders | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
For More Information | Read our Relay Business Checking review | Read our Novo Business Checking review |
Relay Standard | Novo Business Checking | Business Complete Banking | |
|---|---|---|---|
Debit Card | Up to 50 Visa Debit Cards (physical or virtual) | Mastercard Business Debit Card (physical and virtual) | Free debit card, mailed within 10 business days of application approval |
Reserve Accounts | Up to 10 | N/A | |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks and Xero | QuickBooks, FreshBooks, and other leading accounting software |
Business Software Integrations | Gusto, Plaid, and Yodlee | Cash App, eBay, Lyft, PayPal, Square, Stripe, Uber, and Venmo | BigCommerce |
Customer Service | Phone: (888) 205-9304; chat and email | Live customer support from dedicated professionals | Live customer support online or in bank branch locations |
Invoicing Products | N/A | Unlimited free invoicing | N/A |
Other Products Available | Relay Pro, and Relay business savings | Novo Funding | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
For More Information | Read our Relay Business Checking review | Read our Novo Business Checking review |
When To Use
If you’ve selected a provider, you can read our guide on how to open a business bank account for application tips.
Relay vs Novo Business Checking Comparison of Features
Relay | Novo | |
|---|---|---|
2.8 out of 5★ | 3.6 out of 5★ | |
Check Deposits | ★★★ | ★★★★ |
Cash Deposits | ★★★★ | ★★ |
Collaboration Tools | ★★★★★ | ★★ |
Reserve Accounts | ★★★★★ | ★★★★ |
Additional Debit Cards | ★★★★★ | ★★★ |
ATM Fees | ★★★★ | ★★★★★ |
Cash Flow Boost | 0 | ★★★★ |
Same-day ACH | ★★★ | ★★★★ |
Invoicing | 0 | ★★★★★ |
Promotional Deals | 0 | ★★★★★ |
Savings Products | ★★★★★ | 0 |
Lending Products | 0 | ★★★★ |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at little to no cost. ★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★ 2: This feature has a few major drawbacks/limits or comes at a high cost. ★ 1: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
When we compare Relay vs Novo business checking features, results show that Relay has an advantage when it comes to collaboration tools. However, Novo offers more tools for streamlining the banking experience. These include faster transfers, faster access to deposits, and invoicing tools.
Relay: 3 out of 5
The Relay app has a mobile check deposit function. However, it does not accept non-US checks, substitute checks, or money orders.
Novo: 4 out of 5
The Novo app’s mobile check deposit function can accept checks, cashier’s checks, and money orders.
Relay: 4 out of 5
Through Relay, you can deposit cash for free at any cash deposit-enabled Allpoint+ ATM.
Novo: 2 out of 5
Novo does not have direct cash deposits. However, you can use money orders to put cash into your account.
Relay: 5 out of 5
You can add additional users to your Relay account. As the main business owner, you decide each member’s permission level, which determines which banking activities they gain access to.
You can choose between the following permission levels:
- Administrator
- Manager
- Bill payer
- Cardholder
- Deposit-only
- Read-only
Novo: 2 out of 5
Novo also lets you add users to your account. However, unlike Relay, Novo gives all users full access and account owner privileges.
Relay: 5 out of 5
Relay lets you create up to 20 individual checking accounts under a single account ID. You can earmark each account for specific purposes, such as payroll, taxes, and utilities. Additionally, you can make transactions directly from any one of your accounts.
Novo: 4 out of 5
With Novo, you get one primary checking account and up to 10 subaccounts. You cannot withdraw or deposit funds directly into a subaccount. Instead, funds must be transferred to or from your primary account.
Relay: 5 out of 5
With Relay, you can issue up to 50 physical and virtual debit cards. You can customize each card’s spending rules and limits.
Novo: 3 out of 5
Novo users are only allowed one card per user.
Relay: 4 out of 5
Relay charges no fees for ATM usage at Allpoint and Allpoint+ ATMs.
Novo: 5 out of 5
Novo refunds all ATM fees at the end of each month, including owner surcharge fees.
Relay: 0 out of 5
Relay does not offer features that speed up cash flow.
Novo: 4 out of 5
If you have a Stripe account, you can use the Novo Boost feature to gain faster access to your Stripe revenue. Novo Boost will put Stripe funds into your account within hours instead of waiting for Stripe’s typical payout schedule.
Relay: 3 out of 5
Relay Standard delivers ACH payments within one to two business days. If you upgrade to Relay Pro, which costs $30 per month, you gain access to same-day ACH.
Novo: 4 out of 5
Novo users can process same-day ACH payments through Novo’s Express ACH feature. You will be charged a fee worth 1.5% of your transaction for every transfer made through Express ACH.
Relay: 0 out of 5
Relay lacks invoicing tools.
Novo: 5 out of 5
Novo comes with an invoicing tool that lets you create and send an unlimited number of invoices for free. The tool accepts payments via card, ACH, Google Pay, Apple Pay, Venmo and more. You can also connect Novo Invoicing to Stripe, Square, and PayPal.
Relay: 0 out of 5
Relay does not offer discounts or promotional deals.
Novo: 5 out of 5
Through Novo, you gain access to a wide selection of exclusive offers. It offers discounts and deals on popular software like QuickBooks, Stripe, and Gusto.
Relay: 5 out of 5
You can open up to two Relay business savings accounts. Relay places savings account deposits into partner banks in Thread Bank’s sweep network, which provides Federal Deposit Insurance Corp. (FDIC) insurance of $2,500,000.
APY rates depend on your savings account balance.
- $1 to $49,999.99: 1.0%
- $50,000 to $249,999.99: 1.5%
- $250,000 to $999,999.99: 2.0%
- $1 million and higher: 3.0%
Novo: 0 out of 5
Novo does not offer business savings products.
Relay: 0 out of 5
Relay does not offer business lending products.
Novo: 4 out of 5
Through a product called Novo Funding, Novo offers merchant cash advances up to $75,000. Monthly factor rates can go as low as 1.5%.
If you’re ready to open an account, read our article on how to open a business bank account for application tips.
Relay vs Novo User Reviews
Relay | Novo | |
|---|---|---|
Trustpilot Rating | 4.5 (based on more than 1,200 reviews)[1] | 4.4 (based on 3,500-plus reviews)[2] |
Users Like |
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Users Dislike |
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When we compare Relay vs Novo business checking feedback from users, reviews show that Novo has a slight edge over Relay. Though they have the same rating, Novo had more reviewers. However, both were praised for providing helpful and responsive customer service but criticized for having long hold times for check deposits.
Positive Relay reviews highlighted that users can make multiple accounts—customers said that this feature helped them budget more efficiently. Meanwhile, negative reviews came primarily from unsuccessful applicants, who claimed that the provider requested too much information than they were comfortable with during the application process.
On the other hand, Novo received praise for having an intuitive UX design and seamless integrations. However, several users reported having their check deposits rejected without explanation. Since Novo has specific rules for depositing checks, these users found it difficult to deposit their checks elsewhere.
Bottom Line
Both Relay and Novo are good providers for businesses needing budgeting tools with their business banking platforms. However, Relay is the better choice for business owners who prefer to work in teams. Robust account permission settings and spending controls for debit cards help the platform facilitate risk-free team collaboration. Meanwhile, if you need fee-free ATM transactions, rapid access to funds, and faster payments, it’s better to go with Novo.
User review references:
1Trustpilot | Relay
2Trustpilot | Novo
