Relay vs Novo Business Checking 2023: Which Is Best?
Matt has more than 10 years of financial experience and more than 20 years of journalism experience. He shares his expertise in Fit Small Business’ financing and banking content.
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.
Relay and Novo are two of the best financial technology (fintech) solutions available in 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.
Meanwhile, 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 what each provider is best for:
- Relay* is best for businesses that need multiple accounts and debit cards
- Novo* is best for businesses that need rapid access to funds, faster payments, and fee-free ATM usage
*Providers are fintech platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Relay and Middlesex Federal Savings for Novo).
Relay vs Novo Quick Comparison
 Relay Standard |  Novo Business Checking | |
|---|---|---|
Required Opening Deposit | $0 | |
Required Balance Minimum | $0 | |
Transaction Limit Before Fees | No limit | |
ACH Fees | $0 | |
Domestic Wire Transfer Fees | $0 for incoming $5 for outgoing | None for incoming; cannot send wires domestically |
International Wire Transfer Fees | $0 for incoming $10 for outgoing | Novo partners with Wise to send international wires for a low fee |
ATM Fees | None* | All fees refunded at the end of the month |
Cash Deposit Fee | Cash must be deposited through Allpoint ATMs | Cash must be deposited through money orders |
*Third-party operator fees may apply.
Relay Standard | Novo Business Checking | |
|---|---|---|
Debit Card | Up to 50 Visa Debit Cards (physical or virtual) | Mastercard Business Debit Card (physical and virtual) |
Reserve Accounts | Up to 20 accounts* | Up to 10 |
Accounting Software Integrations | QuickBooks and Xero | |
Business Software Integrations | Gusto, Plaid, and Yodlee | Cash App, eBay, Lyft, PayPal, Square, Stripe, Uber, and Venmo |
Customer Service | Phone: (888) 205-9304 Chat and email | Live customer support from dedicated professionals |
Invoicing Products | N/A | Unlimited free invoicing |
Other Products Available | Relay Pro | Limited liability company (LLC) creation |
*Sole proprietors can only create up to 10 accounts.
When To Use
Relay vs Novo Features
Relay | Novo | |
|---|---|---|
OVERALL RATING* | 2.9 out of 5★ | 3.8 out of 5★ |
Cash Deposits | ★★★★ | ★★ |
Collaboration Tools | ★★★★★ | ★★ |
Reserve Accounts | ★★★★★ | ★★★★ |
Additional Debit Cards | ★★★★★ | ★★★ |
ATM Fees | ★★★★ | ★★★★★ |
Cash Flow Boost | 0 | ★★★★ |
Same-day ACH | ★★★ | ★★★★ |
Invoicing | 0 | ★★★★★ |
Promotional Deals | 0 | ★★★★★ |
Other Products | ★★★★ | ★★★★ |
*This score is reflective of the features of the platform and not the overall quality of the financial provider. A feature not offered by a provider earns a 0-star score, which is averaged into the overall rating. | ||
Rating Explanation:
★★★★★ 5: This feature enhances your banking experience at 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 and comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
★★★★★ 5: This feature enhances your banking experience at 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 and comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
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 sub-accounts. You cannot withdraw or deposit funds directly into a sub-account. 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. However, third-party operator fees may apply.
Novo: 5 out of 5
Novo refunds all ATM fees at the end of each month.
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: 4 out of 5
If you want more robust bookkeeping tools, you can upgrade to Relay Pro—a premium subscription service with a $30 monthly fee. Through Relay Pro, you can do the following:
- Send wire transfers without a fee
- Access same-day ACH transfers
- Automatically import bills to QuickBooks and Xero
- Reconcile paid bills in QuickBooks and Xero with one click
- Create multi-step bill approval rules
- Consolidate payments to a vendor into one transaction
- Have a singular dashboard for reviewing, paying, and approving bills
Novo: 4 out of 5
Novo does not have a premium subscription service. The only other business products it offers are its small business incorporation services. Powered by a partnership with LegalZoom, Novo’s small business incorporation services can help you with the paperwork required in starting an LLC, S-Corp, or non-profit. It can also help you with your DBA (Doing Business As) documents.
Relay vs Novo User Reviews
Relay | Novo | |
|---|---|---|
Trustpilot Rating | 4.2 (based on 700-plus reviews) | 4.1 (based on 2,100-plus reviews) |
Users Like |
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Users Dislike |
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The two providers received similar ratings and critiques. Relay earned a Trustpilot1 rating of 4.2, while Novo received a Trustpilot2 rating of 4.1. 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.
Meanwhile, 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 that need 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.
You can refer to our guide on how to open a business bank account for additional tips on selecting a business bank account.
User Review References:
