Why we bank with Relay ourselves

We bank with Relay ourselves, and it's what we point clients toward, especially anyone using the Profit First method. Here's why.

It's built for Profit First

Profit First works by splitting income across separate accounts (Income, Profit, Owner's Compensation, Tax, Operating Expenses) so money gets allocated with intention instead of sitting in one account and getting spent on whatever comes up. Most banks make that awkward: opening five or six accounts at a traditional bank means five or six sets of fees, minimums, and logins.

Relay's Starter plan includes up to 20 checking accounts at no monthly cost, so a full Profit First setup fits inside a single free account structure. You can see every account, and every balance, in one dashboard instead of logging into separate accounts or juggling spreadsheets to track what's supposed to go where.

Pricing matches the size of the business

Relay's three tiers scale with need rather than forcing every business into the same fee structure:

• Starter ($0/mo): up to 20 checking accounts, no minimum balance, no overdraft fees, ACH transfers, invoicing, and payment links. Outgoing domestic wires cost $5 each.
• Grow ($30/mo): removes the wire fee, adds automated bill pay, same-day ACH, and a higher savings rate.
• Scale ($90/mo): up to 50 checking accounts, a higher savings rate, and more advanced automation and workflow features.

A solo business owner running Profit First doesn't need Scale. A growing business with a bookkeeping team automating bill pay might. Either way, nobody's paying for tools they aren't using.

It connects directly to your books

Relay integrates natively with QuickBooks Online and Xero, syncing transactions on a daily basis. That matters more than it sounds like it should: a bank feed that updates reliably and categorizes cleanly is the difference between books that are current and books that are three weeks behind because someone forgot to check a login.

Where it's not the right fit

Relay is an online bank. If your business relies on depositing cash regularly, or you want a local branch relationship for lending and cash management conversations, a traditional bank or credit union alongside Relay might make more sense than Relay alone. We've had clients use Relay for day-to-day operating accounts and keep a local bank relationship open for that reason.

Want to open a Relay account?

Reach out and we'll refer you directly. That gets you set up faster than opening one cold, and it's one less thing you have to figure out on your own.

Not sure if your banking setup is helping or hurting you?

A Vibe Check is a good place to start. We'll look at what you're using now and whether it's serving you. No pressure, just a clear picture. Schedule yours here.

Keep reading

• What QuickBooks Online gets right, and where it stops making sense — where Relay's transactions end up once they're synced.
• Why we're moving from Bill.com to Ramp — the card and spend management side of the same setup.

This post is for general informational purposes and doesn't constitute financial advice. We recommend Relay because we use it ourselves and with our clients.