Novo Vs. Relay
Novo and Relay are two of the leading checking account providers for businesses, offering a range of financial services.
Find the right fit for your business by comparing their features & benefits.
General Details
Monthly Fee
$0
$0
Banking Partner
Middlesex Federal Savings, Member FDIC
Evolve Bank & Trust and Thread Bank; Members FDIC
Editorial Score
Card
Rating
Fees & Charges
Minimum Balance
$0
$0
Mandatory first deposit
$50
$0
Overdraft Fees
$0
$0
Early Account closing Fee
$0
$0
ATM Withdrawal fee
Free + Full refund on ATM fees
Free on Moneypass ATMs, $2.5 fee on out-of-network ATMs
ACH Transfers
Incoming ACH $0
Outgoing ACH $0
Incoming ACH $0
Outgoing ACH $0
Wire Transfers
Incoming Wire $0
Outgoing Wire N/A
(Available with Wise integration)
Incoming Wire $0
Outgoing domestic Wire $5
Outgoing international Wire $10
Features
Card
Novo Business Debit Mastercard
Relay Business Debit Visa
Sub Accounts
Up to 5 sub-accounts
Up to 20 checking accounts with unique routing number
Cash Deposit
Saving Account
1% to 3% APY with savings automations feature
Bill pay
Invoice Management
Integrations
Stripe, Square, Paypal, Wise, Woocommerce, Amazon, Ebay, Etsy, Shopify, Xero, Quickbooks, Slack, Zapier, Google Sheets, and more
Quickbooks, Xero, Gusto, Plaid, and Yodlee.
Bottom Line
Why?
Novo excels for small, tech-driven businesses with its extensive third-party integrations and a competitive free plan. Tailored to modern entrepreneurs, it offers cost-effective, specialized features for tech-centric operations, making it an ideal financial ally for small-scale businesses.
Relay is optimal for larger businesses, offering a suite of features ideal for enterprises with over 10 employees. It provides comprehensive financial management tools, including savings, bill payment options, and the ability to issue up to 50 debit cards, catering to the expansive needs of larger operations.
Editorial Score
Winner!
Novo Vs. Relay
Novo and Relay are two of the leading checking account providers for businesses, offering a range of financial services.
Find the right fit for your business by comparing their features & benefits.
General Details
Monthly Fee
$0
$0
Banking Partner
Middlesex Federal Savings, Member FDIC
Evolve Bank & Trust and Thread Bank; Members FDIC
Editorial Score
Card
Rating
Fees & Charges
Minimum Balance
$0
$0
Mandatory first deposit
$50
$0
Overdraft Fees
$0
$0
Early Account closing Fee
$0
$0
ATM Withdrawal fee
Free + Full refund on ATM fees
Free on Moneypass ATMs, $2.5 fee on out-of-network ATMs
ACH Transfers
Incoming ACH $0
Outgoing ACH $0
Incoming ACH $0
Outgoing ACH $0
Wire Transfers
Incoming Wire $0
Outgoing Wire N/A
(Available with Wise integration)
Incoming Wire $0
Outgoing domestic Wire $5
Outgoing international Wire $10
Features
Card
Novo Business Debit Mastercard
Relay Business Debit Visa
Sub Accounts
Up to 5 sub-accounts
Up to 20 checking accounts with unique routing number
Cash Deposit
Saving Account
1% to 3% APY with savings automations feature
Bill pay
Invoice Management
Integrations
Stripe, Square, Paypal, Wise, Woocommerce, Amazon, Ebay, Etsy, Shopify, Xero, Quickbooks, Slack, Zapier, Google Sheets, and more
Quickbooks, Xero, Gusto, Plaid, and Yodlee.
Bottom Line
In the comparison between Relay and Novo, Novo stands out as the ideal option for smaller businesses that heavily rely on technology, offering an impressive array of third-party integrations and a competitive free plan, making it highly cost-effective. On the other hand, Relay is more suited for larger businesses with over 10 employees. Its strength lies in being feature-rich, offering savings options, efficient bill payment solutions, and the ability to issue up to 50 debit cards, making it a robust choice for businesses seeking extensive financial management tools.