Are you looking for a business banking solution in Michigan? Search no further! In this guide, we compare Relay to The State Bank. Relay is an online banking platform. The State Bank is a traditional bank in Michigan. 🏦
Traditional banks like The State Bank have several key features. They offer a mix of in-person and online services. Modern banking platforms, like Relay, are digital. They provide a banking experience digitally tailored for businesses.
Let’s dive into what each institution brings to the table.
In this article:
What is Relay?
Relay gives its customers a modern banking solution. 💚 It offers modern online banking. It also has money management solutions that help small businesses oversee their cash flow. Relay users can create up to 20 free checking accounts. They can also handle multiple payments from one place.
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
A digital-first approach allows Relay to create a seamless banking experience. This approach also avoids common obstacles of traditional banking. Small businesses also have the option to grow their money at Relay using savings accounts. These savings accounts earn between 1-3% APY1.
What is The State Bank?
The State Bank is a traditional community bank based in Michigan. This bank has 20 in-person branches across the state. As a traditional bank, The State Bank offers a blend of older and newer technologies. 💰
For businesses, The State Bank has three checking options. There is a different account option for three business sizes. They also offer business savings accounts. Outside of banking, The State Bank remains involved in the Michigan community.
Relay vs. The State Bank Comparison Chart
Features/Services | The State Bank | Relay |
Open Account Online | ✅ | ✅ |
Online Banking | ✅ Apple iOS and Android Mobile Apps | ✅Web, Apple iOS, and Android Mobile Apps |
Monthly Account Fees | $3-$20 | $0 |
Minimum Opening Deposit | None | None |
Minimum Balance Requirement | $5000 for Select Balance Checking | None |
Overdraft Fees | $0 | $0 |
Money Movement | Wire Transfer: Varies by user ACH Payments: $0.15-$0.20 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 3 | 55,000+ |
Branch Locations | 20 in-person branches | Online-only |
Interest-bearing accounts | ✅Varies by account” | ✅1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | 3.9 Star Rating Average on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
Relay is available through a mobile app or a web-based option. The mobile app and the website both offer easily navigable menus. This allows for efficient, organized work. You can also use Relay for money management. Additional money management features include receipt capture (with a mobile camera) and virtual debit cards. 💳
The State Bank and Online Banking
The State Bank offers mobile banking as well. You can access your account through the mobile app at any time. In the app, you can transfer funds between any of your accounts. The app also comes with enhanced security with multi-factor authentication.
Monthly Fees and Other Charges
Relay Fees
Relay is very affordable and offers transparent pricing for their services. As the business account owner, you won’t see monthly fees. You also won’t see overdraft fees or minimum balances. This frees up funds to allow your business to grow. 💸
The State Bank Fees
The State Bank has low fees, making it affordable for most. The relevant fees depend on which type of account you have. They range from $3 to $20 monthly. You can waive these fees by enrolling in E-statements or carrying a monthly balance. Other fees include those for returned checks or for a number of transactions over the maximum amount.
Accounts Payable
Relay Accounts Payable
As a business owner, you understand the importance of paying bills on time. Precision with bill pay is also incredibly important. Relay’s accounts payable features make this process easier and faster. Relay has an inclusive dashboard for managing bill payments. They also offer vendor contract savings. Integrations with QuickBooks Online and Xero are also available. 💻
Relay also offers a paid tier called Relay Pro. With Relay Pro, you can unlock additional features. These features include same-day ACH and free outgoing wires. You can also set up multi-step approval rules for employees and people on your time. This allows for easier processing.
The State Bank Accounts Payable
The State Bank offers bill payment with each of its three business checking account types. This bill pay feature is free. For an additional fee, you can also make ACH payments or online wire transfers. 📲
The amount that each transfer costs depends on the user. For more information, contact your local branch.
Verdict: Which banking partner is right for your business?
The right banking partner is important to the success of your business. Choosing the right one can be a difficult process. We’ve attempted to make choosing easier here by laying out the unique features offered by Relay and The State Bank. 💵
Relay provides a digital-first banking approach. They offer seamless integrations and monthly fees. The State Bank offers decent business checking options and local community involvement.
Consider your goals and what support you want when choosing a banking solution for your business. Choose the banking platform that aligns best with your business plan. Ready to make the switch to Relay? Get started entirely online here! 🔗
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
