As a small to medium business owner in Georgia, you understand the importance of having a reliable banking partner at your side. The right bank can help you make smart financial decisions and support your growth towards your financial goals.
With all the banks available for your business in Georgia, how do you choose the best one? Below, we’ve compared two popular choices: BankSouth, a Georgia-based bank with a community-centered focus, versus Relay, an online banking service designed with businesses in mind.
In this article:
What is Relay?
Relay is a modern online banking platform designed for small businesses. With a digital-first approach, our platform offers seamless banking. Relay offers a few key features, including:
Integration with popular accounting tools
Profit-first banking to support financial decision-making
Top-notch customer service
No monthly fees
Unlimited transactions
The ability to open an account online
Up to twenty free business checking accounts
Relay is redefining the way businesses handle their finances.
What is BankSouth?
BankSouth, based in Georgia, offers a range of financial services tailored to both individuals and businesses. BankSouth is a community bank with branches in Greensboro, Savannah, Watkinsville-Athens, and Atlanta.
BankSouth provides various business checking options, including Professional and Executive accounts, for different transaction volumes. They have a strong local presence and also offer online banking capabilities.
Relay vs. BankSouth comparison chart
Features/Services | Bank South | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅ Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | Up to $5 a month, depending on the account. Fees up to $0.25 per transaction item over 150 for accounts with a Minimum Daily Balance of less than $2,500, depending on the account. | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | Up to $2,500, depending on the account | None |
Overdraft Fees | $20 per item paid | $0 |
Money Movement | Insert fees here Wire Transfer: Incoming: $15, Outgoing Domestic: $30, Outgoing International: $50 ACH Payments: | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 6 | 55,000+ |
Branch Locations | 6 | Online-only |
Interest-bearing accounts | ✅ Varies by account” | ✅ 1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online Banking
Relay is an intuitive online banking experience. Designed as a digital-first platform, Relay seamlessly stands out with features including:
Integration with popular accounting tools, like QuickBooks, Xero, and Gusto
A user-friendly interface
Customizable dashboard
Relay ensures that businesses can manage their finances efficiently, without the need for frequent branch visits.
BankSouth recognizes the importance of online banking and provides businesses with the tools to manage their finances remotely. Their online banking capabilities allow for essential tasks like fund transfers, balance checks, and bill payments.
BankSouth offers a robust online system, blending traditional banking with digital conveniences.
Profit First Banking
Relay's platform is uniquely tailored to support the Profit First method. We’ve created banking that prioritizes profit, owner's pay, taxes, and operating expenses.
With Relay, businesses can effortlessly allocate funds to different accounts. Business owners increase their visibility on their finances, making decision-making easier.
The ability to create multiple accounts without additional fees makes Relay an ideal choice for businesses looking to adopt the Profit First model.
BankSouth, meanwhile, offers many different business accounts to cater to various financial needs. Their multiple account types provide flexibility. However, each account comes with its own set of fees.
The fee structure might not be as productive for businesses looking to adopt a Profit First approach, where funds are allocated to specific accounts without incurring additional costs.
Customer Support
At Relay, we put our customers' needs first. Our dedicated Customer Experience team is available via chat, email, and phone for all your burning banking questions. Our commitment to stellar customer service is reflected in our high Trustpilot rating.
BankSouth offers a multi-channel support system, including phone, in-person visits, email, and chat. Their approach aims to give customers multiple ways to get in touch, blending traditional in-branch support with modern communication.
Making the Right Choice for Your Business Banking Needs
Choosing the right banking partner is crucial for the success of your business. While BankSouth offers a traditional banking experience with a local touch, Relay provides a modern, digital-first approach tailored to the needs of today's businesses.
Are you ready to open your business checking account with Relay today? Sign up completely 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.
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