Relay vs. First Federal Savings and Loan Association of Lakewood: Ohio’s Best Banking Platforms

Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and First Federal Savings and Loan Association of Lakewood, a traditional bank.

Traditional banks, like First Federal Savings and Loan Association of Lakewood, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. Let's delve deeper into what each institution brings to the table.

Table of contents

• What is Relay? 

• What is First Federal Savings and Loan Associaton of Lakewood? 

• Relay vs. First Federal Savings and Loan Association of Lakewood comparison chart 

• Online banking capabilities

• Customer support experience

• Business lending options

• Verdict: Which banking partner is right for your business?

What is Relay?

Relay is a digital-first banking platform tailored for modern businesses. It offers a seamless online experience, allowing businesses to manage their finances without the need for physical branches. With Relay, businesses can open an account online, manage their banking, and access a suite of tools designed to streamline financial operations. 

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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Relay is also the official banking platform for Profit First Professionals, offering up to 20 real checking accounts with no account fees or minimum balance requirements. This makes it an ideal choice for businesses looking to implement the Profit First method.

What is First Federal Savings and Loan Association of Lakewood?

First Federal Savings and Loan Association of Lakewood is a traditional bank in Ohio. While it may not offer the convenience of opening an account online, it provides a range of services tailored for businesses. 

Business Banking That Keeps You On The Money

No account fees. 20 checking accounts. Savings with 1.00%-3.00% APY. 50 virtual debit cards. Apply 100% online.

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With a focus on community and personalized service, First Federal Savings and Loan Association of Lakewood offers business checking accounts with no monthly fees, provided a minimum balance is maintained. They also offer business lending options and a modest interest rate for business savings accounts.

Relay vs. First Federal Savings and Loan Association of Lakewood comparison chart

Online banking

Relay

Relay, being a digital-first platform, excels in online banking. Businesses can easily manage their finances, make transactions, and access financial tools without ever stepping into a physical branch. The platform's user-friendly interface ensures that even those new to online banking can navigate with ease.

First Federal Savings and Loan Association of Lakewood

First Federal Savings and Loan Association of Lakewood offers online banking capabilities, allowing businesses to manage their accounts from the comfort of their office or home. While they don't offer the option to open an account online, their online banking platform provides essential features for day-to-day financial management.

Customer support

Relay

Relay offers a dedicated Customer Experience team that's available from Monday to Friday, 9:30 AM to 6:30 PM ET. We provide multi-channel support, including chat, email, and phone, so that you can reach out most conveniently. Our support team can assist with your banking inquiries, while also helping your business leverage Relay’s features to their fullest potential. Customer service is deeply important to us, so we invest in it heavily—and we’re proud to have a 4.5-star Trustpilot rating and 550+ reviews as a result.

First Federal Savings and Loan Association of Lakewood

First Federal Savings and Loan Association of Lakewood provides customer support through traditional means–phone, in-person, and mail. Their long-standing presence in the community means they have a deep understanding of local business needs, and their in-person support can be helpful if you prefer a personal touch.

Business lending

Relay

Relay is primarily a banking platform, and does not currently offer lending. If you’re looking for a bank where you can do both your banking and lending in the same place, then you may prefer a traditional bank. However, if you’re interested in the fee-free structure and unique features an online banking platform like Relay can provide, you might choose to seek a business loan separately.

First Federal Savings and Loan Association of Lakewood

One area where traditional banks often have an edge is in the realm of business lending. First Federal Savings and Loan Association of Lakewood offers business lending options, catering to various needs, from short-term loans to more substantial capital expenditures.

Verdict: Which banking partner is right for your business?

Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and First Federal Savings and Loan Association of Lakewood offer unique features tailored to support business needs. 

While Relay provides a digital-first approach with seamless integrations and no monthly fees, First Federal Savings and Loan Association of Lakewood offers a blend of in-person offerings and online features to fit businesses hyper-local to the bank’s area.  To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. And if you're ready to sign up for Relay, you can !

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