Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and Union Savings Bank, a traditional bank.
Traditional banks, like Union Savings Bank, 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?
Relay is a digital banking and financial management service tailored for small businesses, aiming to streamline their financial operations without incurring extra costs. With Relay, users can:
Set up as many as 20 distinct accounts to categorize revenue, outgoings, and savings, inclusive of two savings accounts with an attractive 1-3% APY.
Distribute up to 50 virtual or tangible Visa® debit cards.
Simplify ACH transactions and wire transfers.
Deposit and take out money using the widespread Allpoint ATM network nationwide.
Seamlessly process payments via platforms like Stripe, Square, and Shopify.
Schedule automatic transfers between accounts based on predefined rules.
Grant selective banking privileges to financial consultants and team members for enhanced safety.
Access dedicated customer assistance via phone and online channels.
Every Relay account is fortified with robust FDIC insurance, courtesy of Thread Bank and Evolve Bank & Trust, and is safeguarded by the Visa® Zero Liability Protection Policy.
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
What is Union Savings Bank?
Union Savings Bank is a local community bank that has been serving its customers for over a century. The bank emphasizes a relationship-focused approach, prioritizing customer needs above all else. Union Savings Bank offers a range of banking and financial services, including personal banking options like checking, savings, credit cards, and personal lending. It has a focus on first-time home ownership and lending.
For businesses, they provide business banking, cash management, merchant services, various loan options, and advanced features like remote check deposits and contactless USB debit cards. Additionally, they offer commercial banking, investment and wealth management services, and insurance and annuities.
The bank is a mutual financial institution, which means it operates with the best interests of its customers, communities, and team members at heart. Every account with Union Savings Bank is FDIC insured, ensuring the safety and security of its customers' funds. Its key markets include Cincinnati, Danbury, Cleveland, and more.
Relay vs. Union Savings Bank comparison chart
Features/Services | Union Savings Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0 | $0 |
Minimum Opening Deposit | $50 | None |
Minimum Balance Requirement | $300 | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: $0 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 30,000 | 55,000+ |
Branch Locations | 39 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Online banking
Relay
Relay stands out as a modern online business banking and financial management platform, specifically designed for the needs of small businesses. With a swift online onboarding process, Relay allows businesses to manage up to 20 individual checking accounts, each with distinct account and routing numbers.
The platform also emphasizes mobile banking, offering features like mobile check deposits and a seamless user experience across Web, iOS, and Android devices. Furthermore, Relay's integration capabilities with popular accounting tools such as QuickBooks Online, Xero, and Gusto, combined with its FDIC insurance and Visa® Zero Liability Protection, make it a comprehensive solution for businesses.
Union Savings Bank
Union Savings Bank offers a mix of traditional banking services complemented by some digital tools. Their digital offerings include online banking, a mobile banking app, and remote check deposit capabilities.
It also provides an ACH bank transfer feature to facilitate the movement of funds between businesses and consumers. Like Relay, Union Savings Bank ensures the safety of its customers' funds with FDIC insurance. However, their approach leans more towards blending their community banking heritage with select modern banking tools.
Accounts payable
Relay
Relay offers a digital-first approach to accounts payable, enabling businesses to manage and pay bills seamlessly within its platform. With Relay Pro, users can employ various payment methods, including ACH, wire, and check. Automation is at the forefront, with features like bill approval rules and integration with accounting software, ensuring a streamlined bill payment process.
Union Savings Bank
Union Savings Bank, conversely, provides traditional cash management services. Their Business Banking Plus portal facilitates ACH payments and wire transfers. Unique offerings like Remote Deposit Capture and Lockbox Services further enhance their cash management suite. While Relay emphasizes digital automation, Union Savings Bank combines traditional banking with select modern tools.
Business savings
Relay
At Relay, we offer automated savings accounts that enable businesses to earn between 1% to 3% APY, depending on their savings balances. Our platform is designed to automatically move idle cash from operating accounts into savings, ensuring funds are always working optimally. Plus, with FDIC insurance up to $2.5M through our partnership with Thread Bank, businesses can be confident in the safety of their deposits.
Union Savings Bank
In contrast, Union Savings Bank has a variety of business savings options. They provide a standard Business Savings account, a Business Money Market account with tiered interest rates, and a Business Premium Money Market account that combines the benefits of savings and checking. Like us, Union Savings Bank offers the security of FDIC insurance for their business accounts.
Verdict: Which banking platform is right for your business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Union Savings Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Union Savings Bank offers regional expertise and a blend of in-person and online services.
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
