Relay Updates
4 min read

Automated Savings Accounts that Earn 1% to 3% APY

By Jillean Kearney

Product Marketing Lead, Relay

Today, we're thrilled to launch automated savings accounts at Relay—a way for businesses to smartly create and build up cash reserves.

Cash is the lifeblood of your business. It lets you take risks, expand, invest, and bounce back from setbacks. Few things are as liberating as a well-stocked cash reserve account. But getting started is tough. Most banks make you jump through hoops to open a business savings account. You’re asked to put up a large opening balance you don’t yet have. You’re pushed to lock up your rainy-day funds in a hard-to-access secondary account. You have to hunt down your idle cash and figure out how much of it you’re comfortable setting aside every month to build up a meaningful balance and return... 

It’s no surprise that many small businesses don’t save at all.

That’s why we’re launching savings accounts that are accessible to all businesses. Whether you’re a first-time saver or a seasoned stasher, Relay lets you put your money to work automatically and earn between 1% to 3% APY* on your idle cash. Here’s how Relay’s savings accounts work:

Relay puts your idle cash to work

The hardest part of savings is getting started. So, we made it easy by sweeping excess idle cash from your operating accounts into savings accounts for you. Set a maximum balance for your operating accounts using Relay’s auto-transfer rules and send all excess money to a savings account. Your money will always be working as hard as you.

No balance too small

Each business can open up to two savings accounts, and there are no minimum balance requirements to start earning interest. As you keep larger amounts in your savings accounts, you’ll earn a bigger interest rate:

Cash in savings

Amount earned

$1 to $50k

1.0% APY

$50k to $250k

1.5% APY

$250k to $1M

2.0% APY

$1M and above

3.0% APY

Your APY rate is calculated based on the combined amount of cash kept in all of your savings accounts and paid out on a monthly basis. For example, if you have two savings accounts, we’ll add up both balances and use the total to determine your APY rate for both accounts.

Maximize returns with auto-transfer rules

Auto-transfer rules make sure you put every spare dollar into savings—so you’re not leaving any money on the table. 

  1. Use an auto-transfer rule to set a maximum balance for one or more checking accounts.

  2. Every time you reach the maximum, Relay transfers the excess amount into a savings account. 

  3. Sit back, relax and watch your savings (and interest payouts) grow!

Protect your savings  

The fastest and most common way to wipe out the hard work you’ve put in to build up savings is to dip into your accounts when you shouldn’t. That’s why Relay protects the savings you’ve accumulated: savings accounts cannot be linked to any debit cards, cannot send payments and cannot be used as source accounts when setting up auto-transfer rules. Your savings will only be used to cover operating expenses if you move money out of a savings account and back into a checking account.

Up to 2.5 million in FDIC Insurance — Relay

Deposits up to $250k are currently insured by the FDIC through Thread Bank, the partner bank that holds our customers' deposits. We’re happy to share that Thread Bank will soon be able to offer FDIC insurance on deposits up to $2.5M** so you can save even more safely. This will be possible through an insured cash sweep program. More details to come!

Perfect for Profit First

Relay’s multiple free checking accounts and auto-transfer rules make it the perfect platform for Profit First. Automated savings level up your Profit First setup further. You can open up to two savings accounts for each business entity on Relay—making it the perfect way to earn interest on the money in your Tax and Profit accounts.

Relay’s savings accounts can also be used as destination accounts when setting up auto-transfer rules, meaning you can automate transfers into savings accounts when doing your Profit First allocations.

Get started

Opening a Relay savings account is easy:

  1. Log into Relay and select “Add Account” from the Accounts page.

  2. Create a Savings account—you can have up to 2 per business entity.

  3. Manually transfer money from a Relay checking account, or create an auto-transfer rule to fund your new savings account.

  4. Count down the days until your next interest payout.

A cash cushion is one of the most powerful tools in your business. Whether you’re saving up for the tax season or a new venture, the most important part is getting started. To help you define your goals, document and stick to them, we put together a guide on how to set financial goals for your business.

Webinar: Design your savings strategy with Mike Michalowicz, Author of Profit First

Design Your Savings Strategy — Relay Webinar with Profit First

Half of U.S. small businesses are walking the cash flow tightrope and only have 27 days worth of cash reserves. But experts suggest that small businesses should aim to save at least 10% of their monthly profit and hold about 6 months' worth of operating expenses in reserve. Most small businesses struggle to put money away every month.

That’s why we partnered up with Mike Michalowicz, Author of Profit First, on a webinar about designing your savings strategy. Join us on July 27th, at 12:30pm ET. If you want to beat the day-to-day cash flow struggle and make your money go further, then this webinar is for you. Register to learn:

  • What your savings goals should look like depending on your business

  • How to optimize your savings strategy with the Profit First system

  • Steps for implementing Profit First in your business

  • Unique Relay savings account features and how to get the most out of them

We hope to see you there!


Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance provided through Thread Bank; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted. 

*The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.  

**FDIC deposit insurance is provided by Thread Bank, Member FDIC. The insured cash sweep program will only be available to Relay customers that have upgraded to Relay 2.0 or signed up for a Relay account on or after January 1, 2023.