Relay vs. Amegy Bank: Business Banking Comparison

Choosing a business bank in Texas is an important step in establishing your small business. In this guide, we compare Relay, an online banking platform, and Amegy Bank of Texas, a traditional bank.

Traditional banks, like Amegy Bank of Texas, offer a blend of in-person and online services. On the other hand, modern banking platforms, like Relay, provide a fully digital banking experience tailored for small businesses. Let's delve deeper into what each institution brings to the table.

In this article: 

• What is Relay?

• What is Amegy Bank?

• Relay vs. Amegy Bank comparison chart

• Relay vs. Amegy Bank: What’s the difference?

  • Multiple checking accounts

  • Payroll services

  • Monthly maintenance fees

• Verdict: What's better, Relay or Amegy Bank?

What is Relay?

Relay is an online banking platform that empowers small businesses by providing the tools you need to grow and gain visibility into your finances. Relay offers two main account types: 

• You can open up to 20 individual business checking accountswith no minimum opening deposit or minimum balance requirements. There are also no monthly maintence fees. 

• You can also open 2 business savings accounts and earn 1-3% APY depending on your balance. You can also leverage automatic savings features to grow your money on autopilot. 

The banking industry has historically underserved small businesses. At Relay, we’ve built banking solutions that offer clarity into your income and expenses, so that you can take control of your cash flow and achieve your financial goals.

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.

Try Relay

We help small business owners by solving some of the most frustrating issues in small business banking: high account fees, jumbled banking data, a lack of clear cash flow, and unhelpful customer support.

With Relay, you can avoid the hassle of dealing with account fees or minimum balances that tie up your cash flow. You’re able to open a free business checking account entirely online—and access our suite of tools and features to take the guesswork out of expense tracking and bookkeeping. 

What is Amegy Bank?

Amegy Bank of Texas is a regional bank based in Central Texas that is a subsidiary of Zions Bancorporation. With over 75 locations in communities including Houston, Dallas, Fort Worth, San Antonio, Arlington and Austin, Amegy Bank serves privately owned businesses of all sizes and public companies across different industries. Amegy Bank additionally specializes in real estate, energy, and correspondent banking.

So, let’s take a look at what Amegy Bank offers for business owners. Amegy Bank has both business savings and business checking accounts, with different types of each account based on your company’s needs.

Amegy Bank business bank accounts

Amegy Bank offers multiple business savings and checking accounts offering different business and commercial banking services. Let’s take a quick look at the details for each of these accounts and their main differences.

Amegy Bank has four business savings accounts to choose from:

1. Business Statement Savings:

   • Basic savings account for businesses.

   • Low initial deposit requirement.

   • Easy access to funds.

2. Business Money Market Account:

   • Higher, tiered interest rates than regular savings that can be increased if you also open a checking account.

   • Limited check-writing capabilities.

3. Certificates of Deposit (CDs):

   • A fixed-term account that allows your business to save money at a fixed interest rate over that time period.

   • Higher interest rates than a regular savings account.

   • Ideal for businesses with surplus funds to invest.

4. Business Sweep Accounts:

   • This account allows you to earn interest on excess funds.

   • Sweeps excess funds into interest-bearing accounts.

   • Ensures sufficient funds for daily operations.

Amegy Bank also offers five business checking accounts: 

1. Business Inspire Checking:

   • Basic checking account features and tools.

   • $50 minimum opening deposit.

2. Business Connect Checking:

   • Checking accounts with additional access to business tools.

   • Optional treasury management solutions.

3. Business Growth Checking:

   • Checking accounts with higher monthly transactions and cash deposit limits.

4. Business Interest Checking:

   • Suitable for businesses looking to earn interest on their checking balances.

   • Offers some of the features of a traditional checking account while earning interest.

5. Community Checking:

   • Designed for nonprofit organizations, charities, and associations.

   • Special offers and reduced fees for eligible nonprofit entities.

Aside from business savings and checking accounts, Amegy Bank also offers loans, lines of credit, and foreign exchange services. Personal bank accounts are also available if you prefer to bank at the same institution for both personal and business banking.

Relay vs. Amegy Bank comparison chart

Relay vs. Amegy Bank: What’s the difference?

Multiple checking accounts

Think about it: Would you rather lump your entree, main course and dessert on one heaping plate or enjoy each meal separately? You’d probably pick the latter.

The same idea holds for using multiple checking accounts to manage your cash and organize your finances. Would it be optimal to lump your emergency funds in with your operating expenses and payroll? If you’re using Profit First or another envelope accounting system, you’re better off with multiple checking accounts for your business. So, how do Relay and Amegy Bank compare on this front?

Multiple checking accounts with Amegy Bank

You can apply to open as many of Amegy Bank’s business checking accounts as you’d like, but each account will be subject to separate fees. All of Amegy Bank’s business checking accounts require a $50 minimum opening deposit, and monthly maintenance fees range from $8 to $20, although these fees are waived when you maintain a certain minimum daily balance.

If you’re looking to separate your business’s finances into different categories using different checking accounts, like with the Profit First method, then it may be frustrating to pay fees on many accounts just in order to manage your cash efficiently.

Multiple checking accounts with Relay

Relay simplifies multiple-account budgeting by offering you up to 20 business checking accounts with zero monthly maintenance fees, plus 50 virtual or physical Visa debit cards. That way you can spend less time worrying about checking balances to avoid fees and more time focusing on your financial goals.

You can also get as granular as you like when it comes to spend management. Assign cards to specific accounts and set spending limits, cardholders, and seven different employee permission levels.

Payroll services

Payroll can be an important part of your business banking structure. Here’s what each bank offers. 

Payroll services with Amegy Bank

Amegy Bank doesn’t offer its own payroll services or integrate with any payroll tools, but it does offer discounts for a few different platforms for its banking customers. As an Amegy Bank account holder, you can access discounts for iSolved, PayChex, and SurePayroll’s tools. However, Amegy Bank doesn’t note any integrations with these tools, so if you use them you will have to

Payroll services with Relay

Relay’s platform connects directly with Gusto to streamline the payroll experience. This ensures transparent payroll transaction data, notifications, and streamlined accounting. For instance, if there's a risk of direct deposit transactions not going through due to insufficient funds, we’ll alert you in advance. 

This heads-up lets you address the deficit before the scheduled processing date. After successful payment, we’ll offer you a comprehensive breakdown of the transaction detailing wages, taxes, and garnishments.

Monthly maintenance fees

Amegy Bank’s monthly maintenance fees range from $5 to $40 across their business savings accounts and $8 to $20 across their business checking accounts. Monthly fees are waived on many accounts if you maintain a certain minimum daily balance, but these balances vary across accounts. Keeping track of which balances you need to maintain to avoid fees can be a headache if you’re using multiple accounts.

At Relay, our accounts have no monthly maintenance fees and no minimum balance. You can enjoy a fee-free bank account regardless of your cash flow for any given month with no unexpected fees or worry over account deposits.

Verdict: What's better, Relay or Amegy Bank of Texas? 

Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Amegy Bank of Texas offer unique features tailored to support business needs. 

While Relay provides a digital-first approach with seamless integrations and no monthly fees, Amegy Bank of Texas offers decent business checking and savings account options, plus local community support. 

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 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.

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