Relay vs. Bank of Pensacola: A Business Banking Comparison Guide

Looking for a business bank in Florida? In this guide, we compare Relay, an online banking platform, and Bank of Pensacola, a traditional bank.

Traditional banks, like Bank of Pensacola, 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.

In this article:

• What is Relay?

• What is Bank of Pensacola?

• Relay vs. Bank of Pensacola comparison chart

• Additional features from Relay

• Additional banking services from Bank of Pensacola

• Monthly and incidental fees

• Customer support and ATM access

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

What is Relay?

Relay is not just a banking platform—it's a beacon for small businesses, illuminating the path to effective cash flow management. With Relay, business owners gain unparalleled clarity into their finances, ensuring they're always in the driver's seat. 

From organizing income and expenses across 20 distinct checking accounts to issuing up to 50 physical or virtual Visa debit cards, Relay is the epitome of financial empowerment. And the best part? No hidden fees, no convoluted terms—just transparent, straightforward banking designed with businesses in mind.

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 Bank of Pensacola?

Established in 1973 by Admiral John Dale Price, Bank of Pensacola initially catered to service members at Naval Air Station Pensacola. As the years progressed, the Navy bank broadened its reach, extending its services to the wider Pensacola community. Bank of Pensacola has two bank branches and six ATM locations in Pensacola, Florida. The bank’s headquarters are based at 500 S. Palafox St. Ste. 100 Pensacola FL 32502.

Today, this institution stands as a testament to contemporary conveniences you might find at a national bank but with a local touch. Bank of Pensacola remains dedicated to serving the diverse needs of businesses and individuals in the region.

Relay vs. Bank of Pensacola comparison chart 

Additional features from Relay

• Account Management: Relay offers a customizable platform that adapts to the unique financial needs of each business.

• Competitive Savings: Beyond a secure place for funds, Relay's savings accounts boast an attractive interest rate ranging from 1-3% APY.*

• Customizable User Permissions: Relay's platform allows for specific banking access levels, ensuring each team member or advisor has appropriate access.

• Seamless Software Compatibility: With easy integrations to leading accounting tools like QuickBooks, Xero, and Gusto, Relay streamlines financial operations.

• Clear Pricing: Relay champions transparency, ensuring users are always aware of any associated costs without hidden surprises.

• Profit First Method Support: Relay's features, such as percentage-based transfers, are designed to complement the Profit First financial approach.

• Dedicated Support: For any queries or assistance, Relay's committed customer service team is just an email or phone call away.

Additional features from Bank of Pensacola

• Local Banking Expertise: Bank of Pensacola, with its deep roots in the community, offers a blend of local knowledge and financial expertise.

• Secure Online Banking: With their online and mobile banking platform, users can manage their finances conveniently and securely from anywhere.

• Seamless Account Management: Bank of Pensacola's platform allows for easy tracking and management of both personal and business accounts.

• Community Involvement: Beyond banking, Bank of Pensacola is committed to the community, actively participating in local events and initiatives.

• Personalized Customer Service: Their dedicated team ensures that customers receive personalized attention, addressing any queries or needs.

• Financial Education: Bank of Pensacola values financial literacy, offering resources and tools to educate its customers on various financial topics.

• Business Loans: Catering to different needs, Bank of Pensacola offers a variety of loan services, from personal loans to commercial real estate financing.

Monthly and incidental fees

Relay: Fee-free business banking

At Relay, we believe in transparency and simplicity. We're straightforward about our fees, ensuring you always know what to expect. One price, no surprises, regardless of your account's age with us. 

Our free checking accounts have no monthly fees, overdraft fees, or minimum balance requirements. You can send and receive free ACH payments and enjoy free check deposits. Domestic wires are $5 and international wires are $10, both of which include free currency exchange. With Relay Pro, you can upgrade for free domestic and international wires and same-day ACH payments, along with other benefits, like automated accounts payable. 

Bank of Pensacola: Monthly and incidental fees

Bank of Pensacola has a structured fee system that varies based on the type of business checking account you hold. Here's a breakdown:

Transaction fees: Transaction fees vary based on the type of account you open and the number of transactions you make beyond their limit. For instance, with the Business Checking account, all transactions over the 150 included in the plan cost $0.25 each. For the Business Interest Checking, transactions over the 50 included in the account benefits are charged at $0.25 each.

Cash deposit fees: The Business Checking account allows for free cash deposits up to $10,000 monthly. Once you surpass this limit, there's a fee of $0.10 for every $100 deposited.

Multiple checking account budgeting

Setting up multiple checking accounts with Relay

In contrast, Relay provides a more flexible approach to business finance management. With Relay, businesses can establish up to 20 accounts and obtain 50 virtual or physical Visa debit cards. This structure allows businesses to allocate funds for specific purposes such as debt repayment, savings, and taxes. 

Moreover, Relay offers granular control over spending. Businesses can assign cards to designated accounts, set cardholder permissions, spending limits, and access controls. With Relay, you can quickly grasp your financial status without delving deep into multiple accounts or accounting software, saving you precious time and effort.

Setting up multiple checking accounts with Bank of Pensacola

Bank of Pensacola offers distinct business checking accounts, each tailored to different business needs. However, they do not provide the option for additional accounts under the same business checking category. 

Each account type comes with its set of features and applicable fees. While this structure simplifies the decision-making process for businesses, it may not offer the flexibility some businesses seek in segmenting their finances for various purposes.

Customer Support and ATM Access

Relay: Extensive online support and nationwide ATM access

Relay, on the other hand, operates without physical branches but compensates with a robust online customer support system. Customers can reach out to Relay's support team from 9:00 AM to 5:00 PM ET via phone. Additionally, assistance is available outside of these hours through email or online chat, ensuring that help is just a message away. 

When it comes to ATM access, Relay users benefit from a vast network of over 32,000 AllPoint ATMs nationwide, making cash withdrawals convenient no matter where they are in the country. 

Bank of Pensacola: Localized support and limited ATM access

Bank of Pensacola, deeply rooted in its community, offers personalized, full-service options through its physical branches. Customers can visit any of their 6 branch locations, all situated in Florida, for face-to-face assistance and banking needs. While this localized approach ensures tailored service, it does limit ATM access to only those six locations in the state.

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 Bank of Pensacola offer unique features tailored to support business needs. 

While Relay provides a digital-first approach with seamless integrations and no monthly fees, Bank of Pensacola offers a personalized touch through its physical branches in Florida and has deep community ties.

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.

Learn more