Relay vs. BMO Harris Bank: Which bank is better for business?

By Haley Davidson

Founder & Content Strategist, Gaia Content

Are you looking for a business bank in Arizona? In this article, we’ll compare Relay to BMO Harris Bank. Relay is a fully online banking platform. BMO Harris Bank is a traditional bank with branches in Arizona. 🏦

Traditional banks like BMO Harris Bank offer both in-person and online services. More modern banking platforms like Relay provide a fully digital banking experience tailored for businesses. Let’s dive into what each institution brings to the table.

In this article:

What is Relay? 

Relay offers modern online banking and money management tools that help small businesses better oversee their cash flow. 💚 Users can create up to 20 free checking accounts and take care of multiple payments from one place. 

This digital-first approach creates a seamless banking experience while avoiding the most common obstacles of traditional banking. With Relay, small businesses also have the option to grow their money through savings accounts that earn between 1-3% APY1.

What is BMO Harris Bank? 

BMO Harris Bank is a modern traditional bank with two branch locations in Arizona and over a dozen other locations. This bank offers four different options for business checking accounts. One option is a digital, low-fee option. 💰

BMO Harris Bank also offers other services besides business checking accounts. You can open lines of credit or apply for business loans through the Small Business Association (SBA). There are also savings accounts available at this bank.

Relay vs. BMO Harris Bank Comparison Chart


BMO Harris Bank


Open Account Online

Online Banking

✅ Web, Apple iOs and Android Mobile Apps

✅Web, Apple iOs and Android Mobile Apps 

Monthly Account Fees



Minimum Opening Deposit



Minimum Balance Requirement



Overdraft Fees

$15 per item


Money Movement

Wire Transfer: $15-$50

ACH Payments: $0 if within transaction limit

Wire Transfer: $5 domestic, $10 international (Free with Relay Pro)

ACH Payments: Free 

ATM Access



Branch Locations

46 in Arizona


Interest-bearing accounts

✅Varies by account

✅1-3% APY on savings depending on the balance

Business Credit Cards


Online Reviews

1.3 Star Rating on Trustpilot

4.6 Star Rating on Trustpilot

Online and Mobile Banking

Relay Mobile and Online Banking

Users may access Relay through either the mobile app or web-based option. Both options include easily navigable menus for efficient and organized work. When you manage money with Relay, you can access additional features including receipt capture via mobile camera and virtual debit cards. 💳

BMO Harris Bank and Online Banking

BMO Harris Bank has a BMO digital banking app for your phone as well as online banking via its website. Its users can make remote deposits of checks and transfer money via Zelle for business. 

Monthly Fees and Other Charges

Relay Fees

Relay keeps affordable and transparent pricing for its services. Business account owners with RElay won’t encounter monthly fees or overdraft fees. There also aren’t any minimum balances with Relay, which frees up funds to make your business grow. 💸

BMO Harris Bank Fees

BMO Harris Bank has monthly fees waived with minimum balances held in your account. There are also fees for each overdraft transaction. You’ll also encounter fees for any transactions over your monthly allowance.

Accounts Payable

Relay Accounts Payable

All business owners understand the importance of paying bills on time and accurately. Relay’s accounts payable features make this an easier and faster process. The all-inclusive Relay dashboard for managing bill payments also offers vendor contract savings and integrations with Quickbooks Online and Xero. 💻

With Relay’s paid tier, Relay Pro, you can unlock additional features. These features include same-day ACH and free outgoing wires. You can also set up multi-step approval rules for easier processing for people on your team.

BMO Harris Bank Accounts Payable

BMO Harris Bank offers payroll processing services and bill pay services. For an additional fee, you can also utilize BMO Bill Connect. Bill Connect provides access to ACH payments and accounting software integration. 📲

Verdict: Which banking partner is right for your business?

The right banking partner is crucial for the success and growth of your business. Relay and BMO Harris Bank both offer novel features tailored to support business needs. 💵

Relay is a modern, digital-first approach with seamless integrations and no monthly fees. BMO Harris Bank provides several options for business checking as well as local community support.

Finding the right fit for your business involves considering your goals and the type of support you need. Choose the banking platform that aligns with your business plan. Ready to sign up for Relay? You can do so entirely online here! 🔗