Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and Broadway Bank, a traditional bank.
Traditional banks, like Broadway 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.
In this article:
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 accounts with 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.
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 Broadway Bank?
Broadway Bank, formerly Broadway National Bank, is a financial institution that offers personal and commercial banking services. It was founded in 1941 by Charles E. Cheever Sr. and is headquartered in San Antonio, Texas.
Broadway Bank is a Member FDIC bank and offers a range of banking products, including checking and savings accounts, loans, credit cards, mortgages, wealth management services, and online banking. Broadway Bank has several financial centers located throughout South Central Texas including Houston, Austin, Hill Country, and Dallas.
Relay vs. Broadway Bank comparison chart
Features/Services | Broadway Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅ Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $4 - $22 | $0 |
Minimum Opening Deposit | From $0 | None |
Minimum Balance Requirement | From $0 | None |
Overdraft Fees | $35 | $0 |
Money Movement | Wire Transfer: $15 to $30 domestic, $50 international ACH Payments: Not specified | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | Hundreds across Texas | 55,000+ |
Branch Locations | 28 | Online-only |
Interest-bearing accounts | Not specified | ✅ 1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Business checking and savings accounts
Relay’s business checking and savings accounts
Relay offers digital business checking solutions tailored for entrepreneurs, making financial management a breeze for you and your team. With up to 20 free checking accounts, SMBs can easily consolidate payments in one place. Instead of breaking up banking accounts based on functions, Relay keeps customers’ needs in mind and gives you the flexibility to decide how you use your account.
With Relay's business savings accounts, your money is always working for you. Businesses can also save for larger expenses or future goals by opening up to two savings accounts that earn 1-3% APY1.
Automated transfer rules ensure surplus funds are moved out of your operating accounts. You can enjoy effortless banking without worrying about monthly fees, hidden charges, or minimum balance requirements.
Broadway Bank business checking accounts
Broadway Bank offers a selection of business checking accounts designed to suit different businesses, from those with minimal activity to those with high transaction volumes. Depending on your banking needs, you could get a checking account with minimum opening deposits and minimum balances as low as $0.
As your business needs become more complex, there are more advanced checking accounts that allow higher transaction activities. The bank does offer business savings accounts as well.
Monthly maintenance fees
At Relay, our accounts have no monthly maintenance fees and no minimum balance, giving you flexibility and freedom in banking. You can enjoy a fee-free bank account regardless of your cash flow for any given month.
Broadway Bank also offers no-fee accounts, some of which require no minimum deposits and no opening balances, although they come with transaction limits. Its fee schedule varies for a variety of activities like ACH, payroll services, and wire transfers.
Additional financial services
Relay additional financial services
Relay believes the future of banking is digital. Our sole focus is on creating online business banking accounts that help you simplify your business finances. Features set us apart, such as our transaction insights to give you access to cash flow, vendor info, customer data and more, and diverse payment methods such as same-day ACH payments with Relay Pro and unlimited wire transfers, both domestic and international.
Relay offers seamless software integration with platforms like QuickBooks, Gusto and Xero to provide efficient and precise account management for accounting teams, and our digital banking platform allows for effortless account setup and unified account access.
Broadway Bank's additional financial services
Aside from their business and personal banking accounts, Broadway Bank offers several financial services, such as treasury solutions, term loans, business lines of credit, owner-occupied real estate loans, equipment loans, and payroll services.
It offers iBIZ® small business online banking, an online banking platform for small businesses to help with ACH direct deposits, wire transfers, bill pay, and mobile deposits.
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 Broadway Bank offer unique features tailored to support business needs.
If you’re looking for digital convenience, Relay provides a digital-first approach with seamless integrations and no monthly fees. Broadway Bank provides traditional banking services with a local touch to fit customer’s needs. If you value in-person banking and a bank that specializes in the Texas market, a community bank like Broadway Bank is a good choice.
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!
