Relay vs Central Savings Bank: Small Business Banking in Michigan

By Haley Davidson

Founder & Content Strategist, Gaia Content

Are you a Michigan-based business owner trying to decide where to do your business banking? In this guide, we compare Relay, an online banking platform, and Central Savings Bank, a traditional bank.

Traditional banks, like Central Savings Bank, offer both in-person and online services. They support both personal and business banking needs. Modern platforms like Relay provide a fully digital banking experience specifically 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 and money management platform that helps small businesses manage their cash flow. Users can create up to 20 free checking accounts and handle multiple payments from one centralized online hub.

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

As an online-only banking platform, Relay creates a simple banking experience for users. Small businesses can also grow their money through savings accounts that earn between 1-3% APY. 

What is Central Savings Bank? 

Central Savings Bank provides personal and business banking services to people in the Eastern Upper Peninsula of Michigan. Customers can manage their banking needs online or visit any of the bank’s 9 physical branches, located in Sault Ste. Marie, Kincheloe, Cedarville, St. Ignace, Pickford, DeTour Village, Rudyard, and Mackinac Island.

Central Savings Bank offers checking accounts, savings accounts, and CDs for business customers. Business credit cards and debit cards are also available. 

Relay vs. Central Savings Bank Comparison Chart


Central Savings Bank


Open Account Online

Online Banking

✅ Web, Apple iOs and Android Mobile Apps 

✅Web, Apple iOs and Android Mobile Apps 

Monthly Account Fees

$4 monthly maintenance fee for business checking and savings accounts 


Minimum Opening Deposit



Minimum Balance Requirement

$2,000 to waive monthly checking and savings maintenance fees


Overdraft Fees



Money Movement

Insert fees here

Wire Transfer: Varies

ACH Payments: Varies

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

ACH Payments: Free 

ATM Access

360,000+ ATMs worldwide through the NYCE ATM Network


Branch Locations


Interest-bearing accounts

✅Varies by account

✅1-3% APY on savings depending on balance

Business Credit Cards


Online Reviews

3.0 Star Rating on Yelp

4.6 Star Rating on Trustpilot

Online and Mobile Banking

Relay Mobile and Online Banking

Users may access Relay through either a mobile app or a web-based interface. Both options offer user-friendly menus that facilitate streamlined, organized work. Relay users can utilize additional features to manage their money, such as using a virtual debit card. They also have the ability to track expenses by taking photos of receipts with their mobile phone camera. 

Central Savings Bank and Online Banking

Central Savings Bank customers can manage many banking services online through the bank’s website or the mobile CSB Banking App. These online platforms can arrange automatic payments, check account balances, transfer money, and pay bills. Android users can also utilize Text Banking. This allows customers to quickly view account balances or recent account history via text message.

Monthly Fees and Other Charges

Relay Fees

Relay maintains affordable and transparent pricing for their services. Relay does not charge their business account owners any monthly fees or overdraft fees. Relay also does not require minimum balances, freeing up funds to make your business grow.

Central Savings Bank Fees

Central Savings Bank charges a $4 monthly maintenance fee for checking and savings accounts that are below $2,000. CSB charges $25 for overdraft fees.

Accounts Payable

Relay Accounts Payable

Relay’s accounts payable features make it very easy for users to pay bills on time and with precision. Relay’s all-inclusive dashboard automatically saves vendor contact information so users can easily make payments in the future. It also enables integrations with Quickbooks Online and Xero. 

With Relay Pro, Relay’s paid tier, additional features include same-day ACH and free outgoing wires. Users can also set up multi-step approval rules for easier processing.

Central Savings Bank Accounts Payable

Central Savings Bank business customers can set up automatic payments by enroll in Internet Banking.

Verdict: Which banking partner is right for your business?

Choosing the correct banking partner is very important for the success and long-term health of your business. Both Relay and Central Savings Bank offer features to support business needs. 

Relay provides a digital-first approach with seamless integrations and no monthly fees. Central Savings Bank offers local community support that some people value.

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 .

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