Relay vs. City National Bank: Which is Best For Your Business?

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

Traditional banks, like City National 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?

• What is City National Bank?

• ​​Relay vs. City National Bank comparison chart 

• Additional features from Relay

• Additional features from City National Bank

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

What is Relay?

Relay is not just another business banking platform; it's a revolution in how small businesses perceive and manage their finances. Relay demystifies complex financial concepts, making them accessible and actionable for small business owners. 

The platform offers up to 20 checking accounts, 50 virtual or physical Visa debit cards, and seamless integrations with popular financial tools like QuickBooks Online and Xero. Designed with the modern entrepreneur in mind, Relay emphasizes clarity, profitability, and ease of use. 

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 City National Bank of Florida?

City National Bank of Florida, often abbreviated as CNB or CNBFL, is a bank headquartered in Miami with a rich history dating back to 1946. As one of the most prominent banks in South Florida, CNB has carved a niche for itself by offering a blend of personalized service and modern banking solutions.  With more than $20 billion in assets, CNB provides a comprehensive suite of financial products and services from residential mortgages to wealth management. Its commitment to community, combined with business and personal banking options, makes it a preferred choice for many in the region, especially those in its key markets like Orlando, Coral Gables, and Miami Beach. It often gets accolades such as the "Best Community Bank" and "Best Business Bank.”

Relay vs. City National Bank comparison chart

Additional features from Relay

Relay has quickly established itself as a formidable force in the business banking sector. Here's what sets Relay apart:

Multiple Checking Accounts: Relay offers up to 20 individual checking accounts, allowing businesses to organize their finances with unparalleled precision. Whether it's for payroll, operational expenses, or reserves, businesses have the flexibility to allocate funds as they see fit.

Integration with Financial Tools: Relay seamlessly integrates with popular accounting and payroll platforms like QuickBooks Online, Xero, and Gusto. This ensures that businesses can maintain a cohesive financial ecosystem without the hassle of manual data entry or reconciliation.

No Hidden Fees: One of Relay's standout features is its transparent fee structure. With no monthly account fees, no minimum balance requirements, and no overdraft fees, businesses can manage their finances without any unexpected surprises.

Advanced Automation: Relay's platform is designed for the modern business. With features like percentage-based auto-transfer rules and all-in-one accounts payable automation (with Relay Pro), businesses can automate many of their routine financial tasks, saving time and reducing errors.

Additional features from City National Bank

City National Bank of Florida prides itself on its community-centric approach. Their business banking solutions are tailored to meet the diverse needs of businesses, from startups to large corporations. Here's a closer look at what they offer: Business Checking Accounts: CNB offers a range of business checking accounts, each designed to cater to different business sizes and transaction volumes. From basic checking for startups to more advanced accounts for established businesses, CNB ensures flexibility and convenience.

Business Loans and Credit: Recognizing the financial challenges businesses often face, CNB provides a variety of lending solutions. This includes term loans, lines of credit, and commercial real estate loans. Their team works closely with businesses to understand their needs and provide customized solutions.

Treasury Management: For businesses looking to optimize their cash flow and streamline operations, CNB offers a comprehensive suite of treasury management services. This includes fraud protection, merchant services, and electronic funds transfer capabilities.

Digital Banking: In today's digital age, CNB hasn't lagged behind. Their digital banking platform allows businesses to manage their finances on the go, with features like mobile check deposit, bill pay, and real-time alerts.

Verdict: Which banking partner is best for your business needs? 

Relay stands out with best-in-class offerings including no monthly account fees, seamless online account setup, and a commendable 4.6-star Trustpilot rating. City National Bank of Florida is a financial institution that offers a more traditional banking experience, emphasizing in-person branch services. As businesses evaluate their banking priorities, these features can be pivotal in guiding their 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!

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