Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and First National Bank of Central Texas, a traditional bank.
Traditional banks, like First National Bank of Central Texas (FNBCT), 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?
At Relay, we know that clarity in your cash flow is crucial for entrepreneurial success. That’s why we collaborated with business owners, accountants, bookkeepers, and CPAs to create an all-in-one banking platform that works for everyone.
Our business checking accounts give you visibility into your revenue and spending patterns. You can enjoy unlimited transactions with automatic categorization based on industry codes, simplifying your bookkeeping and letting you quickly understand your monthly expenses.
Plus, if you come across an unfamiliar or unusual transaction, Relay lays out all the vendor details, such as check images and memos, to jog your memory.
What is First National Bank of Central Texas?
Headquartered in Waco, First National Bank of Central Texas is a well-established financial institution that has been serving the Texas community for years. It is not a credit union. With a commitment to local businesses, they offer a range of traditional banking services, from checking and savings accounts to lending solutions.
It has locations in key cities like College Station, Mart, Hillsboro, and several locations in Waco, including on Woodway, Texas Ave, and China Spring.
Its approach combines the personal touch of in-branch services with some digital banking capabilities, ensuring that businesses have access to the financial services they need, including commercial loans and real estate. Rooted in community values, First National Bank of Central Texas prides itself on building lasting relationships with its customers.
Features/Services | First National Bank of Central Texas | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅ Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | Not specified | $0 |
Minimum Opening Deposit | Not specified | None |
Minimum Balance Requirement | Not specified | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: Not specified | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 7 | 55,000+ |
Branch Locations | 7 | Online-only |
Interest-bearing accounts | Not specified | ✅ 1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Profit First banking
Profit First is a transformative approach to business finance management. Instead of the traditional formula where sales minus expenses equals profit, Profit First flips the equation: sales minus profit equals expenses. This ensures businesses prioritize profitability from the start.
The method involves using separate bank accounts for specific purposes like operating expenses, owner's compensation, taxes, and profit, providing a clear view of financial allocations.
Relay's platform is tailored to support the Profit First methodology. With the ability to set up multiple checking accounts, each with unique account and routing numbers, businesses can easily allocate funds according to the Profit First system. This flexibility is a boon for businesses aiming for clear financial management and prioritized profitability.
In contrast, First National Bank of Central Texas, while offering various business banking services, isn't specifically designed for Profit First. Each account has its own fee structure, potentially complicating the Profit First implementation. Businesses keen on this method might find Relay's platform more accommodating and aligned with their financial goals.
Monthly fees and other charges
Over time, even seemingly small fees can have a significant impact on a business's finances. While traditional banks often have various charges, digital banking platforms like Relay prioritize affordability and transparency. With no hidden costs or unexpected fees, businesses can better manage and forecast their financial future.
When it comes to banking, understanding the associated costs is paramount. First National Bank of Central Texas does not have its fee schedule for business banking posted on its website.
Online banking
Relay's digital banking capabilities are designed with today's entrepreneurs in mind. From the ease of signing up online in under 10 minutes to managing multiple checking accounts seamlessly, Relay offers a comprehensive digital banking experience.
Furthermore, Relay's platform integrates effortlessly with popular accounting tools such as QuickBooks Online, Xero, and Gusto. This integration ensures businesses can streamline their financial processes, saving time and reducing errors. With a focus on innovation and user experience, Relay provides businesses with the tools they need to thrive in a digital-first world.
The digital age has transformed the way businesses operate, and banking is no exception. First National Bank of Central Texas recognizes this shift and offers mobile banking to its customers, ensuring they can access their accounts and manage transactions on the go. However, their digital offerings might not cater to all the nuanced needs of modern businesses.
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 First National Bank of Central Texas offer unique features tailored to support business needs.
Relay provides a digital-first approach with seamless integrations, flexibility, and no monthly fees. First National Bank of Central Texas offers a more traditional banking experience prioritizing in-person personal service for those who need to make local decisions.
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!
