Relay vs. Flagstar Bank: Which is better for small business banking in Arizona?

By Haley Davidson

Founder & Content Strategist, Gaia Content

Are you looking for a business bank in Arizona? In this guide, we’ll compare Relay to Flagstar Bank. Relay is an online banking platform while Flagstar Bank is a traditional bank with Arizona locations. 🏦

Traditional banks like Flagstar Bank offer a mix of in-person and online services. Modern platforms like Relay provide a completely digital banking experience tailored for businesses. Let’s dive deeper into what each banking solution brings to the table.

In this article:

What is Relay? 

Relay is a modern online banking and money management solution that helps small businesses oversee their cash flows. 💚 Relay users can create up to 20 free checking accounts and handle multiple payments from one central place.

The digital-first approach by Relay creates a seamless banking experience. It also avoids the most common obstacles of traditional banking. Small businesses also have the option to grow their money through savings accounts with Relay that earn between 1-3% APY1.

What is Flagstar Bank? 

Flagstar Bank is a traditional bank with multiple branch locations in Arizona. It also has thousands of ATM locations nationwide. This bank has several business checking and savings solutions tailored to small businesses. 💰

Aside from checking and savings accounts, Flagstar Bank also offers business lines of credit and business loans. Flagstar account holders can also access multiple features for treasury management.

Relay vs. Flagstar Bank Comparison Chart


Flagstar Bank


Open Account Online


Online Banking

✅ Web, Apple iOs and Android Mobile Apps

✅Web, Apple iOs and Android Mobile Apps 

Monthly Account Fees

$0-$25 depending on account


Minimum Opening Deposit



Minimum Balance Requirement

$0-$3,000 depending on account


Overdraft Fees

Can be avoided by linking accounts


Money Movement

Wire Transfer: Varies by account

ACH Payments: Varies by account 

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

ACH Payments: Free 

ATM Access



Branch Locations

15 Arizona branches


Interest-bearing accounts

✅Varies by account

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

Business Credit Cards


Online Reviews

1.7 Star Rating on Trustpilot

4.6 Star Rating on Trustpilot

Online and Mobile Banking

Relay Mobile and Online Banking

Relay is accessed through either the mobile app or the web-based option. Both platforms include easy-to-navigate menus that allow for efficient and organized work. When you manage money with Relay, you can access new additional features such as receipt capture via mobile camera and virtual debit cards. 💳

Flagstar Bank and Online Banking

Flagstar Bank accounts are accessible through the Flagstar website or mobile app. You can access on-demand financial reports to oversee the health of your business. There are also customizable merchant services and features like remote deposit.

Monthly Fees and Other Charges

Relay Fees

Relay maintains an affordable and transparent pricing schedule for their services. As a Relay account owner, you won’t encounter monthly fees or overdraft fees. There also aren’t minimum balances, which frees up your funds to allow your business to grow. 💸

Flagstar Bank Fees

The fees associated with a Flagstar account vary by account type. The Standard Business Checking account does not have associated monthly fees. Other accounts have fees that can be avoided by carrying a minimum balance. Avoid overdraft fees by linking a relevant Flagstar account.

Accounts Payable

Relay Accounts Payable

As a business owner, you understand the importance of paying bills on time and with precision. Relay’s accounts payable features make this process faster and easier. The all-inclusive Relay dashboard manages bill payments and offers vendor contract savings for future payments. There are also integrations with Quickbooks Online and Xero. 💻

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

Flagstar Bank Accounts Payable

Flagstar Bank offers complete payroll processing services that align with government compliance standards. You can make and receive ACH payments with your business account at Flagstar. This bank also offers controlled disbursements and account reconciliation. 📲

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 Flagstar Bank both offer novel features tailored to support your business’s needs. 💵

While Relay provides a digital-first approach with seamless integrations and no monthly fees, Flagstar Bank offers multiple business checking account options and local in-person community support.

To find the right choice for your business, you’ll want to consider your goals and the type of support you need. Then, choose the banking platform that best aligns with your business plan. If you’re ready to sign up for Relay, you can get started entirely online here!