Looking for a business bank in Florida? In this guide, we compare Relay, an online banking platform, and Intracoastal Bank, a traditional bank.
Traditional banks, like Intracoastal 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.
Table of Contents
What is Relay?
Relay is more than just a banking platform—it's a financial partner for small businesses. Designed to offer clarity and control over your finances, Relay provides a suite of features that empower businesses to manage their money efficiently.
From offering up to 20 individual checking accounts to seamless integrations with accounting software, Relay is the modern solution for businesses that want to stay ahead of the curve. And with no hidden fees, Relay is transparent, trustworthy, and tailored to the needs of today's businesses.
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 Intracoastal Bank?
Intracoastal Bank is a member FDIC and community-driven Florida-based bank that prides itself on its local roots and commitment to serving its customers. The financial institution has two banking center locations, in Daytona Beach and Palm Coast.
Its business leaders include executive chairman Bruce Page and president and CEO is Ryan Page. It’s a popular choice in Flagler County, Volusia County, and the surrounding Volusia-Flagler area for a traditional bank with a personalized, local touch.
Relay vs. Intracoastal Bank comparison chart
Features/Services | Intracoastal Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0-$15 | $0 |
Minimum Opening Deposit | $50 | None |
Minimum Balance Requirement | $0-$10,000 | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: $.25 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 55,000+ | 55,000+ |
Branch Locations | 2 | Online-only |
Interest-bearing accounts | Not specified | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Money management
Relay
Relay focuses on digital integrations and multi-account management. It stands out for its smart financial solutions, such as the capability to manage up to 20 individual checking accounts, seamless integrations with popular accounting and payroll tools, and versatile mobile banking accessible across multiple platforms.
Intracoastal Bank
Intracoastal Bank provides a comprehensive suite of cash management solutions, blending traditional and digital banking services. It emphasizes traditional banking solutions, such as Remote Deposit Capture, which allows for digital check deposits, and Automatic Clearing House (ACH) Origination for streamlined fund transfers. Additionally, Intracoastal's Wire Manager facilitates quick wire transfers, and its partnership with Fiserv provides businesses with advanced merchant services. The bank also offers a secure Lockbox remittance service for high-volume payment collections and employs the Positive Pay tool to mitigate check fraud risks.
Multiple account budgeting
Relay
For many small businesses, the practice of maintaining multiple bank accounts is a strategic move, allowing them to segregate funds for various purposes such as daily operations, payroll, and tax obligations. Relay offers a more streamlined and cost-effective solution.
Intracoastal Bank
With the ability to establish up to 20 checking accounts, businesses can enjoy the luxury of organization without the burden of monthly maintenance fees. This not only simplifies financial management but also provides peace of mind, enabling businesses to channel their energy and resources towards achieving their broader financial objectives without being sidetracked by unexpected charges.
When partnering with Intracoastal Bank, businesses should be mindful of the potential fees associated with each account. These costs can accumulate, especially if you're managing several accounts simultaneously.
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 Intracoastal Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Intracoastal is highly tailored to businesses that need an in-person touch in the Daytona and Palm Coast areas of Florida. 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
