Looking for a business bank in Florida? In this guide, we compare Relay, an online banking platform, and Optimum Bank, a traditional bank.
Traditional banks, like Optimum 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 ally for small businesses. Designed to provide clarity and control over cash flow, Relay offers a plethora of features tailored to the needs of modern 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.
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From multi-account budgeting to seamless integrations with accounting tools, Relay is all about empowering businesses to manage their finances efficiently and effectively. With no hidden fees, a transparent pricing structure, and a focus on automation, Relay is the go-to choice for businesses that want to stay ahead of their financial game.
What is OptimumBank?
OptimumBank (OPHC), based in Fort Lauderdale, Florida, brings a mix of traditional banking services with a touch of modernity. Established in 2000 in Broward County, it has been a pillar of community banking, providing a range of personal and business solutions. According to a recent press release, it holds $791 million in total assets. It is helmed by chairman Moishe Gubin.
While it might not boast the digital-first approach of newer platforms, OptimumBank prides itself on its customer-centric approach, offering in-person, phone, and email support to its clientele. With a suite of services ranging from business checking accounts to wire transfers, this financial institution aims to be a one-stop-shop for businesses in its region.
Relay vs. OptimumBank comparison chart
Features/Services | OptimumBank | 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 | Varies by account | 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 | Through Publix Presto! network | 55,000+ |
Branch Locations | 2 | Online-only |
Interest-bearing accounts | Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Additional Features from Relay
Relay offers business banking designed to meet the requirements of today's businesses. When you choose Relay, don’t worry about hidden charges and cumbersome paperwork. Here's an overview of what we have to offer:
Flexible Account Management: With Relay, you can easily manage your finances with up to 20 checking accounts, including two savings accounts with competitive APY rates from 1-3%.
Flexible Payment Options: Relay has you covered for payments, whether it's issuing up to 50 physical or virtual Visa® debit cards, sending and receiving ACH transfers, wires, or checks.
Convenient Cash Access: You can deposit and withdraw cash from Allpoint ATMs across the U.S. and collect payments from popular platforms like Stripe, Square, and Shopify.
Custom Auto-Transfer Rules: Use auto-transfer rules to seamlessly move money between accounts, ensuring it's always where you need it.
Collaborative Banking: Relay provides secure, role-based banking access for team members and financial advisors.
Dedicated Support: If you have a question or need help, our personalized customer support is just an email or phone call away.
FDIC-insured Banking: Each Relay account is FDIC insured up to $250,000 through Thread Bank and comes with the added security of Visa®’s Zero Liability Protection Policy.
Additional Banking Services from OptimumBank
Customer Service: The bank provides customer support through phone number, email, and in-person branch services.
Online Services: OptimumBank offers online banking, so you can access some services, like direct deposits, without visiting a branch.
FDIC Insurance: OptimumBank is a Member FDIC bank, offering security and peace of mind for your deposits.
ATM Access: Customers have access to Publix Presto ATMs, so you can access cash outside of its branch locations.
Business Lending: The bank offers business loans including SBA loans, commercial real estate loans and term loans.
Money Market Deposit Accounts: Businesses have the option to open money market accounts with competitive interest rates.
Personal Banking: Aside from business banking, it also offers personal financial services including checking and savings accounts.
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 OptimumBank offer unique features tailored to support business needs.
Relay provides a digital-first approach with seamless integrations and no monthly fees. OptimumBank offers a limited selection of business accounts, some of which have fees, and branch access for a local touch.
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
