Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and Park National Bank, a traditional bank.
Traditional banks, like Park 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.
Table of Contents
What is Relay?
Relay is a digital business banking and finance management service tailored for small businesses, aiming to provide clear cash flow management without any hidden charges.
Features include:
Managing revenue, outlays, and reserves across up to 20 distinct accounts.
Offering two savings accounts boasting APYs between 1-3%.
Distributing up to 50 virtual or physical Visa® debit cards.
Handling ACH and wire transactions.
Conducting cash deposits and withdrawals via 55,000+ Allpoint ATMs nationwide.
Accepting payments from platforms such as Stripe, Square, and Shopify.
Automating fund transfers across accounts using auto-transfer guidelines.
Granting role-specific banking permissions to financial consultants and team members for heightened security.
Delivering dedicated customer assistance via email and telephone.
Relay guarantees that every account is comprehensively insured by the FDIC through partner banks Thread Bank and Evolve Bank & Trust. This security is further strengthened by Visa’s Zero Liability Protection Policy.
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 Park National Bank?
Park National Bank operates as a community-centric financial institution, offering a wide array of banking services to both individuals and businesses in Ohio, Northern Kentucky, and the Carolinas. With a hands-on, personalized service approach, the bank emphasizes strong local leadership and deep investment in the communities it serves.
Park National Bank combines the advantages of expansive branch and ATM coverage with the essence of local decision-making and face-to-face relationships. The bank's foundation lies in its local community bank origins, ensuring it's adequately equipped to cater to diverse financial needs.
Park National Bank has just under 100 branches in Ohio, Northern Kentucky, and North and South Carolina in key locations like Newark and Columbus.
Relay vs. Park National Bank comparison chart
Features/Services | Park National Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $50-$20 | $0 |
Minimum Opening Deposit | $50-$100 | None |
Minimum Balance Requirement | $0-$1,000 | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: $0.15-$0.40 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | Hundreds | 55,000+ |
Branch Locations | 100+ | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online banking
Relay
Relay is a digital-first platform designed specifically for online business banking. It allows you to organize income, expenses, and reserves across multiple accounts, issue physical or virtual Visa® debit cards, and manage ACH transfers and wires.
Relay's platform is accessible on any web or mobile browser, emphasizing the convenience and efficiency of online banking. Role-based permissions allow businesses to provide specific access levels to team members, ensuring secure and efficient financial management.
Park National Bank
Park National Bank, a traditional banking institution, offers online banking services, though its primary focus has historically been on in-person banking. Its business banking accounts allow businesses to view current and anticipated balances, transfer funds between company accounts, place stop payments on checks, advance funds from commercial lines of credit, and even establish wire requests.
Additionally, there are mobile banking options that provide features like real-time account balance viewing, check image viewing, and fund transfers between accounts.
Profit-first banking
Relay
Relay stands out in our support for the Profit First method, a unique approach to business finance management. As the official banking platform for Profit First Professionals, Relay is designed to help businesses implement this method seamlessly. With Relay, businesses can set up to 20 real checking accounts, each with no account fees or minimum balance requirements. This allows businesses to earmark income for various needs such as day-to-day operating expenses, payroll, taxes, and more.
The platform also supports percent-based transfers between checking accounts and auto-transfer rules, enabling businesses to automate their Profit First allocations. Secure collaboration features within Relay also make it easy for businesses to get coaching from a Certified Profit First Professional.
Park National Bank
Businesses can open multiple accounts with Park National Bank but each additional account comes with fees. This fee structure can make it challenging for businesses to implement the Profit First method effectively, as the method typically requires multiple accounts to segregate funds based on different operational needs. Without a dedicated system in place, businesses might find it less convenient and more costly to adopt the Profit First approach at Park National Bank.
Business credit services
Relay
Relay, being a digital-first platform, primarily focuses on providing businesses with online banking and money management tools. While they offer physical and virtual Visa® debit cards, Relay does not currently offer business credit cards or other credit services.
Park National Bank
Park National Bank offers a range of financial services tailored for businesses including business credit cards. Additionally, they provide other credit solutions such as commercial loans, SBA & government loan programs, agricultural loans, equipment financing, and even specialized services like aircraft financing.
Making the right choice for your business banking needs
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Park National Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Park National Bank offers a decent business checking account option and local community support. 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
