Considering a business bank account in California? In this guide we compare Relay and Redwood Capital Bank so you can make the right choice for your company.
In this article:
What is Relay?
Relay is an online business banking and financial management platform, dedicated to assisting small businesses in seamlessly handling their cash flow with zero hidden charges. Relay, a platform with no fees, is crafted to empower small businesses to master their cash flow.
With Relay, you can:
Open up to 20 distinct checking accounts to manage income, expenses, and reserves, inclusive of two savings accounts with an attractive 1-3% APY.
Issue up to 50 virtual or physical Visa® debit cards.
Efficiently send and receive ACH transfers and wires.
Conveniently deposit and withdraw cash using Allpoint ATMs nationwide.
Receive payments from renowned platforms like Stripe, Square, Shopify, and beyond.
Automate your cash transfers between accounts by establishing auto-transfer rules.
Assign role-based banking access to financial advisors and team members, enhancing security.
Enjoy tailored customer support from our dedicated team via both email and phone.
Each Relay account is fully backed by FDIC insurance through Thread Bank, along with coverage by the Visa® Zero Liability Protection Policy.
What is Redwood Capital Bank?
Established in March 2004, Redwood Capital Bank serves as a local community banking option for Humboldt County, California. It has expanded with branches in the Eel River Valley (2007), Arcata (2014), and Henderson Center, Eureka (2019). Operating with four branches, the bank offers business checking and savings accounts, working closely with clients to find the right fit. It provides a comprehensive suite of commercial loan products, supporting business initiatives such as startups, expansion, and equipment purchases. As a Preferred SBA Lender, Redwood Capital Bank emphasizes local decision-making, with all choices made in Humboldt County, reflecting its commitment to the community. The bank's personal approach prioritizes building relationships with local residents to help them achieve their financial goals.
Where is Redwood Capital Bank located?
Redwood Capital Bank is headquartered at 402 G Street PO Box 1401 Eureka, CA 95501 and has an additional Eureka location in Henderson Center.
Outside of Eureka, you can find two more branch locations in Eel River Valley and Arcata.
Relay vs. Redwood Capital Bank comparison
Feature | Redwood Capital Bank | Relay |
Ideal Fit For | 🟡 | Small businesses with 2 to 100 employees |
Entity Types That Can Apply | 🟡 | Sole proprietorships, partnerships, LLCs, S/C corporations |
Sign Up Online | ❌ | ✅ (in less than 10 minutes) |
Free Checking Accounts | ❌ | ✅ (20 individual checking accounts) |
No Monthly Account Fees | ❌ ($10.00) | ✅ |
No Minimum Balance Requirements | ❌ ($1,000 - $2,500 to avoid fee) | ✅ |
No Overdraft Fees | 🟡 | ✅ |
Free ACH Payments | 🟡 | ✅ |
Free Check Deposits and Incoming Payments | 🟡 | ✅ |
Mobile Check Deposits | 🟡 | ✅ |
No Fees on Deposits | 🟡 | ✅ |
Currency Exchange for International Wires | 🟡 | ✅ |
Domestic Wires | 🟡 | ✅ ($5, Free with Relay Pro) |
International Wires | 🟡 | ✅ ($10, Free with Relay Pro) |
Same-Day ACH | ✅ | ✅ (Relay Pro) |
Savings Accounts | 🟡 | ✅ (Automated savings, 1% to 3% APY) |
Debit Cards | 🟡 | ✅ (Up to 50) |
Business Credit Cards | ✅ | ⛔️ |
Cashback and Rewards on Card Spend | 🟡 | ⛔️ |
Percentage-Based Auto-Transfer Rules | 🟡 | ✅ |
All-In-One Accounts Payable Automation | 🟡 | ✅ (Relay Pro) |
Collaboration Permissions | 🟡 | ✅ (7 unique user permission levels) |
QuickBooks Online Integration | 🟡 | ✅ |
Xero Integration | 🟡 | ✅ |
Gusto Integration | 🟡 | ✅ |
FDIC Insured | ✅ | ✅ |
Bank From | 🟡 | Web, iOS, or Android |
Online Reviews | 3.5 Stars (Yelp) | 4.6 Stars (Source: Trustpilot) |
More banking features from Redwood Capital Bank
💳 Business Credit Cards: Redwood Capital Bank offers both Mastercard® and Visa® options for businesses. Features include Preferred Points Rewards, Mobile Payments, Identity Theft Protection, Rental Car Insurance, Global Service, Intuit Quickbooks/Turbo Tax Discount, Mobile Receipt Management, and the Mastercard® Easy Savings Program.
🤝 Commercial Lending Team: Redwood Capital Bank boasts a local lending team with over 80 years of combined experience, offering a deep understanding of the financing needs within Humboldt County.
🏡 Real Estate Loans: The bank provides assistance for those looking to buy a new home, refinance, or build their dream home. They offer specialty loan products tailored to the unique properties within Humboldt County.
🏢 Business Checking: This account offers a low minimum opening balance, up to 100 free transactions per month, a free debit card, and free online banking with bill pay.
💰 Business Interest Checking: An interest-bearing business checking account that allows up to 200 free transactions per month.
📊 Business Analysis Checking: Designed for businesses with more than 300 transactions per month, this account offers fees based on account activity and an earnings credit on the collected daily balance.
💾 Business Savings: This deposit account earns interest as the balance increases, offers unlimited deposits, and comes with free online banking.
🌐 Evergreen Money Market Account: A business checking account that earns a competitive interest rate while keeping funds liquid. It requires a minimum opening balance of $5,000.
🌍 Online Banking: Redwood Capital Bank's online banking features include electronic bill pay, mobile banking, and the ability to download statements into various software programs. The platform offers the convenience to conduct banking anytime and from anywhere in the world.
More banking platform features from Relay
At Relay, we're convinced that the future of banking is rooted in the digital world. Our unwavering commitment is to craft online business banking accounts that make your business financial management a breeze. Here’s a glimpse into the features that make us stand out:
📊 Transaction Insights: Relay delivers an exhaustive overview of your financial flow, presenting intricate details about vendors, payments, and customers, making the process of purchase explanation and account reconciliation smooth and straightforward.
🌎 Varied Payment Options: With Relay Pro, enjoy the benefit of same-day ACH payments and unlimited wire transfers, both nationally and internationally, with transparent fee details. Moreover, Relay conducts wire transfers in your recipient's local currency, effectively reducing foreign exchange expenses.
📜 Security Measures: Although Relay operates as a technology platform and not an FDIC-insured bank, the safety of your funds is our priority. Every business account enjoys FDIC insurance through our allied banks like Thread Bank. Additionally, Visa's Zero Liability Protection grants extra protection against card theft.
👨💻 Digital Onboarding: Our contemporary online banking platform ensures a hassle-free account setup, a stark contrast to the conventional brick-and-mortar banks.
🧾 Effortless Software Integration: Relay seamlessly merges with platforms such as QuickBooks Online, Gusto, and Xero, ensuring efficient and accurate account management for your accounting team.
✅ Consolidated Account Access: Relay eases the management of numerous business accounts with a single login, enabling effortless account switching.
💷 Profit-First Banking: At Relay, we simplify the establishment of Profit First accounting, particularly the zero-balance approach. We understand that many business owners juggle their daily finances with spreadsheets, mental calculations, and much guesswork—we equip you with the tools to change this narrative. With Relay, gain insights into your business’s finances in moments, not hours.
🖥️ Automated Transfer Systems: Our automated transfer rules effortlessly channel funds to your various accounts based on your established rules. 🔒 Enhanced Security Options: Relay permits role-based permissions, allowing you to specify team member access levels, establish spending limits, and oversee account activities remotely.
Relay or Redwood Capital Bank: Which suits your business needs?
In today's dynamic business banking environment, both Relay and Redwood Capital Bank offer unique advantages. Redwood Capital Bank, deeply rooted in Humboldt County's history, prioritizes personal relationships and local decision-making. Their diverse services range from business credit cards to specialized real estate loans.
Conversely, Relay shines in the digital banking sector, specifically catering to small businesses. Features like digital onboarding, transaction insights, and integrated software solutions position Relay as a beacon of modern financial management. Their dedication to transparency, security, and innovation sets them apart.
It's a well-known fact that cash flow challenges lead to the downfall of over 80% of businesses. Relay aims to rewrite this narrative. Curious about how? Dive into the specifics. And if you're on the fence, see how Relay stacks up against giants like Bank of America and Chase.
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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Ultimately, your choice between Relay and Redwood Capital Bank should align with your business's distinct needs. Whether you lean towards a traditional, community-focused bank or a pioneering digital platform, making an informed decision is crucial. After all, the right banking ally can pave the way for your financial triumph.
