Looking for a business bank in Florida? In this guide, we compare Relay, an online banking platform, and Seacoast Bank, a traditional bank.
Traditional banks, like Seacoast 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. With Relay, business owners gain unparalleled clarity and control over their finances. Imagine having up to 20 distinct checking accounts, issuing up to 50 physical or virtual Visa debit cards, and managing your cash flow with precision—all without the hassle of hidden fees or complex banking jargon.
Relay is designed to simplify, empower, and elevate the way businesses handle their money. From seamless integrations with popular accounting tools to its commitment to transparency, Relay is redefining business banking for the modern era.
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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What is Seacoast Bank?
Seacoast Bank, a community bank headquartered in Stuart, is a traditional banking institution that has served its Florida communities for decades. It is sometimes referred to as Seacoast Banking Corporation of Florida or Seacoast National Bank. It offers a range of personal and business banking services, with a more conventional approach to its financial services. It holds $14.6 billion in assets and is publicly traded on NASDAQ under SBCF.
At Seacoast Bank, businesses in Florida can expect in-person customer support, a blend of online and offline banking experiences, and a suite of banking solutions tailored to various business needs. However, as with many traditional banks, the digital offerings might not be as extensive or agile as those of a dedicated online platform.
Relay vs. Seacoast Bank comparison chart
Features/Services | Seacoast 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-$20 | $0 |
Minimum Opening Deposit | Not specified | None |
Minimum Balance Requirement | $1,000- $2,500 | None |
Overdraft Fees | $35 | $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 | 55,000+ | 55,000+ |
Branch Locations | 8 | 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 has many seamless integrations that take the headache out of banking, such as transaction insights, where you can see your cash flow, payment specifics and customer data, and multi-account management. Its digital-first approach makes it easy to use mobile banking on the go. Relay offers up to 20 individual checking accounts allowing businesses to segregate funds for financial clarity and organization and there are never any monthly account fees, no minimum balance requirements, and no overdraft fees.
Relay allows 7 unique user permission levels so that businesses can tailor access to team members, and it supports a Profit First method, making it easier to businesses to implement a Profit First methodology.
It also seamlessly integrates with accounting tools such as QuickBooks Online, Xero, and payment solution platforms like Gusto to streamline operations.
Additional Features from Seacoast Bank
Seacoast Bank has more traditional offerings to its business banking customers, such as traditional business checking and savings bank accounts, term loans with fixed interest payments, business lines of credit to borrow money as needed and help with cash flow, and additional loan and credit products to help support growth and operational needs.
There are also wealth management services, mortgage services, merchant services to streamline payment processing, and features like equipment loans and online banking and bill pay. Seacoast Bank offers in-person support in its 8 branches and phone support to help local businesses solve complex problems.
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 Seacoast Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees. Seacoast Bank has more traditional offerings that might appeal to a local business looking for a personalized 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
