Compare Relay vs. Spirit of Texas Bank (now Simmons Bank)

Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and Spirit of Texas Bank (now Simmons Bank), a traditional bank.

Traditional banks, like Simmons 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.

In this article:

• What is Relay?

• What is Spirit of Texas Bank?

• Relay vs. Spirit of Texas comparison chart

• Monthly fees and other charges

• Profit First banking

• Customer support

• Verdict: Which banking partner is right for your business? 

What is Relay?

Relay is a modern banking platform designed specifically for small businesses. With a focus on simplicity and efficiency, Relay offers a range of features tailored to businesses with 2 to 100 employees. 

From sole proprietorships to corporations, Relay provides a seamless banking experience. Users can sign up online in less than 10 minutes and enjoy benefits like free checking accounts, no monthly fees, and integrations with popular accounting tools. With a high Trustpilot rating, Relay is a trusted choice for many businesses looking for a hassle-free banking solution.

What is Spirit of Texas Bank (now Simmons Bank)?

Spirit of Texas Bank (now Simmons Bank) is a well-established financial institution serving the Texas community. They offer a range of banking solutions tailored to both individuals and businesses. 

For businesses, Spirit of Texas Bank provides various checking account options, each designed to cater to different business sizes and transaction volumes. From the Simply Business 50 Checking for small businesses to the Commercial Checking for larger enterprises, they have an account to fit every need. With a focus on customer service, they offer support via phone, in-person, and mail, ensuring that businesses have the assistance they need.

Relay vs. Spirit of Texas comparison chart

Features/Services	Simmons Bank	Relay
Open Account Online	✅	✅
Online Banking	✅ Web, Apple iOs and Android Mobile Apps	✅ Web, Apple iOs and Android Mobile Apps
Monthly Account Fees	From $6	$0
Minimum Opening Deposit	$100	None
Minimum Balance Requirement	$500	None
Overdraft Fees	Up to $36	$0
Money Movement	Wire Transfer: $15 domestic; N/A international  ACH Payments: Varies	Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free
ATM Access	32,000	55,000+
Branch Locations	200	Online-only
Interest-bearing accounts	✅ Varies by account	✅ 1-3% APY on savings depending on balance
Business Credit Cards	✅	⛔️
Online Reviews	3 stars on Yelp	4.6 Star Rating on Trustpilot

Monthly fees and other charges

When it comes to business banking, understanding the fee structure is crucial. It can significantly impact your bottom line, especially for small businesses where every dollar counts.

One of the standout features of Relay is its commitment to transparent and low fees. With no monthly account fees, businesses can operate without the worry of hidden charges. 

Additionally, Relay offers free ACH payments, free check deposits, and no fees on deposits. For those who opt for Relay Pro, even domestic and international wire fees are waived. This transparent approach ensures businesses can manage their finances without unexpected costs.

Spirit of Texas Bank offers a range of business checking accounts, each with its fee structure. The Simply Business 50 Checking, for instance, comes with a $5 monthly Account Maintenance Fee. As the accounts cater to larger businesses, the fees increase, with the Simply Business 500 Checking having a $20 monthly fee. 

However, it's essential to note that these fees can be offset with the Relationship Credit feature. Additionally, there are charges for exceeding the allowed number of processed items or cash deposits in a statement cycle. It's crucial for businesses to understand these limits to avoid additional fees.

Profit First banking

The Profit First methodology is a game-changer for many businesses, helping them prioritize profits and ensure financial stability.

Relay fully supports the Profit First approach. With the ability to create up to 20 individual checking accounts with unique account and routing numbers, businesses can easily allocate funds to different "envelopes" or accounts, as recommended by the Profit First methodology. This makes it easier to manage finances, prioritize profits, and ensure that every dollar is accounted for.

While Spirit of Texas Bank doesn't explicitly mention support for the Profit First method on their platform, their variety of business checking accounts can potentially be used to implement the system. By opening multiple accounts, businesses can allocate funds as per the Profit First approach. However, it's essential to be aware of any additional fees or requirements when managing multiple accounts.

Customer support

In the digital age, having reliable customer support is more critical than ever. Whether it's a simple query or a complex issue, businesses need timely and effective support.

Relay prides itself on offering comprehensive customer support. With a high Trustpilot rating, it's evident that users appreciate the platform's support system. Whether you're banking from the web, iOS, or Android, Relay ensures you have the assistance you need. Their integration with popular accounting tools like QuickBooks Online, Xero, and Gusto also ensures that businesses have seamless support across platforms.

Spirit of Texas Bank offers a more traditional approach to customer support. Businesses can reach out via phone, in-person visits to one of their 57 Texas branch locations, or even through mail. Their focus on personalized service ensures that businesses receive tailored solutions to their queries. Additionally, their 24-hour telephone banking service provides round-the-clock support for both deposits and loans.

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 Simmons Bank offer unique features tailored to support business needs. 

While Relay provides a digital-first approach with seamless integrations and no monthly fees, Simmons Bank offers a variety of account options 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 get started entirely online here!