Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and Sutton Bank, a traditional bank.
Traditional banks, like Sutton 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 an online business banking and financial management platform designed to help small businesses effectively manage their finances without additional expenses. With Relay, users can:
Create up to 20 unique accounts to organize income, expenses, and savings, including two savings accounts offering a competitive 1-3% APY.
Issue up to 50 virtual or physical Visa® debit cards.
Easily handle ACH operations and wire transfers.
Deposit and withdraw cash using the extensive Allpoint ATM network across the country.
Accept payments effortlessly through services like Stripe, Square, Shopify, and more.
Automate transfers between accounts using preset transfer rules.
Provide specific banking access to financial advisors and team members for added security.
Receive personalized customer support through phone and digital communication.
Every account with Relay is backed by strong FDIC insurance, provided by Thread Bank and Evolve Bank & Trust. It is protected by the Visa® 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.
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What is Sutton Bank?
Sutton Bank, established in 1878 in Attica, Ohio, is an independent community bank that serves southeastern Seneca and western Huron Counties. Today, it operates eight full-service branch offices across four counties.
Sutton Bank offers a range of financial services, including business, real estate, and home equity loans, checking and savings accounts for both businesses and individuals and investment services. They are recognized for their commitment to the community and have a history of being among the top small business and agricultural lenders. It has key locations across the state of Ohio, with 9 branches in markets like Attica, Tiffin, and Mansfield.
Relay vs. Sutton Bank comparison chart
Features/Services | Sutton 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-$18 | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $300 for business savings | None |
Overdraft Fees | Amount not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: $0.15 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 9 | 55,000+ |
Branch Locations | 9 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online banking
Relay stands out as a modern digital banking platform specifically designed for small businesses. Businesses can swiftly set up their accounts in under 10 minutes. Its user-friendly interface is accessible via web and mobile apps creating a seamless banking experience.
The platform boasts features such as automated transfers, integration with leading accounting tools like QuickBooks Online, Xero, and Gusto, and the capability to issue up to 50 virtual or physical Visa® debit cards.
Sutton Bank offers online banking services as well as traditional ones. Its platform provides essential online management tools, ACH transaction capabilities, and other digital banking services. Its mobile banking app and web interface ensure that customers can check their account balances from anywhere.
Business savings accounts
Relay provides business savings accounts designed to cater to the financial needs of modern businesses. These accounts come with an annual percentage yield (APY) ranging from 1% to 3%1. This allows businesses to earn interest on savings.
Additionally, there's flexibility in account management as there's no stipulated minimum balance requirement, ensuring businesses can operate without the constraints of maintaining a specific amount in their accounts.
Sutton Bank, a traditional financial institution, offers business savings accounts in addition to business checking accounts. To avoid a $4 monthly fee, businesses need to maintain a minimum balance of $300 in their business savings account. The exact APY it offers is not specified on its website.
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 Sutton Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees. Sutton Bank blends together in-person services and online capabilities.
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
