Are you searching for a business bank in Georgia? In this guide, we compare Relay, an online banking platform, and Synovus, a traditional bank.
Traditional banks, like Synovus, offer a mix of in-person and online services. Meanwhile, 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 guide:
What is Relay?
Relay offers modern online banking and money management solutions that help small businesses oversee their cash flow. Users can create up to 20 free checking accounts and handle multiple payments from one centralized place.
Relay’s digital-first approach creates a seamless banking experience while avoiding the most common obstacles of traditional banking. Small businesses also have the option to grow their money through savings accounts that earn between 1-3% APY.
What is Synovus?
Synovus branches can be found throughout Georgia, as well as Alabama, Florida, Tennessee, South Carolina, and North Carolina. This traditional financial institution offers banking for both business and personal use.
Synovus offers various services, such as loans, accounts payable and receivable, and business checking and savings accounts.
Relay vs. Synovus Comparison Chart
Features/Services | Synovus | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅ Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | Varies (Up to $25) | $0 |
Minimum Opening Deposit | Varies (Up to $1000) | None |
Minimum Balance Requirement | Varies (Up to $15,000) | None |
Overdraft Fees | $36 | $0 |
Money Movement | Wire Transfer: $18 domestic, $25 international
ACH Payments: Free | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 335 | 55,000+ |
Branch Locations | Georgia, Alabama, South Carolina, North Carolina, Tennessee, and Florida | Online-only |
Interest-bearing accounts | ✅/⛔️ Limited, some have tiered interest | ✅ 1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online and Mobile Banking
Compare Relay and Synovus's online and mobile banking features.
Relay Mobile and Online Banking
Users may access Relay through either a mobile app or a web-based option. Both platforms include easy-to-navigate menus for efficient, organized work. When you manage money with Relay, you can access additional features such as receipt capture via mobile camera and virtual debit cards.
Synovus Mobile and Online Banking
The Synovus mobile and online banking platform, known as Synovus Gateway, also facilitates various banking services, including treasury management, deposits, electronic payments and transactions, and reporting. However, some banking actions may require users to visit a branch for in-person approval.
Monthly Fees and Other Charges
Compare Relay and Synovus's monthly fees and charges.
Relay Fees
Relay maintains affordable and transparent pricing for its services. As a business account owner, you won’t encounter monthly fees, overdraft fees, or minimum balances, freeing up funds to make your business grow.
Synovus Fees
Although minimal, you’ll encounter occasional fees when banking with Synovus, such as a $36 overdraft fee or the following monthly fees/minimum balances for their business accounts:
Checking:
Checking Pro: Monthly Fee of $12 (waived if minimum monthly balance is $1000)
Checking Preferred: Monthly Fee of $25 (waived if monthly minimum balance is $15000)
Savings:
Business Savings (Monthly Fee of $5 (waived if minimum monthly balance is $500)
Commercial Money Market (Monthly Fee of $10 (waived if monthly minimum balance is $5000)
Accounts Payable
Compare Relay and Synovus's accounts payable services.
Relay Accounts Payable
Every business owner understands the importance of paying bills on time and with precision. Relay’s accounts payable features make this process easier and faster. With their all-inclusive dashboard for managing bill payments, they offer vendor contact savings for future payments, plus integrations with Quickbooks Online and Xero.
With Relay Pro, Relay’s paid tier, additional features include same-day ACH and free outgoing wires. For people on your team, you can also set up multi-step approval rules for easier processing.
Synovus Accounts Payable
Synovus also provides accounts payable services for cash flow management. Their ACH Origination for Direct Deposit allows for mobile payments to employees, vendors, and other payees.
Synovus users access accounts payable features through AP Solutions, a web-based platform. However, unlike the Relay App which has the option to use all features directly in the app and consolidate them, Synovus must utilize third-party integrations and software.
Verdict: Which Bank is the Best Match for Your Business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Synovus Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Synovus Bank offers useful business checking and savings account options and local community support at branches in various states.
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.
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