Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and Texas Gulf Bank, a traditional bank.
Traditional banks, like Texas Gulf 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?
Relay presents a fresh approach to business banking, tailored specifically for small businesses with 2 to 100 employees. Their digital-first approach allows businesses to manage their finances seamlessly online, offering up to 20 individual checking accounts with unique account and routing numbers. With no monthly fees, no minimum balance requirements, and a plethora of other features, Relay has quickly become a favorite among modern businesses seeking efficiency and flexibility.
What is Texas Gulf Bank?
Texas Gulf Bank has been a cornerstone in the Texas banking community, serving Harris, Galveston, and Brazoria counties for over a century. As an independently owned and operated community bank, they prioritize fostering personal relationships and providing face-to-face interactions with local decision-makers. Their commitment to the community and a comprehensive range of business banking services has made them a preferred choice for many local businesses.
Relay vs. Texas Gulf Bank Comparison Chart
Features/Services | Texas Gulf 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 to $10 | $0 |
Minimum Opening Deposit | From $50 | None |
Minimum Balance Requirement | $500 | None |
Overdraft Fees | $30 | $0 |
Money Movement | Wire Transfer: $5 to $25 domestic; $10 to $35 international ACH Payments: $.10 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 9 | 55,000+ |
Branch Locations | 9 branches in the Houston and Brazosport areas | Online-only |
Interest-bearing accounts | ✅varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Monthly Fees and Balance Requirements
Texas Gulf Bank offers a business banking experience that comes with a monthly fee of $20. While this might seem like a standard charge for traditional banks, businesses need to weigh this against the services and features they receive.
On the bright side, Texas Gulf Bank provides an opportunity to waive this fee by maintaining a minimum balance of $2,500 in the account. However, businesses should consider how often they can maintain this balance to avoid the monthly charge.
Relay stands out in the banking landscape by offering a fee-free experience. There are no monthly account fees, allowing businesses to allocate their funds to other essential areas.
Furthermore, Relay doesn't impose any minimum balance requirements, giving businesses the flexibility to operate their accounts as they see fit without the stress of meeting a specific threshold. This approach aligns with Relay's mission to provide a hassle-free banking experience tailored to the needs of modern businesses.
Online Banking
Texas Gulf Bank recognizes the importance of providing a seamless online banking experience. While they value traditional banking methods and in-person interactions, they've also invested in enhancing their digital platform.
Businesses can manage their accounts online, view transaction histories, transfer funds, and more. Their mobile banking app further simplifies banking on the go, allowing businesses to check balances, pay bills, and deposit checks remotely. However, it's worth noting that their digital offerings might not be as extensive as some newer, tech-first banks.
By contrast, Relay is designed for the modern business, with a digital-first approach that resonates with today's entrepreneurs. Their platform is intuitive, user-friendly, and packed with features that make business banking a breeze.
From setting up an account in less than 10 minutes to managing multiple checking accounts with ease, Relay's digital experience is top-notch. Their mobile app, available on both iOS and Android, ensures that businesses can manage their finances from anywhere, anytime. Integrations with popular accounting tools further enhance the digital experience, allowing for a seamless flow of financial data.
Customer support and accessibility
Texas Gulf Bank prides itself on its commitment to the community and its customers. Their customer support reflects this dedication, offering assistance through phone, email, and in-person at their branches.
Being a community bank, they emphasize personal relationships, ensuring that businesses can often speak directly with decision-makers or banking representatives familiar with their accounts. This personal touch, combined with their deep roots in the Texas community, makes for a customer support experience that feels tailored and attentive.
Relay understands the importance of robust customer support in the digital banking realm. While we operate primarily online, our support channels are comprehensive. Businesses can reach out to Relay's support team through our platform, ensuring quick and efficient responses.
Our knowledge base and FAQs are extensive, helping businesses troubleshoot or understand features on their own. The emphasis is on ensuring that even without physical branches, businesses always feel supported and heard.
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 Texas Gulf Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Texas Gulf Bank offers a decent business checking account option 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 !
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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