Relay savings accounts earn interest on business balances, with an Annual Percentage Yield ranging from 1.11% to 3.00% depending on your subscription plan.
Who can open a Relay savings account?
Any Relay business customer can open a savings account. Savings accounts sit alongside your checking accounts inside the same Relay Account, and you can hold up to 2 savings accounts per business regardless of subscription plan.
What Annual Percentage Yield do Relay savings accounts earn?
Annual Percentage Yield depends on your Relay subscription plan:
Starter Plan: 1.11% Annual Percentage Yield
Grow Plan: 1.75% Annual Percentage Yield
Scale Plan: 3.00% Annual Percentage Yield
Interest accrues only on funds held in savings accounts, not on checking account balances.
When is interest paid on Relay savings accounts?
Interest is paid monthly, within the first three business days of the following month. Earnings from the prior month deposit directly into the savings account that generated them.
What happens to my rate when I change plans?
Plan changes take effect based on direction:
Upgrades: the higher APY applies as soon as the upgrade takes effect.
Downgrades or cancellations: you keep your current rate until the end of your billing cycle, then the new rate applies.
How do I fund a Relay savings account?
Savings accounts fund through internal transfers from checking accounts in the same Relay Account. Savings accounts cannot receive:
ACH transfers from external accounts
Wire transfers (domestic or international)
Check deposits (mobile or mailed)
Cash deposits
Payouts from platforms like Stripe or Shopify
To move money into savings, transfer it from a Relay checking account. To move money out, transfer it back to a checking account first.
What can't I do with a Relay savings account?
Savings accounts do not support outbound payments or card activity. You cannot attach a debit card, send ACH/wire/check payments, fund vendor payments, or use the account as a payout destination.
How many Relay savings accounts can I have?
You can open up to 2 savings accounts per business.
Can I convert a Relay checking account to a savings account?
No. Existing checking accounts cannot convert to savings accounts, and vice versa. Open a new account and transfer funds internally.
Talk to our Customer Experience team
If this article did not fully answer your question, our Customer Experience team is here to help.