Bluevine vs. Relay Business Banking: Which is Better?

When it comes time to open a business bank account, many small business owners are drawn to digital banking platforms. They promise quickness and connectivity and are often much friendlier than traditional banks in terms of account structures, fees, programs, and perks.

Yet, with so many options, many business owners need help determining which platform is best for their needs. It comes down to looking at not only the features and functionality of a digital platform but also the specifics of how it caters to its small business clients. What better way to illustrate this than by comparing Bluevine vs. Relay?

Meet the Contenders: Bluevine vs. Relay

Bluevine and Relay have established themselves as formidable players in digital banking—each offering unique advantages tailored to small business needs. Before diving into a detailed comparison, let’s first look at the foundational aspects of these banking platforms and their philosophy for serving small businesses:

• Bluevine: Launched in 2014, Bluevine started focusing on providing flexible financing solutions for small businesses. Over time, it has expanded its offerings to include a comprehensive suite of online banking services. Bluevine aims to be a one-stop shop for small business financial needs, offering everything from high-yield business checking accounts to lines of credit. 
• Relay: Relay is a business banking platform built to simplify financial management for small and medium-sized enterprises. Its philosophy revolves around giving business owners full visibility and control over their finances, facilitated by features like multiple debit cards with customizable spending limits and real-time transaction tracking.

Bluevine focuses on providing a straightforward, high-interest business checking account with additional access to lines of credit, prioritizing simplicity and accessibility. On the other hand, Relay emphasizes financial control and transparency, offering multiple checking accounts, customizable debit cards, and real-time financial insights. Both offer compelling banking solutions tailored to the needs of small and medium-sized businesses, but they approach their services with distinct philosophies and features. Let’s look closer.

Head-to-Head Comparison of Bluevine vs. Relay

Deciding between Bluevine vs. Relay for digital business banking comes down to looking at how the two stack up against one another in a few key areas. In this section, we’ll break down everything from features and fees to perks and programs you can expect to see when choosing where to do your small business banking.

Features

Bluevine and Relay cater to small and medium-sized businesses with distinct approaches to business banking. This section compares their features, including ATM access, cash deposits, software integrations, and customer support, helping you determine which bank better meets your business’s operational demands.

Winner: Relay

Relay stands out in the features category with its ability to create up to 20 checking accounts under a single account name, seamless software integrations, and fee-free cash deposits at Allpoint+ ATMs. These features give businesses enhanced control and flexibility over their finances, making Relay a more versatile choice than Bluevine.

Rates

Managing costs effectively is crucial for any business, and understanding the rates associated with business bank accounts is vital. This section breaks down the monthly fees, interest rates (APY), and fees for services such as same-day ACH and wire transfers for Bluevine and Relay. By examining these rates, you can identify which bank offers the most cost-effective solution for your business.

Winner: Relay

Relay takes the lead in the rates category due to its lower fees for outgoing wire transfers and free same-day ACH transfers (with Relay Pro). This can result in significant savings for businesses that frequently use these services. Relay’s fee structure is more straightforward and cost-effective, especially for small businesses.

Perks

Beyond essential banking services, perks like cash-back rewards, promotional deals, and sub-account management can add significant value to a business banking experience. This section compares the perks offered by Bluevine and Relay, highlighting which bank provides better benefits to maximize your banking experience.

Winner: Relay

Relay wins in the perks category with its extensive ability to create multiple sub-accounts. This feature is particularly beneficial for businesses that need to manage separate budgets and expenses effectively. While Bluevine offers cash-back rewards, Relay’s sub-account functionality provides greater overall value for comprehensive financial management.

Programs

Access to additional financial products and programs can be vital for a business’s growth and security. This section evaluates the financing options, such as lines of credit, and the level of FDIC insurance coverage provided by Bluevine and Relay, offering insights into which bank provides more robust financial support.

Winner: Bluevine

Bluevine excels in the programs category with its extensive line of credit of up to $250,000 and higher FDIC insurance coverage of up to $3 million. These features provide robust financial support and security, making Bluevine a superior choice for businesses seeking additional financing options and higher insurance limits.

Reviews

Customer reviews, mobile app ratings, and the bank’s reputation with the Better Business Bureau (BBB) can significantly influence the business banking platform’s experience. This section compares the customer satisfaction and reliability of Bluevine vs. Relay, helping you gauge which bank is more trusted by other business owners.

Winner: Bluevine

Bluevine is the winner in the reviews category due to its higher BBB rating of A+ and positive customer reviews. Its strong mobile app ratings also indicate a reliable and satisfactory user experience, contributing to Bluevine’s reputation as a trusted business banking platform.

Head-to-Head Winner: Bluevine

When choosing the best solution for small business financial management, Bluevine squeaks out as the better option for businesses thanks to its comprehensive suite of financial products and benefits. It offers a competitive 2.0% APY on balances up to $250,000, which can go up to 4.25% with its Premier Checking account, making it a strong choice for businesses looking to earn interest on their deposits. 

Additionally, Bluevine provides extensive financing options, including a line of credit up to $250,000 (which Relay does not offer), giving businesses more flexibility in managing their cash flow. Bluevine’s high FDIC insurance coverage of up to $3 million also provides greater security for large deposits. And, where word of mouth is concerned, Bluevine has received positive customer reviews and holds a high BBB rating, indicating intense customer satisfaction and reliability. 

These features and robust customer support make Bluevine a superior choice for most small and medium-sized businesses.

Considering an Alternative? Try North One

If you’re still undecided between Bluevine and Relay, North One is a compelling alternative. North One offers a unique combination of features that cater specifically to small businesses, freelancers, and entrepreneurs. 

One of its standout features is the ability to create unlimited sub-accounts, known as envelopes, which help businesses manage multiple budgets and financial goals within a single account. This feature provides greater flexibility and organization compared to Bluevine’s five sub-accounts and Relay’s 20 checking accounts. North One’s extensive sub-account capabilities make it an excellent choice for businesses that need detailed financial segmentation and budget management.

Customer service is another area in which North One excels. It offers phone, email, and live chat support from Monday to Sunday, 8 am to 10 pm EST, ensuring business owners can get help whenever needed. Additionally, North One integrates with nearly 100 popular business tools and services, such as QuickBooks, PayPal, and Stripe, making it highly versatile and convenient for managing various business operations within one platform. 

These features, combined with its robust customer service and comprehensive integrations, make North One a superior choice for many small businesses looking for an all-in-one banking solution.

You Deserve the Best in Digital Business Banking

Suppose you’re looking for a digital business banking platform. In that case, both Bluevine and Relay offer robust solutions tailored to the needs of small and medium-sized businesses, each excelling in different areas. Bluevine’s high APY, extensive financing options, and robust customer reviews stand out. Relay, however, provides superior control with its multiple checking accounts and lower wire transfer fees, catering to businesses that need detailed financial management and cost-effective transactions. And, if neither of those options suits your needs, North One offers a combination of benefits that outmatch even these top-rated options!

Ultimately, the best choice depends on your business needs and priorities, whether earning interest, managing multiple accounts, or accessing comprehensive support and integrations. No matter which platform you choose to bank with, take full advantage of the resources and features it offers to put your business on solid financial footing.