Relay is offering a $500 bonus when you open their business checking account and deposit at least $10,000. Full details below along with my analysis you can read at the bottom of the post.
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Overview
Earn a $500 sign-up bonus when you open a Relay account and fund it with a minimum of $10,000. There are only three simple steps for this offer. I plan on taking part in this promotion myself.
How To Get The $500 Welcome Bonus
- Open a Relay business checking account using this link.
- Deposit $10,000 or more within the first 30 days of account opening.
- Maintain the amount for 90 consecutive days.
The one-time bonus will be deposited into the account within 30 days after meeting the promotion requirements.
What Are The Offer Details?
Availability: Nationwide
Expiration: Ongoing (no end date listed)
Household Limit: None
Direct Deposit Required: No
Early Account Termination Fee: None listed
What Are The Fees?
There are three plans: Starter, Grow, and Scale. The monthly price is as follows:
- Starter = $0
- Grow = $30/month
- Scale = $90/month
Starter is free and targeted toward solopreneurs and businesses just getting started. The difference between the plans include higher APYs on Relay’s savings account, higher cash back rate, and lower fees for invoicing. I recommend using this to try Relay out.
Terms & Conditions
This Promotional Offer is open to organizations that have no previous relationship with Relay (“Eligible Organizations”). Where an Eligible Organization has (a) successfully registered for a Relay business checking account (“Account”) using the designated partner landing page provided by Relay, (b) funds their account with the minimum balance of ten thousand dollars ($10,000) within thirty (30) days of account approval, and (c) maintains the minimum balance of ten thousand dollars ($10,000) in their new Account for ninety (90) consecutive calendar days (“Minimum Balance Requirement”), a one-time signup bonus will be deposited into the Eligible Organization’s Account within thirty (30) days after meeting the Minimum Balance Requirements and the minimum hold time.
The amount of the one-time signup bonus will be between $25-$500 as determined by participating partners. Each Relay user can only claim one bonus. Relay reserves the right to clawback the sign-up bonus from organizations in the event their account is subsequently closed or offboarded by Relay for other ineligibility or risk disqualification reasons.
Full terms and conditions can be found in this link.
The Bottom Line
This is not our affiliate or referral link. Relay frequently offers a higher bonus to select publishers (e.g. Nerdwallet) and I always try to show the best offer, regardless if I’m compensated or not.
This specific promotion appears to be their partnership with Gusto, which is a a cloud-based payroll platform designed for small to medium-sized businesses. Bonuses from Relay partners ranges between $25 and $500, so this is the highest amount you’ll find.
It’s an excellent offer for those who want to try Relay out to see if it’s a good fit for their small business/side hustle needs. If it isn’t, you’re still making $500 out of it. Great banking bonus without a direct deposit requirement.
Personally, I’m going to try Relay for a few months since it integrates with Gusto and allows me to give role-based permissions to my team. My time is crunched as it is, so any efficiency in managing my time is always a plus.
I’ll add this to the best business checking bonuses.
Relay is a financial technology company and is not an FDIC-insured bank.
