Novo Business Checking vs Relay Business Banking

Relay's auto-savings pays 1.11% on the free Starter plan, 1.75% on Grow, and 3.00% on Scale, with no balance minimum. Novo pays no interest anywhere, on any balance.

Relay gives every business up to 20 checking accounts and 50 debit cards, each with its own account number, built for departments, clients, or Profit First envelopes. Novo's Reserves split one balance into up to 20 labeled buckets inside a single account, useful but not a substitute for separate account numbers.

Relay accepts cash at Allpoint deposit-taking ATMs, a real answer for businesses that occasionally handle physical cash. Novo has no cash deposit option at all, on any tier.

Novo ships unlimited free invoicing built into Stripe, Shopify, Amazon, Etsy, and WooCommerce integrations, plus Boost, which speeds up Stripe payouts by 2 to 4 business days at no cost. Relay's invoicing and bill management are capable but built around approval workflows, not e-commerce payout speed.

Relay's free Starter plan charges $5 for outgoing wires and $5 for same-day ACH, with free domestic wires arriving on the $30-a-month Grow plan. Novo's outgoing domestic wires are still beta-gated and route through a paid third-party integration, leaving ACH as the only reliably free option.

Relay's sweep through Thread Bank extends coverage to $3 million. Novo caps out at the standard $250,000 through its single partner bank, Middlesex Federal Savings, with no sweep program.

Novo is genuinely free forever, with no paid tier at all. Relay's Starter plan is also free, but the real yield (3.00%), free wires, and cash-flow tools sit behind the $30 Grow and $90 Scale plans.

Is Novo Business Checking or Relay Business Banking better?

Pick Novo if invoicing and e-commerce payouts are the whole job: a Stripe-heavy freelancer or online seller gets Novo's best features free, and nothing else in the category matches Boost's payout speed. Pick Relay if you carry a real balance, need to organize money across accounts, or ever touch cash, because free-tier yield, cash deposits, and $3 million of FDIC coverage all beat Novo without a subscription. Most small businesses holding real operating cash come out ahead at Relay; sellers who live inside Stripe and Shopify should stay at Novo.

Does Novo or Relay charge a monthly fee?

Novo Business Checking: $0. Relay Business Banking: $0 (Starter).

Which earns a higher APY, Novo or Relay?

Relay. Relay's auto-savings pays 1.11% on the free Starter plan, 1.75% on Grow, and 3.00% on Scale, with no balance minimum. Novo pays no interest anywhere, on any balance.

Which is better for yield?

Relay. Relay's auto-savings pays 1.11% on the free Starter plan, 1.75% on Grow, and 3.00% on Scale, with no balance minimum. Novo pays no interest anywhere, on any balance.

Is Novo or Relay better for a small business?

It depends on the job. Novo fits invoicing-heavy freelancers and e-commerce sellers who want free Stripe, Shopify, and marketplace integrations plus faster payouts through Boost. Relay fits businesses that budget across multiple accounts or clients, want real yield on a free plan, or occasionally deposit cash.

Does Novo or Relay pay interest?

Relay does, even on its free Starter plan: 1.11% on auto-savings, rising to 1.75% on Grow and 3.00% on Scale. Novo pays no interest at any balance, on any tier.

Can you deposit cash with Novo or Relay?

Only Relay, and only at Allpoint deposit-taking ATMs. Novo has no cash deposit option at all, so a cash-handling business needs a different primary account regardless of which one it picks for everyday banking.