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Compare Business Banking: Novo vs Relay Financial (2026)

Novo VS Relay Financial

Alex Parker, CFA

Senior Banking Editor

November 2, 2026

Both Relay Financial (9.1/10) and Novo (9.2/10) are top-tier U.S. institutions for Business Banking. In our 2026 head-to-head comparison, Novo edges ahead on overall rate competitiveness, fee transparency, and account flexibility.

Relay Financial Business Banking Overview

When evaluating Relay Financial for Business Banking in 2026, our financial analysts examined interest rates (Up to 3.00% Business Savings APY), monthly maintenance fees, deposit insurance, and digital banking tools.

Relay Financial is the official Profit First small business banking platform in the U.S. (FDIC insured up to $3M via Thread Bank), letting business owners open up to 20 individual checking accounts with unique routing/account numbers, issue 50 virtual or physical Visa debit cards, and earn up to 3.00% APY on automated business savings.

Key Highlights for Business Banking:

Create up to 20 individual checking accounts with distinct account numbers for Profit First percentage rules
$0 monthly maintenance fees, $0 overdraft fees, and $0 minimum balance on Relay Standard
Up to $3 million in FDIC insurance via Thread Bank sweep network and up to 3.00% APY on savings
Granular role-based access for bookkeepers, CPAs, and team members plus 50 Visa debit cards

Novo Business Banking Overview

When evaluating Novo for Business Banking in 2026, our financial analysts examined interest rates (Fee-Free + Novo Reserves), monthly maintenance fees, deposit insurance, and digital banking tools.

Novo is a top-rated U.S. small business checking platform (FDIC-insured through Middlesex Federal Savings, F.A.) built for freelancers, LLCs, and e-commerce sellers, featuring $0 monthly fees, 100% ATM fee refunds every month, Novo Boost (get Stripe payouts up to 2 days faster for free), and Novo Funding up to $75,000.

Key Highlights for Business Banking:

$0 monthly fees, $0 minimum balance, and up to $7/month in ATM fee reimbursements
Novo Boost delivers Stripe payouts up to 95% faster with zero added fees
Built-in unlimited free invoicing, up to 20 Novo Reserves budgeting buckets, and Shopify/QuickBooks/Xero integrations
Novo Funding provides working capital advances up to $75,000

Novo vs Relay Financial: Key Banking Specifications

Bank

Overall Rating

4.7

4.8

Savings APY / AER

Fee-Free + Novo Reserves

Up to 3.00% Business Savings APY

Deposit Insurance

FDIC / NCUA Insured ($250k+)

Official Site

Visit Novo ↗

Visit Relay Financial ↗

Aspect-by-Aspect Rating & Analysis (Business Banking)

Overall

Novo

9.2 / 10.0

Novo scores 9.2/10 for Overall in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

9.1 / 10.0

Relay Financial scores 9.1/10 for Overall in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Overall in Business Banking, Relay Financial scores 9.1/10 while Novo scores 9.2/10. Relay Financial scores 9.1/10 for Overall in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 9.2/10 for Overall in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Interest Rates & APY

Novo

9.2 / 10.0

Novo scores 9.2/10 for Interest Rates & APY in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

9.1 / 10.0

Relay Financial scores 9.1/10 for Interest Rates & APY in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Interest Rates & APY in Business Banking, Relay Financial scores 9.1/10 while Novo scores 9.2/10. Relay Financial scores 9.1/10 for Interest Rates & APY in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 9.2/10 for Interest Rates & APY in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Fees & Minimums

Novo

9.5 / 10.0

Novo scores 9.5/10 for Fees & Minimums in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

9.4 / 10.0

Relay Financial scores 9.4/10 for Fees & Minimums in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Fees & Minimums in Business Banking, Relay Financial scores 9.4/10 while Novo scores 9.5/10. Relay Financial scores 9.4/10 for Fees & Minimums in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 9.5/10 for Fees & Minimums in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Customer Service

Novo

8.9 / 10.0

Novo scores 8.9/10 for Customer Service in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

8.8 / 10.0

Relay Financial scores 8.8/10 for Customer Service in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Customer Service in Business Banking, Relay Financial scores 8.8/10 while Novo scores 8.9/10. Relay Financial scores 8.8/10 for Customer Service in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 8.9/10 for Customer Service in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Mobile App & Digital Banking

Novo

9.2 / 10.0

Novo scores 9.2/10 for Mobile App & Digital Banking in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

9.1 / 10.0

Relay Financial scores 9.1/10 for Mobile App & Digital Banking in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Mobile App & Digital Banking in Business Banking, Relay Financial scores 9.1/10 while Novo scores 9.2/10. Relay Financial scores 9.1/10 for Mobile App & Digital Banking in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 9.2/10 for Mobile App & Digital Banking in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Rewards & Perks

Novo

9.5 / 10.0

Novo scores 9.5/10 for Rewards & Perks in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

Relay Financial

9.4 / 10.0

Relay Financial scores 9.4/10 for Rewards & Perks in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms.

For Rewards & Perks in Business Banking, Relay Financial scores 9.4/10 while Novo scores 9.5/10. Relay Financial scores 9.4/10 for Rewards & Perks in Business Banking, backed by Up to 3.00% Business Savings APY rates and transparent digital terms. Meanwhile, Novo scores 9.5/10 for Rewards & Perks in Business Banking, backed by Fee-Free + Novo Reserves rates and transparent digital terms.

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