Are you looking for a business banking solution in Michigan? In this guide, we compare Relay to Huntington National Bank. Relay is an online banking platform. Huntington National Bank is a traditional community bank. 🏦
Huntington National Bank is similar to other traditional banks. It offers a blend of in-person and online services. Relay is a modern and fully digital banking platform. It’s built for businesses. We’ll dive deeper into what each institution brings to the table.
In this article:
What is Relay?
The banking platform Relay is a modern and digital solution for banking and money management. 💚 It helps small businesses oversee their cash flow in real time. Users can create up to 20 free Relay checking accounts. They can also use one centralized place to handle multiple payments.
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
Relay takes a digital-first method to create a seamless banking experience. This also allows Relay to avoid common barriers from traditional banking. With Relay, small businesses can also grow their money through savings accounts. These savings accounts earn between 1-3% APY1.
What is Huntington National Bank?
Huntington National Bank offers three different types of business checking accounts. The account that is best for you depends on your business’s needs. In addition to checking, Huntington National Bank has business loans and treasury management solutions. 💰
This bank has 10 Michigan locations that are primarily located in northwest Michigan. Huntington National Bank also touts a 5-year, $40 billion Community Investment plan. This allows it to remain close to the locals.
Relay vs. Huntington National Bank Comparison Chart
Features/Services | Huntington National Bank | Relay |
Open Account Online | ✅ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0-$40 | $0 |
Minimum Opening Deposit | Insert here | None |
Minimum Balance Requirement | Insert here (what is the minimum balance to waive fees?) | None |
Overdraft Fees | $36 | $0 |
Money Movement | Wire Transfer: $18-$50 domestic, $25-$80 international ACH Payments: Varies by account | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 1,600+ | 55,000+ |
Branch Locations | 290 branches in Michigan (1,000+ total) | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | 3.3 Star Rating Average on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
You can access Relay on your desktop or by a mobile app on your phone. Either way, you’ll find easy-to-navigate menus that allow for efficient and organized work. If you manage money with Relay, you’ll find more features and options. These include mobile receipt capture and virtual debit cards. 💳
Huntington National Bank and Online Banking
Huntington National Bank offers many features in its Business Online banking option. You can move your money online and enjoy increased account security. These online features are accessible either on your computer or on Huntington’s mobile app.
Monthly Fees and Other Charges
Relay Fees
Relay’s pricing is affordable and transparent. You won’t encounter monthly fees or overdraft fees as a Relay business account owner. You also will have freed up funds to allow your business to grow because there aren’t any minimum account balances with Relay. 💸
Huntington National Bank Fees
There is no monthly maintenance fee for Huntington Bank’s smallest Business Checking account. The monthly fees for the larger accounts are $20 or $40 unless you maintain minimum balances of $10,000 or $50,000.
Accounts Payable
Relay Accounts Payable
Business owners understand exactly how important paying bills on time and accurately is. Relay offers accounts payable features that make this process easier and faster. The Relay dashboard manages bill payments and offers vendor contract savings for future payments. You can also integrate Relay with Quickbooks Online and Xero. 💻
The paid tier that Relay offers is Relay Pro. It offers additional features that include same-day ACH and free outgoing wires. You can also set up multi-step approval rules for people on your team.
Huntington National Bank Accounts Payable
Huntington National Bank offers a dedicated Payment Center to manage your accounts payable. You can also use ACH payments. The SmartTax option offered by Huntington National Bank allows you to pay taxes electronically using ACH as well. 📲
Verdict: Which banking partner is right for your business?
Ensuring the growth and success of your business includes choosing the right banking partner. Relay and Huntington National Bank both offer amazing features built to support your business needs. 💵
Relay’s digital-first approach includes seamless integrations and no monthly fees. Huntington National Bank offers multiple decent business checking account options and community involvement.
The steps to finding the right banking solution for your business is simple. First, consider your goals and the type of support you need. Then, choose the banking platform that best aligns with your business plan.
Ready to sign up for Relay? You can do so entirely online here! 🔗
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
