Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: None
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date: None listed
- Insurance: FDIC (partnered with Evolve Bank & Trust, Member FDIC)
The Offer
- Relay Financial, a platform for small business banking and cash management, is offering the following signup bonus. Open a new account and fund with $10,000 and receive a $300 bonus when you maintain it for 90 days
Avoiding Fees
Relay has no monthly fees and no minimum balance and no overdraft fees.
Our Verdict
Previously this was only $150, but it also only required a $100 deposit. Account also earns up to 3.3% APY:
- When you are subscribed to the Starter Plan, the interest rate on your savings accounts is 1.02% with an APY of 1.03%.
- When you are subscribed to the Grow Plan, the interest rate on your savings accounts is 1.73% with an APY of 1.75%.
- When you are subscribed to the Scale Plan, the interest rate on your savings accounts is 2.99% with an APY of 3.03%.
Starter is $0 a month and others are $30 and $90 a month so really only starter that is worth considering. The bonus works out to be ~12% APY for the 90 days for a total of 13% APY, not a bad deal although for most people the earlier $150/$100 deal was probably better. Will add this to our list of the best bank account bonuses.
Hat tip to reader megabr
Pending – Application Under Review.
How do you deposit 10k? The daily limit is 1k. Monthly limit is 5k.
initiate transfer(s) from outside (the bank you move money out of). But interesting, my limit was $2k, so it depends
The listed limit applies to ACH pulls by the focal bank. You can do an ACH push or payment from another bank of yours to bypass the limit.
Seems like cant create an account if you had regular checking/savings earlier “An application cannot be created since an application for the same individual already exists: 400 – An application cannot be created since an application for the same individual already exists. “
How do you fund 10k? The daily limit is 1k and monthly limit is 5k
It actually automatically opened 2 accounts — checking and savings (savings earns 1.03% APY).
Where do I deposit $10k to get the bonus? I see no written rules
is this business bank account?
Yes, if you look at their account options, they’re listed as Business Checking and Business Savings
Thanks.
I did the prior $150 offer (got an extra 150 due to glitch). For me, the account has been as good as Wise when pushing DD to tough banks like SoFi so I’m personally not going to try and churn this.
How much is the fee for pushing DD?
Next Day ACH has no transaction fee.
I’ve been using Relay as well. Actually decided to make them my primary checking account for my real business. So 100% recommend them. This is the first time I am hearing there was ever a promotion with them.
You mind listing the other banks it worked as a DD on? If you have that handy.
So far:
This Promotional Offer is open to organizations that have no previous relationship with Relay (“Eligible Organizations”).
So no churning?
This is a poor % return. Assuming this is done perfectly and held for 90 days only the return is only 12% annualized which is pretty poor when considering opportunity cost such as stock market returns, having to do lots of moving money around after that and higher taxes on bank bonuses. 20% or higher is sort of my threshold.
Such clown takes. if you think you can make 12% risk-free return on the stock market at any given time…. you’d be a billionaire and not have to worry about this.
is this churnable?. closed a month back
same question would also like to know!