At Relay, you can open up to 2 savings accounts per business account. Savings accounts earn 1-3% APY (Annual Percentage Yield)1. This article will walk through how to create a savings account on Relay!
Please note: every business will automatically be granted one checking account and one savings account once their account is approved, nicknamed Business Checking and Business Savings, respectively.
For more information on how Relay savings accounts work, please see How Relay's savings accounts work.
How to create a savings account (Web)
- Sign in to your Relay account.
- Navigate to the Accounts tab.
- Click Add account next to your existing checking/savings accounts.
- Give your new account a unique nickname, and select Savings Account as the Account Type.
- Select the team members that will have access to the account. Administrators have access by default.
- Click Create account.
- From here, you can get started with moving money into your new savings account, or skip this step and fund your account later by clicking Done.
How to create a savings account (Relay Mobile App)
- Sign in to the Relay app on your mobile device.
- Navigate to the Accounts tab.
- Tap the plus (+) sign button at the top-right corner of your screen.
- Give your new account a unique nickname, and select Savings Account as the Account Type.
- Tap Continue.
- Select the team members that will have access to the account. Administrators have access by default.
- Click Continue.
- On the confirmation screen, click Got it. From here, you can get started with moving money into your new savings account, or skip this step and fund your account later.
How to edit a savings account (Web)
- Sign in to your Relay account.
- Navigate to the Accounts tab.
- Click on the savings account you wish to edit.
- Click the three vertical dots at the top-right corner of your screen.
- Click Edit.
- From here, you can edit your account nickname as well as the team members who have access to this account.
How to edit a savings account (Relay Mobile App)
- Sign in to the Relay app on your mobile device.
- Navigate to the Accounts tab.
- Tap on the savings account you wish to edit.
- Tap on the three vertical dots at the top-right corner of your screen.
- Tap Edit account name.
- Enter your preferred account nickname, then click Save.
If you wish to edit the team members who have access to your savings account on the mobile app, please navigate to Settings > Team > select the team member you want to add to/remove from the account > tap Account Access and edit from there.
If you wish to delete a checking or savings account, please see Deleting a checking or savings account.
Interest
The amount of interest you will earn is dependent on your interest band. To learn more about interest bands and the interest rates we offer, please see How Relay's savings accounts work.
Can I receive direct deposits into a Relay savings account?
Savings accounts cannot receive deposits sent from external sources. To add money to your savings account, it will need to be transferred in from a Relay checking account within the same business account.
Can I send payments from Relay savings accounts?
Payments cannot be sent to external payees from a savings account; you can, however, transfer money out of a savings account into a checking account and then send a payment from that checking account!
1 The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.