The interest you earn depends on your total account balance and your Relay subscription plan. However, only the balance kept in savings accounts will earn interest. Your total monthly average account balance is the average of end-of-day balances for every day in a month for all of your accounts.
Relay customers will earn 1.03-3.03% APY (Annual Percentage Yield)2 on their savings account balances.
Your APY will be determined by your Relay subscription plan: Starter, Plus, or Scale. However, only the funds held in your savings account(s) - not checking accounts - will accrue interest.
Feature |
Starter |
Grow |
Scale |
|---|---|---|---|
| APY | 1.03% | 1.75% | 3.03% |
Interest is paid out monthly.
When is interest paid out?
Interest will be paid out within the first three days of the month (for the previous month).
What happens if I change my plan?
When you change your Relay subscription plan, upgrades take effect immediately—users are charged right away and receive instant access to the new plan’s features and APY, with any unused time on their previous plan credited.
In contrast, downgrades or cancellations take effect at the end of the current billing cycle, meaning users retain access to their current plan and APY until that period ends. Interest is calculated daily and paid out monthly, so when you upgrade your plan, the higher APY begins accruing immediately. If a user cancels or downgrades, the current plan’s APY continues until the end of the billing cycle, after which the new tier's APY is applied.
Account limitations
Savings accounts have deposit and payment limitations. More specifically:
- Savings accounts cannot hold debit cards. We want you to be able to optimize interest earnings, so as a result, savings accounts have limitations that prevent money from being moved out of them (like card purchases).
- Savings accounts cannot send payments to external accounts or vendors. Money can be transferred out of a savings account into another Relay checking account within the same business account but not to an external account or vendor.
- Savings accounts cannot be used as deposit accounts for tools like Stripe or Shopify, and they cannot receive payments via ACH, wire, check deposit, or cash deposit.
- The only way to fund a savings account is through an internal transfer from a Relay checking account within the same business account.
How many savings accounts can I open?
One business can open up to 2 savings accounts.
Please note: The maximum amount of total accounts per business is dependent on your Relay plan. For example: One business can create 18 checking accounts and 2 savings accounts, for example.
Can I convert one of my checking accounts to a savings account?
No, an existing checking account cannot be converted into a savings account (and vice versa). Instead, you will need to create a brand new savings account following the steps outlined here.
Still have questions? Our team is ready to help! Contact us