Calculating interest on your Relay savings account can help you understand how your money is growing over time. The interest you earn depends on your total account balance and when you signed up for Relay.
- If your account was opened prior to January 1, 20251
- If your account was opened on or after January 1, 20252
Each business on Relay can open up to 2 savings accounts. When your Relay account is approved, you will have one savings account automatically created for you. For more information on how to open a savings account, please see: Adding and editing savings accounts.
Accounts created on or after January 1, 20251
How do I earn interest on my savings account?
Relay customers will earn 1.75-3.76% APY (Annual Percentage Yield)1 on their savings account balances.
Your APY will be determined by the savings account tier you're placed in: Starter, Plus, or Premium. The tier you qualify for is based on the total monthly average balance across both your checking and savings accounts.
Your average monthly balance is calculated at the end of every month by finding the average of your end-of-day balance for every day of the month. However, only the funds held in your savings account(s) - not checking accounts - will accrue interest.
| Starter Tier Monthly average balances over $10k |
Plus Tier Monthly average balances between $10k and $50k |
Premium Tier Monthly average balances over $50k |
|---|---|---|
| 1.75% APY | 2.75% APY | 3.76% APY |
Interest is paid out monthly.
Savings Account APY Interest Calculator
When is interest paid out?
Interest will be paid out within the first three days of the month (for the previous month). Please also note the following:
- The monthly average balance is determined at the end of every month; this means that upgrades or downgrades between tiers/interest rates will happen at the end of every month.
- You will have 30 days post-approval to fund your account and receive an instant upgrade to a higher tier. (This is the only time a tier will change not at the end of the month).
What happens if my monthly average balance dips below the minimum for Plus or Premium?
You will continue to earn your Plus or Premium interest rate for 1 month before you are moved to the lower tier. You will only be moved to the lower tier if your monthly average balance is below the Plus or Premium for 2 months in a row. Relay offers a 10% grace margin. If you're in the Premium tier and your monthly balance is only 10% lower than the $50k minimum you will remain in the Premium tier.
Accounts created prior to January 1, 20252
Customers who joined Relay on or after July 24, 2023, will have one savings account automatically created for them when their account is approved. If you have two savings accounts, then we’ll add up the balance in both savings accounts and use the total to determine which rate to apply to both of your savings accounts.
How do I earn interest on my savings account?
Relay customers will earn 1.03-3.03% APY (Annual Percentage Yield)2 on their savings account balances.
The APY you earn is dependent on the balance in your savings accounts at the end of every day. The APY rate bands are as follows:
| Under $50k | Between $50k and $250k | Between $250k and $1M | Over $1M |
| 1.03% APY | 1.51% APY | 2.03% APY | 3.03% APY |
Interest is paid out monthly.
Savings Account APY Interest Calculator
When is interest paid out?
Interest will be paid out within the first three days of the month (for the previous month).
Please also note that APY earnings are calculated daily based on your end-of-day balance, but payouts occur on a monthly basis. Since APY is compounded, interest is earned not only on the principal balance but also on the accumulated interest in your savings accounts.
Each day, the APY earnings are determined using the formula: [EOD balance x 0.01] ÷ 365 (with 1% APY used as an example). The daily interest earned is accumulated throughout the month, and the total will be credited to your savings accounts within the first three days of the following month.
The interest rates and annual percentage yield on your account are accurate as of 01/01/2025 and are variable and subject to change based on the target range of the Federal Funds rate.
1 For customers with accounts opened on or after 01/01/25, APY will vary between 1.75%-3.76% depending on the monthly average account balance: When your monthly average account balance is under $10,000, the interest rate on your savings accounts is 1.73% with an APY of 1.75%. When your monthly average account balance is between $10,000 and $50,000, the interest rate on your savings accounts is 2.72% with an APY of 2.75%. When your monthly average account balance is above $50,000, the interest rate on your savings accounts is 3.70% with an APY of 3.76%.
2 For customers with accounts opened before 01/01/25, APY will vary between 1.03%-3.03% depending on the savings balances held: When your savings account balance is less than $50,000, the interest rate on your savings account is 1.02% with an APY of 1.03% When your savings account balance is between $50,000 and $250,000, the interest rate on your savings account is 1.50% with an APY of 1.51% When your savings account balance is between $250,000 and $1,000,000, the interest rate on your savings account is 2.01% with an APY of 2.03% When your savings account balance is more than $1,000,000, the interest rate on your savings account is 2.99% with an APY of 3.03%