Relay's $500 Bonus: A Solid Deal for Your Business Cash

Looking for a new home for your business cash that pays you to move it? Relay Financial, a platform built for small business banking, has a pretty attractive offer on the table right now. It's simple: open a new account, park $10,000 there, and after 90 days, they'll give you $500. No direct deposit gymnastics, no complicated monthly requirements. Let's break down if this makes sense for your business's bottom line.

The Math Behind the $500

On the surface, $500 for letting $10,000 sit for three months is a 5% return on your deposit. But because it's paid out over a short 90-day period, the annualized percentage yield (APY) is much higher—roughly in the 20% range for that quarter. That's a fantastic rate on what's essentially a short-term CD alternative, especially when you add in any interest the account itself earns.

Choosing the Right Plan (Hint: Probably Starter)

Relay offers three subscription tiers: Starter, Grow, and Scale. For the sole purpose of grabbing this bonus, the $0/month Starter plan is the obvious choice. The paid plans ($30/$90 per month) offer higher interest rates on savings accounts, but those monthly fees would quickly eat into your bonus profit unless you're planning to use Relay as your long-term primary business bank with a very large balance.

• Starter Plan: $0/month, 0.91% APY on savings.
• Grow Plan: $30/month, 1.55% APY on savings.
• Scale Plan: $90/month, 2.68% APY on savings.

What to Watch Out For

This is a straightforward offer, but a few details are worth your attention. First, Relay is a fintech, not a bank itself. Your money is held by their partner, Thread Bank, which is FDIC-insured. The offer details, like the exact bonus terms and expiration, aren't plastered all over the main landing page, so you'll want to confirm everything during the application process. Also, remember this is designed for business banking. While many sole proprietors and freelancers use it, it's not a personal checking account.

• Confirm the bonus terms during signup. Look for any promo code fields or disclosures.
• The 90-day clock likely starts when your $10,000 deposit posts. Don't dip below that balance.
• Consider the funding method. ACH transfer from another business account is safest; credit card funding is unlikely and may incur fees.

Is This Bonus Right for Your Business?

If you have $10,000 in business cash sitting in an account earning little to nothing, this is a no-brainer way to give it a quick, hefty boost. It's particularly good for businesses with lumpy cash flow that can afford to set aside a chunk for a quarter. The lack of monthly fees on the Starter plan means you can collect the bonus and then decide if you want to keep using Relay's features (like multiple sub-accounts and debit cards) or move the money elsewhere without penalty.

Bottom Line

• A simple, high-return offer for business cash requiring a $10,000 deposit held 90 days.
• Stick with the free Starter plan to maximize your bonus profit.
• Always verify the offer terms during the application process as fintech promotions can change.

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