Novo vs Relay vs Bluevine: business checking compared
By the FirstHire Team · Last updated Nov 2026
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Before you run your first payroll you need a business bank account that is separate from your personal one. Novo, Relay and Bluevine are three online options that small owners often compare. This guide lines up what each publishes about fees and features so you can pick one in an evening.
How we wrote this: we read each vendor's public pricing and product pages (linked at the bottom) and compared them for a business with 1 to 10 people. We have not run a long-term hands-on test of these products, and we will say so on this page when we have.
The short answer
- Pick Novo if you want a simple checking account with no monthly fee and no minimum balance.
- Pick Relay if you want to split money into several accounts (for example payroll, taxes and operating) and may want paid tools later.
- Pick Bluevine if you want to earn interest on your checking balance and may want a line of credit down the road.
Fees and plans
| Novo | Relay | Bluevine | |
|---|---|---|---|
| Free plan | Yes: no monthly maintenance fee, no minimum balance | Starter, $0/month | Standard, no monthly fee |
| Paid plans | None listed for checking | Grow $30/month; Scale listed at $90/month (discounted from $120 for a limited time) | Plus $30/month; Premier $95/month (fees can be waived, per Bluevine) |
| Interest | Not the focus | On savings accounts with paid plans | 1.3% APY on Standard up to $250,000 if you meet activity rules; 1.75% on Plus; 3.0% on Premier |
| Deposit insurance | Through partner bank sweep network | Up to $3M through Thread Bank's sweep program | Up to $3M through Coastal Community Bank and program banks |
All three are financial technology companies, not banks. Your deposits are held at partner banks, and each one explains its FDIC coverage on its site.
Why this matters for your first hire
Payroll software like Gusto pulls wages and payroll taxes from your business account. Keeping a separate account (or a separate "payroll" sub-account) makes it easy to see you have enough cash before each payday. Relay's multiple accounts suit this well, but you can do the same thing with any account by moving payroll money a few days early.
Questions to ask before you open
- Can I deposit cash, and what does it cost?
- What are the fees for wires and same-day ACH?
- Does it connect to my payroll and bookkeeping software?
- What do I need to qualify for the interest rate?
Our take
If you just need a clean, free account to run payroll from, Novo or Relay's free Starter plan will do. If you keep a larger balance, Bluevine's interest on checking is worth comparing. Then connect the account to your payroll provider.
FAQ
Do I need a separate business bank account to hire?
It is not always a legal requirement for a sole proprietor, but it makes payroll, taxes and bookkeeping much simpler, and LLCs should keep business money separate.
Is my money insured with an online bank?
Each of these companies says deposits are held at FDIC-member partner banks. Read each provider's FDIC page for the conditions.
Sources: Novo no-fee checking, Novo minimum balance, Relay pricing, Bluevine business checking. Prices and features as of Nov 2026. Check the vendor site before you buy, because prices and promotions change. Not tax or legal advice.