Holdings vs Relay: Best Nonprofit Banking & Grant Tracking 2025

Finding a reliable banking solution is a crucial decision for every nonprofit, regardless of size or mission. Savvy financial stewardship isn’t just about managing donations—it's about protecting grant funding, ensuring compliance, and maximizing every dollar entrusted to your cause. In this deep dive, we’ll explore how Holdings and Relay Financial compare, centering on the challenges and opportunities unique to nonprofit organizations.

Rethinking Nonprofit Banking: A New Era

Traditional business banking often overlooks the creative, scrappy, and mission-driven world of nonprofits. What works for a small business may fall short for teams juggling dozens of grants, programming budgets, or board-backed reporting requirements.

Nonprofits don’t just need a secure place to hold funds—they require a dynamic toolkit that can segment, track, and maximize resources with ease. The stakes are higher when donor intent and compliance standards are on the line.

That’s where modern banking platforms like Holdings and Relay Financial come in. Both offer digital-first solutions, designed to relieve you of old-school banking headaches and manual spreadsheet acrobatics. But when it comes to the specific workflows of nonprofits, the distinctions matter.

The Nonprofit Banking Challenge: More Than Just a Checking Account

Picture your organization: You could be grant-heavy, with dozens of restricted and unrestricted funds. Maybe you have just one staff member managing five different community programs. Or perhaps your grassroots team coordinates volunteers, events, and micro-projects, all of which demand clear expense separation for reporting and audits.

Most main street banks complicate this. Accounts are expensive, sub-accounts are rare, and managing cash flow means exporting endless CSVs. Nonprofits deserve better—transparent, flexible, cost-effective solutions that adapt to every grant and every audit season.

Holdings and Relay in the Nonprofit Context

Both Holdings and Relay Financial strive to be the answer for modern organizations like yours. While they share a mission to streamline banking, they approach the task differently. Let’s break down what this means for the nonprofit sector.

Holdings is built specifically with nonprofits in mind. Think of it as your financial operations partner, whether you’re running a food bank on nickels and dimes or managing multi-year, multi-grant programs with complex compliance requirements.

Relay Financial, meanwhile, is popular among startups and businesses but also provides features relevant to growing nonprofits. Its cash management tools and integrations are robust, but there are limitations as your organization scales or diversifies its funding sources.

Real Nonprofit Needs: Where the Comparison Starts

When you compare Holdings and Relay, the best platform for you comes down to how your nonprofit wants to organize its finances. Consider your team’s realities:

• Do you need to break out funds for programs, grants, events, or campaigns?

• Are volunteer reimbursements eating up your time?

• Does your board require reporting that breaks down every dollar by purpose?

• Are you reliant on QuickBooks, Sage Intacct, or do you need everything tracked in one place?

• How important is avoiding banking fees or minimum balance penalties?

By answering these questions, you can zero in on which solution will truly make your life easier.

Banking, Unlocked: How Holdings Leads for Nonprofits

Holdings recognizes the multitasking magic of nonprofit teams. It’s not just a bank—it’s a smart command center for all your financial operations. Here’s why:

• Zero fees across the board: Avoid the drip-drip of monthly, transaction, and wire fees.

• 2% return on all balances: Every dollar, unrestricted or restricted, earns more for your mission.

• Virtual accounts for real segments: Easily split funds by grant, program, or event.

• Virtual and debit cards: Give controlled access to staff or volunteers, stopping reimbursement cycles in their tracks.

• Expense management that matches your compliance needs: Track, approve, and audit spending without extra spreadsheets.

• Bookkeeping help, too: Overwhelmed or short-staffed? Holdings has you covered.

These features were made with nonprofits at all stages in mind—whether you’re running lean or scaling impact.

Relay Financial: Features for Organized Nonprofits

Relay Financial offers its own suite of tools appealing to growing organizations:

• Multiple checking and savings accounts, up to 20 and 2 respectively

• Free basic banking with no monthly fees and affordable pro features

• Up to 50 team debit cards for managing spending authority

• Direct integrations with popular tools like QuickBooks, Xero, and Gusto

Relay can help segment and empower your team, though its account caps and add-on costs may make scaling up more challenging for nonprofits managing numerous programs or grants.

Key Differentiators: Holdings at a Glance

A closer look at Holdings surfaces several advantages for mission-driven organizations:

• Unlimited virtual accounts, at no extra charge, for total clarity on every grant or project

• Truly all-in-one functionality—banking, expense tracking, compliance, and bookkeeping in a unified dashboard

• No requirement to “upgrade” to access essentials like free wires and ACH transfers

• Flexible integrations: Sync smoothly with QuickBooks, or use built-in features for tracking, reporting, and preparing for audits

• Custom virtual and debit cards, easy to assign to staff or volunteers, each with controlled access for spending by fund or program

Whether you’re hiring your first program manager or have a seasoned CFO, Holdings adapts to the way you work.

A Fee-Free Experience for Lean Teams

Nonprofits thrive when they can dedicate every possible dollar to programs and services. Hidden fees, minimum balances, or wire charges can chip away at those precious funds.

Holdings is built around the concept of fee-free banking—what you see is truly what you get. There are no minimums, no wire or ACH fees, and no recurring charges. Every feature is included for every user.

Relay Financial’s basic tier shares this commitment for core services, though some key features like unlimited free outgoing wires or same-day ACH are locked behind their Pro plan, which adds a monthly charge.

Organizing Grants and Programs with Virtual Accounts

One of the top frustrations we hear from nonprofits is having to manage complex grant requirements—or separate restricted and unrestricted funds—all within a single, traditional checking account.

Holdings’ unlimited virtual accounts offer elegant segmentation. You can create as many as you need, name them for any purpose, and direct donations, grants, or expenses into or out of those sub-accounts. No more worrying about which spreadsheet tracks which grant’s spending.

Relay offers up to 20 checking accounts, enough for some early-stage or small nonprofits, but may create limits for organizations that outgrow that cap.

Team Spending Without Reimbursement Hassles

Nothing derails nonprofit momentum like slow, paperwork-heavy expense reimbursements. Volunteers, interns, or remote staff often pay out of pocket—then wait weeks for approval and checks. It’s draining.

Holdings issues virtual and physical debit cards with controlled spending. Want your afterschool program director to have $300 for supplies each month? Easy. Need volunteers to buy materials for one event, never touching the general fund? No problem.

Staff never need to submit stacks of receipts or wait for payment. You stay in control, and every purchase is automatically tracked by grant, program, or project.

Relay also offers up to 50 debit cards per account with spending controls, making it easier to manage team expenses within their account structure.

Bookkeeping and Compliance, Simplified

Audits and compliance reviews are part of nonprofit life. Allocating every penny to the correct grant or reporting code is non-negotiable. But with limited administrative staff, this often means late nights and confusing spreadsheets.

Holdings incorporates expense management and built-in or integrated bookkeeping tools. You can snap receipts, upload backup, and even tap optional full-service bookkeeping if your team is overwhelmed. Transactions can be automatically categorized by grant, fund, or event.

Relay does not provide bookkeeping services directly, but does sync with accounting platforms like QuickBooks, Xero, and Gusto for organizations with an established back office.

Integration with QuickBooks, Sage Intacct, and More

For many growing nonprofits, switching software isn’t realistic. Holdings is designed to work with your existing “stack”—whether that means Sage Intacct, QuickBooks, or another system. Holdings integrates directly when possible, or offers tailored exports so you can still keep your favorite tools humming.

Relay’s integrations are strong for QuickBooks and Xero, making it easy for those in the Intacct ecosystem to bridge operations, with some limitations for more complex grant management models.

FDIC Insurance: Keeping Your Funds Safe

Nonprofits, as stewards of donor money, put security first. Both Holdings and Relay Financial provide FDIC insurance up to $3 million, meaning your funds are as protected as possible under current US banking regulations.

This ensures that both restricted and unrestricted funds remain secure, no matter your fundraising season’s highs or lows.

Automation for Mission-Driven Workflows

Nonprofits juggle enough already. Automation is the friend you never knew you needed: It reduces manual data entry, limits errors, and saves time for what matters most—your mission.

Holdings brings automated reporting, reconciliation, and expense controls right into your dashboard. Transactions get sorted and flagged in real time, and you never have to manually tag an expense after the fact. This translates to audit-ready books, every month.

Relay offers automation as well, primarily through its integrations with external accounting software, delivering efficiency to teams already using those platforms.

Cash Deposits and Accessibility

Many nonprofits—food pantries, animal shelters, or event-heavy organizations—still handle a portion of their donations or revenue in cash.

Holdings allows for cash deposits at supported locations, with no hidden costs or complicated processes. This feature is crucial for organizations that fundraise in the community or receive cash gifts.

Relay offers deposits via the Allpoint+ ATM network, giving you broad access, though deposit methods may vary based on location.

No Strings Attached: Flexible, Transparent Banking

One of Holdings' core promises is that you are never forced to upgrade plans or chase higher balance thresholds to access the basics. Whether you’re depositing $100 or $100,000, all features remain open to your team, at no added cost.

Relay is transparent in its own way, but some features, such as free outgoing wires and advanced bill pay options, require the move to a paid Pro account. This may not fit the budgeting culture of every nonprofit, particularly those dependent on grant funding with strict cost allocation.

Designed for the Whole Spectrum of Nonprofits

Holdings doesn’t box your organization into a single way of working. If you’re managing everything from your phone, no problem. If you have a multi-user, multi-approval workflow with CFO-level accountability, Holdings flexes to fit.

Grassroots, volunteer-led organizations will appreciate the plug-and-play simplicity, while established teams get the depth and control needed for more complex finance and reporting needs.

Relay serves a significant cross-section of organizations as well, though its business focus sometimes means nonprofits are adjusting their processes to fit the software, instead of the other way around.

Segment Without Spreadsheets

Tired of running a new spreadsheet every time you receive a grant? Holdings puts an end to manual tracking by letting you segment funds, track expenses, and run reports all within the system. Segmentation happens instantly, exportable to your board or any auditor at the push of a button.

Relay’s approach will cover segmentation needs for many small organizations, but for those with double-digit or evolving fund structures, the cap on accounts may be an issue down the line.

Empower Your Team, Securely

Nonprofit teams wear many hats, and that often means empowering volunteers or junior staff to make purchases.

Holdings makes it simple to distribute virtual or physical debit cards. You control permissions, limits, and tracking parameters—so you can trust your team while protecting your funds.

Relay enables robust card issuing as well, making it straightforward to delegate authority without sacrificing oversight.

Reduce Manual Work, Increase Control

Every manual reporting task—every spreadsheet, receipt, or late reimbursement—costs your mission valuable time.

Holdings was built to take that manual labor off your plate. By automating expense tracking and integrating with bookkeeping systems, it delivers accurate, up-to-date financials with less effort.

Relay reduces manual work too, especially for teams already leveraging external accounting platforms, but may require more workarounds for nonprofit-specific reporting.

When to Consider Relay Financial

Relay Financial may be a fit for nonprofits who:

• Need up to 20 checking and 2 savings accounts for segmenting funds

• Value direct sync with QuickBooks, Xero, or Gusto

• Plan to issue multiple debit cards for staff or volunteers

• Want basic, no-fee banking with the option to upgrade to advanced features

Growing organizations with a traditional business model or limited number of programming streams may find Relay’s structure fits their needs.

Who Benefits Most from Holdings?

Holdings is best for:

• Nonprofits with complex grant tracking or multiple programs requiring more than 20 segmented accounts

• Lean teams eager to automate compliance and expense management

• Organizations that want truly fee-free, high-yield banking with a 2% return on all balances

• Those needing both standalone and bookkeeping-integrated financial management

• Anyone who wants fewer tools, fewer spreadsheets, and more mission focus

Holdings doesn’t require you to give up your current accounting system—instead, it enhances it and fills the expense tracking and segmentation gaps traditional tools can’t touch.

How To Get Started with Holdings (Sample Instructions)

Ready to try Holdings? Here’s how to get your nonprofit started:

1. Sign up for an account on the Holdings website.

2. Complete the organization verification process (you’ll need standard IRS documentation and signatory info).

3. Set up your main programs or grant funds as virtual accounts.

4. Invite team members and assign virtual or physical debit cards.

5. Sync Holdings with your accounting software, or use built-in bookkeeping tools to manage expenses and reporting.

6. Deposit funds, receive donations, and start tracking—all in one place.

7. Run reports, prepare for board meetings, and manage audits with just a few clicks.

The Bigger Picture: Holdings and Mission Impact

Every nonprofit wants to spend more time on mission, less on money confusion. By putting your banking, expense management, and segmentation in one, easy-to-use platform, Holdings frees you for the work that matters most.

Whether catching up on compliance or planning your next big campaign, you can be sure every dollar is accounted for, every grant is protected, and your books are always audit-ready.

Comparing Holdings With Other Major Solutions

Wondering how Holdings stacks up to other popular nonprofit and business banking options? Holdings consistently delivers:

• Unlimited, fee-free virtual accounts to match even the most complex grant or program structure

• Built-in expense and compliance tools to streamline audits and annual reporting

• Optional full-service bookkeeping for short-staffed financial teams

• Seamless integrations and data exports to keep your legacy systems in play

Other banks, from big names to fintech upstarts, may offer a slice of these features, but very few bring them all under one roof without fees or limits that hold you back from growing your impact.

Final Thoughts: Simple, Secure, and Built for Nonprofits

Holdings redefines what a nonprofit financial platform can be. No more bending your operations to fit the bank’s limitations. No more clunky workarounds or high costs. You get modern tools for segmentation, spending control, bookkeeping, and compliance—while keeping total control over your finances.

Relay Financial is a strong contender for traditional business banking needs, and brings useful features for smaller, straightforward nonprofits. But if your organization is growing, managing a diversity of grants, or wants the utmost in flexibility and automation, Holdings is designed for you.

Frequently Asked Questions

Can Holdings replace my accounting software?
Holdings can be used alone or enhance your existing system. Whether you use QuickBooks, Sage Intacct, or handle bookkeeping in-house, Holdings makes tracking and audit prep easier.

Does Holdings work for small, grassroots nonprofits?
Absolutely! Holdings is designed for every size of organization, from one-program grassroots teams to seasoned nonprofits managing dozens of funding streams.

Is there a learning curve?
Holdings was built for simplicity. Most organizations get up and running in under an hour. And support is always just a chat, email or call away.

Your Next Steps

Ready to experience stress-free nonprofit banking? Join the growing community of organizations who entrust Holdings with every grant, every program, and every team member. Explore Holdings today and discover how much easier modern nonprofit finance can be.