Is Wise or Reliance Bank better for your small business?
Below we look at both Wise and Reliance Bank reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
Wise vs Reliance Bank Trustpilot Reviews
| Wise | Reliance Bank | |
| Trustpilot Review Score (out of 5) | 4.2 | 3.4 |
| Percent 5-Star Reviews | 83% | 25% |
| Percent 1- Star Reviews | 7% | 25% |
| Total Number of Reviews | 207,506 | 4 |
https://www.trustpilot.com/review/wise.com
https://www.trustpilot.com/review/www.reliancebankltd.com
Wise vs Reliance Bank App Reviews
| Wise | Reliance Bank | |
| iPhone Review Score (out of 5) | 4.8 | 4.7 |
| Number of iPhone Reviews | 85,400 | 451 |
| Android Review Score (out of 5) | 4.8 | 4 |
| Number of Android Reviews | 762,000 | 144 |
https://apps.apple.com/gb/app/wise/id612261027
https://apps.apple.com/us/app/reliance-bank-mobile-banking/id1050676219
Wise vs Reliance Bank Account Fees & Charges
| Wise | Reliance Bank | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | Free | £7.50 |
| Most Expensive Monthly Account Fee | Free | £7.50 |
| Electronic Payment Cost (in/out) | 0.42% | 25p |
| Cash Payments Cost (in/out) | 2% / 1.75% | 30p / 25p per £100 |
| Cheques (in/out) | Unknown | 30p / 25p |
| CHAPS Payments Cost | £25 | £15 |
| SEPA Payments Cost | No | 25p |
Wise vs Reliance Bank Business Savings Rates
| Wise | Reliance Bank | |
| Types of Business Savings Accounts | BlackRock ICS Sterling Government Liquidity Fund | Instant Access, Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 4.67% | 2.15% |
| Maximum Savings Rate (AER) | 4.67% | 4.40% |
| Minimum Savings Amount | £1 | £1,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Wise vs Reliance Bank Account Opening Times
| Wise | Reliance Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 2 Working days | 7 Working days |
| Do They Check Your Credit? | No | Yes |
| Current Account Switch Service | No | Yes |
Wise vs Reliance Bank Features & Account Types
| Wise | Reliance Bank | |
| Business Current Account | Yes | Yes |
| Business Savings Account | No | Yes |
| Business Credit Card | No | No |
| Business Overdraft | No | Yes |
| Accounts For Startups | Yes | No |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | No | Yes |
| Card Type | Visa/Mastercard | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | Yes |
| Branch Locations | None, online only | London |
Wise vs Reliance Bank Customer Support Options
| Wise | Reliance Bank | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | Yes |
Wise vs Reliance Bank Foreign Currency Accounts
| Wise | Reliance Bank | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
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Other Business Services From Wise and Reliance Bank
| Wise | Reliance Bank | |
| Business Loans | No | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | No | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | Yes | No |
Wise vs Reliance Bank Banking Basics
| Wise | Reliance Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | No, unless money is held in assets | Yes, up to £85,000 |
| FCA Number | 900507 | 204537 |
| Website | Wise Website | Reliance Bank Website |
Common Comparison Questions
Does Wise or Reliance Bank have better customer reviews?
Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of these reviews 83% are 5-star and 7% are 1-star.
Whereas, Reliance Bank scores 3.4 out of 5 based 4 Trustpilot reviews. Of which 25% are 5-star and 25% are 1-star.
Does Wise or Reliance Bank have a better App?
Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 reviews.
In comparison, Reliance Bank’s iPhone App is rated 4.7 out of 5 based on 451 reviews. And it’s Android App is rated 4 out of 5 based on 144 reviews.
Does Wise or Reliance Bank have better business savings rates?
Wise offers the following types of business savings accounts: BlackRock ICS Sterling Government Liquidity Fund with interest rates ranging from 4.67% to 4.67%. (AER)
In contrast, Reliance Bank offers Instant Access, Fixed Term, Notice Savings accounts with interest rates ranging from 2.15% to 4.40% (AER).
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For other business bank accounts see our guide here.