Dedicated REI bank account

[Josh Wallin]

Can anyone offer advice on how/where to set up a dedicated REI bank account(s)? Should I ask about high yield savings accounts or just keep all REI cash flow in a separate checking account? Does each property need its own account? Are banks better than credit unions? We have 2 properties and have been using our personal account at the credit union that holds one of our mortgages to handle all transactions for REI and personal. Needless to say this isn't ideal. Any advice the BP community can offer would be greatly appreciated! Thanks!

[Chris Davidson]

@Josh Wallin I would get separate accounts for REI and investment. If you plan on getting more properties it will make it easier to not comingle funds. If you are only looking at keeping those two and not running it like a business then it doesn't matter.

I don't believe in separate accounts for each property, however some folks swear by it. Keep Security deposits separate and have an operating account. 

As for banks or credit unions it really depends on the actual bank and credit union. Having relationships with the managers at the branch is more important than the sign out front.