Business Bank Accounts

[Matthew Beninate]

Any recommendations for business checking accounts for long term buy and hold LLC?

[Kerry Noble Jr]

in the midwest.....I like huntington

[Bradley Buxton]

@Matthew Beninate

Chase has worked well for holding money and they are nationwide so it's easy to access and too big to fail when your accounts go over 250k.  Local banks are better for loans.  Shop around and find something that works for you. I've had bad experiences with US Bank and would avoid them.

[Anthony Wolverton]

I like Relay Bank. It's online only though. I've only been using them for a few months, but I like the model.

[Seo Hui Han]

You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them.

[Sarita Scherpereel]

Quote from @Seo Hui Han:

You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them.

 I agree local banks and credit unions will be better if you're planning on growing your portfolio. 

[Brian G.]

@Matthew Beninate Relay Financial is who I use. It’s online only but purpose built for business owners and they have automation for those applying the Profit First cash management system. Definitely worth checking out.

[Matthew Beninate]

Quote from @Sarita Scherpereel:

Quote from @Seo Hui Han:

You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them.

 I agree local banks and credit unions will be better if you're planning on growing your portfolio. 

Would this still be recommended if I planned on investing in different markets?

[Stuart Udis]

Banks, particularly smaller banks who provide real estate loans are increasingly focused on their borrowers maintaining depository relationships. These are also the banks that are more commonly relationship lenders and will allow your originations to out pace your balance sheet if you are consistently able to execute on the projects they fund for you. For this reason, I would take inventory of the local banks within your target markets that offer financing options that best serve your real estate needs (again, usually the smaller local banks), and build depository relationships with them. Even if their online banking and technology is not as strong, the ability to take advantage of their ancillary banking services, most notably their real estate lending far outweighs any minor inconveniences. 

[Sarita Scherpereel]

Quote from @Matthew Beninate:

Quote from @Sarita Scherpereel:

Quote from @Seo Hui Han:

You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them.

 I agree local banks and credit unions will be better if you're planning on growing your portfolio. 

Would this still be recommended if I planned on investing in different markets?

 Local banks. Even if you start to invest out of the area you live in. 

[Melanie Lovejoy]

I use Baselane for all of my rental property banking!

A few reasons I choose to bank with them:
-Very easy to set up business bank accounts under my LLCs

-Option to create virtual accounts under each LLC. I use this feature for separate accounts for each property that is under the same LLC.

-Cash Back on debit card payments (THIS IS THE BEST)

-Higher APY than is typical on checking accounts 

[Jamie Banks]

I use a banking software called Baselane for my rental portfolio. There's options for checking and savings accounts as well as virtual accounts for each property

[Jillyan MacMorris]

I use Baselane, personally. It's a platform for a few different things! You can collect rent, do your banking (unlimited virtual accounts), and do your accounting. It fills out your Schedule E to send off to your CPA every year! Pretty open and closed. My CPA loves it.

[Aaron Zimmerman]

You’ll want to get loans from local banks and credit unions but you may run into issues with more limited features. That said, I prefer Chase since they have all the functionality you’d need.