Bank Account for Rental Money

[Joseph Crunkilton]

All, 

I am looking at closing on my first rental property in the middle of next week. I am finishing up insurance and looking to open a specific checking account for the property. I was planning on just using my normal bank (Chase) since they handle my other funds. 

Do you recommend this or would you use a smaller bank? I'm curious if there's any benefits to the latter. I am planning on getting into some flips and multifamily in the future. Not sure if there's rewards or potential benefits to using a smaller bank. 

Thanks for the help everyone 

[Joe Splitrock]

@Joseph Crunkilton opening a checking and savings with a smaller bank is a way to help build a relationship towards lending. I would call around to a few smaller banks, introduce yourself. Explain you are new investor looking to open business accounts and would like a line of credit in the near future. See what everyone says and has to offer. Small bankers are looking to build relationships with businesses, so my guess is someone will stand out.