Banking Logistics for a Newbie?

[Alex Ritter]

Morning All - 

This is actually my first discussion post, but I'm assuming this goes out to everyone. Which is actually a fairly terrifying as my grammar never rose to the standards of my English teaching mom, but anyway. Quick question as I get ready to close on my first deal in the coming month.

Outside of a national chain checking account, most of my banking is done with a local credit union. Although I appreciate consolidation, I'm a stickler for keeping my personal accounts and my (future) real estate accounts separate. At what point do you open up housing specific accounts and where do you look to do this? Curious to hear what other new investors have done as they get their cash ready to take the plunge or what some more experienced folks would suggest looking back. 

Does starting a high-yield savings account for the cash I have for my current downpayment and future cash flow/reserves make sense? Should I just open a separate account with my local credit union for convenience (though rates keep dropping)? Or is there another vehicle that I'm not thinking off. 

Appreciate any and all insight. Excited to learn and get more active on here. 

best 

AR