Business banking for rental properties?

[Ryan K.]

I have 3 rental units, owned and financed under my own name. It's definitely a small business; I am the only employee and sometimes my wife. I feel like it will make it easier to track revenue and expenses if I separate it from my personal accounts.

1. I would like a checking account for regular debits/credits and a savings account, to hold security deposits.
2. 3 units have monthly revenue (and security deposit amount) of $5500, for an idea of account minimums.
3. I would like the greatest interest-bearing accounts, no monthly/annual fees.
4. Credit/debit card and remote check deposit. Physical locations is a low priority.

Does anyone have a banking recommendation?

Anyone ever use First Internet Bank?

[David M.]

@Ryan K.

Sounds like any bank would do. You could probably just open another personal account. Might help your min bank balance requirements since all your personal accounts would be linked. I know the major banks have a “premier” type service level where the sum of all your accounts count.

Most banks should have simple business accounts that allow for no fees if balance around $500. online payments should be unlimited. Zelle works great for receiving rents since it’s built into the banking system and free for both sides.

I wouldn’t choose the credit card on the bank. Well, I don’t. I prefer one reward system so I max my personal and business credits cards there, but bank at another for convenience, sort of (my accounts are already there..). Would I prefer my banking and credit cards in same place, sure. But is a even a minor deal, no...

Every bank should be doing mobile check deposits ow with Covid-19. Interest rates are pitiful so any luck you make will be neglible, personally.

While I haven’t used a local or smaller bank in a while, the major banks have had better websites and customer service hours...

I guess most of my point is your are looking at the wrong criteria.

Good luck, and I hope my two cents help.