Bank Accounts for New Investors

[Vanessa Ivonne Hernandez]

Hi BP Team,

I'm in the process of closing on my first rental and I have questions about setting up bank accounts. 

I understand we shouldn't co-mingle personal funds so a separate checking account (operating costs) and savings account (security deposit) is needed. I don't have an LLC, or other business entity as this is my first property, so I'm curious - is a "business" checking/savings account required or will a standard checking/savings account suffice? Also, does anyone have experience working with credit unions? If so, are there any benefits for real estate investors.

I'm looking forward to hearing from y'all, wish me luck!