Best Business Bank Account for REI

[Josh Calcanis]

Morning BP,

After 3 years of investing and 6 doors, I'm going to start treating my REI as more of a business. This includes doing a much better job at book keeping. I thought I was doing a good job until I went to my CPA last year and he absolutely ripped me apart in terms of keeping organized.

With that said, I have an LLC that I have not placed any properties in yet (would need to Quit Claim or push through a Land Trust into the LLC) and would like to start separating my REI cash flow, expenses, etc from my personal checking. In your experience, which banks have been the most small business friendly *business* accounts? I.E. lower running checking limit, no limit on transactions, etc.

I'd prefer to go with one of the larger banks (ease of use and accessibility), but if you've got a great local bank, for reference I'm in Orlando, FL.

[Logan Allec]

@Josh Calcanis, if you're OK with strictly online banking, check out Capital One Spark Business.  They have no monthly transaction limits, monthly fees, or minimum balances.

Also, I believe that Chase is having a $300 promotion right now on small business accounts, but of course they have monthly requirements to avoid the monthly maintenance fee.

Of course, "best" is subjective and depends on what you're looking for in a bank.

Whatever you do, just make sure you run all your business expenses through your business bank / credit card accounts and stick with it.