What bank account should I use for my rental property?

[Alec Jacobs]

I'm looking to fill my unit of mine with a tenant and I was wondering what sort of bank account I should use?

I'm assuming that a business account would work but I'm sure there is some nuance and tips that I don't know about.

Any insight is greatly appreciated, thank you!!

[Jake Baker]

@Alec Jacobs

I often recommend Relay to my clients. It’s designed for small businesses and landlords, allowing you to create multiple accounts for rent deposits, maintenance, and taxes. Plus, it integrates seamlessly with accounting tools like QuickBooks, making bookkeeping much more straightforward.

Whichever account you choose, look for one with no monthly fees, online banking, and features like automatic bill pay. These small conveniences can save you time and money in the long run.

For rent collection, you can try Rent.app, which is easy for tenants to use and keeps everything streamlined. Alternatively, if you’re using QuickBooks Online with a plan that includes the "Payments" feature, you can collect rent directly through QuickBooks while staying on top of your bookkeeping