Where to Bank?

[Carl Rowles]

I'm *almost* under contract for my first rental!  

Hubs' and my finances are through Ally Bank. Love it being online and our savings acct rate is 4.2%.  I've read that I should open a business savings and checking at a local institution - particularly for the security deposits.  

Is it terrible to just open another savings account in our Ally Portfolio explicitly for rental income and leave the security deposit at a local institution? I have a hard time giving up that interest rate on rental income that would be hours, but I see the validity of having a local institution.