Opening Separate Bank/Credit Card Accounts in LLC

[John O'Brien]

I'm looking to set up a separate bank account for my first rental and was wondering if anyone had best practices to share? The property will be in an LLC. Ideally, I would love to set up an ally-type-account to hold the reserves because of the savings interest rate they offer (though it has decreased lately) and then find a credit card with no annual fee and decent cash back (there will be a big rehab on this one). However, I expect to repeat this process many times over the next few years and am worried that multiple different accounts for every property will end up creating a much more complex web than simply opening a bank account at Bank of America or Chase each time and using one of their popular credit cards. While I might lose a little, is the simpler approach the smarter one in this instance? I don't want to be penny-wise pound-foolish.