Anyone using online banks for rental property business account?

[Alexi Schreier]

Hey all,

I'm in the process of buying a home in a different state from where I live and would like to keep my personal funds separate from my rental funds. I'm looking at different options for opening a business checking account for this purpose.

Are there any obvious downsides I may be missing in going with an online-only bank like BlueVine? I like them because they have no fees and I don't need to walk into a branch in person to open the account (since they don't have brick+mortar branches). You still get all the regular things that come with a checking account: debit card, checkbook, ATM withdrawals, etc.

I figured it would be a quick and easy way to set up a business account and avoid fees but I just want to get some feedback in case I'm missing something.

Are there any advantages in going with big-name banks (most of which do charge fees) that I would miss out on if I were to go with an online-only bank?

[Abhishek Pareek]

I always use Ally Bank Accounts for my rentals. Their interest rate is declining but its still .50% much better than nothing.