Having the right bank for your real estate investing business is important. You want to be sure your bank has the features and benefits you need, all without going overboard on fees.
And in this day and age, integration partnerships are important, too.
If you’re investing in real estate via a crowdfunding site for real estate, you’re largely hands-off when it comes to managing your portfolio.
However, if you’re an investor who prefers to own your investment properties, the following banks should allow you to simplify your business and maximize your profits.
| Best For | Learn More | |
|---|---|---|
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Real estate investors who prefer full-service, online-only banking | Learn More |
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Landlords who want an all-in-one experience | Learn More |
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Small businesses with steady growth | Learn More |
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Landlords who prefer a full-service banking experience | Learn More |
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Real estate investors operating as solopreneurs | Learn More |
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Business owners with check deposits under $50k per month | Learn More |
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Real estate investors seeking expansive integration options | Learn More |
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Real estate investors looking for a one-stop real estate management shop | Learn More |
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Real estate investors seeking quick access to lending options | Learn More |
Axos Small Business Banking
Best for: Real estate investors who prefer full-service, online-only banking
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Unlimited domestic reimbursements
No minimums to open or maintain Offers merchant services and payroll services Unlimited domestic ATM reimbursements Unlimited free transactions No physical branch locations Cash deposits must be made at a Greendot location
Axos is a digital bank that launched in 2000 as Bank of Internet USA. The online-only bank is FDIC-insured and offers checking accounts, savings accounts, CDs, and money market accounts for small businesses.
Other options include merchant services for collecting payments, payroll services, treasury management, and SBA loans.
Perfect for landlords and real estate investors, Axos offers small balance commercial real estate loans, which are used for muti-family properties, investor-owned 2-4 unit properties, student housing, mobile home parks, and more.
Since your Axos account is online, depositing cash into it can be a bit of a pain. You’ll need to visit a Greendot location. There are almost 100,000 locations, and Greendot can be found in retailers such as Walgreens, CVS, and Walmart. For non-cash deposits, you can make deposits to your Axos business account by mobile deposit, mailing a check, or bank or wire transfer. There are no fees for incoming domestic wires.
You’ll get unlimited ATM fee reimbursement with Axos Bank, and the daily ATM limits are $1,010 for cash withdrawals and $5,000 for POS purchases.
You will get checks and a debit card when you open your Axos Business bank account.
Learn more by checking out our full Axos Bank review.
Baselane
Best for: Landlords who want an all-in-one experience
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Free at in-network (Allpoint) ATMs
All-in-one management of your real estate business No account fees, ATM fees, or rent collection fees High-yield interest earned on account funds Extensive partner services Automated bookkeeping and accounting No separate savings accounts Tenants are charged 2.99% to pay rent
Monthly fee: $0
Baselane is a fintech company that was founded specifically to serve landlords and real estate investors. Its banking services are provided through Thread Bank, member FDIC.
Baselane has created a unique fintech that allows you to collect rent, manage your rental income and expenses, and even get a loan for your business if necessary.
You can also invite your tenants to pay rent via Baselane. You won’t be charged fees if you collect rent via Baselane. However, your tenants will pay a fee, currently 2.99%.
In addition, you can receive rent to go into your Baselane account or an outside bank account of your choice.
Bonus: When you use your Baselane debit card for purchases, you’ll earn unlimited 1% cash back. Higher cash back rates are occasionally offered on things like home improvement expenditures.
Baselane integrations include PayPal, Quickbooks, Venmo, Cash App, Airbnb, and more.
Bluevine
Best for: Small businesses with steady growth
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Free at in-network (Allpoint) ATMs
High-yield interest paid on account balances Subaccounts for payroll, taxes, and more Automated accounting and Quickbooks integration Up to $3 million in FDIC insurance Xero, Expensify, and Wave integrations for payment receiving No savings account available Fees charged for cash deposits
Monthly fee: $0
Bluevine is a fintech company that launched in 2013 for the specific purpose of making banking easier for small businesses.
The company offers an attractive $3 million in FDIC insurance per client through Coastal Community Bank, member FDIC.
Some of the features Bluevine offers include free ACH and incoming wire transfers, bill pay and automated accounting, and integrations with popular payment apps such as Wave and Xero.
You can also get approved for higher mobile check deposit limits and apply for the Bluevine Business Mastercard as well.
Bluevine is a good banking option to choose if you have plans to keep expanding your real estate investment business. It’s good for both sole proprietors and larger real estate investment businesses.
Learn more by checking out our full Bluevine review.
Chase Business Complete Checking
Best for: Landlords who prefer a full-service banking experience
Min. opening deposit: $0 | Transactions: Unlimited debit card or Chase ATM transactions, 20 free paper/teller transactions per month | ATMs: Free in-network
Accept card payments with no monthly fees (processing fees apply) Fee-free cash deposits (monthly limits apply) High-yield savings and CD accounts available 24-hour grace period for overdrafts, no fees for overdrafts under $50 Limited free paper/teller transactions Monthly fee applies unless criteria to waive is met
Monthly fee: $15, waivable with $2,000 minimum balance or other met criteria
Welcome bonus: Up to $300
Chase Business Complete Banking may be a great option if you like the idea of working with a large bank. Chase offers brick-and-mortar banking locations — nearly 5,000 worldwide.
The Chase Business Complete checking account offers a wide range of benefits for landlords and real estate investors, including Chase QuickAccept for rent payments.
With QuickAccept you can accept card payments for rent and other reasons. Additional tools help you manage payroll, wire transfers, and cash flow. Upgrade to one of two other business checking accounts as your business grows.
Learn more by checking out our full Chase Business Complete Banking review.
Found
Best for: Real estate investors operating as solopreneurs
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Accepted, fees may apply
Instant transfers to outside accounts Zero required monthly fees Unlimited free invoicing No overdraft fees Separate Pockets for taxes and more No check-writing capabilities Monthly fee applies for additional features
Monthly fee: $0
Found is a fintech banking company designed to help business owners manage all of their business finances in one place.
The business banking app includes features such as unlimited invoicing, auto-categorization of expenses, and integrations with Venmo and PayPal.
You can use Found’s Pockets feature to save for taxes and other custom categories to help better manage business funds. For example, you could designate a rental repair pocket or a savings pocket.
Upgrade to Found Plus for $19.99/mo. (or $149.99/yr.) and get custom bookkeeping categories, in-app quarterly tax payments, earned interest of 1.5%, and more.
Read our full Found Business Banking review to learn more.
Lili
Best for: Business owners with check deposits under $50k per month
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Free in-network
Online business learning center Variety of plans with something for everyoneGenerous referral program Joint accounts allowed Attractive interest rate paid on savings Paid plan required to access most features No check-writing privileges
Monthly fee: $0
Lili is another financial technology company offering free basic banking for small business owners.
Lili has four plans to choose from ranging in cost from $0 per month up to $55 per month. Lili’s Basic account offers the features listed above and includes real-time notifications and the ability to receive incoming wire transfers and early direct deposits.
If you upgrade to Lili Pro, Lili Smart, or Lili Premium, you’ll be privy to added features including a cash back debit card, earned interest on savings balances, and fee-free overdrafts up to $200.
Upgraded accounts also include expense management tools, accounting software, and tax preparation software. Check out Lili’s referral program if you’re interested in earning some extra cash.
Read our full Lili Business Banking review to learn more.
Novo
Best for: Real estate investors seeking expansive integration options
Min. opening deposit: $0 | Transactions: Unlimited | ATMs: Up to $7 in ATM fees reimbursed per month
Online resource center Abundant integrations Up to 20 subaccounts or “Reserves” Unlimited free invoicing Limited ATM fee reimbursements No cash deposits
Monthly fee: $0
Novo is a fintech company that was founded with the goal of giving small business owners the most compelling banking experience possible. Your Novo funds are FDIC-insured through Middlesex Federal Savings.
One popular feature that Novo offers is unlimited, customized invoices. They also offer a long list of integrations, including:
- Amazon
- Gusto
- Paypal
- Shopify
- Slack
- Square
- Stripe
- Wise
- Xero
- Zapier
If you need to send a check, Novo will send a check to any domestic location on your behalf. Incoming wire transfers are free with Novo, although you may get charged by the sender’s bank.
Novo also provides Reserve accounts in order to help you better manage your business funds. Reserve accounts are subaccounts within your Novo account that you can use to designate funds for taxes, payroll, and more.
Check out our full review of Novo.
Stessa
Best For: Real estate investors looking for a one-stop real estate management shop
Min. opening deposit: $0 | Transactions: Free, with varied limits | ATMs: No fees from Stessa, ATM owner fees may apply
High-yield interest paid on account balances User-friendly app to manage many aspects of REI Unlimited accounts — open one for each property if you’d like Online rent collection Paid plan required to access many features No cash transactions
Monthly fee: $0 to $28
Stessa is unique in that it is a fintech company created especially for real estate investors and landlords. Launched in 2016 and acquired by Roofstock in 2021, Stessa offers powerful tools for individual real estate investors.
Stessa funds are FDIC-insured by Thread Bank, member FDIC. While not a property management platform, Stessa helps you with tasks such as:
- Managing your rental property funds
- Tenant screening
- Single-entry bookkeeping
- Financial reports
You can also use Stessa to have tenants e-sign their leases and other documents. Stessa has a free plan and two paid plans to choose from. If you’re looking to simplify management of your rental properties and make accounting and tax time easier, you might like Stessa.
U.S. Bank Business Checking
Best for: Real estate investors seeking quick access to lending options
Min. opening deposit: $100 | Transactions: 125 free transactions per statement cycle, $0.50 each after that | ATMs: No fees at U.S.-Bank owned ATMs
Expansive business management services User-friendly app No fee for overdrafts under $50 Over 3,000 branch locations and 4,700 ATMs Limited free transactions Limited cash transactions
U.S. Bank’s Silver Business Checking account is one of three checking accounts U.S. Bank offers for small business customers.
Because U.S. Bank is the country’s fifth largest bank, it has the advantage of offering landlords and real estate investors a host of additional features such as merchant services, payment processing, and business lending services.
For example, U.S. Bank offers a wide array of lending options for business owners including commercial real estate loans.
You can also apply for a business credit card with U.S. Bank. And the U.S. Bank app allows you to get customized notifications, lock/unlock your debit card, and more.
Check out the current promotions for U.S. Bank.
How to Choose the Best Bank for Landlords and Real Estate Investors
When deciding which bank account is best for you as a real estate investor or landlord, there are a few factors to consider.
First and foremost, you’ll want to decide if an online bank will serve you or if you would prefer to bank in person.
You’ll also want to consider your needs in a bank. Perhaps a basic checking and savings account will do, but you may also need payroll services and payment processing. If so, consider using a bank that can add those when the time comes.
Also, as a real estate investor, you may need loan services and mortgages. If you want to keep all your banking in one place then take that into consideration as well.
You’ll also want to consider any minimum balance requirements or monthly maintenance fees. Some banks have cash or deposit limitations, so consider not only the deposits you make now, but also as your business grows.
Read more: Best Banks for Small Businesses
Why Do I Need a Business Bank Account?
When you run your real estate business as a sole proprietor, it’s easy to think you may not need a business bank account.
However, business bank accounts are a valuable addition to your business for a few reasons.
Streamline Your Business Finances
Business ownership is a far simpler endeavor when you don’t have to spend time separating your business financial transactions from your personal transactions.
Having separate accounts will help ensure your personal financial situation doesn’t affect your business financial situation, and vice versa.
At-a-Glance Business Assessment
When you keep business income and expenses separate from personal income and expenses, you’ll have a better idea of how your business is doing.
You’ll know exactly how much money you’ve taken in for the year, and exactly what your annual expenses are.
Having a clear handle on these numbers can help you to better manage your business and, subsequently, make better business decisions.
Make Tax Time A Breeze
Having a separate business bank account for your real estate or landlord transactions helps you to keep cleaner records and make tax time easier.
Because the funds in your business account aren’t commingled with your personal monies, it will be easy to file your schedule C or other tax forms at tax time, and easier to prove which income and expense line items truly belong to your business.
Final Thoughts
The best banks for landlords and real estate investors offer low fees, manageable minimums, and additional services such as payment processing, app integrations, and lending services.
Choosing the right bank can give your real estate business an extra leg up on the competition.
The post 9 Best Banks for Landlords and Real Estate Investors appeared first on Best Wallet Hacks.
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