As a landlord, finding the right bank account is essential for efficiently managing your rental property business. In this post, we'll explore the best bank accounts for landlords and discuss their key features, pricing, pros and cons, and overall thoughts.
Whether you have one rental property or hundreds, manage properties for someone else, or just want to segment your personal and business expenses, these bank accounts can help you save time and money as a landlord or property manager.
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Our top picks include banks that cater specifically to landlords and those offering competitive interest rates, low fees, excellent customer service, and, most importantly, specific features that help you with your day-to-day work.
Regardless of whether you prefer an online-only banking experience or the convenience of physical branch access, you'll find the perfect fit among these top contenders.
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What are the best bank accounts for landlords?
1. Baselane
Best Overall Choice
Baselane offers a bank account specifically designed for landlords, with various features to help you manage your finances effectively.
Features
- 4.0% interest rate
- $300 bonus
- No fees or minimums
- Dedicated landlord support
- Mobile app for easy management
Monthly Fees
- 100% free with no hidden fees
Overall thoughts: Baselane is an excellent choice for landlords looking for a high-interest rate, generous bonus, and dedicated support.
2. Chase Business Bank
Best For Physical Branch Locations
Chase business bank is a popular option for landlords due to its convenient access to payment processing and easy physical branch access.
Features
- Payment processing solutions
- Easy physical branch access
- Mobile app for on-the-go management
- No monthly fees with qualifying activities
- Wide range of business tools
Monthly Fees
- $0/mo with qualifying activities
Overall thoughts: Chase Business Bank is a great option for landlords seeking convenient payment processing and easy access to physical branches.
3. Capital One
Best For Customer Service
Capital One stands out for its low fees, high-interest rates, and excellent customer service, making it a top choice for landlords.
Features
- Low fees
- High-interest rates
- Excellent customer service
- Mobile app for easy account management
- Wide ATM network
Monthly Fees
- 360 checking account – $0/mo
- Business Basic Checking – $0/mo with qualifying activities ($2,000 minimum balance)
- Business Unlimited Checking – $0/mo with qualifying activities ($25,000 minimum balance)
Overall thoughts: Capital One is an excellent option for landlords looking for low fees, high-interest rates, and strong customer support.
4. Bluevine
Best Online-Only Business Bank Account
Bluevine offers an online-only business banking solution with high-interest rates and no monthly fees, making it ideal for landlords who prefer digital banking.
Features
- High-interest rates
- No monthly fees
- 24/7 online access
- Mobile app for easy account management
- Dedicated business support
Monthly Fees
- $0/mo
Overall thoughts: Bluevine is a fantastic choice for landlords seeking an online-only business banking solution with high-interest rates and no monthly fees.
5. CIT Bank
Best For Earning Interest
CIT Bank provides a seamless online-only banking experience with a high-interest APY, making it an excellent choice for landlords who prioritize digital banking.
Features
- High-interest APY
- No monthly maintenance fees
- Mobile app for easy account management
- Wide ATM network
- 24/7 customer support
Monthly Fees
- $0/mo
Overall thoughts: CIT Bank is a great option for landlords looking for an online-only banking experience with high-interest APY and a user-friendly platform.
Bottom Line
In the dynamic world of rental property management, finding the right bank account is the key to unlocking your financial potential. With options ranging from tailor-made accounts for landlords to online-only banking solutions with high-interest rates, there's a bank out there for your specific needs.
If you're looking for a bank account for landlords, choose from the list below:
- Baselane: Best overall bank for landlords
- CIT Bank: Best for earning interest
- Chase: Best for physical locations
FAQ
What should I look for in a bank account for my rental property business?
When searching for the ideal bank account for your rental property business, consider competitive interest rates, low or no fees, accessibility through online and mobile banking, excellent customer service, and additional features like payment processing or tailored financial products for landlords, like automatic rent collection.
Are there bank accounts specifically designed for landlords?
Yes, some banks offer bank accounts tailored to the needs of landlords, providing features such as high-interest rates, rental income management tools, and dedicated landlord support.
Should I choose a separate bank account for my rental property business?
Yes, having a separate bank account for your rental property business is generally recommended to simplify accounting, track expenses, and maintain a clear separation between personal and business finances.
Can I use an online-only bank for my rental property business?
Absolutely! Online-only banks can offer competitive interest rates, low fees, and 24/7 access to your accounts, making them a convenient and cost-effective choice for managing your rental property finances. However, a bank with physical locations may be a better option if you rely on cash for your business.
How important is customer service when choosing a bank account for my rental property business?
Customer service is essential when choosing a bank account for your rental property business, as responsive and knowledgeable support can make a significant difference in resolving issues and answering questions related to your financial management.
