Bank Account Recommendations for Cash Flow?

6 Replies

Good afternoon friends, 

I've been combing through the forums looking for recommendations on the best/most recommended bank accounts to use for rental income but have not had any luck. So I figured I'd post this and see if I get lucky!

I've been using BoA for 10+ years for literally everything (checking, savings and investments through BoA/Merrill) but I feel like I should open up another account elsewhere for the cash flow I'll be receiving from a property I recently purchased. If anyone has any recommendations for regional banks in Chicago or even national banks that have been easy to use, I'd really appreciate it!

Cheers! 

@Adrian Dodds if this is residential rentals (under 5 units) then I would just open up a separate free checking account. I personally use a credit union, but you could start establishing a relationship if you are wanting to get into commercial 5 + deals. If you are staying residential it honestly doesn't matter. I do the separate checking account mostly just so that I can keep expenses separate for easier auditing at tax time. 

@Adrian Dodds - I agree with some of the other above and just keep it simple.  Open up a separate business bank account at BoA to keep your business and personal separate.  

Down the road, I also agree with finding some local banks or credit unions.  They will be able to provide the best financing, but first, you have to build a track record before they start giving their money away.  If you find someone who has good experience that can help too.

Let me know how I can help!