LLC/Business Bank Accounts

6 Replies

Hi Team,

Any advice on the best types of bank accounts for a Real Estate Business? I assume it is just creating a business bank account, but does anyone have any recommendations or insight into other attributes that may be important or banks that provide favorable accounts? Thank you for the help!

Cheers

NBK

Neil, You just really need an account that's not going to nickel-and-dime you with fees. Something with preferably a low minimum balance.  We shopped five or six before we settled on our bank.  They are well established for businesses and are extremely user-friendly and easy to get a human on the phone.

-Doug

I'd say decide based on your main needs and associated fees.

For example, if you need to do many domestic and/or int. wires - make sure you find a plan that will reflect that.

If you think you'd need lots of support due to a great deal of activity find a relevant bank.  

@Neil Kamdar

Whatever is convenient for you. Using the institution you do your personal banking can be convient since transfers are instantaneous. Also, if you do any face to face banking, you can get it all done in one spot. Meanwhile, you also only have to log into one website or app...

Fees are important, of course. But, I thought most low ranking/service accounts have a pretty low min deposit amount like $500. The amount of paper checks per month and cash deposits shouldn’t matter unless whatever you are doing requires it... if you do electronic/online payments usually they don’t count towards that min..