I'm shopping around to see what bank will be best to have tenants deposit rents since I don't want to use my personal bank account for rental income. I'm curious as to what other investors use for their investment bank. Do you put it under an LLC if you have one or how do you name the account? I'm currently on my first rental property and didn't use an LLC because I live on the property. I will be converting it into an LLC once I move out or paid off the mortgage.
The best bank will probably depend on your market. We went with two banks that have the best hours of operation that fit our business.
In CT that happened to be TD Bank and Peoples United Bank. They are not the banks I would go to if I needed a mortgage loan, but for checking accounts they are more than adequate.
I'm shopping around to see what bank will be best to have tenants deposit rents since I don't want to use my personal bank account for rental income. I'm curious as to what other investors use for their investment bank. Do you put it under an LLC if you have one or how do you name the account? I'm currently on my first rental property and didn't use an LLC because I live on the property. I will be converting it into an LLC once I move out or paid off the mortgage.
Thank you for your time,
Daniel
The best bank to use is the one that is most convenient to you that offers low or no fees. For me that's a local credit union here in CT. For others that may be a national chain bank. Pull up google maps, compare the hours of operation and go from there!