Investor · Minneapolis · Member since 2022 · 74 posts · 25 votes
Hello BP Community,
I have recently removed the escrow accounts from our financed properties. That means I will be sitting on a bit more cash until I pay taxes and insurance every 6 months. That said, I could park this blin our standard business checking account, but I’m wondering if there would be a business High Yield Savings Account that would be more beneficial? AND my current business CC is a 1% cash back card, what are others using? Ideally I would like to have these accounts at the same financial institution but it’s not a hard requirement. I am also holding security deposits in a standard savings account and would like a better yield. Thanks in advance for your thoughts! -Jacob
I think the citi double cash is the go to card for most cash reward cardholders. (2%)
For security deposits, because MN doesn’t seem to require separate accounts per deposit I’d look at high interest savings accounts usually at small local bank or credit Union. If you have 10+ Properties You might find that 6 or 12 month cd’s pay enough more to justify the work of opening them in a “ladder” so they come do monthly.