Which bank allows for multiple accounts?

Question

Currently, I’m getting through “profit first“ for real estate investors (book). It’s giving the advice of setting up multiple accounts for different purposes, and my question is, what banks do you currently bank with that allows you to open up multiple checking/savings account for one entity?

The book is saying open up multiple accounts for your business for the purposes of charitable giving, owner income, taxes, paying down bad debt, etc.

Theresa Harris · Answer

Make it as simple as possible. I can't see how keeping track of all of those accounts would save time or make your life simpler.  Plus why have an account for paying down bad debt....the money should be going to paying the bad debt, not sitting in a bank account.

Daniel Johnson · Answer

There are a handful of banks that specifically focus on the Profit First model and have their accounts built for it.

The first is technically not a bank, it is a fintech company that partners with a bank to hold the assets. I'm thinking about using this one for some of my own businesses: https://www.relayfi.com/

Another fintech bank is https://www.northone.com/produ... - they have partnered with Profit First for their product.

The last fintech bank that specializes in this is https://www.novo.co/

Hope this helps!

Eliott Elias · Answer

Most will allow you, make sure you are aware of the minimums. My bank requires $1,500 in each checking account at all times.

Daniel Johnson · Answer

@Julian Colvard - I'm not sure how the interface works for each of these institutions. I would recommend reaching out to them to see if you could get access to a demo or ask someone how it functionally works. I'm sure each of them are a little different.

Bjorn Ahlblad · Answer

I do not know of a bank that does not. They may well exist. I use WF and US Bank. I have as many accounts as I need and CC's for my expenses. Tax time is simplified-well, a little. All the best!

Russell Brazil · Answer

I have 7 accounts at Capital One

Jason Sung · Answer

@Julian Colvard, I have the same question. I wonder if you found a bank to implement Profit First method?

Nikhil Agarwal · Answer

I bank with Cambridge Trust. They allow me to have multiple bank accounts across multiple businesses (for example, I have one business with 4 accounts, one business with 2 accounts, one business with one account, and all of these bank accounts are in the same online banking login). It's the most seamless system. All the internal transfers are instant which is great.

I set this up when I moved away from Bank of America. That was an awful experience.

If you are interested in multiple bank accounts for a single business, you could try baselane. It's really built for landlords but it will help you with the multiple accounts situation you are trying to solve.

Which bank allows for multiple accounts?

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