Business Bank Accounts

Boston, Massachusetts
Personal Finance
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Business Bank Accounts

Alicia Larkin
Member since 2025 · 11 posts · 4 votes

Hi! Newbie here! I live in MA and am under agreement for a STR in San Antonio Texas. I need to open a Business Bank Account and I’d like advice on where to look. Do I use one of the online banks? Do I look at a local one like Middlesex Savings where I could build a relationship with a banker or do I open one with Bank of America which is where I’ve banked for 30 years. My concern is their fees. I’m looking for ease of online banking.

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Jackie Carmichael
Lender · Hinton, WV · Member since 2025 · 128 posts · 53 votes
1y

Alicia — congrats on locking up your first STR, that’s exciting!

For business banking, each option has pros/cons:

• Big Banks (BoA, Chase, Wells): Easy to set up, lots of locations, solid online banking. Downside = fees and not much personal relationship.

• Local Banks/Credit Unions (like Middlesex): You’ll often get a dedicated banker who learns your business. This can be helpful if you want lines of credit down the road. Downsides = not always the best tech stack for remote/online banking.

• Online Banks (Relay, Novo, Bluevine, Mercury): Super easy setup, great for modern integrations (QuickBooks, etc.), and often no fees. Downside = no physical branch if you ever need in-person service.

For investors, many use two accounts:

1. A local relationship bank (for lending/LOC potential).

2. An online bank (for smooth day-to-day money movement, low/no fees).

On my side, I help investors line up funding for STRs and rentals (DSCR, bridge, and long-term loans). Lenders don’t care which bank you use — they just want clean, separate business accounts for tracking.

Curious — are you planning to self-manage the STR from MA or use a PM in San Antonio? That decision may also shape how you set up your banking/automation.

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  • Jackie Carmichael
    Lender · Hinton, WV · Member since 2025 · 128 posts · 53 votes
    1y

    Alicia — congrats on locking up your first STR, that’s exciting!

    For business banking, each option has pros/cons:

    • Big Banks (BoA, Chase, Wells): Easy to set up, lots of locations, solid online banking. Downside = fees and not much personal relationship.

    • Local Banks/Credit Unions (like Middlesex): You’ll often get a dedicated banker who learns your business. This can be helpful if you want lines of credit down the road. Downsides = not always the best tech stack for remote/online banking.

    • Online Banks (Relay, Novo, Bluevine, Mercury): Super easy setup, great for modern integrations (QuickBooks, etc.), and often no fees. Downside = no physical branch if you ever need in-person service.

    For investors, many use two accounts:

    1. A local relationship bank (for lending/LOC potential).

    2. An online bank (for smooth day-to-day money movement, low/no fees).

    On my side, I help investors line up funding for STRs and rentals (DSCR, bridge, and long-term loans). Lenders don’t care which bank you use — they just want clean, separate business accounts for tracking.

    Curious — are you planning to self-manage the STR from MA or use a PM in San Antonio? That decision may also shape how you set up your banking/automation.

    1Reply
    • Jillyan MacMorris
      Rental Property Investor · Chicago Suburbs, IL · Member since 2021 · 75 posts · 54 votes
      1y
      Quote from @Jackie Carmichael:

      Alicia — congrats on locking up your first STR, that’s exciting!

      For business banking, each option has pros/cons:

      • Big Banks (BoA, Chase, Wells): Easy to set up, lots of locations, solid online banking. Downside = fees and not much personal relationship.

      • Local Banks/Credit Unions (like Middlesex): You’ll often get a dedicated banker who learns your business. This can be helpful if you want lines of credit down the road. Downsides = not always the best tech stack for remote/online banking.

      • Online Banks (Relay, Novo, Bluevine, Mercury): Super easy setup, great for modern integrations (QuickBooks, etc.), and often no fees. Downside = no physical branch if you ever need in-person service.

      For investors, many use two accounts:

      1. A local relationship bank (for lending/LOC potential).

      2. An online bank (for smooth day-to-day money movement, low/no fees).

      On my side, I help investors line up funding for STRs and rentals (DSCR, bridge, and long-term loans). Lenders don’t care which bank you use — they just want clean, separate business accounts for tracking.

      Curious — are you planning to self-manage the STR from MA or use a PM in San Antonio? That decision may also shape how you set up your banking/automation.


      This is great advice. There are reasons to develop relationships with local banks as well as with online banks, for different reasons!

      0Reply
  • Alicia Larkin
    OP
    Member since 2025 · 11 posts · 4 votes
    1y
    Self manage. This is super helpful! Thanks!
    0Reply
  • Josh L.
    USA · Member since 2023 · 145 posts · 84 votes
    1y

    @Alicia Larkin Good question. I usually recommend starting with the bank you already have a relationship with, since they’ll already have most of your information. It usually makes the application process much easier. That's my take at least. 

    0Reply
  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 907 votes
    1y

    Since they already have most of your financial information, the process tends to go more smoothly and quickly. It makes the application a lot less of a hassle.

    Malabute & Company CPAs525 Reviews
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