What bank should I use for a checking account for a Real Estate LLC?

Question

Hello Bigger Pockets community! I have a question for anyone who's willing to answer. I'm concerned about which bank I should use for this business LLC. I'm currently leaning toward Chase Bank with US Bank as a close second. Unfortunately I've heard that US Bank gets tricky when moving large amounts of money so I'm wary of working with them. I'm also crossing Fifth Third off the list of banks I want to use because I don't believe they are user friendly.

If anyone has recommendations or advice it would be much appreciated.

Bryce Jamison · Answer

Agree with @JD Martin & @Chris Seveney. The delta between the best and worst options isn't that big. Having lots of physical branches is a big plus though. I personally use Chase and am very happy.

I get concerned when I see a question like this because I worry folks are putting energy into low impact decisions instead of the big impact decisions like finding the right area to invest in and getting properties at the right price. I also often see on these forums questions like this and "do I need an LLC" be barrier to entry to invest. Don't let picking the right bank be what's stopping you from getting started.

Eric Silvers · Answer

We have used Baselane Bank for our landlord needs. Our management LLC conducts the day to day operations and Baselane has worked great for us. From online banking, bill pay, rent collection, expense tracking and tenant screening, it is an all-in-one banking solution for us.

Hope this helps.

Leena Trivedi · Answer

Baselane is great for landlords and real estate investors who want to streamline finances. You don't need a local bank to manage your finances.

•

Max Emory · Answer

@Ari Dandridge, compare minimum balance requirements, fees/penalties, any benefits offered, branch locations, customer support, etc.

This will make it clear which one to go with.

Zachary Elliott · Answer

I've had a great relationship with Huntington National Bank. They're easy to work with and don't charge many fees at all. Low minimum balances as well. It's typically pretty easy to get someone on the phone if I need to and their app/website are very user friendly.

Kerry Noble Jr · Answer

some banks are georestricted so it depends on where you are. I use huntington......

Andrew Garcia · Answer

Hello, Ari,

I hope I do not waste your time with this post, but I do not have firsthand experience YET with this bank, but this is who I plan to set up a business account with.

I have been researching this topic as well, and I have decided to try Found.com. I heard about it on a couple of BP Podcasts recently and they seem up-and-coming for small businesses. The software has built-in bookkeeping, and banking is done through Piermont Bank.

I hope this helped. Good luck!

https://found.com/

Chris Seveney · Answer

I have used every major bank and they are all the same, I recommend using the one that has the closest branch to you. They are all pretty much the same in a good and bad way.

JD Martin · Answer

Almost irrelevant. I've used pretty much every major bank that exists and the differences aren't even worth talking about. My preference for business banking is lots of branches in different states, since we get a fair amount of out-of-state tenants these days, and something that pays decent on idle cash. Beyond that I don't really care all that much.

Melanie Lovejoy · Answer

I’ve used traditional banks in the past for my real estate LLC, but honestly, I made the switch to Baselane about a year ago and haven’t looked back.

It’s specifically built for real estate investors, so it just fits better. You get free business banking, a strong APY on savings, and it integrates rent collection, expense tracking, and bookkeeping all in one. No fees, no minimums, and no weird limits on transfers — which was a big frustration for me with some of the big banks.

Also, since it’s online-first, the interface is way smoother and more intuitive than what I dealt with other banks.

Happy to share more about how I use it day-to-day if that’s helpful. But in short, if you’re a landlord or investor, it’s 100% worth looking at an option that was actually designed for that use case.

What bank should I use for a checking account for a Real Estate LLC?

What bank should I use for a checking account for a Real Estate LLC?

Most Popular Reply

16 Replies