The best business bank accounts for real estate investors
Do you want to create a business bank account for your real estate investment firm? We have selected 4 banking institutions that offer bank account offers for real estate investors and landlords that meet the needs of an investment property business and rental properties.
- Bank of America – Best for traditional banking, outstanding corporate checking, business service and commercial real estate loans
- Bluevine – Best small business line of credit with interest-earning checking. Suited for real estate investor who prefer to manage their finances online
- Chase Bank – Best traditional bank with hundreds of bank branches and a CRE multifamily lender with best corporate checking as well as credit cards
- Capital One – Open two landlord checking accounts and up to five credit cards with unlimited transactions
The various bank accounts presented are a mix of online banks and traditional banks depending on the particular needs of a real estate investor. This allows landlords and investors to pick a bank that best fits with their needs and requirements.
Bank of America
Bank of America is one of the world’s largest financial organizations, a brick and mortar bank serving small businesses with a range of banking, asset management and other services for real estate investors and landlords.
Real estate investors can sidestep the Bank of America monthly service fees of $16 for the Fundamental or $29.95 for the Relationship checking accounts if they maintain a minimum monthly balance of $5k and $15k respectively. Bank of America may be a good option if you’re an LLC in healthcare or agriculture, where the bank offers industry-specific financing solutions. To learn more, read our Bank of America review.
Bluevine is an online FinTech company that allows real estate investors to easily set up an online bank account which has no monthly fees, transaction fees or minimum opening deposit and excellent online and mobile banking features.
Incoming and Outgoing ACH fees are zero, which is very attractive for real estate business owners who have many transfers. There are some fees with outgoing wire fee of $15.00, whilst cash deposit fees are charged at $4.95 per deposit, but a superb trade overall product that’s easy to use and offers unlimited transactions. To learn more, read our Bluevine review.
Chase is the largest bank in the U.S. and provides a wide variety of financial products for real estate businesses including checking accounts, loans, business savings and credit cards.
The Chase Business Complete Checking account costs $15 monthly fee for a real estate investment business owner as well as savings service fees of $5 per month and cash deposit fees of $2.50 per $1000 after the first $5,000 per month. One of the key benefits of Chase is access to bank branches and an extensive ATM network, which may be important depending on the nature of your business activities. To learn more, read our Chase review.
Capital One’s helps real estate businesses grow with their range of banking, credit cards and savings account solutions.
Real estate investors can open checking accounts and credit cards with unlimited transactions as well as waive the $15 and and $35 monthly fees for the Basic and Unlimited accounts if conditions are met. Real estate investors must however apply in person and the bank only has branches in 8 U.S. states. To learn more, read our Capital One review.
This selection above is of course not exhaustive for those real estate investors. There are plenty of alternative business banks with different fees, products and services. Landlords that wish to have a bank advisor and/or branch facilities can opt for a Wells Fargo account. Similarly, online oriented real estate investors can check out Relay’s zero fees and up to 20 checking accounts option.
How to choose a business bank account for real estate investors?
Finding the bank that best meets your requirements is the first step in selecting the best business bank for your real estate investment company.Therefore, you must first establish your business’s banking requirements and take into consideration the following:
- Means of payment: Would you like to be able to pay for your business expenses by credit card, check, cash withdrawals or transfers?
- Accounting: Some software allows your bank to sync with your accounting tools
- Desired payment methods: How do your customers pay you (check, cash) Do you offer online payment?
- Bank adviser: Few online banks offer this service however it is often included or paid for with traditional banks
- Financing: Online banks may not offer financing solutions such as overdraft or business loans, a feature that is more likely a traditional high-street bank
- Additional services: Insurance and savings
It is essential to take all of the above factors into consideration as well as the fees charged by the business bank to better understand if this is the right bank for your real estate investment firm.
How much do business bank accounts cost for real estate investors?
The price of a business bank for real estate investors varies per each bank and their related products and services offered. Online banks offer the most affordable return, with Bluevine charging no monthly, transaction, overdraft or minimum balance fees. They do charge some fees, with a $2.50 charge for using non-MoneyPass ATMs but all-in-all are very competitive.
Other banks charge fees for a wider range of services or particular financing solutions or support from a personal adviser, including $35 monthly fees from Capital One for its Spark Business Unlimited Checking. Fees can be waived on this if certain conditions are met.
What bank is best for real estate investing?
The best business bank account for a real estate investor will depend on your banking, lending, and support needs. Bank of America provides the best overall business checking and support whilst Bluevine provides the best small business line of credit.
Where to open a bank account for a real estate investor?
To open a bank account for a real estate investor with a high street bank, an appointment may be required to avail of advanced banking solutions, such as financing. For other real estate activities, online banks provide more affordable offers with applications made online.
Tom is the founder of Gottagrow.io. He reads the offers, deciphers the details including features, pricing, included services and more to find you the best products and services.