10 Best Bank Accounts for Short-Term Rental Properties in 2023
Looking to invest in short-term rental properties in 2023? We've done the research and compiled a list of the top 10 bank accounts that can help you maximize your profits. Whether you're looking for low fees, high-interest rates, or convenient mobile banking options, these bank accounts have everything you need to manage your rental property finances with ease.
May 22, 2023
Michelle
Congratulations on your getting started with your first Short-Term Rental property!
You've done the research, made a purchase, and are now ready to start your real estate business. But before you can begin accepting tenants and taking rent payments, you need to ensure you have the right business bank account in place.
We've spent some time researching all the different banking options and compiled a list of 10 of our favorite bank accounts tailored explicitly to Short-Term Rental properties. Whether you're managing one property or 1,000, the right banking partner can make your job a lot easier.
Let's take a look at what each bank account has to offer, as well as what Clearing can do for you.
Streamlining the Process: Opening a New Bank Account for Your Short-Term Rental Property
Opening a separate bank account for your Short-Term Rental properties can be a straightforward and hassle-free process, thanks to the streamlined procedures offered by many major banks. With a few simple steps, you can set up your business accounts quickly and efficiently.
To begin, it's essential to determine the type of account that best suits your Short-Term Rental property needs. Take the time to research the available options and select the one that aligns with your financial requirements. Once you've decided, you can proceed with opening an account.
During the account opening process, you must provide basic information such as your name, address, email address, and Social Security or tax identification number. It's essential to ensure that all the documents you submit are accurate, up-to-date, and meet the bank's requirements for identity verification and proof of residence.
Once you have supplied all the necessary information and documents, the bank will review and verify your submission. In many cases, your new bank account can become active within days or even hours, depending on the bank's processing time. This swift turnaround lets you start managing your Short-Term Rental property's finances promptly.
In addition to facilitating the account setup process, many banks offer supplementary services that can enhance your management of the Short-Term Rental property. For instance, online banking tools and financial tracking capabilities can streamline the process of monitoring and managing the property's finances. These features provide convenient access to your account, allowing you to efficiently track income, expenses, and cash flow associated with cash management of your rental property.
By taking advantage of free cash deposits and the seamless account opening procedures offered by major banks, and utilizing their additional services, you can establish a strong financial foundation for your Short-Term Rental property business. With efficient banking tools at your disposal, you'll be well-equipped to manage your property's finances effectively and ensure smooth operations.
10 Best Bank Accounts for Short-Term Rental Properties in 2023
Chase Business Complete Banking
Are you looking for a bank account to manage the finances of your Short-Term Rental property? Look no further than the Chase Business Complete Banking.
From its competitive interest rates to its full range of deposit, credit, and banking services, Chase Business Complete Banking has all the features necessary to make managing Short-Term Rental properties a breeze. This account provides deposits of up to $300,000 daily with no minimum balance requirement and free money transfers between financial institutions.
Plus, you can access up to $1 million in overdraft protection if needed. Moreover, this account comes with advanced payment processing capabilities that allow landlords to process payments from renters quickly.
Finally, extraordinary customer service and 24/7 fraud monitoring make Chase Business Complete Banking one of the best bank accounts for Short-Term Rental properties available in 2023.
Bank of America Advantage Banking
The Bank of America Advantage banking account is one of the banks for real estate that is an excellent choice for Short-Term Rental properties in 2023. With its low monthly fees, ATM fee rebates, and various other features, this account stands out from the crowd.
With the Bank of America Advantage banking account, you can save money on banking fees every month. You'll receive ATM fee rebates every month, giving you free access to your cash whenever you need it. Plus, you'll never have to worry about paying overdraft fees when using cash deposits in this account. And if you're looking to make the most out of your savings, the Bank of America Advantage banking account offers tiered interest rates that are better than the national average.
Plus, if security is important to you, know that Bank of America provides an extra level of protection with their add-on features, such as secure card activation and transaction monitoring. This way, you can be sure that all transactions within your rental property are being monitored and kept secure at all times.
So, suppose you're looking for an account with low monthly fees and a range of secure add-ons for protecting your rental property's financial information. In that case, Bank of America Advantage Banking is an excellent choice for your Short-Term Rental business in 2023.
Citibank Access Account
Citibank’s Access Account is ideal for property managers and owners looking to save on monthly fees and get competitive interest rates. The Access Account offers a low monthly service fee, up to 8 free non-Citibank ATM transactions, free access to over 45,000 Citibank ATMs, optional overdraft protection, and more.
Plus, this account offers two different ways to earn interest:
- Interest Checking — Earn tiered interest rates on balances of $15,000 or more.
- Savings Builder — Earn up to 1% interest when you maintain a balance of $15,000 or more and make at least one deposit of $100 or more each month for ten consecutive months.
The Access Account also offers robust digital banking tools to help you manage your rental property finances from anywhere. Its mobile banking app includes features like bill payments and real estate investment loans, on-time alerts via text messages, emails when payments are due or overdue, the ability to apply for business loans directly from the app, and much more.
U.S. Bank Silver Business Package
If you're looking for a good bank account for Short-Term Rentals, U.S. Bank Silver Business Package is worth considering. With this package, you get all the features that come with a regular business checking account, plus some additional features designed explicitly for Short-Term Rental properties.
Some of the perks include:
- Free first order of checks
- Unlimited deposit items and transactions
- No monthly service charges
- Free access to online banking, mobile banking, and bill payment services
- Advanced fraud protection monitoring
You also get access to a dedicated U.S. Bank banker who can help you with questions related to your account and help you find ways to maximize your rental property's potential and reduce risk. Plus, if you sign up now, you can get a 0% introductory APR on purchases and balance transfers for six months–which means more savings in your pocket!
Axos Bank Business Interest Checking
Another excellent account to consider for small business administration is the Axos Bank Business Interest Checking. This account has an impressive 0.40% Annual Percentage Yield, so it can help you make considerable interest on any funds you have in the account.
Plus, if you need to use an ATM, it comes with unlimited ATM fee rebates, so you don't have to worry about spending extra money for withdrawals. It also includes a free Mastercard debit card and 24/7 customer service, which are both there to help make things stress-free when it comes to managing your funds from afar.
All in all, the business interest checking account from Axos Bank is an excellent option for any property owner, real estate investor, or property manager looking to keep their funds safe and secure while ensuring they get their payments out on time each month.
Wells Fargo Business Choice Checking
The Wells Fargo Business Choice Checking is one of the best banks for real estate investors and Short-Term Rental property owners. With this account, you can get up to $300 when you open the primary checking account and keep your balance above $3,500 to waive monthly fees. You'll also get free online and mobile banking with mobile check deposit, bill payment features, and access to over 13,000 Wells Fargo ATMs worldwide.
Plus, you don't have to worry about dealing with separate bank accounts with multiple currencies—Wells Fargo offers exchange rate protection for up to 90 currencies. This allows you to make payments in local currency and get the exact foreign exchange rate as others when making payments from abroad.
In addition, Wells Fargo offers fraud monitoring services that will alert you whenever suspicious activity occurs on your account. They also provide zero liability protection for unauthorized transactions if your card is lost or stolen, so you can rest assured that your money is secure.
BBVA Business Connect Checking
The BBVA Business Connect Checking account is an excellent option for property managers and owners who need a simple and secure way to manage security deposits for their rental properties. With a $200 bonus, using this bank account for Short-Term Rental properties in 2023 is worth considering.
This account has a minimum opening deposit of just $25, so you only need a little to start it. Plus, there are no monthly maintenance fees, and you don't need to worry about maintaining minimum balances.
You can access all your checking accounts from an easy-to-use mobile app, allowing you to stay on top of all your banking needs wherever you are. So, if you're looking for an easy and secure way to manage your rental properties, BBVA Business Connect Checking is a great option—plus, the $200 bonus is just the icing on the cake!
Capital One Spark Business Checking
When you're a property manager, you want a bank account that is reliable, secure, and cost-efficient. That's why we recommend Capital One Spark Business Checking as one of the best banks for business checking accounts for Short-Term Rentals in 2023.
You'll get unlimited transactions, so you can keep track of all your rental income without worrying about hitting any transaction limits. Plus, there's no monthly fee—so you won't be paying extra for your money being in the bank account.
Capital One Spark Business Checking has everything you need to manage Short-Term Rental properties efficiently—start taking advantage of it today!
BMO Harris Smart Advantage Checking
For property owners looking for a premier banking experience, the BMO Harris Smart Advantage Checking account can be a great choice. Not only does it offer unlimited ATM fee rebates each month with no monthly maintenance fees—but you also get a $500 bonus just for signing up!
At BMO Harris, you can take advantage of these great features that make managing your rental properties a breeze:
- Access to over 90,000 ATMs across the U.S. and Canada
- 24/7 customer service support
- Online and mobile banking with advanced security features
- Mobile deposit for check deposits
- Overdraft protection of up to $1,000 per day
- Low minimum balance requirements of just $25 to open an account
Overall, the BMO Harris Smart Advantage Checking account is one of the best bank accounts you can choose when managing Short-Term Rental properties in 2023—so take advantage of this great bonus and start taking control today!
Hancock Whitney Business Checking
Another excellent option for Short-Term Rental properties is the Hancock Whitney Business Checking account. It works well for landlords and property owners because it offers a free online banking platform and check deposits. The bank also provides a Mobile Deposit feature for customers, making it easier to deposit checks anytime and from anywhere. Regarding the account fees, the bank does charge a monthly maintenance fee, but you can avoid this by maintaining a minimum balance of $1,500.
Additionally, the bank offers various other services that may be helpful to landlords, such as loan services, credit cards, merchant services, and more. All these features make Hancock Whitney an attractive option.
If you're looking for the best bank accounts for Short-Term Rental properties in 2023, you're in luck - we've put together this resource specifically to help make the process easier!
With the right account in place, you can ensure you can keep up with payments and fees. Whether you're a beginner property manager or a seasoned veteran, the right bank account for Short-Term Rental properties can make all the difference.
Having the right tools to help manage your Short-Term Rental payments, transactions, and trust accounting is also essential. With Clearing, you can automatically categorize every transaction by passing it through its zero-balance account, making the bookkeeping process much more manageable. By combining a suitable banking option with our innovative FinTech solution, you can make managing your Short-Term Rental business a very smooth process!
Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC. All company names are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
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