Checking and Savings accounts are a simple yet powerful feature of Baselane Banking that allows you to keep your finances organized and funds separated. Additional Checking accounts are effectively 'sub-accounts' that can be created to keep your property operating expenses, profits, security deposits, and projects organized with unlimited accounts for each entity. Each account will have its account number nestled under the Main Account.
Additional Checking and Savings accounts are free and can be opened with a click of a button; no additional account opening is required. You can open as many additional Checking and Savings accounts as needed. See here, for details on how to create a Checking or Savings account.
The benefits of additional Checking and Savings accounts:
This new banking account structure will give you greater flexibility to manage your finances. Some of the benefits can be highlighted below:
- Checking accounts: Keep your property operating expenses, profits, security deposits, and projects organized with unlimited Checking accounts for each entity
- Savings accounts: Make your money work for you by earning up to 3.56% APY (including on security deposits!). That is 60x the national average! See here, for more details on the APY and how it is calculated
- Accounts for all entity types: Manage all your entities under one roof — from LLCs to Corporations, Partnerships, and individuals
- Recurring scheduled payments: Create one-time and recurring scheduled payments to third party recipients
- Bookkeeping automation: You can automate your bookkeeping by enabling auto-tagging all transactions of a Checking account to a specific property or unit
- Compliant accounts for security deposits: Use separate Checking or Savings accounts to hold security deposits compliantly
- FDIC-insured: FDIC insurance up to $3M on funds deposited via Thread Bank; Member FDIC.
Your deposits qualify for up to a maximum of $3,000,000* in FDIC insurance coverage when placed at
program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity.
You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions
regarding the sweep program.
*FDIC Sweep Threshold Subject to change.
Related to
Comments
0 comments
Article is closed for comments.