Opening a Baselane Banking account is a quick 2-minute process and does not affect your credit score in any way!

To open a Baselane Banking account, first sign-up for a free landlord account. Once you have created a landlord account, click 'Add Account' from the Baselane Banking tab. You will have the option to open a Baselane Banking account as an Sole Proprietor (Individual) or as a Business entity (LLC, corporation, or partnership).

You will be asked to provide some identifying information about yourself so we can run the required identity checks. If you are applying for a business bank account you will need a U.S. company, and be able to provide its federal EIN and its official formation documents.

Frequently Asked Questions

The application asks for beneficial owners. What if another LLC owns my LLC?

It is common for real estate investors to protect their investments with parent/child LLCs or Series LLCs. However, regulatory compliance still requires Baselane to conduct KYC on any individual who, directly or indirectly (ie. via ownership in another LLC), owns 25% of the LLC.

For example, let's assume that "Parent LLC" is 50% owned by John Smith and 50% owned by Jane Smith, and you would like to open a bank account for "Child LLC" that is 100% owned by "Parent LLC". In this case, please list John Smith (50%) and Jane Smith (50%) as beneficial owners in your application for "Child LLC".

Is there a minimum deposit required to open a Baselane Banking Account?

There is no minimum deposit required to open an account and no minimum balance you need to maintain in your account. However, with our tiered APY, in order to maintain the high yield APY of 3.56%. A minimum ending balance of $50,000 total (between all Baselane Banking Checking and Savings accounts ) is require to keep the high yield APY. Your balance across both checking and savings accounts will be used to qualify your tier. While only the money in savings accounts will earn interest. You can easily move money between Checking and Savings accounts to optimize your earnings.

The application is asking for an EIN. What if I'm applying for a Single-Member LLC, and I use my SSN instead of an EIN?

You will not be able to apply for a Single-Member LLC account and use your SSN if you do not have an EIN. This is because all applications for a Business Entity Baselane Banking account require an EIN - this is a requirement from our partner bank's team.

The reason for this is that unlike a Sole Proprietor account, which is an unregistered business entity using for the most part the single owner's name, a Single-Member LLC registers the business entity with the state and separates the personal assets of the single owner from that of the business. Therefore, we require an EIN for a single-member LLC.

I submitted my application, and now I'm being asked to provide more documents. What documents can I provide? What document types are accepted?

After you've submitted your application, you may be asked to provide additional documents to support the information you've provided.

When uploading the requested document(s) it is important to note, that you must provide an original view of the document(s). This means that screenshots, scans, or photocopies are not accepted.

Below is a list of the approved document types for both Sole Prop and business entity applications:

When applying for a Baselane Banking account, which account type will open with it

Once your application for a Baselane Banking account has been approved, the account will be opened with the main Checking account only. You will have to manually open a Savings account and/or additional Checking accounts afterwards.

Can I close the main checking account in my Baselane Banking account?

No, you must keep your main checking account open, since it is only possible to fund your Savings account through your Checking account(s).