When you create a Baselane profile, you gain access to our core features, Baselane Banking Account, Rent Collection, and Bookkeeping services. Where you have the option to choose a product to use.
You're not required to open a Baselane Banking account to collect rent. Instead, you can securely link any external bank account for rent collection. However, opting to collect rent into an external account incurs a $2 ACH fee, charged to either the landlord or tenant. Choosing a Baselane Banking Checking account for rent collection waives the $2 ACH fee.
Signing up and using a Baselane Banking Checking account has many benefits, which include:
- Built for rental property finances
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Segregated Checking accounts for rent collection, security deposits, etc, opened with one click
- Please note, that you can not collect rent into a Savings account
- Earn an unlimited 1% cash back on your Baselane Debit Card spend
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High yield interest on all balances, up to 3.35% APY applied to your Savings account (60x the national average)
- See here, for more details on the APY and how it is calculated
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