Baselane Business Checking Review 2023
This article is part of a larger series on Business Banking.
Offering a high annual percentage yield (APY) of 4.46% for all balances and no monthly maintenance fees, the Baselane business checking account is an outstanding choice for landlords and property investors. Baselane offers an all-in-one solution integrated into automated rent collection, bookkeeping, reporting, and analytics solutions.
It allows the opening of multiple accounts per property, helping property owners organize and manage their rental income and expenses. Property investors seeking to increase their rental property portfolio can apply for Baselane’s commercial real estate (CRE) loans to purchase new units or upgrade their rentals to enhance property value.
Baselane is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Blue Ridge Bank, N.A. You can visit its website to open a business checking account. It has no physical branch but allows free cash deposits through Allpoint ATMs.
Pros
Cons
- No physical branch
- No savings, money market, certificates of deposit (CDs), and credit cards
- No mobile app yet
Features
- Integrates with rent collection, bookkeeping, reporting, and analytics
- Easy online signup
- Access via mobile and desktop web browsers
- Unlimited virtual accounts and virtual cards
- Free transactions at more than 55,000 Allpoint ATMs
- Various CRE loan products
- Supported by Apple and Google Pay
How Baselane Stacks Up With Its Competitors
APY | Monthly Fee | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Landlord Banking | None | None | ||
Visit Baselane
Baselane is a fintech platform backed and FDIC-insured by a supporting bank partnership with Blue Ridge Bank, N.A.
| ||||
 Cash Management | None | Cash deposits not accepted | None | |
Visit Stessa
Stessa is a fintech platform backed and FDIC-insured by a supporting bank partnership with Blue Ridge Bank, N.A.
| ||||
 Business Checking | 2.0% on qualifying balances up to $250,000 | None | $4.95 per deposit via Green Dot retail locations | None |
Visit Bluevine
Bluevine is a fintech platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
| ||||
The Baselane business checking account offers a competitive 4.46% APY for all balances with no pre-conditions. Its competitor, Stessa, provides a yield of 3.12% under a basic plan and 5.08% under a paid plan. Meanwhile, Bluevine delivers 2.0% APY earnings up to $250,000, but qualifying activities must be met.
All three providers have no monthly fees and required opening deposits. However, each differs when it comes to depositing cash. Baselane customers can make fee-free cash deposits at Allpoint ATMs. In contrast, Stessa does not offer a cash deposit feature, while Bluevine allows cash deposits at Green Dot retail locations but charges a fee of $4.95 per deposit.
If you’re considering the Baselane competitors, you may be interested in reading our Baselane vs Stessa business checking comparison for an in-depth look at their features.
When Baselane Is a Good Fit
- You’re a real estate investor and self-managing landlord looking for integrated business tools for efficiency: Baselane offers an all-in-one banking and rent collection platform, helping landlords and property investors manage finances, set up multiple accounts per property, and streamline rent collection through a free online system. Baselane tops our list of best banks for real estate investors for providing an all-in-one banking solution and excellent CRE loan products.
- You seek higher earnings: Baselane’s business checking account provides a competitive yield of 4.46% (as of July 27, 2023) and up to 5% cash back for debit card rewards. Real estate investors can keep tenant security deposits in this account to gain substantial interest.
- You want a fee-free checking account: Baselane does not require clients to maintain minimum balances and pay monthly fees. There’s also no required minimum deposit to open a Baselane business checking account.
- You’re looking to save on rent collection software: Baselane, one of our top online rent payment services for landlords, offers free software and robust business tools for landlords needing to collect, automate, and track rent payments from tenants.
- You need access to financing: A variety of Baselane CRE loans and lines of credit are available to real estate investors and do-it-yourself (DIY) landlords planning to grow their rental portfolio and upgrade existing properties.
Real estate investors and landlords can check out our review of Baselane’s landlord software to learn more about the solution’s features and pricing and to see if it fits your rental business needs.
When To Consider Baselane Alternatives
- Your business is cash-reliant, and you need physical branch access: While Baselane allows cash deposits at Allpoint ATMs, it’s limited to $2,000 daily. We recommend Chase for businesses that often deposit cash in bulk. With its 48-state branch service area, it has an edge over Baselane’s online-only presence. Learn more about Chase’s lowest-tier account by reading our Chase Business Complete Banking review.
- Your small business is unrelated to property management: Baselane offers a niche product for real estate investors and independent landlords. Its robust property management features are needless if you don’t have a rental business. Freelancers and self-employed professionals can opt for Found, which provides integrated bookkeeping tools, invoicing software, and tax tools for various small businesses. Our review of Found business checking discusses the product’s salient features.
- You seek full-service banking and lending products: Baselane business products are limited to checking accounts, CRE loans, and lines of credit for real estate. If you’re looking to open business savings, CDs, credit cards, and access more financing options consider Bank of America, which has a full suite of banking products, including a wide range of business loans. Check our Bank of America business checking review for detailed information.
You can find additional providers in our list of the best small business checking accounts.
Baselane Business Checking Overview
Baselane Business Checking Requirements
You can visit Baselane’s website to open a business checking account. Signing up for a free landlord account is part of the Baselane business checking requirements. You can create an account from the Banking and Cards page and choose to open a Baselane account as an individual (sole proprietor) or as a business entity, such as a limited liability company (LLC), corporation, or partnership)
Baselane will ask you to provide identifying information and will require a United States company, a federal employer identification number (EIN), and official formation documents to open a business bank account. You need to be 18 years of age and a US resident.
Prior to opening an account, review our guide on how to open a business bank account. We included a free downloadable checklist of documents typically required during the account opening process.
Baselane Business Checking Features
Baselane’s business checking account includes high-yield APY, cash back, unlimited virtual accounts, and fee-free transactions at Allpoint networks.
High-yield Checking Account
Clients can enjoy 4.46% APY on all deposits when they open a Baselane business checking account. This rate is variable, and the interest is compounded and credited to the account monthly.
Physical & Virtual Debit Cards
Baselane only issues one physical debit card for each main account, which is your primary account, whereas a virtual account is a sub-account under the main account. You can have up to 10 virtual cards for your main account and virtual account, which has its own account number. This allows you to create different categories and manage your spending.
Both physical and virtual cards can be added to Apple Pay and Google Pay for contactless payments. If the physical card is lost or misplaced, users can temporarily lock it by calling the Baselane Visa support number at (833) 333-0417 or logging into their Baselane account.
Cash Back Debit Card Rewards
Each calendar year, landlords and authorized users can earn up to 5% cash back on their $2,000 eligible home improvement purchases using the Baselane debit card. For other debit card purchases, unlimited 1% cash back can be earned. Physical and virtual cards earn the same cash back rewards.
Unlimited Virtual Accounts
Business owners can open multiple virtual Baselane banking accounts for free. Virtual accounts are treated as sub-accounts with their own corresponding account number under the main account. It helps independent landlords organize and segregate accounts per rental property. They can also separate renovation budgets from security deposits, savings, and rental payments.
Fee-free Transactions at Allpoint Networks
Baselane clients can deposit and withdraw at more than 55,000 Allpoint ATMs for free. Cash deposits can only be made at Allpoint ATMs, which is limited to $2,000 per day. For ATM withdrawals, the maximum cash out is $1,000 each day.
Online Banking
Currently, the Baselane mobile banking app is under development, but Baselane can be accessed through mobile and desktop web browsers.
Through a mobile browser, you can:
- View the account summary
- View and/or tag transactions
- Open a Baselane account and link external bank accounts
- Add/send funds to/from a Baselane account
- Add/manage properties
- Set up rent collection and manage lease details
- Manage your profile
Using a desktop browser, you can:
- Interact with statements, charts, and access the tax package
- View tenant account activation status
- View property metrics, insurance, and loans tabs
- Send ACH and domestic wire transfers
Built-in Free Rent Collection Software
Typically, you collect rent by knocking on tenants’ doors and asking for payment in cash, getting a check, or receiving a Zelle or Venmo payment. But with Baselane, a built-in free rent collection system links directly to your bank account.
You can collect security deposits and one-time or recurring fees and send automated payment reminders. Furthermore, payments are deposited directly in your account in two to three days. Setting it up takes less than 5 minutes.
Tenants can view invoices and pay the rent once they join Baselane’s Tenant Platform through an invite. Rent payments made through ACH bank transfers are free, while debit or credit card payments incur a 2.99% convenience fee. Tenants can opt to enroll in auto-pay to avoid late fees.
Built-in Bookkeeping & Reporting System
Baselane’s automated bookkeeping and reporting system saves time and reduces entry errors. You can view cash flow in a single place and gain insights into your expenses and property performance. Baselane also makes it easy to automate income and expense tracking, generate monthly reports, and access cash flow analytics per property and portfolio.
It seamlessly integrates with existing bank accounts and automates importing of transactions from your bank. It even makes tax preparation hassle-free with auto-generated tax reports and systematic transaction tagging by property and Schedule E category. Read our review of Baselane rental property bookkeeping to learn more details about its pricing and features.
Other Baselane Business Products
Baselane partners with Lendency, a mortgage lender, to provide customers with CRE loans, while Baselane Capital extends lines of credit, receivables advances, term loans, and other financing to real estate investors. The rates are competitive, and loan options are flexible.
Long-term rental loans (30-year fixed terms), rehab loans, and portfolio loans are available to landlords, including financing solutions for planned unit developments (PUD). You can get a loan for a single-family home or a property with two or more rental units.
Loan amounts range from $55,000 to $2 million for property purchasing, refinancing, or cash-outs. It’s accessible for turnkey, rehab, and ground-up construction projects. You must have a minimum FICO score of 680.
Income verification isn’t required. If approved, the loan is closed and available in as soon as 10 days for complete file submissions.
Baselane Capital offers 24-hour funding after approval and a quick 15-minute financing application process. You can finance a rehab project, purchase a new rental and perform renovations, or pay off existing debt.
Baselane Capital’s real estate financing options are:
- Lines of credit up to $10 million with revolving terms
- Term loans up to $10 million with terms from six to 36 months
- Receivables advances up to $750,000 from three to 12 months
- Other financing options available with varying amounts from three to 36 months
To be eligible, you need to be in business for at least six months, earn $14,000 or more in monthly revenue, and have a personal credit score of 550. You must provide your general business information, owner information, Social Security number, and employer identification number (EIN).
For rental property insurance, Baselane partners with Obie, which is one of our leading short-term rental insurance companies and top commercial property insurance companies. The insurance includes coverage of the building, general liability, loss of rent, and other structures that may require an endorsement. Instant rental property insurance quotes are available online.
Baselane Business Checking Reviews From Users
No customer has left a Baselane business checking review on third-party sites as of this writing.
Bottom Line
We recommend Baselane’s business checking account to property investors and independent landlords for its high-yield APY, fee-free banking account, and free property management software. You can control business expenses, create virtual accounts for better organization, and view rental cash flow in one platform. At the same time, real estate financing options are readily available.
