Baselane Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
Baselane, a financial technology (fintech) platform, is an all-in-one solution built for landlords and property investors. It offers a high-yield and fee-free business checking account with a 4.25% annual percentage yield (APY) for all balances and allows the opening of multiple accounts per property. The business checking account integrates with automated rent collection, bookkeeping, reporting, and analytics solutions, helping rental owners organize and manage their finances.
Property investors seeking to increase their rental property portfolio can also apply for Baselane’s commercial real estate loans to purchase new units or perform rental renovations to elevate property value.
Note that Baselane is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Blue Ridge Bank N.A.
What We Like
- Competitive APY
- No monthly fees and ACH fees
- Up to 5% cash back debit rewards
- Free wires
What's Missing
- No physical branch
- Doesn’t offer savings, money market, and certificates of deposit (CDs)
Features
- Integrates with rent collection, reporting, and bookkeeping solutions
- Easy signup process
- Access via mobile and desktop web browsers
- Unlimited virtual accounts and virtual cards
- Free transactions at over 55,000 Allpoint ATMs
- Welcome bonus
- Variety of real estate loan products
How Baselane Stacks Up With Its Competitors
APY | Monthly Fee | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Landlord Banking | 4.25% for all balances | None | None at Allpoint ATMs* | None |
 Cash Management | 2.55% (Essentials), 4.55% (Pro) | None | Cash deposits not accepted | None |
 Business Checking | 2.0% (balances up to and including $250,000) | None | $4.95 per deposit via Green Dot retail locations | None |
*Deposits are allowed only at Allpoint ATMs.
**Providers are fintech platforms-backed and FDIC-insured by a supporting bank partnership (Blue Ridge Bank, N.A., for Baselane and Stessa and Coastal Community Bank for Bluevine).
When Baselane Is a Good Fit
- Real estate investors and self-managing landlords looking for an integrated banking and rent collection platform: Baselane offers an all-in-one banking and financial platform. It makes it convenient for individual landlords and property investors to manage their finances, set up multiple accounts per property, and use the free online rent collection system. We also named Baselane one of the best banks for real estate investors for providing an all-in-one banking solution and excellent commercial real estate (CRE) loan products.
- Businesses seeking higher earnings: Baselane’s business checking account provides a high-yield 4.25% APY and up to 5% cash back for debit card rewards. This is competitive with other banks’ savings or money market interest rates. Real estate investors can keep their tenants’ security deposits in this account and generate substantial interest.
- Businesses that favor a fee-free checking account: Baselane doesn’t require clients to maintain minimum balances and pay monthly fees or domestic wire fees. There’s also no minimum deposit to open a business checking account.
- Real estate investors and do-it-yourself (DIY) landlords preferring to earn cash rewards when opening an account: A new Baselane banking account entitles you to a $300 bonus, provided you meet qualifying activities.
- Individual landlords that want to save on rent collection software: Baselane, one of our top online rent payment services for landlords, offers free software for landlords needing to collect, automate, and track rent payments from tenants.
- Real estate investors and landlords who need access to financing: A variety of commercial real estate loans and lines of credit are available if you’re planning to grow your rental portfolio and upgrade your properties.
When Baselane Is Not a Good Fit
- Cash-reliant businesses that need access to brick-and-mortar branches: While Baselane allows cash deposits at Allpoint ATMs, it’s limited to $2,000 per day. Cash-intensive businesses making frequent branch visits to deposit cash in bulk can consider Chase. With its 48-state branch service area, it has an edge over Baselane’s online-only presence. Learn more about Chase by reading our Chase Business Complete Banking review.
- Businesses seeking full-service banking and lending products: Though Baselane offers a high-yield business checking account, it has no business savings, CDs, money market accounts, and Small Business Administration (SBA) loans. First Internet Bank offers various banking products, giving clients access to several financing solutions and plenty of options where to store their funds. Check our review of First Internet Bank Business Checking for more information.
- Small businesses outside the property management industry: Baselane offers a niche product for real estate investors and landlords. If you don’t have a rental business, then its robust property management features won’t be applicable. Solopreneurs, freelancers, and gig workers can opt for Live Oak Bank, which focuses more on microbusinesses making $50,000 to $500,000 in revenue. Our Live Oak Bank Business Checking review provides additional details on its product features.
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 required. 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 include a free downloadable checklist of required documents.
Baselane Business Checking Features
Baselane’s business checking account includes high-yield interest, cash back, unlimited virtual accounts, and fee-free transactions at Allpoint networks.
Welcome Bonus
Baselane gives out a $300 bonus to new users, provided the following qualifying activities are met:
- Deposit a minimum of $500 in your Baselane Banking account within 14 days of receiving the promo by email and maintain this average balance for 60 days
- Make five qualifying transactions within 90 days using your Baselane Banking debit card
- Collect at least two $500 rent payments using Baselane’s Rent Collections tool within 90 days
The offer is valid from Jan. 5, 2023, to June 6, 2023. Eligible participants are Baselane users who haven’t previously collected any rent payments via Baselane’s rent collection tool nor previously funded a Baselane Banking account. You must open a Baselane Banking account to receive the bonus, and regardless of the number of accounts opened, you can only receive the bonus once.
High-yield Checking Account
Clients can enjoy 4.25% APY on all deposits when they open a Baselane business checking account. This rate is variable, and the interest is compounded and credited to your account monthly.
Cash Back Debit Card Rewards
Each calendar year, real estate investors and landlords can earn up to 5% cash back on their first $2,000 spent on home improvement using the Baselane debit card. For other debit card purchases, unlimited 1% cash back can be earned.
Unlimited Virtual Accounts & Virtual Cards
Business owners can open multiple Baselane banking accounts for free. Virtual accounts are treated as sub-accounts with their own corresponding account number. It helps independent landlords organize and segregate accounts per rental property or separate renovation budgets from security deposits and rent payments.
Baselane only issues one physical debit card for each account, but you can have up to 10 virtual cards for your Main Accounts and Virtual Accounts. This allows you to create different categories and manage your spending. No physical cards are provided for virtual accounts.
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. You can transfer funds, view statements, pay invoices, lock and unlock cards, and send an ACH payment (via desktop only). Depositing checks is available only by signing into your Baselane account using your mobile phone. You can deposit up to $5,000 daily, but it must not exceed $25,000 per month.
Built-in Free Rent Collection Software
Typically, you collect rent by knocking on tenants’ doors and asking for payment in cash, via a check, or through Zelle or Venmo. But with Baselane, there’s a built-in free rent collection system that links directly to your bank account. You can also collect security deposits and one-time or recurring fees. Further, payment is prompt and deposited directly in your account in 2–3 days. Setting it up takes less than five minutes.
Tenants can also pay their rent through ACH, debit, or credit with a 2.99% fee. They can auto-pay and auto-set payment alerts to avoid late fees.
Built-in Bookkeeping & Reporting System
Baselane’s automated bookkeeping and reporting system saves you time. 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 also 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.
Other Baselane Business Products
Baselane partners with Lendency to provide its customers with commercial real estate loans, while Baseline Capital extends lines of credit, receivables purchases, term loans, invoice factoring, and equipment financing to real estate investors. The rates are competitive, and loan options are flexible.
CRE Loans
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. A minimum 680 FICO score is required.
Income verification isn’t required. If approved, then the loan is closed and available in as little as 10 days for complete file submissions.
Line of Credit
Baselane Capital offers 24-hour funding after approval and a quick 15-minute application process for an investment property line of credit. You can finance a rehab project, purchase a new rental and perform renovations, or pay off existing debt.
To be eligible, you need to be in business for at least six months, earn $10,000 or more revenue per month, and have a personal credit score of 550.
Insurance
For rental property insurance, Baselane partners with Obie. It includes coverage of the building, general liability, loss of rent, and other structures that may require an endorsement. Also, tenants can apply for renters insurance to cover them against lawsuits and medical costs.
Baselane Business Checking User Reviews
There are currently no Baselane business checking reviews on third-party sites as of this writing.
Bottom Line
Baselane’s business checking product stands out from other traditional providers serving this niche market. It’s distinctive to property investors and landlords for its high-yield APY, fee-free account, and integration with free property management software. You can control your business expenses, create virtual accounts for better organization, and view rental cash flow in one platform. Baselane is actively working on adding more features, like a mobile banking app and tenant screening, providing more benefits to rental property owners.
