Stessa, a financial technology (fintech) company, offers residential rental property owners an all-in-one cash management system, which includes online rent collection, accounting, and leasing tools. The Stessa Cash Management account, its business checking product, provides a high yield of 5.09% under its highest plan, Pro.
Stessa’s free plan, Essentials, has no minimum balance or opening deposit requirements. You can also create unlimited accounts per property for free, making it easy to automate the tracking of business income and expenses.
Stessa is a business fintech platform backed by FDIC-insured Thread Bank. It provides a Visa debit card, which you can use at any ATM, but third-party operator fees may apply. You can open a Stessa checking account through its website or mobile app.
The Stessa business checking review was conducted in consideration of the following factors:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- Annual Percentage Yield (APY)
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking products
Pros
- High APY and 1.1% cash back
- No monthly fees for Essentials plan
- No inbound wire fees
Cons
- No cash deposits accepted
- No physical branch
- No savings and loan products
Special Offer | None |
Opening Deposit Requirement | None |
| |
APY |
|
ATM Network | Does not charge ATM fees but operator fees may apply |
Other Standout Features |
|
- You’re a rental property owner requiring an all-in-one money management system: Stessa provides built-in rent collection and expense management software with its business banking product, allowing rental property owners to view their cash flow in one place. Stessa is one of our best banks for real estate investors for combining rent collection software with a banking product.
- You need to save on banking fees: Subscribing to Stessa’s fee-free plan, Essentials, requires no monthly subscription fees, minimum balance requirements, and opening deposits. In addition, inbound domestic wire transfers are free.
- You want to earn high interest: Stessa’s business checking product provides a high yield. Under Essentials and Manage, you get 3.14% APY, while Pro offers 5.09% APY.
- You seek cash back earnings: When you make purchases using your Stessa debit card, you can earn 1.1% cash back.
Stessa Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Cash Deposit Fee | |
|---|---|---|---|---|
 | Cash Management | None | Cash deposits not accepted | |
 | Business Banking | None | ||
Visit Baselane
Baselane is a fintech platform backed and FDIC-insured by a supporting bank partnership with Thread Bank.
| ||||
 | Relay Business Checking | None | None | |
 | Bluevine Standard | None | ||
Visit Bluevine
Bluevine is a fintech platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
| ||||
Best For | Learn More | |
|---|---|---|
| Rental property owners seeking an all-in-one banking solution with rent collection and cash deposit option: Stessa does not allow cash deposits, while Baselane allows you to deposit cash for free at Allpoint ATMs. | Read our Baselane business checking review |
| Business owners that regularly perform international wire transfers: Stessa does not support overseas wire transfers unlike Relay, which offers inbound international wires for free and charges only $10 for outbound international wires. | Read our Relay business checking review |
| Business owners seeking an excellent financing option: Whereas Stessa lacks lending products, Bluevine has one of the best low-rate lines of credit in the market. | Read our Bluevine business checking review |
Stessa Business Checking Terms & Features
Cash Management Account | |||
Plans | Essentials | Manage | Pro |
Subscription Fee | $0 | $12 per month; paid annually | $28 per month; paid annually |
APY | 3.14% | 3.14% | 5.09% |
Required Opening Deposit | None | None | None |
Required Minimum Balance | None | None | None |
1.1% Cash Back on Purchases | ✓ | ✓ | ✓ |
Domestic Wire Transfer Fees | |||
International Wire Transfer Fees | Not supported | Not supported | Not supported |
Direct Deposit | No limit | No limit | No limit |
ATM Fees | None, but operator fees apply; international fee is 1% of the transaction amount | None, but operator fees apply; international fee is 1% of the transaction amount | None, but operator fees apply; international fee is 1% of the transaction amount |
ATM Withdrawal Limit | $500 per day | $500 per day | $500 per day |
Cash Deposit Fees | Cash deposits not accepted | Cash deposits not accepted | Cash deposits not accepted |
Features
Plans | Essentials | Manage | Pro |
Debit Card | Stessa Cash Management Visa Debit Card (physical and virtual cards available) | ||
Physical Checks | Unavailable | ||
Software Integrations | Built-in online rent collection, expense management, rental property accounting, rental applications, and tenant screening | ||
Business Payment Integrations | Plaid and Yodlee | ||
Customer Service |
| ||
Essentials | Manage | Pro | |
Properties | Unlimited | Unlimited | Unlimited |
Portfolios to Organize Properties | 1 | 1 | Unlimited |
Dashboards | Key metrics only | Key metrics only | Full chart history |
Property Manager Data Feeds | Unlimited | Unlimited | Unlimited |
Document & Receipt Storage | Unlimited | Unlimited | Unlimited |
Shared Account Access | ✓ | ✓ | Advanced ownership metrics |
Essentials | Manage | Pro | |
Advanced Transaction Tracking | ✕ | ✕ | ✓ |
Smart Receipt Scanning | 5 per month | 5 per month | Unlimited |
Automated Bank Data Feeds | Unlimited | Unlimited | Unlimited |
Manual Expense Tracking | ✓ | ✓ | ✓ |
Mileage Tracking | ✓ | ✓ | ✓ |
Budgeting and Pro Forma Analysis | ✕ | ✕ | ✓ |
Project Expense Tracking | ✕ | ✕ | ✓ |
Essentials | Manage | Pro | |
Basic Reporting | ✓ | ✓ | ✓ |
Advanced Reporting | ✕ | ✕ | All Reports |
Accountant Tax Package | Basic Tax Package | Plus Schedule E | Plus CapEx |
Full Data Export | ✓ | ✓ | ✓ |
Essentials | Manage | Pro | |
Accelerated Rent Payments | ✕ | ✓ | ✓ |
Automated Reminders & Late Fees | ✓ | ✓ | ✓ |
Tenant Autopay | ✓ | ✓ | ✓ |
Tenant Ledger & Rent Roll | ✓ | ✓ | ✓ |
Tenant ACH Fee Waived | ✕ | ✕ | ✓ |
Essentials | Manage | Pro | |
Vacancy Advertising | ✓ | ✓ | ✓ |
Syndication to Zillow | ✓ | ✓ | ✓ |
Tenant Applications | ✓ | ✓ | ✓ |
Tenant Screening | ✓ | ✓ | ✓ |
Lease Template | ✕ | ✓ | ✓ |
e-Sign Leases, Contracts & More | ✕ | 1 per month | 7 per month |
Document Storage | Unlimited | Unlimited | Unlimited |
60+ Legal Forms & Templates | ✕ | ✓ | ✓ |
Stessa Business Checking Requirements
To be eligible to open a Stessa business checking account, you must be a sole proprietor, corporation, unincorporated association, limited liability company (LLC), limited liability partnership (LLP), or partnership within the 50 states in the US, Washington, D.C., and all US territories.
As part of the Stessa business checking requirements, you will be asked to provide identifying information of authorized users, account owners, officers, directors, beneficial owners, and controlling shareholders. You will also need to present IDs and business documents.
How to Open a Stessa Business Checking Account
- Step 1: Visit Stessa.
- Step 2: Sign up for a free Stessa account.
- Step 3: Click Cash Management.
- Step 4: Proceed to apply for a new cash management account.
- Step 5: Follow the on-screen instructions.
- Step 6: Provide all the required information.
- Step 7: Click Submit. A message will be sent to you indicating the status of your application and any required next steps.
Stessa Business Checking Features
High-yield Account
Stessa accountholders earn high-yield APY and have a choice between three plans.
- Essentials (3.14% APY) is a free option providing key property management tasks, such as vacancy marketing, tenant screening, and online rent collection.
- Manage (3.14% APY) is a paid plan with more advanced features and automation, such as eSigning and giving access to auto Schedule E reports and 60-plus legal forms and templates. It is priced at $12 a month, paid annually.
- Pro (5.09% APY) is a premium subscription with a full suite of features that includes unlimited portfolios, advanced reports, unlimited smart receipt scans, priority phone support, and more. It costs $28 per month, paid annually.
Unlimited Free Accounts
Stessa allows residential rental property owners to open unlimited free cash management accounts per property or portfolio. This makes it easy for landlords to stay organized and track income and expenses faster, resulting in fewer accounting errors. However, Stessa limits unfunded accounts to three.
Stessa Physical & Virtual Debit Card
Stessa issues a free physical Visa debit card that can be used at any ATM, but third-party surcharges can apply. The daily ATM withdrawal limit for your debit card is $500. After opening your account, you can receive a virtual card and link it to a digital wallet.
Cash Back Debit Card Rewards
Clients using the Stessa Cash Management Visa debit card for purchases can enjoy unlimited 1.1% cash back. You can expect the cash back earned to be credited to your account by the next month’s statement cycle.
Online & Mobile Banking
You can log in to your Stessa account through the web or mobile app. You can view account statements and reports, scan receipts for safekeeping, categorize transactions, pay vendors through ACH, and deposit checks through your mobile phone.
Built-in Free Rent Collection Software
With Stessa Rent Pay, an automated rent collection software, property owners and tenants can automate the sending of rent reminders and late fees, set up recurring monthly ACH payments, and streamline the tracking of rent payments.
Built-in Accounting System
Stessa’s advanced software helps rental property owners automate accounting and track, import, and categorize income and expenses. You can connect to banks, lenders, credit cards, and property managers that use AppFolio or Propertyware and view all financial information in one place. Further, you can access vital reports, such as income statements, net cash flow statements, and balance sheets to assist with tax filing.
Integrated Tenant Screening
Stessa provides landlords with a free tenant screening service. However, prospective renters must pay the screening fees of $40, with optional add-ons—such as $10 for income verification and $7 for judgments/liens—as part of the application process.
You can also access RentPrep’s comprehensive tenant screening service, integrated with Stessa, for a full credit report with eviction and criminal history reports. The tenant screening package starts at $21.
Leasing
Stessa assists landlords in marketing their vacant properties by syndicating listings to Zillow to boost property exposure and attract top-quality tenants.
Stessa Business Checking Reviews from Users
| Users Like | Users Dislike |
|---|---|
| User-friendly app | Broken financial account links |
| Ease of tracking income and expenses | Customer service needs improvement |
| Account integrations | No customization for categories |
Reviewers appreciate Stessa for its ease of use, simplicity, and time-saving features. Some also praised the automated income and expense tracking tools and the availability of tax-ready financial reports. Others shared that they like the bank integrations, but a few Stessa business checking reviews mentioned that some integrations failed to work.
Some users also recommended the company to offer the ability to add personalized transaction categories and there were a few complaints about communicating with the customer service team. One user claimed to have sent many messages that remain unacknowledged. Other reviewers wished the customer support staff could help resolve bugs and provide more product knowledge.
Here’s how Stessa scored on third-party review sites:
Stessa’s mobile app received a rating of 4.8 from around 4,700 reviews on the App Store[3] and a rating of 4.1 from over 500 reviews on Google Play[4].
Users praised the app’s robust and intuitive features. They also like the ease of account setup and the ability to pull crucial reports. However, some reported constant broken links, which resulted in manually adding financial information. Others also expressed their difficulties in accessing the app and reported login errors.
Frequently Asked Questions (FAQs)
Yes, connecting your bank account is secure since Stessa only imports transactions. All connections are also read-only as a safety measure.
Stessa was founded in 2016 and was acquired by JLL Spark Division of JLL two years later. In 2021, Stessa was purchased by Roofstock.
Stessa makes it easy for landlords to manage their rental properties by automating accounting, tenant screening, and rent collection in a single platform. Real estate investors can open a high-yield banking account online to link each account per property, keeping accounting and tax reporting streamlined.
The APY rate will depend on your plan subscription. Under Essentials and Manage plans, your Stessa cash management account earns 3.14% APY, whereas a Pro plan earns 5.09% APY.
Yes, you can automate your rent collection through Stessa Rent Pay.
Bottom Line
Stessa is an excellent choice for residential rental property owners for its integrated cash management system and rent collection software. You can benefit from a high-yield account with up to 5.09% APY, earn 1.1% cash back rewards, create unlimited free accounts per property, and track your income and expenses effortlessly in one system. However, if you want to deposit cash or access lending products, you may want to look at the alternatives we share above.
