Stessa 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.
Stessa, a financial technology (fintech) company, offers residential rental property owners an all-in-one cash management system and online rent collection software. It provides a high-yield business checking account, earning up to 4.55% under a Pro plan. Stessa has no monthly fees under an Essentials plan, no required minimum balances, and no opening deposit. It also allows the creation of unlimited accounts per property for free, making it easy for landlords to automate the tracking of business income and expenses.
Stessa is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Blue Ridge Bank, N.A.
What We Like
- High-yield APY and 1.1% cashback
- No monthly fees (Essentials plan)
- No minimum balance required
- No inbound wire fees
What's Missing
- No cash deposits accepted
- No physical branch
- No loan products
Features
- All-in-one cash management system and rent collection software
- Unlimited free accounts per property/portfolio
- Virtual and physical debit card
- No fees for bounced checks
- Offers Essentials and Pro plans
How Stessa Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Cash Management | 2.55% for Essentials; 4.55% for Pro | $0 for Essentials; $20 for Pro | Cash deposits not accepted | None |
 Landlord Banking | 4.25% for all balances | None | None at Allpoint ATMs | None |
 Business Checking | 1.75% | None | None at Allpoint networks; $3 for out-of-network ATMs | None |
*Providers are fintech platforms-backed and FDIC-insured by a supporting bank partnership (Blue Ridge Bank, N.A. for Stessa and Baselane and Green Dot Bank for QuickBooks).
When Stessa Is a Good Fit
- You’re a residential rental property owner preferring an all-in-one money management system: Stessa provides built-in rent collection and expense management software with its business banking product, allowing residential rental property owners to view their cash flow in one place. Stessa is part of our roundup of the best banks for real estate investors for combining rent collection software with a banking product.
- You’re looking for an opportunity to earn high interest: Stessa’s business checking product provides a high yield, with two plan options. For the free plan, Essentials, you get a 2.55% annual percentage yield (APY) on your checking account, while its premium plan, Pro, offers users a 4.55% APY. These rates are competitive with other banks and some prevailing business money market and CD account rates.
- You’re seeking to earn cash back: When you make purchases using your Stessa debit card, you can earn 1.1% cash back.
- You’re looking to save on banking fees: Stessa’s fee-free business checking product, Essentials, has no monthly subscription fees, minimum balance requirements, opening deposit requirements, and inbound domestic wire transfer fees. In addition, outbound domestic wires cost only $5.
- You want to open a banking account online easily using your limited liability company (LLC) or corporation: Stessa allows easy and simple online account opening for all business entities. This is unlike other banks that either require a branch visit to open an account or limit online account openings for certain business types only.
When Stessa Is Not a Good Fit
- Your business is cash-intensive, requiring in-person banking: Stessa doesn’t accept cash deposits and operates fully online. You may consider a traditional bank like Chase to make cash deposits in one of its 4,700 brick-and-mortar branches. See if it fits your business needs by reading our Chase Business Complete Banking review.
- You make frequent ATM transactions: At present, Stessa isn’t connected to any ATM network, so you’re likely to incur fees at third-party ATMs. You may opt for Novo, another online-only fintech as it offers unlimited ATM fee refunds at the end of each month. Check out our review of Novo Business Checking to learn more.
- You’re a sole proprietor or freelancer who doesn’t own or manage a rental property: Given that Stessa’s business checking product caters to residential rental property owners, its property management features may be irrelevant. A good option to consider is Lili since it offers a similar banking product integration with expense tracking and tax preparation software. Lili’s Pro plan is also cheaper at $4.99 per month. Our Lili Business Checking review provides more details on its features.
- You want access to business financing: To grow your rental property portfolio, you may need to apply for commercial real estate loans. Baselane, a close competitor offering similar products, provides an array of lending options that Stessa currently doesn’t have. Discover financing solutions you can maximize by reading our review of Baselane Business Checking.
Check out additional providers in our list of the best small business checking accounts.
Stessa Business Checking Overview
Cash Management Account | ||
|---|---|---|
Essentials | Pro | |
Monthly Subscription Fee | $0 | $20 on a monthly subscription; $16 on an annual subscription |
APY | 2.55% | 4.55% |
Required Opening Deposit | None | |
Required Minimum Balance | None | |
Transaction Limit Before Fees | None | |
Monthly Fees | None | |
Domestic Wire Transfer Fees | Incoming: None Outgoing: $5 | |
International Wire Transfer Fees | Not supported | |
Direct Deposit | No limit | |
Mobile Check Deposit Limits | $4,000 per day | |
ATM Fees | None, but operator fees apply | |
ATM Withdrawal Limit | $500 per day | |
Cash Deposit Fees | Cash deposits not accepted | |
Debit Card | Stessa Cash Management Visa Debit Card | |
Software Integrations | Built-in online rent collection and expense management | |
Customer Service | Hotline: (415) 985-7837 Email: contact@stessa.com | |
Stessa Business Checking Requirements
Opening a Stessa business checking account requires visiting its website or mobile app. You can start by downloading the Stessa mobile app, which is available on the App Store and Google Play and at https://app.stessa.com.
To be eligible to open an account, you must be a business entity, specifically a sole proprietor, corporation, unincorporated association, limited liability company, limited liability partnership, or partnership within the 50 states in the United States, Washington, D.C., and all US territories.
Stessa will ask you to provide identifying information of authorized users, account owners, officers, directors, beneficial owners, and controlling shareholders. You’ll also need to present IDs and business documents.
Prior to opening an account, check our guide on how to open a business bank account. It includes a free downloadable checklist of required documents.
Stessa Business Checking Features
Stessa’s business checking account offers high-yield interest, cash back, built-in expense management software, and unlimited free accounts.
High-yield Account
Stessa accountholders earn high-yield APY and have a choice between two plans. Essentials is a free plan, while Pro is a premium plan with a full suite of features priced at $20 per month on a monthly subscription. If you choose to pay annually, it’s priced at $16 per month. With Essentials, you get 2.55% APY while Pro users can earn 4.55% APY. The APY is subject to change at any time. The interest is compounded and credited to your account monthly.
Cash Back Debit Card Rewards
Clients using the Stessa debit card for purchases can enjoy 1.1% cash back. You can expect the cash back earned to be credited to your account by next month’s statement cycle. Transactions that are ineligible for cash back rewards are ATM transactions, purchase of money orders or cash equivalents, loan payments, and account funding using your debit card.
Unlimited Free Accounts
Stessa allows residential rental property owners to open unlimited free accounts per property or portfolio. This makes it easy for landlords to organize and manage several rental properties. It’s also faster to track income and expenses and results in fewer accounting errors.
Note that Stessa limits unfunded accounts up to a maximum of three.
Online & Mobile Banking
You can log in to your Stessa account through the web or mobile app. You can transfer funds, pay vendors through ACH, view account statements and reports, scan receipts to organize expenses, and deposit checks through your mobile phone.
Reviews for Stessa’s mobile app are excellent on both the App Store (4.8 out of 5) and Google Play (4.6 out of 5). Users find the app user-friendly and intuitive, and they also appreciate that upgrades are optional. Others have negative feedback on bank connection issues and the blocking of features that used to be free.
Built-in Free Rent Collection Software
Stessa has automated free rent collection software, providing convenience to property owners and their tenants. It helps landlords onboard tenants easily and set auto rent payment reminders, while it allows renters to set up autopay to avoid missing rental dues.
Built-in Accounting System
With Stessa’s advanced software, rental property owners can automate accounting and track, import, and categorize expenses efficiently. You can connect to banks, lenders, credit cards, and property managers that use AppFolio or Propertyware easily and view all financial information in a single place. Further, you can access vital reports, such as income statements and net cash flow statements, aiding you with tax preparation.
Other Stessa Business Products
Stessa currently doesn’t offer any savings and lending products.
Stessa Business Checking User Reviews
| PROS | CONS |
|---|---|
| Ease of use | Missing essential features, such as modifying or adding categories |
| Efficient tracking of transactions | Some functions limited to desktop only |
| Free/low-cost software | |
| Direct link to bank account | |
Stessa has a 4.81 out of 5 rating on Software Advice1. Users stated that they can link to their business checking accounts effortlessly and track expenses, saving them time. They also consider it a one-stop shop to manage property rentals and said that it helps them organize their rental transactions.
However, others still seek more features and a more robust mobile app. They mentioned suggestions of allowing additional user access with separate login credentials, real-time transaction importing, customizing reports, scanning of documents, and adding transaction notes.
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 4.55% business checking product, earn 1.1% cash back, create unlimited free accounts per property, and track your income and expenses in one system effortlessly. But if you want to deposit cash or access lending products, you may want to look for alternatives.
User review sources:
1Software Advice
