Virtual Accounts are a simple yet powerful feature of Baselane Banking that allows you to keep your finances organized and funds separated. Virtual Accounts are effectively “sub-accounts” with their own account number nestled under the Main Account. Virtual Accounts are free and can be opened with a click of a button; no additional accounting open set-up is needed.

How are Virtual Accounts used? For example, if you open a Baselane Banking account for an LLC that owns two properties, you can open a Virtual Account for each property, a separate Virtual Account for security deposits, and an additional Virtual Account for savings for a future remodel.

Here is a summary of what Virtual Accounts offer:

  • Virtual Accounts are free and can be opened with a single click.

  • They allow you to keep your finances separated; for security deposits, different units, savings, etc.

  • You can automate your bookkeeping by enabling auto-tagging all transactions of a Virtual Account to a specific property or unit.

  • Earn interest at 80x the national average (including on security deposits!).

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