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 account opening is required. For details on how to create a virtual account, see here.
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 60x the national average, with up to 4.19% APY (including on security deposits!)
See here, for more details on the APY and how it is calculated
Be sure to watch our informative how-to video, where we'll guide you through the simple process of setting up virtual bank accounts with Baselane banking!