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What are the benefits of Virtual Accounts?
What are the benefits of Virtual Accounts?

Landlord Support

Mohanad A. avatar
Written by Mohanad A.
Updated over a week ago

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!

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