If you're not new to the world of vacation rentals, you know that managing your Airbnb can be both rewarding and challenging. One simple way to streamline everything and make hosting better is by opening a dedicated business bank account.
Separating your rental income from personal finances can help you track expenses effortlessly, saving time and money in the process. In this article, we'll walk you through the six best business bank accounts tailored to the needs of hosts, so that you can start tracking your rental revenue ASAP.
The best business bank accounts for Airbnb hosts are:
- Chase Business Complete Banking: Best Overall Bank Account
- American Express Business Checking: Best for Hosts on a Small Budget
- Novo: Best for Convenience
- Revolut Business Account: Best for International Hosts
- Huntington Business Checking 100: Best for Tracking
- BlueVine Business Checking: Best for Multiple Properties
How We Selected the Best Airbnb Bank Accounts
Opening up a bank account is a must for every Airbnb host. Not only does it make it easier for you to track your revenue and expenses, but a separate bank account can help protect your personal assets from being entangled in the business's liabilities in the event of a legal issue. Because there are so many banks (and accounts) out there, we’re helping you out by narrowing down your choices.
We evaluated each bank account based on:
- Host Recommendations: We listened to feedback from Airbnb hosts to understand their preferences.
- Online Reviews: We checked online reviews to gauge customer satisfaction and identify common issues.
- Fees and Requirements: We looked at account fees, minimum balances, and transaction charges to assess affordability.
- Digital Banking Features: We examined digital banking features like mobile apps and online access for efficient account management.
- International Transaction Support: We looked for accounts suitable for hosts with international guests, considering currency conversion and transaction ease.
- Expense Tracking and Reporting: We sought accounts that simplify expense tracking and reporting for effective financial management.
Based on our criteria, the best bank account to open is Chase Business Complete Banking. It offers affordability, accessibility, and strong digital banking tools, making it a practical and cost-effective option for most Airbnb hosts.
1. Chase Business Complete Banking: Best Overall Bank Account
Chase Business Complete Banking is the ideal banking solution for Airbnb hosts because it combines accessibility, affordability, and great digital features. With low monthly fees of $15 that can be waived by maintaining a minimum balance of $2000 (among other ways), this bank account is an affordable solution for hosts looking to save some money.
It even has a promotion going on that gives you $300 when you open a Complete Banking Account with qualifying activities, so open your account on Chase for Business today.
For hosts, the inclusion of an extensive ATM network with thousands of machines makes this bank account extremely convenient. With Chase QuickAccept, you can get same-day deposits with no additional or hidden fees.
Owners can each get their own debit cards, PINs, and access to the account—perfect if you’re co-owning your Airbnb. You can even issue debit cards for your employees and control their daily limits, just in case you have a manager that needs access to your business’s funds.
With no minimum deposit to open an account, this is an affordable pick for a small-scale business owner. But keep in mind that Chase charges 40 cents per transaction after the first 20 transactions made with a teller or paper checks written on the account, so hosts with substantial cash transactions should be cautious about the fees that can definitely add up.
2. American Express Business Checking: Best for Hosts on a Small Budget
For budget-conscious hosts who want to keep their business expenses in check, an American Express Business Checking Account stands out as our go-to choice. Open an account by visiting their website now.
One of its most significant advantages is its 0 monthly maintenance fees and extremely transparent pricing. This is a considerable advantage, especially for hosts those who operate on a tight budget and need to maximize their earnings.
In addition to being budget-friendly, American Express Business Checking offers 1.30% APY on up to $500,000—this is extremely generous, considering most small business bank accounts have 0% interest.
With online access, mobile check deposit, and online bill payment capabilities, this account offers practical features tailored for day-to-day business banking.
However, this is a purely online bank account, and while this might not be an issue for hosts who are tech-savvy, those who need in-person support should look elsewhere. American Express does have top-notch 24/7 support though, so this may not pose as much of a problem as you may think.
3. Novo: Best for Convenience
Novo is technically not a bank; it’s classified under fintech, with its banking services handled by Middlesex Federal Savings. Still, it’s so convenient that we just had to include it.
It operates fully online, and only takes around 10 minutes to apply (so sign up on the Novo website now). Despite being entirely online, each Novo Checking Account gets a physical and digital debit card so you can access your money easily.
Novo promises no minimum balances and 0 monthly fees, plus a reimbursem*nt for all ATM fees, so budget-conscious hosts can relax.
But what sets it apart for its convenience is that each time you deposit into Novo, you can automatically allocate funds to a reserve so you can easily budget your earnings. Novo also integrates with a ton of third-party applications, like payroll and accounting software, plus allows you to create invoices—all in one very intuitive dashboard.
And yes, before you wonder, your deposits are FDIC-insured for up to $250,000 per depositor. Still, because this operates entirely online, we advise against this “bank” for non-techy hosts (or hosts who prefer banking in-person). But, if you’re willing to learn, then Novo is a fantastic, and convenient, pick.
4. Revolut Business Account: Best for International Hosts
Hosts catering to international guests require a banking solution that minimizes currency conversion costs and simplifies cross-border transactions. We recommend opening a Revolut Business Account if this sounds like an issue you’re dealing with. Visit the Revolut website to do that now.
Its best feature is its competitive currency conversion rates. With over 100 countries and 25 currencies supported, Revolut significantly reduces foreign exchange expenses and helps hosts maximize their earnings when accepting payments in various currencies. This alone makes it a standout choice for hosts marketing outside their country.
Guests can also choose to pay in their own local currency, while hosts receive the correct amount in their preferred currency, simplifying the process of receiving payments from guests around the world.
Revolut currently offers a free plan, but it charges a flat fee of $5 for international transfers. To get more no-fee international transfers, you’ll have to upgrade your plan (the cheapest one being the Grow plan at $30 per month). So, for hosts dealing with small amounts, Revolut is definitely not the most cost-effective solution out there.
5. Huntington Business Checking 100: Best for Tracking
Airbnb hosts, just like any business owners, should understand the importance of tracking expenses and creating meticulous financial reports. And we highly recommend a Huntington Business Checking 100 account for providing tools to assist hosts in keeping a vigilant eye on their financials.
This particular bank account offers detailed expense tracking features through their online banking feature. This allows hosts to track cash, expenses, payments, and deposits, while categorizing and organizing expenses efficiently.
Not only does this make tracking your position easier, it also simplifies tax reporting at the end of each fiscal year. This level of detail is also invaluable for hosts who juggle multiple expenses associated with maintaining an Airbnb.
Huntington Business Checking 100 takes it even further than just helping you track and categorize your spending habits: it also provides a decent forecast tool so you can see where your business is headed. All of this is available through a very detailed (yet still user-friendly) Business Hub.
As a downside, Huntington is not a very large bank. This means limited physical branches and less than 2000 ATM locations. But, if meticulous expense tracking and detailed financial reporting are important to you, then you can’t go wrong with Huntington Business Checking 100.
Visit the Huntington Business Checking 100 page to open an account today.
6. BlueVine Business Checking: Best for Multiple Properties
Hosts who manage multiple properties are well aware of the complexity that comes with handling numerous transactions and staying on top of their finances. For hosts juggling this task, we recommend opening a BlueVine Business Checking account (which you can do so on their site).
Like Novo, BlueVine falls under a fintech sphere. Its banking is handled by Coastal Community Bank, which also means its FDIC-insured up to $3 million dollars per depositor.
But we love it for the feature that every host with multiple properties looks for: unlimited transactions. You won’t have to worry about the number of payments, transfers, or withdrawals you make. This makes your finances much more flexible, especially in managing your property-related expenses.
With no monthly or overdraft fees, no minimum balance, and unlimited transactions, hosts can save hundreds of dollars a year. Add to this the whopping 2% interest on balances up to $250000 if you meet the monthly activity goal, and you can see why small business owners love BlueVine.
The advantages don't stop at unlimited transactions and high interest rates; BlueVine also offers a user-friendly mobile app that's particularly convenient for busy hosts on the go. The app allows hosts to monitor their accounts, check transaction history, and deposit checks remotely. BlueVine even allows you to open up to five sub-accounts managed through the same dashboard, each with their own account number.
Keep in mind that while this sounds great, BlueVine’s fee structure is designed for account holders with multiple transactions. While this is a significant benefit for hosts with high transaction volumes, small-scale hosts might find the cost benefits of BlueVine lacking.
Key Takeaway
Opening a dedicated business bank account is one of the first steps you should take as an Airbnb host. Because it keeps personal and business finances separate, it makes financial recording and tax reporting much simpler for you in the long run.
Still looking for the right bank to trust? We recommend getting a Chase Business Complete Banking account. It stands out as the best overall choice because of its affordability and accessibility. Your financial well-being significantly impacts your Airbnb’s success, so apply for your bank account today.
