Azibo radically improves the financial services experience by helping independent landlords save time, improve cash flow and grow their portfolio.
Azibo checking account has no monthly fees or ACH transaction fees. Deposits earn 0.15% APY. Azibo has built-in expense tagging which helps you keep all of our expenses organized to each property and schedule E tax classification. This capability makes keeping your properties’ performance straight and enables landlords to quickly produce tax worksheets by property for them and their CPAs to save time and money. Additionally, Azibo’s bank accounts are tightly linked to AziboPay which allows landlords to both automate rent collection and bill payment and manage end-to-end cash flow in a simple and organized manner.
Here are a few ways that you can make the most of your free Azibo bank account:
1. Let your money make money
Independent landlords tend to keep a substantial amount of cash on hand to cover the unforeseen expenses of owning rentals. But because they need fast access to those funds, the money often sits in a regular checking account — which means landlords miss out on interest.
With Azibo, you can earn interest on your cash — even in checking accounts. Azibo bank accounts earn 3.75X the national average interest rate on your cash balance, with no monthly or hidden fees.
And if you’re locked into your current bank accounts because of mortgages, that’s no problem. You can still use Azibo to link your accounts in one place and then open a Azibo checking account as a sweep account to earn interest on your excess cash.
2. Automate and track rent collection
Azibo’s free rent collection tool makes it easy to collect and monitor rent payments across properties. Our rent collection dashboard helps you track tenant payment status in one place so you can instantly see who is behind schedule.
Azibo is also the only online and offline rent collection platform, helping landlords accept both electronic payments and paper checks. For electronic payments, you’ll receive a notification as soon as tenants send their rent, and their payment status will automatically update in your Azibo account.
If you collect paper checks, you can immediately make deposits from your phone with Azibo’s web-based app. This will help improve your cash flow while saving time spent going to the bank to deposit checks in batches.
3. Organize your security deposits
When you own multiple rental properties, keeping track of security deposits (and all of the regulations around them) gets complicated.
With Azibo, you can open a free bank account to keep your security deposits separate from your rent money. This also allows you to earn interest on your security deposits, which you can either keep or pass on to your tenants to keep them happy (again, just make sure you’re compliant with local regulations).
Landlords can also use Azibo’s security deposit management tool to track critical information like the lease end date, tenant name, damage deductions and interest owed for each security deposit — helping you stay organized ahead of tenant turnovers.
4. Manage multiple bank accounts in one place
If you’re like most independent landlords, you have multiple banks and bank accounts for your rental business, thanks to years of buying properties and getting loans. Just keeping track of all of those logins and passwords — let alone managing your books — can be a nightmare!
With Azibo, you can link all of your bank accounts in one place — allowing you to view and manage all accounts with just one login. You can also use Azibo to easily move money between accounts so you have cash in the right account when you need it.
5. Simplify tax prep
Expense management can be a major headache for independent landlords. Come tax season, many rental property owners painstakingly review spreadsheets and bank statements in order to make the most of their deductions.
With Azibo, landlords can easily tag transactions by property for up to 24 months of expenses. You can even tag expenses in non-Azibo linked accounts.
Landlords can also use Azibo’s tax classification tool to add Schedule E categories, helping to simplify tax prep and reduce time spent manually categorizing expenses.
Ready to open a Azibo bank account?
We know every rental property business is unique — that’s why Azibo offers a variety of tools to best fit your needs as an independent landlord.
Sign up for a Azibo bank account today to get access to all of our free tools to help you save time, stay organized and grow your business.
Azibo is a financial technology company with Banking services provided by Piermont Bank; Member FDIC