No, you do not have to open a Azibo bank account to collect rent. You can link any existing bank account to the platform to collect rent. Each property can have it's own designated rent/deposit receiving account. There is no limit to the number of bank accounts you can link to the platform!
That being said, there are many benefits to having an Azibo bank account including:
- Free online bill pay
- Vendor payments - send money to people
- FDIC-insured checking account
- Earn 0.15% APY - 3.75X the national average checking interest rate
- No monthly or transaction fees
- Unlimited monthly transactions
- Free ACH payments
- 1% cashback debit card
Whether you open a Azibo bank account or you link an existing bank account, you are able to view and categorize your transactions according to schedule E tax categories. You can also assign transactions and income to specific properties making for easy tax preparation. You can link as many bank accounts as you’d like or just one.