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investing service charge funds for flats
Alex_Jackson
Posts: 3 Newbie
Hi
I recently bought a flat which requires payment of a monthly service charge, as is normal. I just found out that the funds are paid into a Barclays account which seems to be quite a bad deal - it pays no interest, I think it charges an annual account fee and it charges for every cheque that is paid out.:mad: Given that they have the benefit of our cash year on year, I am surprised by all of these costs and the fact that no interest is paid. I've looked at Martin's advice on the best current/ savings accounts etc.., but I assume that these can only be opened by individuals. Does anyone know if there are better accounts that can be used to invest such funds?:beer:
cheers
Alex
I recently bought a flat which requires payment of a monthly service charge, as is normal. I just found out that the funds are paid into a Barclays account which seems to be quite a bad deal - it pays no interest, I think it charges an annual account fee and it charges for every cheque that is paid out.:mad: Given that they have the benefit of our cash year on year, I am surprised by all of these costs and the fact that no interest is paid. I've looked at Martin's advice on the best current/ savings accounts etc.., but I assume that these can only be opened by individuals. Does anyone know if there are better accounts that can be used to invest such funds?:beer:
cheers
Alex
0
Comments
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Forgive me if i havent got my facts straight here, but why do you care where your landlord keeps his money?Mortgage Free 22/03/17
MissWillow is my OH!0 -
Plus, its likely to be a business account and run as a business.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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If you want to test the depth of the water .........don't use both feet !0
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