Setting up a bog-standard bank account!

BunnySB

Please help - I'm baffled by all the info on bank accounts on here!
My situation is......

I have a property which I am about to rent out for GBP995.00 per calendar month.
I want to set up an account for this money to go into but which I have access to, in order to pay for any repairs/refurbishments which will be needed.
I also intend to keep some of the money as a contingency for the house which I am living in.
I don't work, but do have an account which my husband pays a regular amount into.

Am I able to set up an account & which would be the best one??
Any help will be very much appreciated!

Porcupine

Are you likely to keep any funds in this account for a significant time? For example, in reserve to pay the taxman? In which case, go for a bank with a good savings account and get a current account too. There's not a lot of difference between bog-standard current accounts in terms of offers. See the savings account guide.

Other things to think about:
Do you need a branch near you to pay in cheques? Or one accessible at the Post Office?
Perhaps pick a bank based on good customer service? (lots of feedback here)
Or pick a bank that does Faster Payments? That helps with getting money in and out.

You could go with your existing bank for ease of use (fast transfers etc), but beware of 'offsetting'. If you go overdrawn on your personal account, the bank can usually take money from your other accounts. If this was cash you saved up to pay the taxman, this would be Bad News if you then couldn't pay your taxes.