BTL bank account - recommendations?

iso_2

Hi,

Does anybody have a recommendation for a bank account by which they manage their BTLs?

I've been doing it out of my personal current account and the task of carrying on keeping records which include my personal records for six years is becoming increasingly difficult.

iso.

clutton_2

i have one current account with one bank for my rents/mortgages/repairs etc, and another high interest savings account with the same bank for my tenants' deposits. i have a differnt current account with another bank for my personal use. Neither is a business account (as yet) - i have always strongly objected to having to pay a premium to pay MY money into THEIR bank !!!!! =- hence i did not tell them it was for a business - so far they have not asked

i might recommend ING for deposits (high interest) and Nationwide are doing excellent current account interest rates - but look on this site for more up to date info.

What aspects are difficult ?

Alan_M_2

iso wrote:

Hi,

Does anybody have a recommendation for a bank account by which they manage their BTLs?

I've been doing it out of my personal current account and the task of carrying on keeping records which include my personal records for six years is becoming increasingly difficult.

iso.

Just get a decent money package on the computer, Microsoft Money or Quicken will be more than comfortable to cope with your requirements.

Multiple bank accounts isn't really necessary.

iso_2

clutton wrote:

i have one current account with one bank for my rents/mortgages/repairs etc, and another high interest savings account with the same bank for my tenants' deposits. i have a differnt current account with another bank for my personal use. Neither is a business account (as yet) - i have always strongly objected to having to pay a premium to pay MY money into THEIR bank !!!!! =- hence i did not tell them it was for a business - so far they have not asked

i might recommend ING for deposits (high interest) and Nationwide are doing excellent current account interest rates - but look on this site for more up to date info.

What aspects are difficult ?

This is the sort of thing I want to do.

My personal (and BTL) stuff is with First Direct and I don't have printed statements - however, there is an IR requirement to keep records, which includes bank statements (as I understand) for 6 years. I just find with it all mixed in with my personal stuff difficult to keep track of when I come to do my tax returns (like I am at the moment ), as well as only having e-records of the various BTL transactions (income, mortgage payments, remortgage fees, insurance, other expenses).

As such, I want to shift my BTL to a separate account where I get printed statements (for free) so I have discreet records I can evidence if ever called upon by the IR.

So, I'm looking for a good (free) account to do this with.

iso.

iso_2

Alan_M wrote:

Just get a decent money package on the computer, Microsoft Money or Quicken will be more than comfortable to cope with your requirements.

Multiple bank accounts isn't really necessary.

Alan M - but do you have it all mixed in with your personal stuff then?

Alan_M_2

I have to have business accounts because I run a Limited company (therefore I have no choice).

However, where the money comes from and where it goes is much less relevant than what it's for, a very simple program with categories and a report system negates the need for multiple accounts.

clutton_2

why can't you print off your statements from First Direct - and then highlight in green/red the business transactions ?

i think i am right in saying that there is no requirement to show your bank statements to anyone without a court order. my accountant fills in my tax return based on the spreadsheet i send him each year of my income and expenses.

i keep all my printed=off bank statements in a folder, just in case, as banks now seem to want to charge the earth for copies of stuff.

thesaint

Any decent current accoumt will do.

My BTL is on a current account mortgage, but if I didn't have this I would just open another current account.