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Best bank account for landlord
lynsayjane
Posts: 3,547 Forumite
Hi,
Am wanting to open a current account for renting my flat to manage rent, mortgage payments, insurance etc but am not sure where is the best place to look.
Obviously as I will only have the rent paid into it I may not hit any minimum thresholds and don't want to pay monthly charges etc. At the same time I want to get the best interest rate available to build on the profit I'll make to help when it comes to income tax time.
Any advice gratefully received!
LJ
x
Am wanting to open a current account for renting my flat to manage rent, mortgage payments, insurance etc but am not sure where is the best place to look.
Obviously as I will only have the rent paid into it I may not hit any minimum thresholds and don't want to pay monthly charges etc. At the same time I want to get the best interest rate available to build on the profit I'll make to help when it comes to income tax time.
Any advice gratefully received!
LJ
x
0
Comments
-
Unlike 'Premium' pay-for accounts, ordinary current accounts don't have any monthly charges and thresholds with very few exceptions. However, some do offer some benefits for stipulated minimum monthly credits.lynsayjane wrote: »...
Obviously as I will only have the rent paid into it I may not hit any minimum thresholds and don't want to pay monthly charges etc. ...0 -
Maybe you could consider a business bank account? The only issue is that using some banks personal accounts to process business proceeds (and flat rental is a business income) is against t&cs.0
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