Current account with income of around £400 a month in... suggestions?
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smiler247
Posts: 84 Forumite
Hi there
Can anyone suggest what would be the best current account with a monthly income of around £400? I want to set up a separate account to deal with my rental property finances.
Thank you.
Can anyone suggest what would be the best current account with a monthly income of around £400? I want to set up a separate account to deal with my rental property finances.
Thank you.
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Comments
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For such low levels, I think the answer is always going to be TSB Plus.
Then again, if you also have bills to pay for the rental property (rather than the tenant?), maybe Santander 1-2-3 might be an option for the cashback?0 -
Thank you for your quick reply YorkshireBoy.
The only bill I will need to pay will be council tax as the utilities are on prepayment meters.
I can always transfer extra income in to make up minimum payment requirements - am I right in thinking that I can transfer it back out as long as it has gone in?
I am just thinking it will help me keep a better track of everything rather than put it all through my personal current account where my salary and household bills for my own property comes out of.0 -
I can always transfer extra income in to make up minimum payment requirements - am I right in thinking that I can transfer it back out as long as it has gone in?I am just thinking it will help me keep a better track of everything rather than put it all through my personal current account where my salary and household bills for my own property comes out of.0
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I agree. Tsb, min 500, set up Dd to top up tp 500 each mnth, the bavk out again if required. Interest 5%.0
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No mortgage but probably insurance. I am new to letting property so as yet am unsure of the exact figures. I would hope to keep in at least half of the income in the account each month.
Regarding my own account, I have had an account with HSBC for years - there is no interest paid on it. There is a monthly income of £1900; sorry to be cheeky but do you have any suggestions for moving that one to get a better deal?
Thank you very much for your time.0 -
aggypanthus wrote: »set up Dd to top up tp 500 each mnth0
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If there was a month that I didn't pay £500 into the TSB account, would it just mean that I wouldn't have the interest for that month? Sorry for so many questions0
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No mortgage but probably insurance. I am new to letting property so as yet am unsure of the exact figures. I would hope to keep in at least half of the income in the account each month.Regarding my own account, I have had an account with HSBC for years - there is no interest paid on it. There is a monthly income of £1900; sorry to be cheeky but do you have any suggestions for moving that one to get a better deal?0
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If there was a month that I didn't pay £500 into the TSB account, would it just mean that I wouldn't have the interest for that month?
But there would never be such a month, because if your tenant didn't pay, or you had a void period, you'd simply transfer £500 out and back in again. And if the balance was <£500 you'd send £500 from your HSBC account on payday and bounce it straight back again.0 -
Thank you - I don't have a tenant at the moment but want to set the account up ready.0
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