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Buy to let - should I open a bank account for this
Comments
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It doesn't have to be a business account. I've run btl out of several separate bank accounts over the years and never been queried, neither have other landlords I've known. Possibly it's buried deep in the T&C's though.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
It doesn't have to be a business account. I've run btl out of several separate bank accounts over the years and never been queried, neither have other landlords I've known. Possibly it's buried deep in the T&C's though.
There was a post on this very forum, within the last fortnight or so, from someone chronicling the tribulations their business faced when the bank suspended the personal account that they'd been channeling the business through.....0 -
Was it a btl business? Over the last month I've had 10 transactions in and 10 out so I don't think I'll really be on their radar - especially as around 1/4 are internal transfers to other accounts.There was a post on this very forum, within the last fortnight or so, from someone chronicling the tribulations their business faced when the bank suspended the personal account that they'd been channeling the business through.....A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
It'll have to be a business account, the banks don't like folk using personal accounts for business.
Sorry, don't agree, I have an account at the same bank I have my personal account with, it is called my Rent Account. All my rents and expenditure goes through this account. No one has ever disputed it and I have had it for several years.0
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