Separate bank account to deposit rent & pay mortgage?

shasht

I'm looking to open a separate bank account into which I can deposit rent accrued from a flat I own, and use the same account to pay my mortgage. This means that I am unlikely to qualify for most of the listed deals, as I wouldn't meet the minimum balance over the course of the year AND I am not switching my present current account wholesale. Is there any particular bank account that'd be suited to this?

Thanks,

S

eskbanker

If you want to take advantage of a switching bonus you can open a 'donor' account with your current bank and use that to switch, in order to leave your existing account unaffected.

I'm not aware of many accounts that require a "minimum balance over the course of the year" - there are quite a few that earn interest if you make minimum monthly payments but that's easy to arrange if you're working with two accounts. However, if you're not looking to retain much of a balance in your new account then you're presumably not particularly motivated by interest-earning potential, so probably best to stick to the ones that offer switching bonuses if it's a one-off benefit you're looking for.

To be honest, any bank account would satisfy your basic requirements of allowing payments in and out so you may need to (re)consider what your criteria are!

Kim_13

Tesco? 3% interest, no fee and no minimum pay in to get said interest.

As far as I'm aware, only HSBC have a strict minimum pay in to keep a full current account. They downgrade customers who don't pay in £500 p/m to the basic account.

The higher paying interest accounts (e.g. TSB) would require shifting money between accounts and are probably best saved for any savings that you have, where you're likely to keep a higher balance.

Anthorn

shasht wrote: »

I'm looking to open a separate bank account into which I can deposit rent accrued from a flat I own, and use the same account to pay my mortgage. This means that I am unlikely to qualify for most of the listed deals, as I wouldn't meet the minimum balance over the course of the year AND I am not switching my present current account wholesale. Is there any particular bank account that'd be suited to this?

Thanks,

S

Nothing more, nothing less and a terrible interest rate: Yorkshire Building Society Cash Transactor.
http://www.ybs.co.uk/savings/easy-access/cash-transactor.html

shasht

Thanks! Tesco sounds just right.