Second bank account

tiptoes27

We have recently downsized our house and used the
Proceeds to buy a small flat to let out. We wanted to have a second current account to deal with but to let property only. The rent will be paid in each month and any expenses paid out. :TAre there any banks that offer a rewards for
Opening a new account? I can only see cash rewards for switching.
Thank you in advance.

penners324

You can open a dummy current account and then switch that to a bank that offers switching rewards?
Easy to open are Monzo or Starling. Though Starling won't let you open another account within a year.

I also believe both these banks are superior user experience to the high street banks. I've gone full Starling!

agrinnall

Sounds like you need a business account anyway, so I suspect there won't be any incentives available, look for one that has no fees.

tiptoes27

I did not think we needed a business account unless. We set up a company. Better investigate further - thank you

Emily_Joy

tiptoes27 wrote: »

We wanted to have a second current account to deal with but to let property only. The rent will be paid in each month and any expenses paid out..

What kind of expenses? Take a look into accounts which pay cashback on bills - Santander 123 Lite and NatWest Rewards might work.

penners324

Letting agents, lettings insurance, etc etc

agrinnall

Letting is a business, the type of entity that runs the business is irrelevant. The terms of a personal current account will preclude you from undertaking business activity on that account.

JuicyJesus

agrinnall wrote: »

Letting is a business, the type of entity that runs the business is irrelevant. The terms of a personal current account will preclude you from undertaking business activity on that account.

In all fairness, many banks will turn a blind eye if it's just that you have one property that you let under your own name and you want to keep that separate. They're going to be a lot more bothered if you have multiple properties or some other sort of business with lots of payments going in.

Sure they theoretically could call that "business" and close the account, but in the bank I worked for I wouldn't have given all that much of a toss if I saw someone doing that. Opening a business account to have rent credits go in and a mortgage payment go out would be utter overkill.

gabanker

I would myself use one of the online banks like Monzo or starling because some of them off

gabanker

what I would do myelf is use one of the online banks as some of them offer business accounts you can open easier or get a personal account