Bank account needed for service charge monies

whitesmith

You need a separate bank account for service charge monies, as these are held 'in trust' and need to be ringfenced from your other management company expenses.

You should ask the bank to open a (designated) client account for you. Amongst other things, this protects the money should the company fall into debt.

HobgoblinBT

OP, who is your main bank account with?  You need a client account with your primary bankers.  Banks have different policies on this.  HSBC only offers client accounts to regulated businesses, such as Solicitors and letting agents, whereas Barclays are more open offering client accounts to run alongside club and society accounts.  Check out the terms of your own bank’s client account eligibility on their web sites.