Freehold Management Company (client) bank account

Slappermum

Hi, we're a small block of 4 flats and have recently acquired the freehold of the building (25% per flat - the usual arrangement). I understand we need an account which would hold the service charge funds. 
Is it possible to have a client account with a (high street) bank without having a business account with them? Does anyone have any recent experience with this? Their websites aren't straightforward about it and eventually it all comes down to ringing them...and that's when the robots take over and keep putting you on hold for hours on end...

 Alternatively, I am looking at opening a Tide or Cashplus business account and sticking the funds onto that. Will they close this account if there isn't much traffic on it? It would pretty much have 4 deposits a year and the occasional payment for repairs...

beachkat

Clearly a huge gap in the market - pretty impossible to find an account for residential management organisations that won't be classified (by greedy banks) as a 'business account' for which they charge 8.50 per month thereby reducing precious funds needed for maintenance, insurance etc.

eskbanker

beachkat said:

Clearly a huge gap in the market - pretty impossible to find an account for residential management organisations that won't be classified (by greedy banks) as a 'business account' for which they charge 8.50 per month thereby reducing precious funds needed for maintenance, insurance etc.

Although you've resuscitated a 4.5 year old thread, there are more recent ones with suggestions, such as:

https://forums.moneysavingexpert.com/discussion/6517663/bank-account-for-flat-freehold-company
https://forums.moneysavingexpert.com/discussion/6366528/bank-account-for-freehold-management-company

That doesn't necessarily mean that such accounts are free, or cheaper than your figure, though (or that banks are greedy for wanting payment for services, or that it's a huge gap in the market).