Bank account for property rental?

london1973

Hello good people

i have a holiday property which i rent and i would like a separate account for this in order to keep things tidy and separate, and look a bit more professional (I’m never comfortable sending my personal bank details for some reason!!)

i only want a basic account, i don’t mind who its with, however i would like the name to reference the property or something that implies what it is… so and so rental, holidays or whatever!

The last time i set up a business account it was an absolute minefield and took weeks,  although granted that was a LTD company- and this isn’t

Any thoughts?, i just want to keep it as simple as possible

subjecttocontract

When we had a portfolio of rental properties we opened a First Direct account. It was perfect for running all the finances for the properties. Opened it very quickly because it was a personal account, not business. 

PRAISETHESUN

Any bank will probably do, unless you are running a proper property rental business and require a proper business account. Any reason you can't open a second current account with whoever you currently bank with?

DullGreyGuy

subjecttocontract said:

When we had a portfolio of rental properties we opened a First Direct account. It was perfect for running all the finances for the properties. Opened it very quickly because it was a personal account, not business. 

So your breaching their terms by using it for business and as its a personal account you won't have a trading name which is one of the key elements that the OP wants. 

london1973 said:

Hello good people

i have a holiday property which i rent and i would like a separate account for this in order to keep things tidy and separate, and look a bit more professional (I’m never comfortable sending my personal bank details for some reason!!)

i only want a basic account, i don’t mind who its with, however i would like the name to reference the property or something that implies what it is… so and so rental, holidays or whatever!

The last time i set up a business account it was an absolute minefield and took weeks,  although granted that was a LTD company- and this isn’t

Any thoughts?, i just want to keep it as simple as possible

Just open a sole trader account with whoever you like. Many do a free account for a period of time. As a sole trader account you'll be able to add a trading name and accept payments to that name. 

london1973

DullGreyGuy said:

subjecttocontract said:

When we had a portfolio of rental properties we opened a First Direct account. It was perfect for running all the finances for the properties. Opened it very quickly because it was a personal account, not business. 

So your breaching their terms by using it for business and as its a personal account you won't have a trading name which is one of the key elements that the OP wants. 

london1973 said:

Hello good people

i have a holiday property which i rent and i would like a separate account for this in order to keep things tidy and separate, and look a bit more professional (I’m never comfortable sending my personal bank details for some reason!!)

i only want a basic account, i don’t mind who its with, however i would like the name to reference the property or something that implies what it is… so and so rental, holidays or whatever!

The last time i set up a business account it was an absolute minefield and took weeks,  although granted that was a LTD company- and this isn’t

Any thoughts?, i just want to keep it as simple as possible

Just open a sole trader account with whoever you like. Many do a free account for a period of time. As a sole trader account you'll be able to add a trading name and accept payments to that name. 

That’s great, although could you recommend anyone? From experience some are a lot easier than others. Ideally one of the new fintech banks would suit i think?

yes you are right, trading name is important

london1973

PRAISETHESUN said:

Any bank will probably do, unless you are running a proper property rental business and require a proper business account. Any reason you can't open a second current account with whoever you currently bank with?

Fine but presumably that doesn’t give me a trading name, or the ability to tweak my name to suit.

one of the issues i have is sending my personal bank details to renters, i think it looks unprofessional and a bit dodgy frankly!

london1973

subjecttocontract said:

When we had a portfolio of rental properties we opened a First Direct account. It was perfect for running all the finances for the properties. Opened it very quickly because it was a personal account, not business. 

Did you have a separate name, or trading name?

Shakin_Steve

subjecttocontract said:

When we had a portfolio of rental properties we opened a First Direct account. It was perfect for running all the finances for the properties. Opened it very quickly because it was a personal account, not business. 

There are many stories on here about accounts being locked for exactly this reason. You are/were using a personal account for business purposes and it's only a matter of time until the bank realises this.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/80821735/#Comment_80821735

Would the suggested banks suit you?

Bigwheels1111

Another vote for First Direct, used it for my rental income for 9.5 year.
They never questioned it, income was marked/ referenced as rent.

Mr.Generous

have a look at Chase and Monzo