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Bank account for property rental?

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Comments

  • danny13579
    danny13579 Posts: 541 Forumite
    500 Posts Second Anniversary Name Dropper
    edited 5 June 2024 at 8:00PM
    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.
    So are you guaranteeing to the OP that if he uses first direct as a business account, his account will not be frozen just because they didn't freeze yours?



    have a look at Chase and Monzo
    Chase don't do business accounts and don't allow their accounts to be used for business transactions.



    Monzo do business accounts.
  • Bigwheels1111
    Bigwheels1111 Posts: 2,816 Forumite
    1,000 Posts Third Anniversary Name Dropper
    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.
    So are you guaranteeing to the OP that if he uses first direct as a business account, his account will not be frozen just because they didn't freeze yours?



    have a look at Chase and Monzo
    Chase don't do business accounts and don't allow their accounts to be used for business transactions.



    Monzo do business accounts.
    Are you my wife, putting words into my mouth ?.
    All I said was I used FD and never had any issues.
    The way banks are now banking birthday money can get your account locked.
  • Many who let property don't consider themselves to be running a business and just view it as investment income.
  • born_again
    born_again Posts: 18,319 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    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!
    Why?
    Every holiday let we have used over the years booked direct has been in owners name. No worries about that. Unless you want to set up a company, that's the way it is.
    But be careful with personal accounts. They can & will be shut if they think you are running a business. So better to speak to bank about your situation & get their advice 👍
    Life in the slow lane
  • maxximus75
    maxximus75 Posts: 604 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    Starling Sole Trader account, get's my vote.

    Quick and easy to set-up.
  • MEM62
    MEM62 Posts: 5,112 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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 did similar.  When I rented my flat out I ran all the income and expenditure through a NatWest personal account that I kept purely for that purpose and it made completing my tax return at the end of the year so much easier.  It also allowed me to leave sums in there put aside for a sinking fund and my tax bill etc.      
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