Bank account for property rental?

danny13579

Bigwheels1111 said:

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?

Mr.Generous said:

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

danny13579 said:

Bigwheels1111 said:

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?

Mr.Generous said:

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.

subjecttocontract

Many who let property don't consider themselves to be running a business and just view it as investment income.

born_again

london1973 said:

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!

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 👍

maxximus75

Starling Sole Trader account, get's my vote.

Quick and easy to set-up.

MEM62

london1973 said:

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.