Multiple bank switches - advice please

bubba_stripes

Hello!

I've recently been looking into bank account switching. I have a couple of rental properties and I am wanting to separate my accounts so it is easier for me to keep track of. My financial circumstances changed this year and I lost my full time and I'm finding it really hard keeping on top of my cash flow and thought this might help.

Is it possible to do multiple switches at the same time? I was wondering if I could switch/ open 2 new accounts - one for each rental so I can keep track of payments/ savings etc?

All advice gratefully received and thanks in advance!

MyRealNameToo

bubba_stripes said:

I've recently been looking into bank account switching. I have a couple of rental properties and I am wanting to separate my accounts so it is easier for me to keep track of. My financial circumstances changed this year and I lost my full time and I'm finding it really hard keeping on top of my cash flow and thought this might help.

Is it possible to do multiple switches at the same time? I was wondering if I could switch/ open 2 new accounts - one for each rental so I can keep track of payments/ savings etc?

All advice gratefully received and thanks in advance!

You can open as many accounts as you like, subject to individual banks limits. 

Switching service can only switch one account to another and given you want to divide up an account its not possible but you can update the DDs and other instructions yourself other than if your tenants are paying you by Standing Order in which case they will need to update the payment instructions. 

born_again

bubba_stripes said:

Hello!

I've recently been looking into bank account switching. I have a couple of rental properties and I am wanting to separate my accounts so it is easier for me to keep track of. My financial circumstances changed this year and I lost my full time and I'm finding it really hard keeping on top of my cash flow and thought this might help.

Is it possible to do multiple switches at the same time? I was wondering if I could switch/ open 2 new accounts - one for each rental so I can keep track of payments/ savings etc?

All advice gratefully received and thanks in advance!

Yes, but you would need 2 accounts that you already have to switch to 2 new accounts.

Which I guess you do not have, or you would have already have split the rentals to their own account.

PRAISETHESUN

Most banks will allow you to open multiple current accounts with them. There's no need to actually switch if you don't want to - I'm struggling to understand how switching would actually be beneficial in this situation anyway given the the goal seems to be to split things apart, rather than consolidate them.