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Type of bank account to pay in rent

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Author Topic: Type of bank account to pay in rent  (Read 1264 times)

deb_hyp

Newbie
Posts: 3

I like property
« on: October 02, 2019, 11:55:46 AM »
Hi,

Just after opinions/recommendations. I am a new landlord and want to set up a separate bank account to manage rental payments/outgoings etc.
What does everyone currently use - a regualr bank account or a savings account with unlimited withdrawals etc?

Thanks in advance.

Hippogriff

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« Reply #1 on: October 02, 2019, 01:35:55 PM »
Why would anyone ever care? I'm not being facetious... but don't you (surely you must?) have bigger things to worry about when setting-up? Why do you even want to set up a separate account in the first place? Do you see big progress coming your way? Possibly all a little overkill at this stage. Isolation of finances and separation of concerns are not big issues for you.

Simon Pambin

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« Reply #2 on: October 02, 2019, 11:14:20 PM »
My wife has a Santander current account that pays a reasonable amount of interest (relatively speaking!) on balances up to twenty grand, as long as we pay in a minimum amount every month and have a few direct debits set up. It only makes buttons a year but it's a handy place to park the first-line emergency fund. As Hippogriff says, though, you don't particularly need a separate bank account: it's perfectly safe to chuck it in a mixed wash.
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