Updating post from Reddit.
The Best Bank Account for UK Landlords?
I have a rental property and I want to make sure to have the best business bank account for rental income. Many banks offer special accounts for people with rental income. These accounts offer features like free cheques and no minimum balance requirements. They also often come with a higher interest rate than regular checking accounts. I am a tech savvy person so I am happy to use OLB or Mobile Banking.
So, I am looking for a business bank account that is specifically designed for rental income, looking forward for your offering insights, advice, and key considerations to help me navigate various account options with confidence and clarity.
Thank you In advance 💐
I have had a lot of success with Starling. I have an personal account that is is used for a private rental and a business account that is used for a BTL LTD.
I'm sure there are other good challenger bank accounts out there, all I know is I started with a HSBC business account in 2017 and it was really bad. All I really want is a modern web and native app and HSBC at the time was a separate app than the consumer app.
With Starling its the same app for both and it is nice to use.
Thank you, I have Lloyds business bank and I pay a lot of monthly fees and I do not have much transaction to it so I will definitely look into Starling Bank. Thank you
you know, its been so long I forgot that HSBC charged me for the privilege of business banking.
Imagine how bad a bank's app has to be that I don't even recall you had to pay for it.
Really? I use them. Since a property is worth over 40k, you should be premier. I am
I use Virgin money and they’re free
I'm an international landlord (live in Australia) so I use Wise as my bank account. That said, I'd probably use it if I was in the UK as it has the option to pay interest on the funds deposited.
I have direct payment to hsbc. Today getting my Feb payment and no idea what to do with money idle 😭
HSBC gives you insurance too. Since your property is over 40k , you should have premier banking. I also get travel insurance.
Is you property under a Ltd company or personal name?
It’s under person atm but I am planning to convert it into BTL via company account
I'd say metro or starling. However I'd highly recommend speaking to an accountant or a tax advisor as converting from personal to Ltd seldom makes sense because to recover just the cost of transfer might take best part of a decade to recoup the sdlt and other costs.