fbpx

Landlords & bank accounts – What to look out for?

Jun 22, 2022 | Article

Landlords and their Bank Accounts!

Trying to manage the daily jobs and repairs as a landlord can be a struggle, which is why trying to keep your finances in order is one of the best things you can do to keep the pressure off when it comes to juggling all the responsibilities of a buy to let property.

So, what can I do to help?

Try to keep your personal expenditure and dealings separate from that of your business – this will help you keep things in order and prevent any confusion when it comes to checking over bank statements and keeping good overall account conduct. This includes things like managing direct debits and budgets for your personal life and anything outside it.

Things to look out for when looking at bank accounts…

  • Customer feedback and Rating
  • Digital offering – can I access my accounts on the go?
  • Security
  • Integrations with other systems and software
  • Costs and fees with using the account and services
  • User friendliness

Being aware of things like costs and restrictions, especially on your business account can definitely help you to run things smoothly when it comes to things like payments and transfers.

Protection & Access

Understanding the FSCS – Financial Services Compensation Scheme will help give you a general understanding of the level of protection available to you as an account holder. Accounts that are registered under the FSCS will have deposits held in them protected up to 85,000GBP should the bank offering the account fall into any difficulties.

Ensuring your bank account provider has both an online and Highstreet presence can be a real bonus as it will provide comfort in the ways you can and like to carry out your account management. The same can be said for any accounting or property management software, the more capability to integrate with your bank account and take advantage of Open Banking will help improve your time management on daily tasks and save you time on general admin giving you time back (Yay!)

Moving accounts you say…?

Taking advantage of the Current Account Switch Guarantee can take the pain out of switching bank accounts (if your bank is using it!) and leave the more interesting parts like checking out the full features and introductory offers available to new customers!

Some of the Bank Account providers to check out, in no particular order include:

  • Starling
  • Monzo
  • HSBC
  • Natwest
  • TSB
  • Co-Op

Remember, just because you happen to bank with a certain provider does not mean that they are the best provider for your buy-to-let and property business. Some landlords prefer everything to be under the same roof whilst others will prefer being able to distinguish between other offerings on the market.

There is plenty of reviews and feedback available, so make sure you put the research in and get started with the right provider!

Happy Banking from Lofti!