As a landlord the ability to manage your finances is a key requirement for success. Landlords regularly deal with a high number of both income and expense transactions, regular mortgage payments, landlord insurance and rent etc. Therefore, it is important to make sure you are using the right tax and accountancy products, services, and software to keep your finances in order. As a landlord, it’s important to select an appropriate business bank account.
There are a number of different factors which may be worth taking into consideration when choosing a business bank account. The importance of each factor is dependent on the nature and scale of your business/portfolio. You’ll have to consider..
- Monthly fees
- Transaction costs
- Payment restrictions
- Security & accessibility
- Ease of use
- 3rdparty integrations (such as Octo’s free property management platform)
With costs increasing for all landlords, as the cost of living generally rises, the most successful landlords will be those who can minimise their outgoings effectively. Choosing the right banking tools is a key step towards driving costs down and managing them effectively. Although everyone looks for different benefits from a company bank account, overall we believe Starling Bank to be a standout business banking option. Starling has recently been awarded the ‘Best British Bank’ accolade for the fourth consecutive year and has also picked up awards for ‘Best Business Banking Provider’, ‘Best Banking App’ and ‘Best Current Account’.
Starling combines dynamic technology and great customer service with some of the lowest usage rates on the market. Starling is regularly touted in landlord forums and groups as the best option for landlords. However, despite Starling’s numerous awards and positive reviews there are other banks worth taking a look at. We’ve compiled a list of what we believe to be the top business bank accounts for 2022. (This list gives a varied mix of both traditional and challenger banks, depending on your preference.)
Admittedly, challenger banks and their digital only offerings might not be to everyone’s taste. Indeed, many landlords prefer to stick with more traditional options. In this case it may be worth considering either the TSB Business Plus Account or the NatWest Business Current Account. However, the good news is that switching your bank account has also become a lot easier over the last couple of years, with the addition of the ‘Current Account Switch Guarantee’. This guarantee – which is provided by the majority of the aforementioned banks – provides support to ensure a smooth and hassle-free transition to your new bank. What’s more, the guarantee affords peace of mind because in the rare instance that something does go awry during the account switching process, the bank responsible for the error is required to reimburse you.
The Switching Process
- Find the bank and current account that suits your needs best
- Apply for the account and fill out the necessary documentation
- Ensure you current bank provides the ‘Current Account Switch Guarantee‘
- Choose your switching date
The switching process is very similar regardless of the bank you are moving from/to. Once you have been approved by your new bank, they will do all the hard work for you. They will ensure that your incoming and outgoing payments and current balance are carried across to your new account. Starling has one of the best 3rd party integration ecosystems and they are constantly developing their technology. (This provides peace of mind that you won’t have to switch to another banking provider again – after finding out you bank doesn’t integrate with a chosen system.)
Octo Property Management Software, the UK’s leading free property management platform can integrate with 99% of UK banks and has been tested with all banks listed in this blog post. With Octo’s property management system, you can integrate with your bank through open banking allowing for easy transaction reconciliation. Octo can not only help save you money but will also reduce the time you spend dealing with administration and compliance for your property portfolio. Sign up today and increase your property portfolio’s efficiency!