what type of bank account do i need

[mandimoo]

ive got my current account that my salary paid into, and ive got a 'bills' account that all my bills go out of. now i am about to become a landlady (renting my house out, not the pub kind), i would like to open an account solely for the purpose of the income and outgoings (repairs, maintenance, agents fees etc). it would need instant access and preferably a good rate of interest. do i need a current account or a savings account? or some other sort of account? tin under the bed is not an option!

[Ethel]

If you want to pay bills by cheque or debit card from the account, you need a current account.

If you are prepared to transfer money from a savings account to a current account, then a savings account will do the job.

My current account is managed online, and I have the option of an online savings account at the same back with a decent rate of interest. Money is transferred between the accounts instantly, so maybe that is a solution for you - have a look and see what your current bank offers.

[catmando]

You may need both types of account if you wish to separate your property transactions in this way - a current account to handle the daily in's and out's, and a savings account to hold the (hopefully) accumulating surplus of income over expenditure. You will need to monitor them both carefully and manage your cash flows by transferring funds between the two accounts so as to keep the balance in the current account to a minimum. Alternatively, find a bank that will pay you an acceptable rate of interest on your current account and stick to the one account.

[EngTeach]

Not really an answer but.... I too am a landlady and I have a separate "house account" That I put the rentinto plus what i need to put in each paycheck to cover the mortgage and utilities. It works very well as those are fixed amounts in and out and does not get muddled with my personal bills.