Bank accounts - personal or business?

Landlord Discussion
1

Hello,

New landlord, will begin renting out at the start of Q4.

Property ownership is split between 3 of us, not a limited company. We want to separate the finances out for anything property related for easier monitoring and tax returns.

  1. Use a new personal account with 3 joint account holders. Could work, but may be closed down if they realise that it is for “business” purposes.

  2. Use a business account. Can’t seem to find anything that is for 3 people, only for sole traders or companies.

Any experience in how to do this?

Cheers,
Ollie

2

Have you tried Monzo Business Account?

3

It’s a ‘Partnership’ business account you need. Will likely have to be a high street traditional bank as 3 of you

4

Monzo only permit two on a joint personal account

5

Monzo Business Account allows for one main account holder with two additional users. I know it isn’t exactly what the OP asked for although if there are no other options it could possibly be an option.

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6

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