Service charge bank account.

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    Service charge bank account.

    I am having trouble opening a bank account for the service charges for the building that I am freeholder for.

    It is a small building with 3 leasehold residential flats, and the freehold is held by my LTD company that owns One flat and the personal name of the owner of the other flat. Flat 3 remains a leaseholder.



    I do not feel we require the services of a managing agent for such a small property and am trying to make arrangements to manage the freehold personally to reduce costs.

    However, the set-up of the bank accounts for the service charges and reserve fund is proving difficult..

    Has anyone any advice or contacts that can assist in setting up these account (s) please?

    thank you

    #2
    Co-operative Bank offers an account specifically for service charges, 'Community Direct Plus' with no transaction charges. They set this up for us as an RTM several years back and we have been pleased with their service.

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      #3
      If your limited company already has an account then your existing bank should allow a sub client account which should suffice in your circumstance (Santander do FOC).

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        #4
        Try HSBC which offers accounts for non-profit organisations and service charges.

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          #5
          Do all shareholders have to agree to and give their consent/information so the bank account can be opened?

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