Bank Account separate

[Tranquilo]

Do I need to open a separate bank account for rent being deposited and loan direct debit.

Also at tax time does my lender send me a statement what has been paid in interest for the year.

Thanks

 

[mrdobalina]

No.
Should.
\Closed

 

[travelbug]

As long as you don't have personal money mixed in with investment money.

I have a separate account that all rent goes in to and all payments come out of (including interest on all the loans).

It makes it easier to keep track. I just have to check one statement each month to make sure there's enough money in it to pay bills. All the others stay the same each month (interest out/money to pay interest in).

 

[Jamie M]

Do I need to open a separate bank account for rent being deposited and loan direct debit.

Also at tax time does my lender send me a statement what has been paid in interest for the year.

Thanks

No - you don't have to.

Personally, I'd use an offset linked to a PPOR loan (if applicable) for incoming rent and outgoing repayments.

Cheers

Jamie

 

[Tranquilo]

Thanks guy's I know it would make sense not to mix with my everyday banking.
My Wife and have a joint account just for our direct debits for our couple of managed funds. I think we'll use that account. To try and both be available to open a new account impossible.

I don't have offset with my ppor