a 'Client Account' to hold deposits? Is it mandatory?
Tenancy Deposits

Vixie
Vixie
0 Thanks
1 Posts
2 years ago
0
Hello, I am starting a Rent2Rent HMO business and have a question about banking. I understand my tenants deposit needs to be registered via a Deposit Scheme - however if I am choosing to pay a fee to then hold the deposit myself, do I need to hold it in a "client account" under my business bank account? I've read that the rental each month can just go into my normal business bank account though.

The particular bank I have been advised to use (by many other rent2rent companies), doesn't currently offer "client accounts" so I am now wondering whether I actually need a "client account" afterall?

Many Thanks, Vicky

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