What type of bank account for income from property?

I

irishbogger

Registered User
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Hi folks,
Firstly, apologies if this is in the wrong forum - I thought it would fit in here.

I am about to start taking rental income from my first investment property which will be a standing order into my bank account every month.

For obvious reasons, I want to open a new account for this.

Can anyone advise if it's just a traditional current account I open for this? I am not worried about fee's as i'm lucky enough to be a student hence can get fee free banking with Bank of Ireland (I'll worry about fee's when I finish college)

Thanks folks
 
A normal current account would be the best bet as you can write cheques and have a laser card/visa debit card on the account. You can also have SOs paid in and you can set up direct debits from the account.
When & if you start to get any money building up in the account you could transfer it to a deposit account at the same branch or elsewhere to earn some interest. Having internet banking with the account is useful to monitor rent payments.
 
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