Best current account for a construction project
Discussion
As the title says - working on a construction project with a family member. We'll need a joint account to park funds in - say in the region of £500-£600k transferred over 5 or 6 payments as the project progresses and the funds are drawn down.
What's the best way to go about this - the normal accounts I look at are all savings so not the best for immediate and daily withdrawals. What I'd need is:
1. Online access for both parties
2. At least 1 if not 2 debit cards
3. A decent rate of interest - calculated daily and paid monthly.
4. Ability to make Faster Payments/CHAPS
4. FSCS protection - though I think this may max out at £85k? Or is it £85k per person and therefore £170k for 2 parties?
What's the best way to go about this - the normal accounts I look at are all savings so not the best for immediate and daily withdrawals. What I'd need is:
1. Online access for both parties
2. At least 1 if not 2 debit cards
3. A decent rate of interest - calculated daily and paid monthly.
4. Ability to make Faster Payments/CHAPS
4. FSCS protection - though I think this may max out at £85k? Or is it £85k per person and therefore £170k for 2 parties?
Surely what you need is a credit card with decent rewards (and a high enough limit)?
All of the builders merchants will try to get you to open a credit account, but there's quite a case for simply banging it on a credit card as you go.
If you go down the bank account route and are bothered about FSCS, just drip feed the money in...
All of the builders merchants will try to get you to open a credit account, but there's quite a case for simply banging it on a credit card as you go.
If you go down the bank account route and are bothered about FSCS, just drip feed the money in...
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