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Shared House Accounts

Shared House Accounts

Managed Accounts

The Shared House Account is a "Managed Account" supported by our Administration Team (MABSS). It Is a requirement of a Shared House Account that all "House Mates" (applicants) must complete a Managed Account agreement, detailing the expected income and expenditure and authorising MABSS to manage the account, on their behalf, for the agreed monthly fee.

Account Features

  • All Shared House Accounts are Fully Managed by MABSS.
  • All "House Mates" agree to pay a fixed monthly amount into the account.
  • All "House Mates" agree the monthly invoices to be paid from the account. 
  • "House Mates" can be any Member over 16
  • The Account has its own Sort Code and Account Number.
  • There is no overdraft and no interest charges.
  • Monthly Management Fee £5

Fully Managed Service

  • MABSS will process applications and check suitability
  • Carry out credit checks on all applicants 
  • Circulate the Managed Account Agreement for authorisation.
  • "House Mates" may be required to have their own Managed Account to become authorised for a Shared House Account.  
  • Monitor and manage all deposits and payments.
  • Provide friendly customer service available 5 days a week.
  • Create envelopes to prioritise payments.
  • Transfer funds into a Spending "Sub" Account (if applicable).
  • Transfer any surplus funds back to "House Mates" when required.   

Spending "Sub" Accounts 

Shared House Accounts do not normally offer a linked "Spending Sub Account" facility because the purpose of the account is simply to cover the shared expenses such as utilities, rates etc. 

However in certain circumstances it maybe necessary for someone (for instance a carer, family member or even one of the house mates) to have access to a card or cash in order to pay for shared food, travel, entertainment etc. 

The linked Spending "Sub" Account must be authorised and set up by MABSS with the approval of all "House Mates". 

  • It has its own Sort Code, Account Number, linked VISA debit card and Secure PIN.
  • The cardholder can view online 24/7 and get Instant notifications by SMS, email or online
  • The cardholder can only spend what is available.
  • Funds are loaded into the account by MABSS

How to Apply

Simply click the "Apply" button opposite and enter your Membership details. The Administration Team (MABSS) will then contact you to help you set up your account.

Not a Member Yet? Click the apply button and follow the instructions to join.

Need more Information?

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