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  • innovate
    innovate Posts: 16,217 Forumite
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    ghandi.manning wrote: »
    When it says "You must transfer a salary of at least £1,000 a month"

    I know of no bank whose T&Cs actually say that. It usually is a "minimum monthly payment" that the T&Cs define. When you apply for an account, you will usually be asked what your income is. Income can come from various sources, it does not have to be salary.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    innovate wrote: »
    I know of no bank whose T&Cs actually say that. It usually is a "minimum monthly payment" that the T&Cs define.
    I don't remember what the T&C define (and if they exist for the £100 bonus at FD), but what FD say is:
    ...transfer your ... salary/income of at least £1,500 per month..
  • ghandi.manning
    ghandi.manning Posts: 7 Forumite
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    Grumbler, I think you're probably right, the T&Cs indicate that a salary is needed..
    grumbler wrote: »
    ...transfer your ... salary/income of at least £1,500 per month..

    Otherwise, I could consecutively open up new accounts with each of the banks offering the bonus and have standing orders setup between them to simply shift around the £1000, or whatever limit required.
  • ghandi.manning
    ghandi.manning Posts: 7 Forumite
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    New Questions

    After having transferred to Santandar over a year ago for their £100 bonus, if I switch to another bank today for their bonus, how long would my Santander account need to be closed for me to be classed as a 'New Customer' next time they have a promo offer?

    And would this length of time be standard for all banks or vary between them?

    Thanks,
    Ghandi
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 23 March 2013 at 6:23PM
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    ghandi.manning wrote: »
    Grumbler, I think you're probably right, the T&Cs indicate that a salary is needed..



    Otherwise, I could consecutively open up new accounts with each of the banks offering the bonus and have standing orders setup between them to simply shift around the £1000, or whatever limit required.
    Don't take me wrong; I didn't mean to say that all the banks have the same requirements. I was merely pointing out on what FD say.

    Search the board for each bank or check the T&C for the bonus if they exist.

    Re the time length, I don't know for Santander, but e.g. for FD there is no any time limit, i.e. you cant get the bonus again.
  • davidbrian55
    davidbrian55 Posts: 49 Forumite
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    we have a small non-profit making business, not a registered charity, that maintains the grounds on a private development. Turnover is only £3000 per year. HSBC had an offer for 18 months of free banking but now where should we go?

    Is a business account essential? Ideas please.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    davidbrian55 wrote: »
    ... Ideas please.
    Small Biz & Charities' MoneySaving board
  • purplestar133
    purplestar133 Posts: 1,731 Forumite
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    I'm about to open the Nationwide FlexDirect account and will satisfy the £1000 a month funding requirement by transferring an amount in from my current account, out again and in again, as much as I need to. Does anyone know if I need to leave the money in for a certain amount of time to count towards the funding requirement, before I can take it out again?

    i.e. if I transfer £250 by faster payment, can I then withdraw it again the same day and put it back in and out 3 more times, or do I need to wait for the following day before withdrawing?
  • innovate
    innovate Posts: 16,217 Forumite
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    No requirement for the length of time the money has to be in the account. It's a current account - - totally normal that you'd pay money in and out in rapid succession. ;)
  • grumbler
    grumbler Posts: 58,629 Forumite
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    purplestar133 wrote: »
    I'm about to open the Nationwide FlexDirect account and will satisfy the £1000 a month funding requirement by transferring an amount in from my current account, out again and in again, as much as I need to. Does anyone know if I need to leave the money in for a certain amount of time to count towards the funding requirement, before I can take it out again?

    i.e. if I transfer £250 by faster payment, can I then withdraw it again the same day and put it back in and out 3 more times, or do I need to wait for the following day before withdrawing?
    Are you about to open it to take advantage of 5% interest rate? If so, it's easier to transfer £1000 in one go from this account to your current account, then back to FlexDirect.
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