minimum pay in question

dkindnes

Hi, I was always a bit unsure of this so I was hoping someone could clear it up for me.

When a bank account has a minimum pay-in every month eg. £1000.
Does this have to be from an external source?

I am guessing yes.
So you cant say transfer it to another account with the same bank and then pay it in again to make up the difference if you were short of £1000 for a month.

Would paying out to another bank and then later moving it back into your account count?

Many thanks for any advice.

sutton111

yes you can make it up. i wanted to know the answer to this question a few weeks back and i was told you can.

ShelfStacker_3

Depends on the bank. First Direct no, HSBC I think yes, with Alliance and Leicester it can't be from another A&L account. Best to just ask.

dkindnes

Thanks for the quick replies guys.

Its Bank of Scotland if anyone knows for sure for them.

cifpower

I bank with Halifax (part of the Bank of Scotland group) and do not deposit a wage. I make several deposits a month which add up to be in excess of £1000 and get the higher interest rate.

dkindnes

Ok its all set up on my online banking now.
The Halifax Guaranteed Saver account.

The question I have now is that the interest rate is showing as 4.5% online.
How do I know that its actually paying me the 6% "reward" interest instead?
(which is what you get if you pay in £1000 a month into a current account)

rb10

The Reward interest is applied at the end of the year, provided you've met the T&Cs (i.e. pay £1000/month into your current account).

So you know that you will get 6% in a year because you opened it during the Reward period, and you know (but Halifax don't yet) that you will pay £1000 into your current a/c each month.

dkindnes

Does anyone know if the reward rate of 6% is a fixed rate or is it variable?
Its no longer on the BOS website so i cant tell.

Everything is dropping so quick.
Ive already missed the boat a bit.

Mikeyorks

dkindnes wrote: »

Does anyone know if the reward rate of 6% is a fixed rate or is it variable?

It's a fixed rate ... provided you adhere to the T&Cs. Long thread on it here :-

http://forums.moneysavingexpert.com/showthread.html?t=1258255

Going back to your original. The Halifax current accounts can have their minimum payment criteria satisfied by simply moving £1k by SO from the current account to a Websaver ... and then SO back again the next day. Or Websaver to current and then back again .... whichever suits.

BUT ... you can't involve the GSR account in that as it has a max of 4 withdrawals in the year.

dkindnes

Thanks for that link Mikeyorks
That clears everything up
Although there still is a bit of doubt about that meets the 1000 funding
I think i might stick with external funding and transfers to be sure.