Question about minimum monthly payments

aldino

Hi,

I have looked around a few bank accounts, and some of them offer £100 sign ups, interest free overdraft, and there's the £5 a month halifax offer...but most of them say 'must pay in £x amount each month'.

Is there anything stopping me from transferring £x amount from 1 account to another, keeping it for 1 day, and transferring it to another, and basically back at the original account? So the actual money wouldnt stay in the account for more then a few days. Would this qualify for the 'pay in £x amount each month'?

Thanks

firsttimestudent

Yes, you can, and it does qualify you for that.

A caveat though, would be some of the banks will mention that only monies from certain sources will qualify for instance, Some will say that internal transfers are not counted (I think thats the case with Lloyds TSB), some do! Best to check about the T&Cs of the bank account you're interested in.

the182guy

Also, if it appears to be blatantly obvious that you're just moving the same money around then the bank may stop any further bonuses or take other action against you.

rb10

Depends on the T&Cs of the individual account. The Halifax one counts any type of credit towards the £1000, whether an internal transfer or not. Also, with that one there's no minimum amount of time the money must stay in the account, so it can be transferred in and straight out again.