Full current account with no minimum monthly deposit

Zalie

We have our main account with First Direct (after moving from the dreadful Santander), but as part of our 'getting our finances sorted' plan, I want to have one account purely for bill payments and the other for spending money. So I'm looking for a current account with a debit card, the ability to set up direct debits & standing orders, and also online banking including making online payments/transfers. But I don't want to have to pay a minimum amount into the account each month.

I was looking at the Halifax reward account, as it's listed in the 'Best Bank Accounts' section on MSE as not requiring a minimum monthly deposit each month. However, I've just been reading the terms and conditions for that account and it says in the Special Conditions section: "(e) Reward Accounts opened after 6th December 2009 must be funded with at least £1,000 per calendar month." I know it's a £1000 minimum funding to get the £5, but that reads like it might actually be a requirement to pay in £1000 every month regardless?

Can anyone recommend a current account, preferably a full account not a basic one, that doesn't require a minimum monthly deposit?

Thank you very much!

(I have had a search before posting this, but can't find any thread regarding this more recent than 2009. If there is one, please feel free to point me in its direction!).

MrsManda

It's only really reward accounts which require minimum monthly payments. If you just want a standard account there are a lot out there.

The Nationwide Flexaccount doesn't require a minimum monthly payment though you get free european travel insurance if you pay £750 or more a month.

The Halifax standard current account doesn't require a minimum monthly payment either.

pmduk

You don't mention needing an overdraft so I imagine that a basic bank account would be sufficient for you

Zalie

Thank you both. For some reason, I thought that pretty much every current account required a minimum deposit each month, so I'm pleased to learn they don't! I'll have another look around online at non-reward current accounts. I am also considering a basic account, but was leaning more towards a regular current account partly because of the convenience of being able to apply online.

jen245

I have a Natwest current plus account, which doesnt require any minimum funding amount, and if you are looking at Halifax, their regular current account also has no funding requirement, and theres the Lloyds TSB Classic account, and Barclays Bank Account

pmduk

You can apply online for Natwest and RBS basic accounts.

ironlady2022

Cooperative Standard Current account, debit card, no overdraft (but can apply for one in furutre), cheque book, no minimum despoit every month or for opening!

Zalie

Thank you all very much! Didn't get a chance to look online yesterday for accounts, so hopefully will look later on today. It's encouraging to see there's at least a choice for me!

gt94sss2

Zalie wrote: »

We have our main account with First Direct (after moving from the dreadful Santander), but as part of our 'getting our finances sorted' plan, I want to have one account purely for bill payments and the other for spending money. So I'm looking for a current account with a debit card, the ability to set up direct debits & standing orders, and also online banking including making online payments/transfers.

Have you just considered asking First Direct for a second current account? If it's in the same names as the first account no fees or funding requirements should apply..

Regards
Sunil

noh

gt94sss2 wrote: »

Have you just considered asking First Direct for a second current account? If it's in the same names as the first account no fees or funding requirements should apply..

Regards
Sunil

And of course you could just open a savings account with £1 and the minimum funding requirements are waived for all current accounts.