Minimum earnings on Current Accounts - what happens when you change job?

noh

Own_My_Own wrote: »

Do not think this would work in practice, but got me thinking.
What's to stop somebody opening up a number of these accounts and transferring the same money via SO or DD from account to account, and meeting the criteria of the banks.
As some accounts pay you to deposit over certain amounts pcm, you could make money by doing nothing.

Yes it works.
Many people on these forums have been doing so for a number of years now with the Halifax Reward accounts and any others that come along with an opening bonus.

InsideInsurance

innovate wrote: »

Nothing about salary

Ok, possibly using the word "salary" and "income" incorrectly interchangeably but irrespective of which of the two it is (and for most of us they are one and the same) it is still unclear how much they require going through because they dictate at the gross level where as what they see is evidently net

Thus it is not in their T&Cs that you must deposit £X per month but that a gross income of £Y must go through which is certainly unclear because they see only net and so you can end up having arguments with them over how only £W a month is your income of >£Y.

Hooloovoo

CLAPTON wrote: »

one wonders how they recognise a salary payment as opposed to any other monetary payment.

Does anyone know how they ask you to prove salary when applying for Natwest Private?

What's to stop me just cycling £2000 in and out of the account three times? The same way we do for any other normal personal account that has a minimum income requirement.

Presumably they are more thorough on private applications and want to check that the job you say you have actually pays that much, and to see bank statements.

System

They will check some and some they won't - I depends largely if you are pre-approved or apply to be upgraded.

I don't see the value of NatWest private, the select account seems the same as the standard one bar the 'private' on the debit card.

Hooloovoo wrote: »

Does anyone know how they ask you to prove salary when applying for Natwest Private?

What's to stop me just cycling £2000 in and out of the account three times? The same way we do for any other normal personal account that has a minimum income requirement.

Presumably they are more thorough on private applications and want to check that the job you say you have actually pays that much, and to see bank statements.