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recommendation for a bank account where i only have to pay 500 in per month
OMAR
Posts: 701 Forumite
its going to be my spending account
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Comments
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Why only £500?
To be honest I'm not personally sure which banks require what deposits, but depending on your reason for the £500 max, I may be able to suggest a workaround...Never argue with stupid people, they will drag you down to their level and then beat you with experience.- Mark TwainArguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.0 -
Pay in £500. Move it to a savings account. Move it back to the current account.
You have met a typical £1,000 funding requirement.0 -
cos i'm committing myself to 500 spending per month only0
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HSBC have a £500 requirement for their bank account.
But any bank account would be fine, even if you don't fund minimum unless they say otherwise with their charges.
NatWest has no such limit. Lloyds TSB, Halifax, Nationwide etc have incentives and bonuses if you pay in a certain amount (over £500 though) However they don't charge if you don't fund the minimum needed.0 -
I have a natwest current account and for two years only paid in £240 (my student bursary) without any problems.0
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Santander's everyday current account doesn't have any funding limits. The 123 account has a required funding of £500 a month though this would only be suitable if bills were going through the account and you had sufficient bills going out by direct debit to cover the £2 account fee each month
No doubt someone will be along to say why you shouldn't touch santander with a 10 foot pole but I've been with them 3 months and haven't had a problem as yet (touch wood)0 -
opinions4u wrote: »Pay in £500. Move it to a savings account. Move it back to the current account.
You have met a typical £1,000 funding requirement.
Effectively what I was going to suggest.
If you're literally just depositing £500 for your month's spending, deposit it a few days earlier than you want to start using it, transfer out (to anything other than another current account with the same provider) then back again. Another option, if you're prepared to set aside some cash just to bounce around, is to set up SOs to move £50-150 around between current accounts with different providers weekly, or even daily if you're really serious. The money in/out just shows on their system as overall account turnover.
I plan to get this started with some of my student loan...Never argue with stupid people, they will drag you down to their level and then beat you with experience.- Mark TwainArguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.0
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