Current accounts that don't require monthly minimum deposit?

johart

Hi

Due to changing personal circumstances I need a new bank account.

I will be putting money into a bank account every month, but it may not be much some months, so I can't commit to a £1000 minimum current account for example.

Are there any current accounts with full feature list (not a basic account) that don't require a monthly minimum.

Or perhaps a low monthly minimum?

What happens if I applied for one and then don't put that minimum in one month for example?

Thanks!x

liteplay

Barclays Current Account, for instance.

bryanb

What would you call "Full features?"

psychic_teabag

Not all the accounts require that the minimum deposit is a single payment. You could get £1000 by moving £500 in, out, and back in again. And it doesn't have to be salary - could move money from savings in and out.

The funding requirement tends to be required to earn some sort of perk (eg interest from 123 or Lloyds, or £5 reward from Halifax). I assume that any month where you don't achieve the minimum, you don't get the perk.

I think there are plenty of accounts with no minimum. e.g. NatWest has no funding requirement, but then doesn't pay any interest. First Direct waives their monthly account fee if you either deposit £1500 per month or keep £1 in a qualifying esaver account.

dr_adidas01

johart wrote: »

Hi

Due to changing personal circumstances I need a new bank account.

I will be putting money into a bank account every month, but it may not be much some months, so I can't commit to a £1000 minimum current account for example.

Are there any current accounts with full feature list (not a basic account) that don't require a monthly minimum.

Or perhaps a low monthly minimum?

What happens if I applied for one and then don't put that minimum in one month for example?

Thanks!x

Depends on what you want feature wise?

Halifax normal current account, doesn't require a minimum funding amount.

Barclays current account, no minimum funding requirement.

Santander Everyday Account, no minimum funding requirement.

Natwest select current account, no minimum funding requirement.

alanq

psychic_teabag wrote: »

First Direct waives their monthly account fee if you either deposit £1500 per month or keep £1 in a qualifying esaver account.

£1000 per month since May. See "Banking Fee"
http://www1.firstdirect.com/content_static/pdf/rates-and-charges.pdf

thenudeone

Most normal current accounts don't have a specific monthly minimum but usually give all the normal features such as direct debits, debit cards, cheque books etc.
Obviously, though, such accounts all are subject to your status.

My OH and I each have rarely used current accounts with no monthly funding, and it's never been a problem. We still get new debit cards every few years even though the previous one was never used!

Yorkie1

Lloyds Current account (without the Vantage element)