Current accounts: What counts as a monthly pay-in? Only salary?

eskbanker

blon wrote: »

One follow-up question: If one transferred 1000 GBP from bank A to bank B (1000 GBP would be B's minimum monthly pay-in), would the bank be suspicious or felt cheated on if a few days later the 1000 GBP were transferred back to bank A?

Just to add to the other replies to this, many on here with multiple accounts (myself included) only leave the minimum pay-ins within each account for a few seconds as part of the monthly rotation!

msallen

As others have said, thats fine. I have a Santander 123 as my main account. I have an SO from there to my NW FlexDirect, leave a bit there to cover some DDs etc, then balance goes to my Halifax Reward, again a bit stays behind to cover outgoings then the balance goes to my NW FlexPlus. A few hundred stays here semi-permanently just as somewhere to let it sit at 3% while the final 500 goes to my N&P, but as soon as it gets there goes out again back to my 123 where it all started. All happens within a day.

cannyshopper_2

I have been wondering exactly this too.
My husband's business account is with Santander, and I take a small salary from the business. I want to open a 1-2-3 account because I am totally p'd off with the bank where my current account is. So annoyed that I really do not want to keep it open just to use it to fund the Santander account.
I have no other income, so if they regard this as an internal transfer I'm stuffed.

DragonQ

cannyshopper wrote: »

I have no other income, so if they regard this as an internal transfer I'm stuffed.

Except you could open a free basic current account elsewhere as well and just transfer to/from that.

eskbanker

cannyshopper wrote: »

I have been wondering exactly this too.
My husband's business account is with Santander, and I take a small salary from the business. I want to open a 1-2-3 account because I am totally p'd off with the bank where my current account is. So annoyed that I really do not want to keep it open just to use it to fund the Santander account.
I have no other income, so if they regard this as an internal transfer I'm stuffed.

Santander's own published information on this is contradictory, the main 123 account page clearly states:

Interest and transfers from any other Santander accounts do not count towards the monthly funding amount

but the legal Ts & Cs have a more specific qualifier:

Interest and transfers into the account from another Santander account in your name (whether in your name or in joint names with another account holder) do not count towards your monthly amount

[my bolding in both cases]