question about deposits

splodgethefirst

Hullo all,

I'm sorry for a potentially stupid question. If an account says you must deposit £1000 per month, can I just deposit it and transfer it out again afterwards?

Thanks in advance ...

Splodge

colsten

Do the terms and conditions say you have to keep the money in the account for a specified length of time?

Dobbibill

Can you tell us which bank the account is with?

If this is to meet the monthly criteria for interest then yes you can transfer it in and out again.

Some banks will allow internal transfers, some will not, hence the above question.

splodgethefirst

Its with First Direct

YorkshireBoy

There's no catch!

It's a current account.
Current accounts are designed to receive your salary and pay your bills.
Do you think it would be fair if they said they wouldn't pay your bills for x days after your salary arrived? Or said that you couldn't make an ATM withdrawal for x days? Or said that you couldn't do a supermarket shop on your debit card for x days?

Dobbibill

You really should read the T&C's for the account.

I don't bank with them personally but did find this for you on their website.

Is there a charge to bank with first direct?
Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product. Take a look at our interest rates and charges for more details of other additional products.

Their 'rates and charges' here say an internal transfer will not be accepted to waive the bank fee

I did not see either of the above say the credit has to remain in the account for any number of days, although I may have missed something. If in doubt, give them a call and ask or read through more thoroughly (I only glanced through quickly)

Hope this helps

splodgethefirst

grateful thanks for confirmation