What consitutes 'paying in'

Scribbinge

Hello everyone,

Apologies if you've seen this question before, its likely so feel free to post a link as a response.

Basically ive been wondering how to get the most out of my accounts and wonder if i can have my salary paid in to my current account to get the "must pay in £x per month" bonuses from that, then monthly direct debit money for bills etc into a joint account to get the pay in bonuses of that account too.

Thanks for any and all help!

Anthorn

Paying in is crediting the account and a condition of a minimum amount is the amount you have to put in there. In most cases you can take it right back out again. Check the T&Cs. I think probably to automatically credit another of your accounts it would be a Standing Order.


But beware doing it with accounts at banks belonging to the same group because you might find that out of the wide blue yonder they will close the accounts.

Scribbinge

Thanks for your reply
I was hoping that would be the case!

Andybez38

I have read somewhere on here, you can have your salary, say paid into your current account. If it doesn't meet the banks monthly "pay in X amount a month" you can withdraw cash and then simply pay it straight back into your account. Thus meeting the x amount must be paid in monthly.

colsten

Andybez38 wrote: »

I have read somewhere on here, you can have your salary, say paid into your current account. If it doesn't meet the banks monthly "pay in X amount a month" you can withdraw cash and then simply pay it straight back into your account. Thus meeting the x amount must be paid in monthly.

In the light of the recent account closures (see posts elsewhere), we need more recommendations like these on a popular public forum so that banks will tighten up their T&Cs and/or close even more accounts.

Anthorn

colsten wrote: »

In the light of the recent account closures (see posts elsewhere), we need more recommendations like these on a popular public forum so that banks will tighten up their T&Cs and/or close even more accounts.

Well, if banks will make these offers without controls we can expect people to take advantage of it. But isn't it interesting that banks make such offers while keep savers' interest rates low.


Personally, I'm not going to bust my butt for £100. Now if that was £1000 I might be tempted. Personally I wonder about people who search for such measly offers including Martin who announces such offers almost with a fanfare!