minimum pay in requirements permanent?

brithlp

I'm looking at switching and see that most accounts have minimum pay in requirements.

How long do you have to meet those requirements? If I got a second current account later and switched my salary to pay into that, would that matter? Or if I went back to college and didn't have a regular salary to pay in anymore?

Thanks!

Kim_13

That wouldn't matter. The only time the minimum pay in is permanent is if the account has an ongoing incentive (e.g. Halifax Reward) that you want to receive.

The only strict minimum pay in I've heard of is HSBC, who downgrade you from the Advance if you don't pay in £1750 p/m going forward and to a basic account if you don't pay in £500.

brithlp

Ah, thank you! I've been scouring the small print trying to check (I was worried in case they charged a fee or something).

Steve_xx

brithlp wrote: »

Ah, thank you! I've been scouring the small print trying to check (I was worried in case they charged a fee or something).

I think you might be thinking that these minimum monthly payments into a given account might have to be in the form of a salary? The truth is that is can be any monies. So for example, if you had a Halifax Rewards account which requires you to pay in at least £750 per month, you could simply move the required amount of money from a savings account into the Halifax Reward current account each month, and then simply move it back to the savings account.

[Deleted User]

Steve_xx wrote: »

you could simply move the required amount of money from a savings account into the Halifax Reward current account each month, and then simply move it back to the savings account.

And hope that the microscope of the Account Closure Unit doesn't fall in your direction

I'd probably withdraw it as cash, then pay it in again at an ADM.

Eco_Miser

brithlp wrote: »

Ah, thank you! I've been scouring the small print trying to check (I was worried in case they charged a fee or something).

Lloyds Club does. They charge it every month, then waive it if you pay in the £1500.
Others stop paying interest.

But as Steve_xx says, you can pay in the requisite amount from another bank, then withdraw it again, it doesn't have to be salary. You can even withdraw it first, then pay it back in.

Steve_xx

billbennett wrote: »

And hope that the microscope of the Account Closure Unit doesn't fall in your direction

It's an interesting thought. What has lead you to that conclusion?

jimjames

billbennett wrote: »

And hope that the microscope of the Account Closure Unit doesn't fall in your direction

I'd probably withdraw it as cash, then pay it in again at an ADM.

Considering how many people do the transfer each month without issue I think it's unlikely that would happen.

datlex

You don't even have to pay the minimum amount in one go. The main thing is the total deposited in a month meets the criteria.