Best account for minimum pay in

kimlily29

I have had one or two problems with my current bank and am thinking of switching. However I get paid in cash each week and just basically use my account for direct debits and standing orders as I am not on a high income.

Most of the bank accounts I see have a minimum monthly pay in/ balance

alternate

Almost all of them only require a pay in to trigger interest or some other perk - you can still use them without paying in if you are not using them for savings.

lstar337

Tesco will give you 3% with no minimum pay in.

colsten

If you manage to pay in £500 a month, TSB pays you 5% on balances up to £2,000. If you only earn, say, £300, you could pay it in, take £200 out and pay it straight back in. Hey presto, £500 paid in.

TSB also pay you some cashback on the use of their contactless debit card for a few more months. All info in their website.

System

The Halifax Reward a gives £5 for deposting £750 and paying 2 or more Direct Debits. The funds don't need to stay in the account and if you don't deposit £750 in certain month, you just don't get the fiver. They often have a switching bonus

If you can't pay a regular amount and will have a low balance, M&S bank have no regular deposit requirement but give a £100 interest free overdraft, regular saver and often have a switching bonus.

cheesetoast

But also consider which will be most convenient for you. Which banks are closest to you if you need branch access? Do you need a bank that has a phone app?

alternate

cheesetoast wrote: »

But also consider which will be most convenient for you. Which banks are closest to you if you need branch access? Do you need a bank that has a phone app?

Good point. OP says he is paid in cash so branch access is a must.

sheramber

wIth Tescobank you can pay in and withdraw money at some Tesco stores

System

I wouldn't recommend Tesco to anyone who deals with cash with their lack of branches plus no Post Office access.

Halifax has branches, BOS branches in Scotland and Post Office access.

M&S has it's own branches (open late) and use of HSBC branches for cash facilities too.