minimum salary requirement

alexthepenguin

Some accounts have a minimum pay in requirement while others have a minimum salary requirement. I think where there is a minimum salary requirement, most accounts require you to pay your salary into that account too. My question is: if I meet the minimum salary requirement, does the bank know or care if I pay in the minimum amount every month?

For example, I could have my salary paid into a different account and then I transfer the minimum amount to the account in question. Can they tell the difference between a transfer from my other account or from my employer?

eskbanker

They're typically two separate and independent requirements.

Some banks, notably HSBC, will decline applications if stated income is below a certain threshold, so that's an eligibility criteria issue.

On the other hand, many banks will only offer interest or other benefits if a minimum monthly funding requirement is met once the account is up and running.

The answer to your last question is yes, a bank can of course identify the source of funds and tell the difference between an employer and another account in your name.

Check the Ts & Cs of the account(s) you're thinking of and/or post more specific (i.e. less hypothetical) details here....

ixat

My income is very meagre so I wouldn't meet minimum salary (or pension) amounts for premium accounts but I send money backwards and forwards, round and round, to pick-up perks (by meeting minimum pay-in amounts monthly) from my new M&S a/c as well as a little interest from Tesco. Every little helps so they say!
Always pay everything with a cashback card and pay off in full. Skint but smug!

alexthepenguin

eskbanker wrote: »

They're typically two separate and independent requirements.

Some banks, notably HSBC, will decline applications if stated income is below a certain threshold, so that's an eligibility criteria issue.

On the other hand, many banks will only offer interest or other benefits if a minimum monthly funding requirement is met once the account is up and running.

The answer to your last question is yes, a bank can of course identify the source of funds and tell the difference between an employer and another account in your name.

Check the Ts & Cs of the account(s) you're thinking of and/or post more specific (i.e. less hypothetical) details here....

Thanks - I'm hoping to open a premier account with Barclays - I think the only thing they ask for is to meet the salary requirement...

eskbanker

alexthepenguin wrote: »

Thanks - I'm hoping to open a premier account with Barclays - I think the only thing they ask for is to meet the salary requirement...

https://www.barclays.co.uk/premier-banking/current-accounts/ states that:

To join Premier Banking, you need an annual gross income of £75,000 or more paid into a Barclays current account or £100,000 or more saved or invested with us

which is potentially ambiguous but if you were going to open an account like this, surely you'd have your salary paid into it and then shift money elsewhere (rather than the other way round) anyway?