No incentives to switch bank accounts for those on a modest income

oldagetraveller

thriftytracey wrote: »

Anyone know of any accounts?

I have retired and now draw a modest monthly income. Most bank accounts specify minimum of £1500/£1750 paid in. I was an enthusiastic switcher before my retirement.

I guess I can move extra funds in and out on the same day each month which works on the Santandar account. I wonder if this will work for other banks or are their criteria more stringent?

Thanks

I am also retired and have a "modest" income. I have a Club Lloyds account and my income, deposited into that account, doesn't meet their criterion of £1500/month. All I do is transfer from Lloyds, to a different account, a sum sufficient to comply with the £1500 and then transfer it back in. I think even transferring to a Lloyds savings account then back again meets the requirement.
I can't see any reason, someone will probably come up with one, why the above cannot be done with many other accounts.

Katiehound

Not such a great incentive but I see HSBC (not Advance ) will give £75 with no minimum pay-in but you need to meet the other conditions. (pretty sure it was x 2 DDs or SOs)

YorkshireBoy

Katiehound wrote: »

Not such a great incentive but I see HSBC (not Advance ) will give £75 with no minimum pay-in but you need to meet the other conditions. (pretty sure it was x 2 DDs or SOs)

May as well still apply for the Advance though, and just make do* with £75 if they open a Bank Account instead.


* Although I didn't take this route myself when they declined me - I threw a strop and aborted the process! I then successfully applied for the Advance 6 months later.

GTR_King

Don't Think I could go for HSBC Advance Don't earn enough for that account lol

Eco_Miser

oldagetraveller wrote: »

I can't see any reason, someone will probably come up with one, why the above {internal transfers} cannot be done with many other accounts.

Internal transfers work with LBG accounts, but most other banks require pay-ins from external sources.
You can still pay-in from and withdraw to your current account with a different bank.
As always, check the T&Cs for your particular account for yourself, to be sure.