Banks requiring minimum monthly incoming payment

adamp87

jsmith9 said:

It depends on the bank and what the benefits are

for example if you have Club Lloyds and do not pay in the required amount one month then the benefit would cease for that month although if you then start the following month to pay in then the benefit would restart. Santander 123 may work like this too.

other banks if you miss a month then the benefits would be cancelled completely - I am thinking of Nationwide and their free travel insurance (no longer available to new) but I believe if you don't pay in the requisite £750 then the insurance will be cancelled and you will no longer be able to have it

other banks like HSBC Advance require a minimum pay in but from what I have heard if you miss one or two payments they really don't seem to do much it's only after a few months of missed payments where they will then ask you if you want to downgrade the account

You’re forgetting Lloyds will actually charge you if you don’t do it, think it’s £3/£5 a month and you can still use the benefits 

Mickey666

The_Green_Hornet said:

Cycling money around your own personal accounts shouldn't trigger anything. I've been moving money around for years without any issues.

Ditto.  Had three Santander123 accounts (me, wife, joint) until they changed things recently plus Nationwide accounts with similar minimum monthly deposit requirement.  Just cycled money around every month using direct debits.  Ran like a dream and was bonus money for old rope.  No sign of the fraud squad yet
Alas, these sorts of deals, along with decent cashback credit cards, are disappearing these days but hey-ho, just got to make hay while the sun shines, as they say

ratechaser

I think the point is that this money cycling (which I've done plenty of, with no issues) is all to/from accounts in your name, which is significantly less of an ML flag than if it was coming from or going to a third party...

born_again

deadendwaterfall said:

The anti money laundering triggers make cycling money around seem like walking on thin ice. 

Not is you use DD's or Standing orders to move the money. 
TBH, even using faster payments is not going to flag it up. Does not drop into AML parameters.

Eco_Miser

Brewer20 said:

Keep recycling the money that's all I've done, have no income, as in a paid job just a pension. They keep giving me accounts too, latest Virgin money.

A pension is income, and usually more secure than a paid job.

williewonder

Are disability benefits more secure than I paid job?