Premier Bank Accounts

chammer

I see most premier bank accounts have a minimum salary of £60-£100k. Like some people do to meet the minimum pay in on normal accounts, what stops you from paying your normal salary in twice to meet the threshold? Thanks

Brewer21

chammer said:

I see most premier bank accounts have a minimum salary of £60-£100k. Like some people do to meet the minimum pay in on normal accounts, what stops you from paying your normal salary in twice to meet the threshold? Thanks

How would you pay your salary in.... again?

killerferret666

Funny you should mention this, i got offered a premier one for free (barclays) rather then a fee as i am meeting criteria. My salary isnt in the bracket but i read the terms and it says it looks for £xxxx in each month and if you dont meet that it will check i meet £xxxx over past 12months.

Ive had various money coming in from other accounts not with the same bank and thats the only way i think i could possibly have met it.

chammer

Brewer21 said:

chammer said:

I see most premier bank accounts have a minimum salary of £60-£100k. Like some people do to meet the minimum pay in on normal accounts, what stops you from paying your normal salary in twice to meet the threshold? Thanks

How would you pay your salary in.... again?

The same way people do it to meet requirements for switching bonuses. Move it to another account and pay it in again. 

TadleyBaggie

But it wouldn't have come from a employer, likely they would spot this.

km1500

It is likely your salary would be paid by BACS. 

Transfer between accounts is usually faster payments.

MDMD

In most cases they will review you meet the criteria manually either before or just after you open.

I enquired at both HSBC and Barclays and in both cases they wanted evidence og
my salary going in before they would entertain me applying.

TadleyBaggie

Pretty sure my son has a Barclays Premier account, there is no way he has ever earned enough to qualify!

Marchitiello

The qualifying criteria are often checked upon request, either when applying or even some time later during an account review.

I know with HSBC I had to have a meeting in branch and show proof of income. RBS also require strict proof of income.

Barclays Premier is a different example because the “qualifying” criteria to be able to have the account, are still £75k individual annual salary or £100k in saving/investment held at the bank.

What has changed recently is that they have introduced a charge if you did not pay in a minimum amount monthly and/or over a certain period, because there were many that opened an account with the qualifying criteria, but then they moved their main banking somewhere else. 

So you would still need to meet the Qualifying criteria of £75k gross salary or £100k saving or investment but if you also did not pay at least £3300 into the account monthly, or £40k over 12
months, they would charge you £20 per month fee.

having said all that, apparently Barclays system do some time trigger automatic Account upgrades when a certain income is paid into the account (£3,300 per month is seen as a minim payment for someone on £75k gross that also get deducted a bigger chunk in pension contributions for example), and thus some people that would not strictly qualify did get upgraded, but also I know of at least two people that were automatically upgraded but then month later were requested for proof of income and then downgraded again.

let’s not forget that most banks have access to “real salary” data shared across banks for credit risk assessment and fraud prevention. This is derived from   Regular salary payment from “organization/business” accounts into personal accounts, and specifically esclude payments from/to individuals.

PamelaW2000

Also to note that Barclays seem to allow upgrade to Premier Banking but without necessarily issuing the black premier debit card.

WillPS

km1500 said:

It is likely your salary would be paid by BACS. 

Transfer between accounts is usually faster payments.

Plenty of employers pay their staff using Faster Payments, big and small.