Easy Access Initial deposit

tsmiggy54

If i open a new account, and it says that the minimum deposit is £5000. Am i still able to deposit a far smaller amount, to check everything is working. Maybe £10, and then the remainder, after.

Thanks

ColdIron

Different providers will have different conditions. It might help if you named the account provider

tsmiggy54

Sorry about that.

It is Charter Bank. I have tried to look. but cannot seem to find out. Unless i am looking in the wrong place

Thanks 

ColdIron

You probably can as there is a funding window

• Initial deposit - you have a limited period in which to make an initial deposit into the Account. For Online Accounts that is up to 14 days, beginning on the day you apply for your Easy Access Account.
• If you do not make a deposit into the Account within the specified period then we will assume that you no longer require the Account and close it. You will be able to open a replacement account as long as the product has not been withdrawn from sale.

https://online.chartersavingsbank.co.uk/ApplyOnline/AAO/DownloadPDF/GetProductDocument?documentType=PRODUCTSHEET

eskbanker

Personally I'm not convinced that the ability to make multiple deposits overrides the minimum deposit criteria, given the clear reference to 'minimum deposit of £5,000' rather than minimum balance at that level, but probably worth contacting them to check.

boingy

There are no guarantees but in the last couple of years I have deposited my regulation £1 test amount in a number of different accounts with higher minimum starting balances. I always followed it with the "proper" amount within hours of the £1 showing up and never had any problems. So I'd just go for it. It will almost certainly be OK. The most likely problem you'll have is the sending bank wanting to cross examine you at great length before making the larger transfer!

sheffieldeagle

I recently did it with Leeds BS I think and they simply rejected the initial small deposit and sent me an email thus proving the correct details were set up and I could then deposit the correct amount.

Cheers

tsmiggy54

For the record.

can confirm you sent a deposit of £5.00 on the 13/02/2024 which was rejected due to our minimum balance breech. Our minimum balance is £5,000.00 as this was rejected the funds will be returned to your nominated bank account within 2 working days.