Avoiding current account minimum pay-in

ctfrefinement

Say a current account has a £5 fee per month unless at least £2500 is paid in per month.

Can you avoid this fee if your salary is under £2500 per month by just temporarily transferring into another account then moving it back by BACS thereby technically making the total paid in over £2500?

Thanks

kaMelo

ctfrefinement said:

Say a current account has a £5 fee per month unless at least £2500 is paid in per month.

Can you avoid this fee if your salary is under £2500 per month by just temporarily transferring into another account then moving it back by BACS thereby technically making the total paid in over £2500?

Thanks

Yes that's okay.

eskbanker

Usually, yes, but check the account's terms regarding exactly how that monthly pay-in requirement is defined.

twadds123

ctfrefinement said:

Say a current account has a £5 fee per month unless at least £2500 is paid in per month.

Can you avoid this fee if your salary is under £2500 per month by just temporarily transferring into another account then moving it back by BACS thereby technically making the total paid in over £2500?

Thanks

check the specifics of each account but in general it does not need to be 1 payment and the money does not need to stay there long.

I think I have 4 different accounts that have a "minimum monthly payment"  , the highest of these is £2000

So once a month I drop £2000 out of my easy access savings,  quickly pass it between the 4 accounts and have it back in my savings normally within about 30 mins,  the money only sits in each account as long as it takes to log into that app, check its credited and do the move to the next account.

XzavierWalnut

I have been doing this for years in the same bank.

eskbanker

XzavierWalnut said:

I have been doing this for years in the same bank.

If you mean that you're transferring funds to and from another account in your name with the same bank, then that just emphasises the dangers of generalising, in that this approach will satisfy the funding requirements for some banks (e.g. LBG) but not others (e.g. Santander), so it remains important for OP to check the terms for the account concerned....

elkiedee

What are you getting for your £5 (or minimum pay in of £2500)? Are you using whatever perks are on offer for this? 

Might there be a fee free current account or one with a lower pay-in? Might you be able to get a current account that would meet your needs better? Perhaps even one with a switch bonus.

Bigwheels1111

Chase bank now needs £1500 a month paying in.
£500 went in on the 1st, drew it out later that day.
Did the same on the 2nd & 3rd.
£1500 paid in and Chase are happy.

XzavierWalnut

eskbanker said:

XzavierWalnut said:

I have been doing this for years in the same bank.

If you mean that you're transferring funds to and from another account in your name with the same bank, then that just emphasises the dangers of generalising, in that this approach will satisfy the funding requirements for some banks (e.g. LBG) but not others (e.g. Santander), so it remains important for OP to check the terms for the account concerned....

Yes, with the Halifax.

ctfrefinement

Thanks, folks - I'll make the switch then - the example I gave was just hypothetical and I was talking about Club Lloyds which I believe is £3 and £2000 (but you get Disney Plus and £175 in 10 days which is a pretty good deal).