Pay-in criteria for bank switching incentive

nohassles

I'm in the process of switching to Santander to earn a bonus and one of the criteria is for £1500 to be paid in in the first 60 days.

I've been reading MSE's guide:

• You'll need to meet minimum monthly pay-ins. Some accounts require you to pay in a set amount each month in an attempt to make you pay in your salary, but there's nothing stopping you bouncing money from one account to the next manually, or you can automate it by using standing orders a couple of days apart (a spreadsheet to keep track can be helpful).

For example, you get paid £1,500 a month and have two accounts with £1,000 minimum pay-ins. Get your salary paid into one, then a couple of days later use a standing order to move it to the other, then another standing order to move it back. If you don't earn enough to hit the pay-in, just move a lesser amount in twice.

If I've understood this correctly, the net amount going into your account doesn't matter at all, as long as the total incomings on that account meet the threshold. It also doesn't matter what the source of the income (i.e. salary or transfer). Is this right?


Edit:

All Santander's terms say is:

To qualify for the £185 payment customers must:

• Complete the full switch within 60 days of requesting the switch process (including the closure of the old account).

• Pay in at least £1,500 within 60 days of requesting the switch process. (This does not need to be in one payment).

• Set up two active direct debits within 60 days. Direct debits to fund Santander, cahoot, or Cater Allen savings accounts do not count for the purposes of this offer.

• Continue to hold the qualifying current account on the day the payment is made

amanda1024

I’d recommend reading the specific terms for santander on their own site. But in general, it’s the net amount - you can put the money in and take it straight out again - and a transfer us ok (as long as it’s from another bank, rather than eg a savings account at the same bank)

nohassles

Hi Amanda, thanks for your reply.

 it’s the net amount

you can put the money in and take it straight out again

These two parts seem to contradict each other

amanda1024

nohassles said:

Hi Amanda, thanks for your reply.

 it’s the net amount

you can put the money in and take it straight out again

These two parts seem to contradict each other

Sorry, I was thinking like net salary (ie not including any tax that’s been deducted). All that matters is what’s in the ‘in’ column, the ‘out’ column is irrelevant 

nohassles

Ah I see, thanks for clearing that up!