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Simple Arithmetic
Jakkals9
Forumite 2 Posts
I'm probably missing something quite obvious, but this info about a bank account's requirements confuses me: " You must pay in £1,750/mth to keep the account open - equiv to a £26,000/yr salary."
Is £1750 the net (after tax) monthly payment on an annual salary of £26,000 (i.e., £2,166.67/month)?
Is £1750 the net (after tax) monthly payment on an annual salary of £26,000 (i.e., £2,166.67/month)?
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Some slight rounding of the values, but yes - £1750/month net is roughly £26k pa.
HSBC also allows you to pay in £10,500 every 6 months if that makes a difference.
As the sum can be pre-tax, post-tax or found in a hole in your back garden, the question has no relevance. All they are saying is that at least £1,750 must be paid (from outside the bank) into your account each month.
And if you draw out £500 every Wednesday afternoon would not impact the paying in requirement. There is no need for the deposit to stay in the bank for any minimum payment.
That counts towards the monthly amount too.
that would be a bit of a pain doing that.
Just get a 2nd bank account & a faster payment between the two
Probably get account frozen for supposed AML