Simple Arithmetic

Jakkals9 · 23 August 2019 at 3:19PM

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)?

PRAISETHESUN · 23 August 2019 at 3:24PM

https://www.tax.service.gov.uk/estimate-paye-take-home-pay/your-pay

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.

[Deleted User] · 23 August 2019 at 3:33PM

After tax, obviously

Zero_Sum · 23 August 2019 at 4:24PM

Once you factor in pension conts £1750 is closer to £28k

polymaff · 23 August 2019 at 5:34PM

Jakkals9 wrote: »

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)?

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.

LXdaddy · 23 August 2019 at 7:28PM

And remember that in most cases you don't have to pay the monthly amount in a single transaction. You could for example pay in £500 every Wednesday morning and that would more than adequately cover the monthly requirement.

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.

YorkshireBoy · 23 August 2019 at 8:01PM

LXdaddy wrote: »

And remember that in most cases you don't have to pay the monthly amount in a single transaction.

I'm not aware of any banks that, effectively by having such a restriction, penalise the weekly paid.

IvanDP · 23 August 2019 at 9:53PM

Also, you can withdraw some cash from an ATM, and then go straight back into the bank and pay it back in.
That counts towards the monthly amount too.

Zero_Sum · 23 August 2019 at 10:15PM

IvanDP wrote: »

Also, you can withdraw some cash from an ATM, and then go straight back into the bank and pay it back in.
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

castle96 · 24 August 2019 at 6:10PM

HSBC ?? Pain/will probably fail

luvsmoothies · 26 August 2019 at 9:48AM

Zero_Sum wrote: »

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

Simple Arithmetic

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