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  • FIRST POST
    • Jakkals9
    • By Jakkals9 23rd Aug 19, 3:19 PM
    • 2Posts
    • 0Thanks
    Jakkals9
    Simple Arithmetic
    • #1
    • 23rd Aug 19, 3:19 PM
    Simple Arithmetic 23rd Aug 19 at 3:19 PM
    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)?
Page 1
    • PRAISETHESUN
    • By PRAISETHESUN 23rd Aug 19, 3:24 PM
    • 1,190 Posts
    • 650 Thanks
    PRAISETHESUN
    • #2
    • 23rd Aug 19, 3:24 PM
    • #2
    • 23rd Aug 19, 3:24 PM
    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.
    • Gary_Dexter
    • By Gary_Dexter 23rd Aug 19, 3:33 PM
    • 6,249 Posts
    • 4,157 Thanks
    Gary_Dexter
    • #3
    • 23rd Aug 19, 3:33 PM
    • #3
    • 23rd Aug 19, 3:33 PM
    After tax, obviously
    • Zero Sum
    • By Zero Sum 23rd Aug 19, 4:24 PM
    • 1,218 Posts
    • 960 Thanks
    Zero Sum
    • #4
    • 23rd Aug 19, 4:24 PM
    • #4
    • 23rd Aug 19, 4:24 PM
    Once you factor in pension conts 1750 is closer to 28k
    • polymaff
    • By polymaff 23rd Aug 19, 5:34 PM
    • 2,891 Posts
    • 1,339 Thanks
    polymaff
    • #5
    • 23rd Aug 19, 5:34 PM
    • #5
    • 23rd Aug 19, 5:34 PM
    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)?
    Originally posted by Jakkals9

    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.
    Last edited by polymaff; 23-08-2019 at 5:41 PM.
    • LXdaddy
    • By LXdaddy 23rd Aug 19, 7:28 PM
    • 692 Posts
    • 425 Thanks
    LXdaddy
    • #6
    • 23rd Aug 19, 7:28 PM
    • #6
    • 23rd Aug 19, 7:28 PM
    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
    • By YorkshireBoy 23rd Aug 19, 8:01 PM
    • 30,873 Posts
    • 18,889 Thanks
    YorkshireBoy
    • #7
    • 23rd Aug 19, 8:01 PM
    • #7
    • 23rd Aug 19, 8:01 PM
    And remember that in most cases you don't have to pay the monthly amount in a single transaction.
    Originally posted by LXdaddy
    I'm not aware of any banks that, effectively by having such a restriction, penalise the weekly paid.
    • IvanDP
    • By IvanDP 23rd Aug 19, 9:53 PM
    • 51 Posts
    • 15 Thanks
    IvanDP
    • #8
    • 23rd Aug 19, 9:53 PM
    • #8
    • 23rd Aug 19, 9:53 PM
    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
    • By Zero Sum 23rd Aug 19, 10:15 PM
    • 1,218 Posts
    • 960 Thanks
    Zero Sum
    • #9
    • 23rd Aug 19, 10:15 PM
    • #9
    • 23rd Aug 19, 10:15 PM
    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.
    Originally posted by IvanDP
    that would be a bit of a pain doing that.
    Just get a 2nd bank account & a faster payment between the two
    • castle96
    • By castle96 24th Aug 19, 6:10 PM
    • 1,911 Posts
    • 345 Thanks
    castle96
    HSBC ?? Pain/will probably fail
    • luvsmoothies
    • By luvsmoothies 26th Aug 19, 9:48 AM
    • 573 Posts
    • 381 Thanks
    luvsmoothies
    that would be a bit of a pain doing that.
    Just get a 2nd bank account & a faster payment between the two
    Originally posted by Zero Sum
    Probably get account frozen for supposed AML
    • badger09
    • By badger09 26th Aug 19, 10:08 AM
    • 7,342 Posts
    • 6,909 Thanks
    badger09
    Probably get account frozen for supposed AML
    Originally posted by luvsmoothies
    Scaremongering

    Many regular posters on here do exactly that, including to & from HSBC, and have never had any problems.
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