Simple Arithmetic
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Jakkals9
Posts: 2 Newbie
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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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.0 -
After tax, obviously0
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Once you factor in pension conts £1750 is closer to £28k0
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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.0 -
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.0 -
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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.0 -
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HSBC ?? Pain/will probably fail0
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