Account Minimum Pay-In


So, quick question… I have my Monzo account that I use as my main bank account (ie get Salary paid into)

However I have savings accounts else where (cough Nationwide FlexDirect cough)… to get the 5% this account has a minimum pay in of £1000 per statement month… so my question is…

Can I get my salary paid into Monzo, Standing Order £1000 to Nationwide, then immediately transfer it back to Monzo… so I have essentially met my minimum pay in but it’s then left the account? Or does Nationwide say you must pay in £1000 and leave it there for X amount of days… I can’t find anything online about it?


Can’t you have your salary paid directly into your nationwide account and then standing order it across to monzo? As opposed to redirecting the funds twice… that could get messy unless you can set the standing orders to happen at certain times (i.e. to make sure the funds are in the correct account at the time the transaction attempts) but I know I can’t time specify standing orders so…


Yes. I’d wait atleast a day until you transfer it back to Monzo though.

1 Like

I believe you can. Back when I was a uni student I used to do that with my mate - ping pong £1000 to each other on our lloyds account to get I think it was 4% interest rate back then or something along those lines ~

That was the standard practice with other friends with other banks too so I think it should work for nationwide given that they are one of the biggest student current account providers?

1 Like

I did think of this as another option :slight_smile: I just didn’t want to delay payday into my Monzo / Main account…
You are correct so from Nationwide back to Monzo would be manual…

That’s the main thing I wanted to know, if I needed to wait a day or so… Thanks

I guess both transferring to each other would work because your not then transferring it again, unfortunately, I don’t have a friend to play ping-pong with :frowning: sad times…

1 Like

Ahhhh get you. What I’m doing now is have my salary paid into my Club Lloyds which offers 2% up to £5K balance, then once salary is paid in to Lloyds I bank transfer everything else to my Monzo account, because like you haven’t got anyone else to pingpong the money with.

I suppose I should also try opening a nationwide account and pingpong money between Lloyds / Nationwide and earn interest on both accounts :rofl:

Seriously IDK how high-street banks make money off me lols.

1 Like

Sounds like they aren’t, but they will be making a mint from other customers enough to cover the losses from the few savvy customers I’d imagine :wink:

Sounds more like a question for a nationwide community rather than Monzo :joy:

Standing orders are an odd one. Most now go as a faster payment (which are essentially 24/7) but also tend to only go out Monday-Friday. So depending on what kind of debit you have coming out of Monzo it would make sense to have the salary paid into Nationwide on day 1 (if it’s a set date every month) then transfer it out to Monzo on day 2. But make sure any payments due from Monzo are day 6 or later to cover long bank holiday weeekends.

Day 1 Thursday - paid
Day 2 Friday bank holiday (Standing order delayed)
Day 3 & 4 weekend (SO delayed)
Day 5 Monday bank hol (SO delayed)
Day 6 Tuesday SO kicks in to Monzo
Day 6 onwards any other payments go out.

That is because even though standing orders go thru faster payments there are different types of faster payments in the faster payments scheme, immediate faster payments for one off which can go daily if the bank permits and advance recurring faster payments which normally are weekday only. God only knows why this happens :wink:

Yeah should be an option of ‘move to next working day’ if you don’t want it on a weekend.

Four types of payments can be processed through Faster Payments:

• Single Immediate Payments
• Forward-dated Payments
• Standing Orders
• Direct Corporate Access

These are the FPS comments:

Single immediate payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).

Forward dated payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).

Standing Order payments can be sent Monday to Friday, excluding bank holidays. If the pre-arranged date falls on a weekend or bank holiday, the payment is made on the next working day.

It is notable that SO payments are weekday only.

No explanation is given for this.

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.