What is the minimum amount I need to deposit to open a Cash savings hub?
Answer
The minimum amount you need depends on the type of savings account you choose.
Fixed term and notice accounts
For fixed term and notice accounts, the minimum deposit is usually £1,000, although some accounts may need more than this. You can check the exact amount in the savings account factsheet.
Easy access accounts
For easy access accounts, the minimum first deposit is usually £500. This can be different for each bank, so please check the factsheet for the account you choose.
Making large payments
If you're paying in a large amount, your bank may not let you send it all at once. Some banks have daily limits on payments.
You can:
- Make several smaller payments, or
- Ask your bank to send a CHAPS payment
CHAPS payments usually arrive the same day, but your bank may charge a fee. Please contact your bank to arrange this.
Other things to remember
- Money in your transaction account does not earn interest
- You can save up to £120,000 with each bank, based on FSCS rules