A new chapter

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  • Okay done a few bits this morning which are in my "next step" list of bank switching. My mule current account now has 3 active DD (should all complete next day or two) and I am then ready to start the first switch to M&S bank for £50 reward and a further £5 a month plus it gives me access to a 5% 12 month savings account which will yield £81 in interest.

    Once I have applied and been accepted for this my next step is to create some more active but nil value direct debits, ie store cards. my credit rating is good enough that it will cope and I need another 3 direct debits really in order to start two more current account switches this time with first direct and nationwide.

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • When I opened a Nationwide account I didn't actually need any direct debits to get the rewards, just needed to pay in £1k a month - this might have changed but worth checking!
  • When I opened a Nationwide account I didn't actually need any direct debits to get the rewards, just needed to pay in £1k a month - this might have changed but worth checking!

    I was looking at the criteria last night and a few say "paying direct debits", now I am trying to see if that means pay every month or just ones that are active like the DVLA car tax which is annually. If it means they must pay out each month then its going to be tricky to get so many direct debits that are being used. Even if I sign up for low cost charities the cost is likely to be more than the rewards for saying with the current accounts long term.

    I've emailed a couple of the banks for clarity.

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • poddle911
    poddle911 Posts: 1,406
    First Anniversary
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    Hello, I think a lot of people use direct debits to savings accounts - I just opened up a few online instant access savers and set up some small DDs to fulfil the criteria. Charity donations are also good, but this is MSE :D
    LBM Sep 2008 debt: £27,927.04
    start weight: 140.2, week 2: 138
  • poddle911 wrote: »
    Hello, I think a lot of people use direct debits to savings accounts - I just opened up a few online instant access savers and set up some small DDs to fulfil the criteria. Charity donations are also good, but this is MSE :D

    standing orders from one current account to another don't count though.

    For my "master plan" i am going to need 14 direct debits and I am hoping that ones which are "active" (Direct debit website classes that as used once or more within the last 13 months). So I would achieve this with credit card and store cards which are used once and then not touched again other than to keep them "active", if however the banks small print of "paying direct debit" means its a monthly payment thats needed then I will need to adjust my plans.

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • Managed to accumulate £25 of nectar points so far past two months, £21.50 in TESCO points and £37.14 via topcashback (some weeks form payment mind).

    Receipt hog is a little slower going with only 483 coins but it'll get there eventually.

    Got the LO's again tomorrow and luckily the weather forecast has changed from rain to just cloudy this weekend so I'll take them to a museum on the Saturday and a walk around a nature park on the Sunday unless it changes again.

    Couple jobs I need to get done this weekend really, ideally paint DD1 ceiling and also clean out the caravan.

    GF coming over tonight and its salmon and salad for tea, followed by lemon cheesecake!

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • poddle911
    poddle911 Posts: 1,406
    First Anniversary
    Forumite
    I was talking about direct debits, not standing orders. (Eg. I have 3 Tesco online savers and have a direct debit set up on each which satisfies my current account criteria.) But it sounds like you've got a plan and are keeping busy!

    Good luck with everything :)
    LBM Sep 2008 debt: £27,927.04
    start weight: 140.2, week 2: 138
  • I have DDs going to Tesco online savings accounts as well, meets the criteria and I get to keep the money as its in my savings accounts :)
  • I have DDs going to Tesco online savings accounts as well, meets the criteria and I get to keep the money as its in my savings accounts :)

    Ah direct debits for a savings account and not a current account, yeah I hadn't even considered that!

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • poddle911 wrote: »
    I was talking about direct debits, not standing orders. (Eg. I have 3 Tesco online savers and have a direct debit set up on each which satisfies my current account criteria.) But it sounds like you've got a plan and are keeping busy!

    Good luck with everything :)


    Yeah sorry I got mixed up, that makes more sense so I'll do the same.

    Certainly being kept busy, but thats a good thing.....right?

    Mortgage free - 01/05/2019, mortgage high £200k 2011
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