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    • badger09
    • By badger09 27th Aug 17, 10:29 AM
    • 5,397 Posts
    • 4,637 Thanks
    badger09
    In connection with nothing on particular, but I'm pleased with myself for working it out so thought I would share it...

    An easy way to get as many direct debits coming out of your current account as you need to qualify for it / its interest rate without it costing you anything is to use paypal. Once you have entered your bank account details into paypal and confirmed them, you can then request funds (as little as you like) to credit your paypal account from you bank account by direct debit. Then just spend it through paypal or withdraw it back to your bank account
    Originally posted by yebaws
    I don't want to rain on your parade (especially as I'm watching a torrential downpour as I type) but....

    Paypal is a well known method hereabouts. However, it does require regular manual intervention as it cannot be automated
    • bigadaj
    • By bigadaj 27th Aug 17, 12:25 PM
    • 10,692 Posts
    • 6,982 Thanks
    bigadaj
    Glorious sunshine here!
    • camaj
    • By camaj 28th Aug 17, 12:49 PM
    • 475 Posts
    • 238 Thanks
    camaj
    An easy way to get as many direct debits coming out of your current account as you need to qualify for it / its interest rate without it costing you anything is to use paypal.
    Originally posted by yebaws
    I'm assuming the banks won't let you have multiple DD's to the same paypal account or they'll only count once for any account requirements.
    • eskbanker
    • By eskbanker 28th Aug 17, 1:01 PM
    • 5,800 Posts
    • 5,684 Thanks
    eskbanker
    I'm assuming the banks won't let you have multiple DD's to the same paypal account or they'll only count once for any account requirements.
    Originally posted by camaj
    Always dangerous to assume - most banks will require a specific number of different DD mandates but one only requires a specific number of direct debits (i.e. payments), so, as there's no standard generic (accurate) answer, you should always check the relevant Ts & Cs....
    • camaj
    • By camaj 29th Aug 17, 9:04 AM
    • 475 Posts
    • 238 Thanks
    camaj
    What banks accept multiple DD's from the same company?
    • polymaff
    • By polymaff 29th Aug 17, 9:37 AM
    • 1,772 Posts
    • 760 Thanks
    polymaff
    What banks accept multiple DD's from the same company?
    Originally posted by camaj
    Surely all banks do - when there are multiple mandates.
    • eskbanker
    • By eskbanker 29th Aug 17, 11:46 AM
    • 5,800 Posts
    • 5,684 Thanks
    eskbanker
    What banks accept multiple DD's from the same company?
    Originally posted by camaj
    The one I was referring to is Co-Op, whose Everyday Rewards scheme specifies a requirement to "Pay out at least four Direct Debits" every month, which at least one poster on here claims to satisfy with one mandate executed multiple times, although I haven't done this myself, not least because the switching incentive (as opposed to the ongoing reward) required 'four active DDs' to be switched, which implies four separate mandates....
    • schiff
    • By schiff 7th Sep 17, 10:46 AM
    • 17,714 Posts
    • 9,045 Thanks
    schiff
    Bank of Scotland Vantage
    This might be worth mentioning.

    I've missed out on the normal monthly interest on one of my accounts. One of my direct debits is to a credit card and thanks to a refund my balance was a credit so nothing was taken last month.

    BoS operates a requirement that a DD must be paid to qualify for the interest. The DD is still registered and there will be a payment next month.

    They couldn't be moved.
    • Undz
    • By Undz 9th Sep 17, 11:47 AM
    • 2 Posts
    • 0 Thanks
    Undz
    Hi

    I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
    In order to get the interest I have to pay out 3 direct debits:

    "To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

    My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" to a simply to a non Tesco account and still qualify for the interest.

    Many thanks
    Undz
    • polymaff
    • By polymaff 9th Sep 17, 11:59 AM
    • 1,772 Posts
    • 760 Thanks
    polymaff
    Hi

    I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
    In order to get the interest I have to pay out 3 direct debits:

    "To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

    My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" to a simply to a non Tesco account and still qualify for the interest.

    Many thanks
    Undz
    Originally posted by Undz
    That's a bit like asking what a standing order or a cheque is. It is a process identified by a universally-recognised name. It's a Direct Debit - a mechanism where you give authority to a third party to draw money from your bank account.

    Thank goodness some of us are subject to no conditionality on our Tesco Bank Accounts. I guess that Tesco have, belatedly, recognised how over-generous they have been in the past.

    Get the terminology right, and you'll avoid confusion. You don't "pay out" a Direct Debit. The third party's agent PULLS money from your account. It is the third party who decides when and how much to request - providing he stays within the terms of the Direct Debit system. That is what makes a DD fundamentally different from a cheque / standing order / FPS / TT payment where you alone define the how much and the when initiated.
    Last edited by polymaff; 09-09-2017 at 12:32 PM.
    • Undz
    • By Undz 9th Sep 17, 12:44 PM
    • 2 Posts
    • 0 Thanks
    Undz
    thanks for the clarification Polymaff much appreciated.
    • EachPenny
    • By EachPenny 9th Sep 17, 1:21 PM
    • 2,883 Posts
    • 5,229 Thanks
    EachPenny
    Thank goodness some of us are subject to no conditionality on our Tesco Bank Accounts. I guess that Tesco have, belatedly, recognised how over-generous they have been in the past.
    Originally posted by polymaff
    Shush! They might be listening
    "In the future, everyone will be rich for 15 minutes"
    • oligopoly
    • By oligopoly 13th Sep 17, 10:34 AM
    • 283 Posts
    • 74 Thanks
    oligopoly
    M&S Bank Current Account
    I'm liking the look of this M&S one (esp the £125 gift card!) I've been with HSBC since I was a teenager. A few years ago I opened a joint Barclays account with my wife and it's the latter which has become my main account - into which my salary goes in and my DDs and everything else come out.

    I still use the HSBC one but sporadically for pocket money.

    I would like to switch from the HSBC account to this new M&S one. I have just checked and I just have 1x DD set up (to PayPal).

    Do we know of an expiry date on this M&S offer? I'm thinking I could change a low value DD (e.g. £9 lotto) to my HSBC so that I qualify when the next payment comes out next month. M&S's terms stipulate an active direct debit as one that's paid out in the last 13 months...

    Thanks.
    Increasingly money-conscious
    • schiff
    • By schiff 13th Sep 17, 11:51 AM
    • 17,714 Posts
    • 9,045 Thanks
    schiff
    A credit card that you don't use much is a very useful DD that doesn't cost anything. I have a couple on which I make one or two of my smaller card payments each month. Takes time to set up though.

    I don't think there's a time limit for the switching offer but as always it's possible it will be removed any time, maybe without notice.

    BOL
    • flergalwit
    • By flergalwit 13th Sep 17, 9:47 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    Hi

    I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
    In order to get the interest I have to pay out 3 direct debits:

    "To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

    My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" to a simply to a non Tesco account and still qualify for the interest.

    Many thanks
    Undz
    Originally posted by Undz
    Speaking of Tesco current account, I was wondering if you have to have 3 different direct debits per month, or will 3 DD *payments* per month suffice even if they're all the same DD?
    • grintricha
    • By grintricha 21st Sep 17, 1:40 PM
    • 214 Posts
    • 117 Thanks
    grintricha
    I am in the process of switching to HSBC for the 150 quid

    it's worth noting that here is the list of stuff you need to remember

    online banking password
    online internet password
    telephone banking number
    telephone banking memorable place
    telephone banking memorable word
    2 x security questions
    app memorable question
    app banking password
    2 app security questions - only asks if changing password
    digital secure keyword password

    I am somewhat overwhelmed by all that stuff and was told that if i cancelled the switch then my old bank account would still be closed

    am I unreasonable for wanting things to be simpler? I get that it needs to be secure but 12 different things? really?

    i'm generally a bit non plussed by the process but accept it's probably my fault for expecting things to be simple

    harrumph
    • schiff
    • By schiff 21st Sep 17, 1:58 PM
    • 17,714 Posts
    • 9,045 Thanks
    schiff
    A man's gotta do.............

    Not worth it for £150? And another £50 for sticking it out?
    • grintricha
    • By grintricha 21st Sep 17, 2:12 PM
    • 214 Posts
    • 117 Thanks
    grintricha
    yeah I'll ride out the 50 days and then look to switch again maybe (although they are probably all just as bad as each other)

    I forgot also that i set up a voice recognition password thingame
    • EachPenny
    • By EachPenny 21st Sep 17, 7:24 PM
    • 2,883 Posts
    • 5,229 Thanks
    EachPenny
    yeah I'll ride out the 50 days and then look to switch again maybe (although they are probably all just as bad as each other)

    I forgot also that i set up a voice recognition password thingame
    Originally posted by grintricha
    If you don't bother with phone banking and the app then you cut down the number of things to remember significantly.

    Online banking requires a username (which you can set), a word, then a passcode generated when you enter a PIN (your choice) into a keyfob. If you are ok with online banking and can remember three things then everything else can be forgotten.
    "In the future, everyone will be rich for 15 minutes"
    • bigadaj
    • By bigadaj 21st Sep 17, 11:09 PM
    • 10,692 Posts
    • 6,982 Thanks
    bigadaj
    If you don't bother with phone banking and the app then you cut down the number of things to remember significantly.

    Online banking requires a username (which you can set), a word, then a passcode generated when you enter a PIN (your choice) into a keyfob. If you are ok with online banking and can remember three things then everything else can be forgotten.
    Originally posted by EachPenny
    The username can also be set to be remembered on your own computer, so only two things to remember which suits me fine. I've not bothered with the app and only phoned them for the switch.

    The regular saver access is useful, and I've just complete the cashback offer on the debit card which was an easy £30.

    I wouldn't have it as a main account but it's fine as an additional.
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