Do direct debits to my isa count as a direct debit?

trikidy

Have seen the offers to switch to a bank and receive a bonus, as long as you move two of your direct debits. I have also noticed on my ISA it says you can set up a direct debit to it, so would this count as 1 out of 2 of my direct debits? Or does it exclude these?

psychic_teabag

I don't think it could exclude specific D/D's. But it might have a requirement that the D/D be active in some way - used monthy, perhaps. (My own ISA has set up a D/D to a linked account - they probably pointed it at the account the cheque came from, or something. But I maxed the account on creation, and so the D/D has never been used.)

They're basically trying to make sure it's a "real" current account you're transferring, and they're using the existence of D/D's as a definition of a "real" current account.

See https://forums.moneysavingexpert.com/discussion/4168667 which lists some savings accounts which allow D/D to be set up to a current account.

le_loup

If the T&Cs say direct debits and your direct debits are direct debits, what could possibly go wrong?

Gromitt

If they are listed by your bank as "Direct debit", then they are direct debits

gglaze

Yes, I am using my Selftrade ISA monthly contribution as one of my DDs.

realaledrinker

These offers normally oblige you to use the bank's account transfer service. If so, you would not be able to pick and choose the DDs to transfer - it's all or nothing.

I have a "dormant" current account just to bag these offers and set up e.g. 2xSOs for £1 and/or 2xDDs to my Tesco savings account for £1/month, which can all be done on line.

innovate

realaledrinker wrote: »

These offers normally oblige you to use the bank's account transfer service. If so, you would not be able to pick and choose the DDs to transfer - it's all or nothing.

Not necessarily the case, on both accounts. There are/have been offers where you can move the DDs yourself (e.g. Nationwide, Lloyds) or where you can specify what is to be moved if you have to use the switcher service (e.g. First Direct).

realaledrinker

innovate wrote: »

Not necessarily the case, on both accounts. There are/have been offers where you can move the DDs yourself (e.g. Nationwide, Lloyds) or where you can specify what is to be moved if you have to use the switcher service (e.g. First Direct).

Fiar enough. Only have specific knowledge in recent times to the Co-op offer. Did all the others years ago.