Changes to Reward and Ultimate Reward Accounts

Derivative

I haven't read all of the posts, but a helpful list that may be useful to people.

These charities will allow you to set up a DD from 0.01 - I'd suggest at least attempting to cover the transactional costs, though. Unless of course, you actively dislike the charity's work. I've set up a few ranging from 50p - 1.50.

Cancer Research UK
Oxfam
WaterAid
Christian Aid
British Heart Foundation
Marie Curie Cancer Foundation
Dogs Trust
Shelter

For more ideas - almost all of the charities on this list have DD options, but some have minimum charges.

http://www.guardian.co.uk/news/datablog/2012/apr/24/top-1000-charities-donations-britain

McKneff

Marcusp wrote: »

Sad, isn't it, when £5 a month isn't worth the hassle?



Only my personal opinion mind, but its amazing what lengths people will go to to GET £5 a month.

McKneff

If anyone needs to ring them, don't use the 0845 number, there is a generic number starting 0113 on the back of the letter.

Derivative

McKneff wrote: »

Only my personal opinion mind, but its amazing what lengths people will go to to GET £5 a month.

Well, I've just secured my DD's for my two accounts. Took me about an hour.

If Halifax close/remove the award from my accounts in two months' time, that's 20 quid for one hours' work.

If they do it in a year, that's 120 quid for one hours' work.

I don't consider moving 1k in and out any hassle at all because I check my online banking once a month anyway, it's just prudent.

I mean, this isn't small money we're talking about here. If you set up standing orders and don't look at it, you've basically made 20 times NMW for one hour.

Caparn

I've just set up some DDs to take money from my Halifax Reward account to pay into me old egg account (now YBS). I did this from my YBS account. I've never set a DD up before and I was wondering is this all I need to do? Surely not as you could put anyone's account details in to take money from their account. So do I expect to have to sign some Halifax documentation to say I agree to them allowing YBS to take the money out?

Derivative

Caparn wrote: »

Surely not as you could put anyone's account details in to take money from their account.

You can do this. It would be illegal, mind, but possible.

However, there is a requirement for the bank to return a payment 'immediately' (not sure of the time frame on that) if you contest it. So if a DD comes out for 500 quid, you can get it reversed and the company would then have to come to you for funds.

10_66

Derivative wrote: »

...I mean, this isn't small money we're talking about here...

Agreed, between OH & me, it's £360 a year for moving £1,000 around each month (takes moments to do).

innovate

Caparn wrote: »

I've never set a DD up before and I was wondering is this all I need to do? Surely not as you could put anyone's account details in to take money from their account.

By setting up the DD, you accepted the T&Cs that say you are the legal owner of the account that gets debited :cool:

Derivative wrote: »

You can do this. It would be illegal, mind, but possible.

Quite.

Derivative wrote: »

However, there is a requirement for the bank to return a payment 'immediately' (not sure of the time frame on that) if you contest it.

You can ring up your bank and demand an immediate refund - like, a credit to your account now.

http://www.thesmartwaytopay.co.uk/directdebitexplained/pages/directdebitguarantee.aspx

innovate

10_66 wrote: »

Agreed, between OH & me, it's £360 a year for moving £1,000 around each month (takes moments to do).

£360 for 'moments to do' strikes me as a fantastic hourly rate.

Feeling a bit sorry for those who pitty us £5-baggers for not grasping the concept of making lots at little effort. The mind boggles what else they don't grasp....

zerog

chaotic_j wrote: »

Hi,

I posted earlier in the thread asking apart from Tesco Bank which other savings account could do multiple DD's.

I opened a "Yorkshire Building Society Internet Saver" as I was sure I'd seen it mentioned here. Anyway it looks as though it doesn't do DD's as there is no option when I log in. I had the same problem with the Nationwide MySave Plus account.

Could anyone please tell me a savings account/provider apart from Tesco Bank which can do multiple DD's i.e. three DD's?

Thanks in advance!

None that are simple to open now I believe.