DD needed for bank accounts - how long are they needed?

liamcov

I set up a Lloyd's vantage account in Oct that needed 2 DD's but now I want to open a Santander 123 which also requires 2 DD's. If I change them over will my 4% interest come to an end or do they just require them to be set up at the beginning?

Thanks

dr_adidas01

Not sure but I think to keep getting the 4% you need to keep 2 active direct debits on the account. I think they are doing this in the same way as Halifax now require 2 active direct debits on there reward account to get the benefits or the £5 reward depending on what account you have.

liamcov

Yes they seem to be getting tough.

Think 4% on £6000 no tax is a lot better than £5 but both would be nice. I remember a thread about faux DD's that can be set up to get around this but the search on here is very dodgy?

dr_adidas01

liamcov wrote: »

Yes they seem to be getting tough.

Think 4% on £6000 no tax is a lot better than £5 but both would be nice. I remember a thread about faux DD's that can be set up to get around this but the search on here is very dodgy?

I dont know about faux DD's, the only way I think you could get around it is to set up saving accounts that have the DD function to make deposits to them. That way you could set them up on the lloyds account then move your bill ones to the santander 123 account.

You only have to set up direct debits for £1 each month, this would still be classed as active direct debits.

liamcov

Thanks for the info. Do you know where the topic is on here about those savings accounts?

dr_adidas01

liamcov wrote: »

Thanks for the info. Do you know where the topic is on here about those savings accounts?

No I don't but I know that Tesco do one and also Newcastle Building society do them, so you may want to go with those two.

cydney65

Here you go:
https://forums.moneysavingexpert.com/discussion/4168667

liamcov

Thanks guys!

Funkyfreddy

liamcov wrote: »

I set up a Lloyd's vantage account in Oct that needed 2 DD's but now I want to open a Santander 123 which also requires 2 DD's. If I change them over will my 4% interest come to an end or do they just require them to be set up at the beginning?

There was/is no stated requirement that the DD need to be "active" - ie amounts taken on a regular or irregular basis only two DD set up on the account when requesting the limited offer be applied to your account prior to the 31/10./12

http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#vantageoffer

FF

Vortigern

If you cancel your Lloyds DDs, or transfer them to another bank, you will get a letter from Lloyds requesting that you rectify the situation. If you leave the direct debits in place but inactive, there's no problem. This is as reported by other users on another Lloyds Vantage thread. YMMV

CRISPIANNE3

Vortigern wrote: »

If you cancel your Lloyds DDs, or transfer them to another bank, you will get a letter from Lloyds requesting that you rectify the situation. If you leave the direct debits in place but inactive, there's no problem. This is as reported by other users on another Lloyds Vantage thread. YMMV

The dd has to be active but Lloyds do not stipulate the frequency of the dd payments.