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

Vortigern

CRISPIANNE3 wrote: »

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

Lloyds does not specify that the DDs have to be active, merely that they have to be set up by 31/10/12. The T&Cs do not say what happens if you cancel the DDs. Do you feel lucky?

http://www.lloydstsb.com/current_accounts/vantage_ts_and_cs.asp

quinny

my DDs definitely aren't active and absolutely no problem getting the 4% with Lloyds, if you need some ideas for who to set these DDs up with let me know

YorkshireBoy

quinny wrote: »

my DDs definitely aren't active and absolutely no problem getting the 4% with Lloyds

An active DD is one that is not dormant, ie lapsed under the dormancy rules (usually, but not always, 13 months/400 days), not one which is being used regularly.

There was no need to use it, just have it 'established' by 31st October 2012, in order to secure the LTSB 4% deal last Autumn.

That said, I wouldn't risk cancelling/switching mine until the end of the promotion (31st October 2013 from memory?).

liamcov

Thanks guys I may just switch 1 to San so I can get the cash back and just set up a new charity DD from Lloyd's in case there is any problem.