Cheapest direct debits

Arcan

I just open Santander's 123 current account to take advantage of its 3% interest savings; however I need two direct debits to use the account and as I am a student don't have any. What would be the two cheapest ones? Or ideally ones to a saving account or perhaps is it possible paypal? Thanks!

grumbler

Yes, Paypal and, say, Tesco Instant Access Savings Account are believed to be the easiest options.

Gromitt

Paypal, National Lottery, Tesco, Nationwide, Post Office, ...

If your only using it for the 3% offer, don't forget about the £24 annaul charge and base that into your interest calculations also.

AlwaysLearnin

This may help:

https://forums.moneysavingexpert.com/discussion/4168667

YorkshireBoy

To keep things simple, I'd open two accounts with Tesco Bank...an Internet Saver and an Instant Access Savings Account.

It's what I did for the LTSB Vantage 4% offer last year.

Vladislavs

YorkshireBoy wrote: »

To keep things simple, I'd open two accounts with Tesco Bank...an Internet Saver and an Instant Access Savings Account.

It's what I did for the LTSB Vantage 4% offer last year.

yeah but one of those tesco savings accounts requires 500£ to open?

innovate

Vladislavs wrote: »

yeah but one of those tesco savings accounts requires 500£ to open?

You might be able to temporarily transfer £500. Or just choose another of the many savings accounts that allow funding by DD etc etc.

YorkshireBoy

Vladislavs wrote: »

yeah but one of those tesco savings accounts requires 500£ to open?

I wasn't aware of any minimum opening deposit (I've had my Tesco accounts some time), but presumably the OP can use £500 of the £3,000 they already have...being that their reason for opening the 123 account was for the 3% rate, which is only payable on £3K+ balances?

Vladislavs

YorkshireBoy wrote: »

I wasn't aware of any minimum opening deposit (I've had my Tesco accounts some time), but presumably the OP can use £500 of the £3,000 they already have...being that their reason for opening the 123 account was for the 3% rate, which is only payable on £3K+ balances?

"a balance of £500 must remain in the account" -> this is for tesco instant saver

Vladislavs

innovate wrote: »

You might be able to temporarily transfer £500. Or just choose another of the many savings accounts that allow funding by DD etc etc.

Innovate, do you know if principality bs esaver issue 10 still offers direct debits?
http://http://www.principality.co.uk/en/Savings-Accounts/Everyday-Savings-Accounts/e-Saver.aspx
you mentioned principality bs as avaiable for DD, but i cant find anywhere on their site about that possibility.

innovate

Vladislavs wrote: »

Innovate, do you know if principality bs esaver issue 10 still offers direct debits?

you mentioned principality bs as avaiable for DD, but i cant find anywhere on their site about that possibility.

Yes I do know and yes it does. You need to do a bit more searching if you haven't found it yet on their site.