Santander 123 direct debits...

Rich33

Hi,

I want to cash out my ISA and put it all in a 123 account. I have £20k to deposit.

I don't have any direct debits I can use though!

Has anyone got any solutions to this?

Any £1.00 a month direct debits to charity or anything I can set up for free without too much hassle?

Thanks

planteria

Rich33 wrote: »

Hi,

I want to cash out my ISA and put it all in a 123 account. I have £20k to deposit.

I don't have any direct debits I can use though!

Has anyone got any solutions to this?

Any £1.00 a month direct debits to charity or anything I can set up for free without too much hassle?

Thanks

there are lots of solutions.

i use DDs to Friendly Society TESPs, to a Credit Union, to TescoInternetSaver, and to a Building Society, to qualify for rewards/interest from Halifax, Nationwide and Santander.

be sure that you want to lose your ISA allowance though. just a thought, but might you be better to use your ISA for long-term investing in Stocks&Shares instead?

Rich33

I actually checked and I can do my mobile phone DD from my first direct regular saver and my pay-pal DD. Hopefully these will be OK?

I'm in a fortunate position at the moment where my expenses are 0 apart from my phone contract. With the new Isa allowance of £11k it doesn't bother me as I will be withdrawing everything in a year or so to buy my first house.

Jakg

Rich33 wrote: »

I actually checked and I can do my mobile phone DD from my first direct regular saver and my pay-pal DD. Hopefully these will be OK?

They have to actually be taken, I believe - PayPal isn't going to be taking money every month, so it might not work out so well.

Remember Santander gives cashback on certain direct debits (utilities, council tax, mobile / broadband etc) so it may well work out better to use your proper outgoings rather than to "fake it" - I get ~£1 just for paying my mobile phone bill which nearly covers the account fee on it's own...

eskbanker

Jakg wrote: »

They have to actually be taken, I believe - PayPal isn't going to be taking money every month, so it might not work out so well.

No, not true for Santander 123 - this does apply to some current accounts with other banks but for 123 the DDs just have to be set up, not necessarily paying every month.

grumbler

Rich33 wrote: »

... I can do my mobile phone DD from my first direct regular saver ....

:huh:.....................

Mr0

I am self employed and set up 2 direct debits for my income tax and class 2 nics. Nothing gets taken from my account unless i authorise it from the hmrc portal thing, when I have actual tax to pay.

So if you are running out of dds and pay do self assessment that is something you can do.

Archi_Bald

Direct Debits are likely to vanish without warning if not used for 13 months.

There is a very long list of 'special' DDs people can set up: https://forums.moneysavingexpert.com/discussion/4168667