Direct Debit

Pilatus

I have spread my savings with a number of banks, however, they are changing the conditions for setting up new accounts with one criteria being that you have to have two monthly direct debits. The problem I have is that I don't have that many direct debits. I have used the usual utility ones. Has anyone got any creative ideas for setting up new, low cost, direct debits?

cynthiacharles

I think for these problem,the precise solution will be that you consult the Bank Authority.

Archi_Bald

Ignore the Bank Authority.....

Set up a couple of Tesco savings accounts and pull some money into them. They do that via DD.

MarkFromCornwall

Pilatus wrote: »

Has anyone got any creative ideas for setting up new, low cost, direct debits?

If you have a Paypal account you can link it to your bank account. Then each month you can manually get Paypal to pull funds (say £1) from your current account via direct debit.

bowlhead99

In addition to the Tesco savings accounts from Archi above there was another good post about other savings accounts that could be fed that way, plus a few other ideas.

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

Mark's right, Paypal is another easy one for pulling the occasional few pounds out of your account by DD. You could do that manually or just find something you want to buy each month that takes paypal (loads of things online including some food takeaway places like Dominos).

Or if you're of a charitable persuasion you can use a DD to give away a couple of pounds a month of the extra interest you earned. NSPCC minimum is £2, you might find others for less (though it's not very charitable to have some charity worker deal with setting up a direct debit for you to give them a penny a month). They help you get more cash from the banks, you give them a cut

Pilatus

Thanks for your suggestions.
I've followed your numerous ideas and now have the problem sorted.