Using intermittent direct debit for switch bonus?

wolvoman

So there's several accounts out there that require use of direct debits to eiother switch into and receive a lump sum, or to receive a regular bonus.

I have 3 direct debits set up for credit cards that don't get used every month. For example a post office card that only gets used for overseas transactions, so it can go a few months without the direct debit taking a payment.

Are these usable for qualifying for the bonus/switch benefits?

colsten

There is currently no switching offer that requires any DDs. Coop is the most onerous one and says "You'll need to switch at least 2 Direct Debits or standing orders". No need to mess about with DDs. But of course any DDs (and SOs) on the account you switch will be switched automatically, before the account gets closed.

moneysavinggirl40

i suppose u have to look at the providers terms and conditions to see if they say "active direct debits" or if they say "monthly direct debits".
Halifax say We’ll give you £5 for each month that you pay in £750, pay out two different direct debits and stay in credit so to qualify for £5 you need to have 2 direct debits coming out per month to get £5 if you don't then you don't get the reward.However you can still get £100 for just switching.
COOP say, You'll need to use the full Current Account Switch Service within 14 days of your account opening, which will include the closure of your old account on the day that your switch completes. You'll need to switch at least 2 Direct Debits or standing orders.then you'll get the £100. but after u have £100 you do not need the s.o or dd. so its a case of reading each providers T&C, sorry.

YorkshireBoy

moneysavinggirl40 wrote: »

i suppose u have to look at the providers terms and conditions to see if they say "active direct debits" or if they say "monthly direct debits".

Not exactly. "Active", in this sense, just means not dormant, ie they haven't lapsed under the dormancy rules (up to 13 months of non-use).


Where DDs have to pay out, eg Halifax Reward and Club Lloyds, the T&Cs will say so, as in the example you've given for Halifax Reward.

colsten

moneysavinggirl40 wrote: »

Halifax say We’ll give you £5 for each month that you pay in £750, pay out two different direct debits and stay in credit so to qualify for £5 you need to have 2 direct debits coming out per month to get £5 if you don't then you don't get the reward.

the requirements for the monthly fiver has nothing to do with switching which this thread is about

moneysavinggirl40 wrote: »

so its a case of reading each providers T&C, sorry.

Agree with you 100%. Also, basically all of those switch T&Cs are very simple to understand so those asking questions about the switch rules most likely have never bothered reading them. Strange risk to take because if they don't meet all the T&Cs, the only ones they hurt is themselves.

YorkshireBoy

colsten wrote: »

the requirements for the monthly fiver has nothing to do with switching which this thread is about.

Although the OP's thread title only mentions switching, they do mention both switching and (ongoing) bonuses in both the first and last paragraph of the first post.

wolvoman

YorkshireBoy wrote: »

Although the OP's thread title only mentions switching, they do mention both switching and (ongoing) bonuses in both the first and last paragraph of the first post.

Yes my question applied to bonuses such as Halifax reward and also to interest such as Santander 123.

colsten

apologies, it appears I was just reading the thread title.