smalest direct debit - just to get 5% account

tir21

What the smalest amout a a direct debit that could be set up

A lot of banks are offering good interest rates on their current accounts but require 2 direct debits to be set up.

Whats the best way to do this at lowest expense

Thanks

stclair

Direct debit for a charity for £1.00?

tir21

stclair wrote: »

Direct debit for a charity for £1.00?

Could a direct debit of 50p be set up?

stclair

tir21 wrote: »

Could a direct debit of 50p be set up?

It depends on the charity as it'll be a cost for them to process the direct debit.

jennifernil

Rather than be mean to a charity, you could open a Tesco savings account and a Post Office one, and set up DDs to them.

Then you get to keep the money yourself.

If you want to donate to a charity, at least make it a decent amount.

SnowTiger

tir21 wrote: »

What the smalest amout a a direct debit that could be set up

A lot of banks are offering good interest rates on their current accounts but require 2 direct debits to be set up.

Whats the best way to do this at lowest expenses

Open a Tesco Internet Saver account. You can set up as many Direct Debits as you like to it:
http://www.tescobank.com/savings/savingsaccounts/internetsaver/index.html.

Fund a PayPal account via Direct Debit: https://www.paypal.com/.

Cost? Free. You can transfer the money straight out.

tir21

SnowTiger wrote: »

Open a Tesco Internet Saver account. You can set up as many Direct Debits as you like to it:
http://www.tescobank.com/savings/savingsaccounts/internetsaver/index.html.

Fund a PayPal account via Direct Debit: https://www.paypal.com/.

Cost? Free. You can transfer the money straight out.

Thanks. So obvious i should have realised I could do something like that

badger09

SnowTiger wrote: »

Open a Tesco Internet Saver account. You can set up as many Direct Debits as you like to it:
http://www.tescobank.com/savings/savingsaccounts/internetsaver/index.html.

Fund a PayPal account via Direct Debit: https://www.paypal.com/.

Cost? Free. You can transfer the money straight out.

The PayPal DD is ok for those accounts which simply require an 'active' DD but is less useful for those which require the DD to be paid every month, since you have to remember to do this manually

YorkshireBoy

tir21 wrote:

smalest direct debit - just to get 5% account

Which bank requires DDs to get 5% AER interest?

The only current accounts paying this level of interest are TSB and Nationwide, and neither require DDs for the interest.

DDs are required to pay out at Lloyds (for 4% AER), but just be set up at Santander (for 3% AER).

tir21

YorkshireBoy wrote: »

Which bank requires DDs to get 5% AER interest?

The only current accounts paying this level of interest are TSB and Nationwide, and neither require DDs for the interest.

DDs are required to pay out at Lloyds (for 4% AER), but just be set up at Santander (for 3% AER).

Sorry meant 4 percent

YorkshireBoy

tir21 wrote: »

Sorry meant 4 percent

So that's Club Lloyds then?

The easiest way is to open one Tesco Internet Saver and one Tesco Instant Access Savings Account, and then set up a DD to each of these from your Lloyds account for, say, £1 per month.

Although they're the same company, they are - according to reports on here - qualifying DDs for interest as they're classed as "two different direct debit mandates".

The added benefit of the Tesco accounts is that, as has been said above, you can have multiple DDs...so they're good for Halifax Rewards too.