We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Dd s for co op switch ?
emerald21
Posts: 11,349 Forumite
Hi I've opened an account with the co op bank and I'm about to do the switch. I've been reading the posts about it and I gather it's two dd s not standing orders. So if I open a dd for say £5 going from the account I'm using to switch to eg paypal and another bank account of mine would that be ok ? Please plus the £800 of course. Thank you.
0
Comments
-
Direct debits have to be set up at the receiving end - PayPal will pull funds from your account by DD so that's fine, but other bank accounts won't. Many people on here recommend the likes of Tesco savings accounts which do allow funding by DD, this works for me....So if I open a dd for say £5 going from the account I'm using to switch to eg paypal and another bank account of mine would that be ok ?0 -
Direct debits have to be set up at the receiving end - PayPal will pull funds from your account by DD so that's fine, but other bank accounts won't. Many people on here recommend the likes of Tesco savings accounts which do allow funding by DD, this works for me....
Hi thanks for replying. I could try and set up a paypal one I guess but the bank I was thinking of was First Direct where I have an esaver account . Do they do it do you know ?. I haven t got any bank accounts with Tesco only a credit card. I have two weeks from now to do the switch. Was thinking about a magazine subscription but I don't know how long they take to do a dd.0 -
can't do any DDs to any FD account.the bank I was thinking of was First Direct where I have an esaver account . Do they do it do you know ?
Takes about 5 minutes to set up two Tesco savings accounts. Then set up "money-in" pulls on each from your current account. These pulls will be processed as DDs and they will set them up within a few days. You might have to wait a few days for online access though unless your existing access for the CC also lets you look at savings accounts. Only one way to find out!. I haven t got any bank accounts with Tesco only a credit card. I have two weeks from now to do the switch
if you are going to buy the mag anyway, then that would be an option for one DD.Was thinking about a magazine subscription but I don't know how long they take to do a dd.0 -
What about a DD to pay the minimum monthly payment to your credit card?0
-
....in which case, how about a DD to pay it off in full every month?! (I also have a Tesco CC and pay in full by DD)
Hi that would mean me putting in a lot of money every month lol . I know I need to put £800 but this won't be one of my main accounts. Paypal sounds interesting would I need to add the details of the account I'm going to switch to my other banks details on paypal and would that class as being a DD ? Sorry I'm a bit overwhelmed with it all
0 -
Way, way, too complicated!Hi that would mean me putting in a lot of money every month lol . I know I need to put £800 but this won't be one of my main accounts. Paypal sounds interesting would I need to add the details of the account I'm going to switch to my other banks details on paypal and would that class as being a DD ? Sorry I'm a bit overwhelmed with it all
Read the 2nd paragraph in post #4 again, and adopt that route. After all, you may get the bug for switching incentives and so the Tesco accounts could come in handy!0 -
YorkshireBoy wrote: »Way, way, too complicated!
Read the 2nd paragraph in post #4 again, and adopt that route. After all, you may get the bug for switching incentives and so the Tesco accounts could come in handy!
Lol I've already got the bug done the Halifax one and the M&S one but this last one seems more complicated. I don't want to open any more accounts I don't think especially when I read the Tesco one you had to put £700 odd in.0 -
I don't want to open any more accounts I don't think especially when I read the Tesco one you had to put £700 odd in.
I did not suggest you open any Tesco current accounts, as they would be no use whatsoever for DDs (though they can be useful by themselves as they pay decent interest. But I digress.).
It is Tesco savings accounts that would help you. They do not have any minimum monthly deposit requirements but they do enable DDs.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards