Direct debit's that don't cost money

fidgetgreen

Hi, I'm a big fan of switching accounts to get the switching bonus and have an account with 2 direct debit's just for this purpose. I want to switch to another account but I need to have 3 d/d to qualify for the bonus. I have no reason to set up any other accounts as I have no other bills to pay. Whats the best way of setting up a direct debit but not actually losing the money?

Thanks,

Dobbibill

Tesco savings accounts allow you to pull money via DD so essentially you are just moving money but also meeting the criteria for the account.

If you need more than one DD, you will need more than one Tesco account - having one account that collects a DD several times a month does not meet the criteria as it is still only one DD mandate.

eskbanker

See https://forums.moneysavingexpert.com/discussion/5126573 for more ideas....

kpearsoncj

Paypal 1p payments i do.. To my ebay seller account

Anthorn

I'll go for setting up a bank account with Paypal and then they set up a DD. You don't pay unless you buy something using Paypal. In fact you gain 1p when they deposit it with the validation number which enter online on the Paypal website to prove the bank account is yours. Usually you click a link to get Paypal to send the validation code.

ruudy

What about Santander 123 account. This allows you to pull in money as a DD as well does it not?

ceredigion

ruudy wrote: »

What about Santander 123 account. This allows you to pull in money as a DD as well does it not?

Tell me more

ruudy

ceredigion wrote: »

Tell me more

I don't really know. On my 123 online banking there is an option down the left hand side for pulling in a regular payment from an outside source. I presumed this is a DD but I don't use it yet so don't know.

ffacoffipawb

ruudy wrote: »

I don't really know. On my 123 online banking there is an option down the left hand side for pulling in a regular payment from an outside source. I presumed this is a DD but I don't use it yet so don't know.

That only works on the e-saver accounts (they can be fed via direct debit, the 123 account cannot).

ceredigion

ruudy wrote: »

I don't really know. On my 123 online banking there is an option down the left hand side for pulling in a regular payment from an outside source. I presumed this is a DD but I don't use it yet so don't know.

Sorry for the delay, I've been looking , couldn't find it initially but yes its there. You cant pull money into your 1/2/3 account only an isa or everyday saver. I tried to set up a dd to my everyday saver account a couple of years ago which turned out to be a bit of a nightmare. Theoretically it was possible, got as far as a mandate form , filled in and sent back and then never heard another word, unless things have changed recently , just not worth the hassle. Go to Tesco or paypal much easier.
Re: paypal. you don't have to purchase anything to use the DD facility .

ruudy

Thanks for the clarification. I wasn't sure, it's just that the option has always been there on my online banking.

With regards to paypal. Will it not have to be 'active' in to count as a direct debit in some cases?

I've just been using it to pull sellers fees anyway.