2 Direct Debits

dazanteney4

Hello,

Quick question. If i decide to move to either Co-op, halifax or yorkshire to get the £100 switching bonus, do i have to use direct debits or can i use standing orders??

Is there a set time i have to be with the bank for? Can i set it up and leave after 3 months?

grumbler

No.
Halifax require DDs for £5 monthly reward only, not for switching bonus: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

Co-op: "You must move at least two Direct Debits". IMO it's perfectly clear.

YB: "When you switch and maintain a minimum of 2 active Direct Debits and pay in at least £1000 per month, we’ll give you £150". This is pretty clear too.

Yes, you can leave after getting the bonus, but Halifax account is worth keeping.

dazanteney4

So it has to be DD's i can't just standing orders?

grumbler

Well, if they say DDs, how can it be SOs? They are absolutely different things.

That said, DDs aren't a problem and are easy to create.

jimjames

dazanteney4 wrote: »

So it has to be DD's i can't just standing orders?

I guess it depends what they're asking for. If it's DDs then you need them, if it's DD or SO then you can use either.

polymaff

Time for a cut and paste job:

Open a Tesco Internet Saver and set up a monthly payment to it from the [name of bank] account. It will be collected by Direct Debit.