2nd Santander 123 Acc & Direct Debits Question...

scoot65

Ben8282 wrote: »

I regularly transfer money to savings accounts from current account but this is always by standing order not direct debit. Have never heard of direct debits being set up for this purpose.


Assuming that you can transfer the direct debits as you suggest, then what are you going to use to replace them with? Whatever new direct debits are to be set up on the original account to replace the transferred direct debits could just as easily be set up on the new account.

My plan is to keep my sole 123 account and the two Tesco savings Direct Debits as they currently are.

I'm then going to apply/open a joint 123 account (for me and my wife) and set up additional Direct Direct debits to the existing Tesco accounts (123 accounts require two Direct Debits set up)

So, the Tesco accounts will each have two DDs going into them. One from my sole account and one DD from the joint account.


As in YorkshireBoy's explanation

London_Ash

If you need direct debits set up for additional bank accounts, you can simply pick your favourite charity and set up a £1 / month direct debit with them.

This satisfies the direct debit requirement, doesn't cost much (£12 a year per DD), and charities benefit too.

Westie983

I have two Tesco accounts and have five DD going into each one from five of my current accounts, (Halifax X3, Lloyds, Coop)

So you can have as many DD being pulled into the accounts, can't see anything that says you can't.

I have had Tesco accounts for about seven months now.

SuperAllyB

SuperAllyB wrote: »

Don't you have any utility bills etc that qualify for the cash back?

I repeat, do you really not have any DDs elsewhere that would qualify for cashback? Tesco fine for other banks but be a shame to miss out on "free" money

Kernel_Sanders

London_Ash wrote: »

If you need direct debits set up for additional bank accounts, you can simply pick your favourite charity and set up a £1 / month direct debit with them.

This satisfies the direct debit requirement, doesn't cost much (£12 a year per DD), and charities benefit too.

You could claim tax back too, if you pay it .

I've just opened a 123 account but one DD is quarterly and first payment won't be until November. Will it still qualify ?

eskbanker

Kernel_Sanders wrote: »

I've just opened a 123 account but one DD is quarterly and first payment won't be until November. Will it still qualify ?

Unlike some other current accounts requiring DDs, the ones to qualify for interest on a 123 only have to be set up, they don't have to pay out every month, so if you have at least two showing within the DD section of your online banking then you'll get the interest (provided of course you meet the other criteria for interest in terms of minimum funding, balance, etc)

djpailo

Don't forget you can pay some charities/ paypal by direct debit too.

There are actually quite a few on the list:
https://forums.moneysavingexpert.com/discussion/5126573

Anyway, good luck.