Cash rewards accounts, Direct debits vs Standing Orders?

glock339

Hi I'm about to apply for a cash reward account & as usual they all seem to require at least 2 direct debits need to be transferred over from an existing account. I was just wondering dose anyone know if 2 standing orders from another personal account of mine would do rather than direct debits? I know I have done this in the past but I can't seem to find anything in the T&Cs this time which stipulate if it is definately direct debits only, or if standing orders will do nicely.

Cheers :beer:

tripled

Direct debits and standing orders aren't the same. Some providers do allow direct debits or standing orders, some specify standing orders. If you let us know what account you are thinking of, I'm sure someone will help - but if the t&c only state direct debits, that's almost certainly what you'll need.

badger09

Standing Orders and Direct Debits are entirely different and not interchangeable.

If the T&C require 2 x DDs, then only 2 DDs will do;)

However, if you are short of DDs you can set up 2 savings accounts with Tesco, which, unusually, allow you to set up DDs to pull money from your current account

glock339

I was looking at trying the Yorkshire Bank & their T&Cs aren't very detailed. Any of the other similar reward accounts will do apart from First Direct who I'm already with.

Like I say I know years ago I got away with 2 Standing orders although I'm not sure which bank it was now, possibly Halifax but my memory gets worse all the time!lol It would save a load of time & hassle if I could just do the same this time as I'm intending on keeping my main banking with First Direct.

YorkshireBoy

glock339 wrote: »

I was looking at trying the Yorkshire Bank & their T&Cs aren't very detailed.

Which bit of...

Qualifying criteria
2. To qualify you must:;
b) Switch at least two active Direct Debits and maintain a minimum of two active Direct Debits on your account at least until the incentive payment is made


http://www.ybonline.co.uk/resources/1a4fedbe-4b63-4285-ad15-07d5e291130f/079365-CA_YB_Cash-Incentive-TandCs.pdf

...did you find lacking in detail?


I seem to remember M&S and Halifax may be options worth pursuing, but don't take my word for it...read the T&Cs (more carefully ).

glock339

Bad choice of words, I had read the T&C's but I have also used Standing orders instead of Direct Debits a few years ago when the T&Cs have stipulated Direct Debits. This was purely because I'd presumed they'd be OK rather than because I'd checked it out before hand.

I just thought this time I'd try & get clarification before trying incase they were not so flexible, I'd of emailed them but could only see a telephone number in the contact info & couldn't face the dreaded call centre!

grumbler

glock339 wrote: »

...I have also used Standing orders instead of Direct Debits a few years ago when the T&Cs have stipulated Direct Debits.

It's hard to believe. Most likely the T&C stipulated that both DDs and SOs qualified.

djpailo

https://forums.moneysavingexpert.com/discussion/5126573

colsten

glock339 wrote: »

I have also used Standing orders instead of Direct Debits a few years ago when the T&Cs have stipulated Direct Debits.

It's probably your memory playing tricks. SOs were never accepted in place of DDs as they are totally different things.

ceredigion

If you bought a diesel car would you put petrol in it. They are both fluid and come out of a pump

Krash420

Just an FYI, Paypal is a direct debit so you can open two accounts on there with two different banks. Then,use the transfer money to friends feature to transfer £1 from one account to another. It'll take a few days but once it goes through, it'll show up as a valid DD and you didn't have to open another bank account or spend money.

You can then do this once a month depending on the criteria of the banks