bank switching-how quickly does a DD become effective ?

spiritus

I am looking to start a merry go round of bank switching but I worry as to how long should I leave between setting 2 new direct debits up and then applying for my first switch account.


I went on to a couple of sites that I could set DD's up but the first payment would only come out 28th November. If I applied for a new bank account before then would the bank consider this DD or would it be ignored due to the fact no money had come out of my account yet ?


Thanks

YorkshireBoy

It's only necessary to have the DDIs established before initiating a switch, not actually called and paid. However, I always err on the side of caution and let them go at least once before initiating a switch.

colsten

spiritus wrote: »

I went on to a couple of sites that I could set DD's up but the first payment would only come out 28th November.

Which sites are those?

spiritus

colsten wrote: »

Which sites are those?

One of them was CAFOD.

colsten

May be they are saving money by just processing DDs once a month?

If you want something that registers within 3-5 working days, try Tesco savings accounts.