Direct Debits help!

wallofbeans

Hello All,

So I've got to have two direct debits going out of my Santander 123 account and I've currently got my monthly internet payment and my mobile phone payment.

But, I've just moved my mobile to giffgaff and I'm not sure there 'reoccurring goodie bags' are direct debits. And I'm not sure how to figure that out. It'll definitely be a regular ongoing payment to the same company. Is that always a direct debit?

Other than that I can move my PayPal to Santander but that is not used regularly and is that okay? I also have another direct debit, which takes two large amounts of money twice a year - would that work?

On top of that, I was hoping to open another account but that also needs a minimum of two direct debits and I'm not sure how many others I can find!

I share the cost of bills and send a standing order to somebody else for a chunk of the basic bills. I'm assuming SO's don't count?

Thanks for any advice...

YorkshireBoy

Santander DDs do not have to pay out monthly (but use them at least once a year to stop them lapsing under the dormancy rules). Club Lloyds (from your other thread) DDs do have to pay out each month.


So put your PayPal and the twice a year DDs on Santander and put your regular monthly DDs on Club Lloyds.


Alternatively, do what a great many others do and use a pair of savings accounts for the 2 DDs on all accounts.

wallofbeans

YorkshireBoy wrote: »

Santander DDs do not have to pay out monthly (but use them at least once a year to stop them lapsing under the dormancy rules). Club Lloyds (from your other thread) DDs do have to pay out each month.


So put your PayPal and the twice a year DDs on Santander and put your regular monthly DDs on Club Lloyds.


Alternatively, do what a great many others do and use a pair of savings accounts for the 2 DDs on all accounts.

Thanks for that, really helpful!

Vortigern

Just for info, GiffGaff's recurring goody bags are paid for by card transactions, not by direct debit, so the OP will need a replacement DD.

Two Tesco savings accounts could provide the DDs for both Santander and Lloyds current accounts. (and many others)

ceredigion

Vortigern wrote: »

Two Tesco savings accounts could provide the DDs for both Santander and Lloyds current accounts. (and many others)

So could the existing paypal account.

wallofbeans

Vortigern wrote: »

Just for info, GiffGaff's recurring goody bags are paid for by card transactions, not by direct debit, so the OP will need a replacement DD.

Two Tesco savings accounts could provide the DDs for both Santander and Lloyds current accounts. (and many others)

I don't know much about Tesco savings accounts but will look into it - thanks!

Mr_Goodkat

wallofbeans wrote: »

I don't know much about Tesco savings accounts but will look into it - thanks!

Tesco Savings Accounts will be a great way for you to meet all the direct debits requirements to get interest / incentives and simplifies things greatly as the DD amounts can stay fixed and be controlled by you unlike other DD's that can be variable.

xylophone

I don't know much about Tesco savings accounts but will look into it - thanks!

You can open one internet saver and one instant access saver - set up a DD on each to "pull" money from your chosen account each month.

http://www.tescobank.com/savings/flexible/

wallofbeans

xylophone wrote: »

You can open one internet saver and one instant access saver - set up a DD on each to "pull" money from your chosen account each month.

http://www.tescobank.com/savings/flexible/

Interesting.

The interest rate isn't great though, or am I expecting too much/understanding it wrong?

Mr_Goodkat

wallofbeans wrote: »

Interesting.

The interest rate isn't great though, or am I expecting too much/understanding it wrong?

You only use the Tesco Savings accounts to meet the direct debit requirements of current accounts that will pay you a much higher rate of interest you don't need to hold money there - I keep a nominal £1 in each.


Get both the Tesco savings accounts to pull by Direct Debit say £5 per month on the same date from each current account that has the two DD requirement - go into the accounts later that day and move the money manually elsewhere to get a better interest rate.


You can even automate the process by sending the money from Tesco to a interest paying current account by standing order.

polymaff

YorkshireBoy wrote: »

Alternatively, do what a great many others do and use a pair of savings accounts for the 2 DDs on all accounts.

TESCO savings accounts