Current account interest requirement questions

Hazmongrel

Hi guys, I'm hoping to get some solid advice to help me understand some of the requirements current accounts have to get the interest they offer. My questions are;

If there is a paypal account linked to the bank account, and it has a £3 a month charity direct debit, does this fulfil the 2 outgoing direct debit requirement?

If I pay in the monthly minimum and then transfer it out again 60 seconds later, does this fulfil the minimum monthly pay in requirement?

Thanks in advance

Archi_Bald

Hazmongrel wrote: »

If there is a paypal account linked to the bank account, and it has a £3 a month charity direct debit, does this fulfil the 2 outgoing direct debit requirement?

May be. It depends whether the DDs must be paying monthly or whether they just have to show on your account. Paypal doesn't pull money automatically. You got to do it manually.

Hazmongrel wrote: »

If I pay in the monthly minimum and then transfer it out again 60 seconds later, does this fulfil the minimum monthly pay in requirement?

Yes. Even 1 second is long enough. You could even take the money out before you pay it back in.

Hazmongrel

Thank you, would there be an easy way to find out if the DDs need to be paying or not?

grumbler

Archi_Bald wrote: »

Paypal doesn't pull money automatically. You got to do it manually.

It does for my wife. I think immediately after each ebay purchase and by a DD.

Hazmongrel wrote: »

Thank you, would there be an easy way to find out if the DDs need to be paying or not?

The easiest one is just to read the T&C.

YorkshireBoy

Hazmongrel wrote: »

would there be an easy way to find out if the DDs need to be paying or not?

Really easy. Just read the account T&Cs, where any requirement to actually pay out, rather than simply be 'set up', will be clearly stated.

G_M

The easiest way to manage the monthly funding requirement is a Standing Order transfering money in and a 2nd Standing Order transfering the same amount out on the same day.

For DDs, as suggested, either read the T&Cs or say which bank it is and someone will know!

Hazmongrel

G_M wrote: »

The easiest way to manage the monthly funding requirement is a Standing Order transfering money in and a 2nd Standing Order transfering the same amount out on the same day.

For DDs, as suggested, either read the T&Cs or say which bank it is and someone will know!

It's the lloyds 4% on £4-5000 account, I'll try and give the T&Cs a read

Does anyone know of an even easier or cheaper DD than a £3 charity one?

MarkFromCornwall

Hazmongrel wrote: »

Does anyone know of an even easier or cheaper DD than a £3 charity one?

* A £2.99 charity one.
* A £1 DD to a Tesco Internet Saver account
* A £1 DD to a Birmingham Midshires savings account

jimjames

MarkFromMullion wrote: »

* A £2.99 charity one.
* A £1 DD to a Tesco Internet Saver account
* A £1 DD to a Birmingham Midshires savings account

Or DD to a Yorkshire BS account

iainscomputer

We have used a annual direct debit for our car tax.

MDMD

iainscomputer wrote: »

We have used a annual direct debit for our car tax.

That won't work if it needs to pay out monthly (which is most of the DD-needing accounts other than Santander)