Direct debit for high interest current accounts

PAULIO

Hello people hope you are well. Have been reading martins tips about putting money in multiple high interest current accounts (tried posting link but newbies not allowed)
Most of these however require you to pay two direct debits out to qualify for the high interest. Currently I only pay three direct debits and so would not be able to qualify for all of them
My question is.
Would it work if I were to simply set up a direct debit for 2 different charities for £1 each after opening each account OR is there something in the terms and conditions somewhere that says the direct debits need to total a certain higher amount or need to be of a certain type that I have been unable to find in the terms on the websites?
The accounts I plan to open are Santander, Club Lloyds, Bank of Scotland and TSB Classic Plus.
Thank you in advance to anyone who is able to help with this. I will check back in morning for replies. Is sleep time now.

Rollinghome

That would be fine except that it might cost the charities more than the amount donated. Another way is to open a couple of savings accounts such as with Tesco or Birmingham Midshires where DDs can be used to pull money into the account. (Tesco also have a no-strings current account paying 3% on up to £3k per account - 2 allowed.) BM savings accounts allow DDs to only a single current account, Tesco to several.

Of those mentioned, only Lloyds requires DDs that are used each month. Santander only require that the DDs remain "active" which means using them just once a year or so but obvously you'd benefit from the cashback they pay on DDs for most regular household bills. Tesco, TSB and BOS don't require DDs.

All except Tesco need a minimum monthly pay in and some including TSB need to be 'paperless'.

PAULIO

Thank you for the useful info. Sorry it took a while for me to reply. When you say that I can have 2 TESCO accounts does this mean I can have 2 personal current accounts or does one of these have to be a joint account?

YorkshireBoy

PAULIO wrote: »

When you say that I can have 2 TESCO accounts does this mean I can have 2 personal current accounts or does one of these have to be a joint account?

2 sole, or 2 joint, or 1 of each. In other words, you can have your name on a maximum of two current accounts with them. Obviously if there are two of you, you would each go with the first option.

darkidoe

It is possible to set up 2 separate direct debit mandates from a single tesco Internet Saver.

https://forums.moneysavingexpert.com/discussion/comment/69565714#Comment_69565714

Futuristic

darkidoe wrote: »

It is possible to set up 2 separate direct debit mandates from a single tesco Internet Saver.

https://forums.moneysavingexpert.com/discussion/comment/69565714#Comment_69565714

To be safe you can also open 2 saver accounts so they both have different account numbers, not sure if banks state DDs must be from different accounts

PAULIO

Thanks everyone for the help have also noticed that in the table of the article titled 60 seconds 5% savings loophole (would have posted link but still won't let me) It says you are able to have 3 bank of Scotland accounts does this mean I can have 3 current accounts with vantage in a single name getting me the 3% on each?

Vortigern

PAULIO wrote: »

It says you are able to have 3 bank of Scotland accounts does this mean I can have 3 current accounts with vantage in a single name getting me the 3% on each?

Yes, you can.

Futuristic

PAULIO wrote: »

Thanks everyone for the help have also noticed that in the table of the article titled 60 seconds 5% savings loophole (would have posted link but still won't let me) It says you are able to have 3 bank of Scotland accounts does this mean I can have 3 current accounts with vantage in a single name getting me the 3% on each?

Yes and the good thing about the BOS accounts is you can simply funnel the monthly requirement between the 3 accounts.

BOS1>2>3>1

Wilma33

Paypal are handy for direct debits. You can set them up as a method of adding money to your paypal account from your current account. Not sure on how many you can set up, but I think it's about 8. Very handy!

Ashen

Rollinghome wrote: »

That would be fine except that it might cost the charities more than the amount donated. Another way is to open a couple of savings accounts such as with Tesco or Birmingham Midshires where DDs can be used to pull money into the account. (Tesco also have a no-strings current account paying 3% on up to £3k per account - 2 allowed.) BM savings accounts allow DDs to only a single current account, Tesco to several.

I used to think that about charities and DD's, but when sites like Gocardless can set up DD's and take a 1% fee, I'm much less certain that the charities would be losing out.