Make £10 a day Challenge - February 2016

lexbubbles

Debtfreedolly wrote: »

Oh my gosh that's amazing! Is there then a time limit that I have to stay with the bank for??

Check the T&Cs of whatever account you're opening at first (the one without a bonus just to open and switch later) but no, most banks do not impose a time limit if you open a basic account with no frills, fees, overdrafts etc. Also check the T&Cs of any account you switch to for the bonus for the same.

Also banks have been offering switching bonuses for years - I got £100 for moving to Halifax in 2012. So if you miss this round through opening up a second account don't worry - there will be more. The Clydesdale switch I applied for expired in November but they're already doing an identical offer!

And it's good to have a second account anyway, I find (when I was saving to move I actually used mine as a budget account - I transferred a set amount each week over there and that was my "spending money" for the week and I wasn't allowed to touch the primary account. It worked :rotfl: )

lexbubbles

@DFD, I looked into it and the H$BC current account (just the simple one) does not have a minimum term. So set it up and set two DDs up and allow them to come out once (takes about a month) and then look into switching. H$BC themselves do not currently offer a switch bonus, so it's your best bet to start.

Clydesd@le's £150 offer expires 31st March but they'll probably set up another one after (you could get in before that who knows. Tight squeeze though). It takes 70 days to pay providing all conditions have been met (switch 2xDDs over and have them pay out, pay in £1,000 within 30 days)

H@lifax's offer is ongoing - I got £100 in 2012 but it is now £125 so they've put it up. Also pays quicker (within 3 days) so probably best bet for first switch and then wait for another one to come around! There is no minimum pay-in requirement but it does require the "switching of all direct debits and credits and the closing of the old account" which will be done automatically.

Currently my best advice here is to open a basic account at H$BC, get your DDs set up (set up SOs from your primary account to cover those DDs if you don't want to manually transfer) and give it a month for them to process and be fully functional, then take advantage of H@lifax's ongoing offer.

After that, switch out to whoever is running the best deal when it comes around.

As always though, do your own research into what path you think would be best. If you can get everything up and running quickly enough to move over to Clydesd@le - do that and then move to H@lifax 3-4 months afterwards.

lexbubbles

Got 40p on Panelbase so I can FINALLY process a £10 withdrawal when it clears. Been stuck on £9.65 for forever :rotfl:

lexbubbles

£0.42 on Vivatic (£1.91 to withdraw, £5.04 to 40)

Wasn't feeling well enough to take any yesterday so unlikely I'll make my £40 this month - it was always going to be tight with only 29 days though.

£729.65 (26.06 / day)

Siouxsie32

lexbubbles wrote: »

I don't know, honestly. I just chose 2 of my regular "bill" direct debits (in my case, the internet and the TV license) and switched them to my new secondary account manually - with most bills you can do this online with new bank account details.

I don't think that you can set up DDs to yourself or do it for pennies - those are standing orders.

I play this game quite a lot and always have a spare bank account ready and waiting! My latest one is 2 x DDs for the full balance of two credit cards I only use once each month. For example, I'll use one credit card to pay for my supermarket shop one day and I'll use the other credit card to pay for the car park. After the trip I transfer that amount into the bank account that pays these DDs and forget about it til the next month. I also don't use these credit cards again.

I'm super organised with where my money has to be though. If you want something more structured, Lex's suggestion of two smaller DDs is perfect. Or set up a DD to a charity? Or open Tesco savings account, they let you set up DD payments from yourself!

Debtfreedolly

lexbubbles wrote: »

@DFD, I looked into it and the H$BC current account (just the simple one) does not have a minimum term. So set it up and set two DDs up and allow them to come out once (takes about a month) and then look into switching. H$BC themselves do not currently offer a switch bonus, so it's your best bet to start.

Clydesd@le's £150 offer expires 31st March but they'll probably set up another one after (you could get in before that who knows. Tight squeeze though). It takes 70 days to pay providing all conditions have been met (switch 2xDDs over and have them pay out, pay in £1,000 within 30 days)

H@lifax's offer is ongoing - I got £100 in 2012 but it is now £125 so they've put it up. Also pays quicker (within 3 days) so probably best bet for first switch and then wait for another one to come around! There is no minimum pay-in requirement but it does require the "switching of all direct debits and credits and the closing of the old account" which will be done automatically.

Currently my best advice here is to open a basic account at H$BC, get your DDs set up (set up SOs from your primary account to cover those DDs if you don't want to manually transfer) and give it a month for them to process and be fully functional, then take advantage of H@lifax's ongoing offer.

After that, switch out to whoever is running the best deal when it comes around.

As always though, do your own research into what path you think would be best. If you can get everything up and running quickly enough to move over to Clydesd@le - do that and then move to H@lifax 3-4 months afterwards.

This is awesome! Thank you!!!

Procrastinater

Thank you for coming back on that one Lex :cool: - Looks like a visit to the H$ BC is called for soon !

Siouxsie32 wrote: »

I play this game quite a lot and always have a spare bank account ready and waiting! My latest one is 2 x DDs for the full balance of two credit cards I only use once each month. For example, I'll use one credit card to pay for my supermarket shop one day and I'll use the other credit card to pay for the car park. After the trip I transfer that amount into the bank account that pays these DDs and forget about it til the next month. I also don't use these credit cards again.

I'm super organised with where my money has to be though. If you want something more structured, Lex's suggestion of two smaller DDs is perfect. Or set up a DD to a charity? Or open Tesco savings account, they let you set up DD payments from yourself!

Thank you for that Siouxie :T

So I think the Tesco savings and a little phone contract I have is probably the right way to go for me. Doesn't all this bank swapping and CC setting up cause a lot of visible records on your Credit files though ? Is that necessarily a bad thing ?

Someone else suggested a little "Charity " one too but I'm a bit wary of that because I don't want all sorts of begging correspondence from charities !

Procrastinater

Check your e-mails - I got a 30% off FV for today and tomorrow at seabay. annoyingly I'm rather busy todday and tomorrow and just relisted a load of biggies.

Aesop

Procrastinater wrote: »

Thank you for coming back on that one Lex :cool: - Looks like a visit to the H$ BC is called for soon !



Thank you for that Siouxie :T

So I think the Tesco savings and a little phone contract I have is probably the right way to go for me. Doesn't all this bank swapping and CC setting up cause a lot of visible records on your Credit files though ? Is that necessarily a bad thing ?

Someone else suggested a little "Charity " one too but I'm a bit wary of that because I don't want all sorts of begging correspondence from charities !

No, it doesn't show on credit foitprints. It's a good game to play if you have the income

lexbubbles

Procrastinater wrote: »

So I think the Tesco savings and a little phone contract I have is probably the right way to go for me. Doesn't all this bank swapping and CC setting up cause a lot of visible records on your Credit files though ? Is that necessarily a bad thing ?

Not unless you're applying for credit, no. It shouldn't count against you. So when you swap/open bank accounts just refuse all offers of an overdraft. You'll be leaving your primary alone, anyway, which is a plus on your report as an 'account you've had for several years'

If you don't already have credit cards then don't set any up just for the sake of having a direct debit.