Switching for Incentive DD Question

matchboxfull

Sorry, you probably get these kind of questions all the time over here. I'll get to the point:

I realise that I need two DDs set up on an account in order to switch and gain an incentive. Do these DDs have to be regular, or can they be, for example, credit card payments that haven't been taken for a few months due to not using the CC?

The DDs in question are still 'active' but just not taken very often.

YorkshireBoy

If the switching incentive T&Cs (of the bank you're considering switching to, but haven't said which one it is) require the DDs to pay out "regularly", they will clearly and unambiguously say so. Do they? (if they do, it'll be a first )

matchboxfull

Thanks Yorkshireboy. I'm looking at M&S at the moment due to no minimum pay in.

YorkshireBoy

When banks (with a few exceptions*) mention "active" direct debits, both in terms of switching incentives and credit interest, they mean that a 'ready to use' direct debit instruction (DDI) exists. They just simplify it by saying 'direct debit'.


* Club Lloyds, who stipulate 2 DDs are paid each month (for credit interest), and Halifax/Co-op, who demand the same (but this time for Reward payments). Barclays may say something similar for 'Blue' but I don't have any experience with them.

matchboxfull

Thanks again. That's really helpful. In the market for a new account for 'spends', and have an old account that's never used, so plan is to whack a couple of existing credit card dds on the dormant account, wait for them to properly set themselves up, then switch after completion on our new house.