Direct Debit suggestions?

puzl

Hi all,

I've been doing a little research on how to properly maximise my savings and I currently use the following banks:

Halifax current account: £5/month incentive
Santander 123: £45/month interest

I would now like to make a third bank account with Lloyds for their club lloyds current account, to make interest on the 5k @ 4% APR. However, I am now officially out of Direct Debits.

My current DDs between the above banks are 2 Paypal accounts, National Lottery & Virgin Media Broadband. Gas/electric bills are paid by someone elses account in my household, so this isn't an option.

I have heard that charities accept DD at a minimum of £1 which I am more than happy to do, as long as it doesn't end up costing them more in fees per month to do so. If you guys have any suggestions for low cost DD's I could use, please let me know, Thanks.

youngretired

Open a Tesco Internet Saver (as this allows you to set up direct debits on required accounts) to draw funds into it - see previous forums. You need to set the direct debits up via Tesco online banking under manage payments. The direct debits can be for any amounts you wish.

Set up a Tesco Internet Saver direct debit on the new Lloyds account and another on your Halifax account and then move 1 of your existing direct debits off the Halifax onto Lloyds.

This is the easiest option without setting up 2 new direct debits with different companies.

xylophone

If you open one Tesco Internet saver and one instant access saver, you can set up a monthly DD on each to pull money from your Lloyds account into the savers.

Otherwise type charity direct debit £1 into Google and see what you come up with.

puzl

Will an Ebay fee Direct Debit count? I currently pay using Paypal for that, but I could set it up with Lloyds and it'd take care of one of the DD requirements, right?

badger09

puzl wrote: »

Will an Ebay fee Direct Debit count? I currently pay using Paypal for that, but I could set it up with Lloyds and it'd take care of one of the DD requirements, right?

It will, but you will have to remember to buy something every month so the DD is used. It isn't possible to automate it;)

puzl

Do the DD's have to be used monthly to be marked as "active" ? I was under the impression that as long as they're used once every 12 months or so, they'll still be considered active by most banks.

badger09

puzl wrote: »

Do the DD's have to be used monthly to be marked as "active" ? I was under the impression that as long as they're used once every 12 months or so, they'll still be considered active by most banks.

I'm afraid your impression is wrong.

You need to check the T&Cs of the particular account you are interested in before you apply. Some specify that the DD must pay out every month.

What do the Club Loyds T&Cs say?

I already know, and could tell you, but I[STRIKE]'d have to kill you afterwards[/STRIKE] might have misremembered:D

puzl

Right, looks like I'm donating to charities every month then

ceredigion

puzl wrote: »

Hi all,

I've been doing a little research on how to properly maximise my savings and I currently use the following banks:

Halifax current account: £5/month incentive
Santander 123: £45/month interest

I would now like to make a third bank account with Lloyds for their club lloyds current account, to make interest on the 5k @ 4% APR. However, I am now officially out of Direct Debits.

My current DDs between the above banks are 2 Paypal accounts, National Lottery & Virgin Media Broadband. Gas/electric bills are paid by someone elses account in my household, so this isn't an option.

I have heard that charities accept DD at a minimum of £1 which I am more than happy to do, as long as it doesn't end up costing them more in fees per month to do so. If you guys have any suggestions for low cost DD's I could use, please let me know, Thanks.

You have two Paypal accounts, problem solved. Simply link your new account to Paypal. It is possible to link multiple times

badger09 wrote: »

It will, but you will have to remember to buy something every month so the DD is used. It isn't possible to automate it;)

No need to buy anything, just pull a £1 per month.

Mrs_Boo_Boo

I have two charity lottery DDs set up so at least I get a chance to win. One is for my local air ambulance and a hospice. Never know when you might need them.

puzl

ceredigion wrote: »

You have two Paypal accounts, problem solved. Simply link your new account to Paypal. It is possible to link multiple times




No need to buy anything, just pull a £1 per month.

Thank you. I had completely forgot you can add multiple bank accounts to each Paypal account! Job done.