Direct Debit suggestions?

badger09

ceredigion wrote: »

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

Fair comment.

But you do need to remember to do this every single month:(

DCFC79

Be easier to do as reply # 3 says.

Vortigern

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 think you'll find that Santander's conditions will be satisfied by annual DDs, so you could put a couple of annual DDs on the Santander 123 account and move the monthly DDs to Lloyds.

polarization

xylophone wrote: »

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.

Will this fulfil the new Bank of Scotland "Two different direct debit" requirement?

Thanks

xylophone

Will this fulfil the new Bank of Scotland "Two different direct debit" requirement?

Tesco yes - charity yes.

TomJ

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

If you want to maximise your interest, why not throw in a TSB Classic Plus to get 5% on £2k and a Nationwide FlexDirect (plus Flexclusive monthly saver) to get 5% for a year on £2.5k (plus on £500/month)? No DDs need on either of these.

While you're at it, a Co-op with Everyday Rewards to get £4/month incentive. Granted this would need 4 more DDs, but you're already investigating how to surmount that hurdle; Tesco Bank Savings accounts seem to me to be the way forward on that front (to return to your original question) - it's how I set things up for my father to get the Club Lloyds (one Instant Access Saver, one Internet Saver), and is working well for him.

puzl

TomJ wrote: »

If you want to maximise your interest, why not throw in a TSB Classic Plus to get 5% on £2k and a Nationwide FlexDirect (plus Flexclusive monthly saver) to get 5% for a year on £2.5k (plus on £500/month)? No DDs need on either of these.

While you're at it, a Co-op with Everyday Rewards to get £4/month incentive. Granted this would need 4 more DDs, but you're already investigating how to surmount that hurdle; Tesco Bank Savings accounts seem to me to be the way forward on that front (to return to your original question) - it's how I set things up for my father to get the Club Lloyds (one Instant Access Saver, one Internet Saver), and is working well for him.

Alas, I don't want to push my luck too far, as I will be applying for a 5 year mortgage shortly and don't want my credit score to go any lower than the 3/5 it already is (not due to debts or anything, just that I literally never borrow anything or use cc's, hence why it's average)

I'm also waiting for the TSB classic plus to have a switch incentive again (£100 or so I think it was earlier in the year) so that if/when I do use it, I can get more out of it.

YorkshireBoy

puzl wrote: »

Alas, I don't want to push my luck too far, as I will be applying for a 5 year mortgage shortly and don't want my credit score to go any lower than the 3/5 it already is (not due to debts or anything, just that I literally never borrow anything or use cc's, hence why it's average)

First of all, your Noddle score means nothing to a mortgage provider.

Secondly, and to back up the above, I opened 18 current accounts over a 3 month period 18 months ago...and my Noddle score actually increased over that period!

I'm also waiting for the TSB classic plus to have a switch incentive again (£100 or so I think it was earlier in the year) so that if/when I do use it, I can get more out of it.

Nationwide have a £100 switching incentive now...which would generate 1/2 the value of interest gained over 12 months with a maxed out Club Lloyds account...and pay you an additional amount of interest on £2.5K

TomJ

YorkshireBoy wrote: »

Nationwide have a £100 switching incentive now...which would generate 1/2 the value of interest gained over 12 months with a maxed out Club Lloyds account...and pay you an additional amount of interest on £2.5K

And I'd be quite happy to recommend you...

Also, less mercanarily, the Co-op has got a £150 switching offer on as well as the £4/month. On top of which, you can get £40 from Quidco, or should be able to - I'm still waiting for mine to be approved, though I've had by £150.

If the plan is to reduce the 1-2-3 balance by £5k to get the interest from Club Lloyds, you're looking at a gain of about 1% of 5 grand; £50 pa. (Actually, it'd be a bit less because the 3.93 gross on the Club Lloyds interest would only be compounded at the 1-2-3 account's 2.96% gross rate once it's swept from CL to 1-2-3, but I really can't be bothered to work out an accurate figure) The incentive cash from the Co-op comes to £48, so all of the cashback would be a "profit". That said, as per Yorkshireboy's other point, openiong more than 1 new current account won't hurt you too much anyway, so there's no reason not to open both.

just that I literally never borrow anything or use cc's, hence why it's average

Depending on just how soon you want to get the mortgage, you might want to consider getting and using a credit card and paying it off each month to build up a record of responsible borrowing (although at this stage I really would refer to my signature...). This would also generate another direct debit. And both the TSB and Nationwide accounts give access to credit cards which give you cashback on your purchases; 1% from TSB and 0.5% from Nationwide

verybigchris

You don't actually need two Tesco saving accounts for two DDs. You can use just one as long as your DD instructions use variations of your name, e.g. set up one from "Joe Bloggs" and one from "Mr J Bloggs".

I've done it that way for my Club Lloyds account and 3 BoS accounts without a hitch.