Direct Debits

Brian_Aldred

Recently after using all my DDs on multiple bank accounts I decided to set up a DD with Cancer Research for £5.00 a month (so doing my bit) but this means that you qualify to get the interest from your Santander or Club Lloyds. Anyone else have any other ideas?

Stevie_Palimo

Well if you need more than one dd then the answer will be to set another dd up and if you have used all genuine bill payments on other accounts to satisfy the criteria so that you get the perks then being realistic is it worth the perks against additional dd's being set up for charity and so on ?

I never really understand this to be honest with having 500 accounts and all for 1p extra a day and all the hassle that goes with it.

jimjames

Stevie_Palimo wrote: »

I never really understand this to be honest with having 500 accounts and all for 1p extra a day and all the hassle that goes with it.

I guess if you think it's 1p a day then you may think it's too much hassle. Fortunately those of us in the know realise differently and are happy to rake in the additional income.

Stevie_Palimo

jimjames it is nominal money gained for the hassle involved with the upkeep of lot's of accounts, You did gather this from my post anyway and the 1p amount may not have been precise but it is not that far away.

chockydavid1983

It's recurring money every month for very little initial effort.
But if you don't want it, fair enough.

Stevie_Palimo

Okay let me make this as clear as possible here for you guys to comprehend.

OP has set up a dd of £5.00 a month so £60.00 a year and then needs another dd set up to activate a bonus scheme from the said bank, Tell me if I am way off the mark here but any amount paid to the OP will be nominal against the additional costs they incur partnered with the additional running of a pointless account.

So my point against pennies here will obviously apply as stated in my post above.

jimjames

Stevie_Palimo wrote: »

Okay let me make this as clear as possible here for you guys to comprehend.

OP has set up a dd of £5.00 a month so £60.00 a year and then needs another dd set up to activate a bonus scheme from the said bank, Tell me if I am way off the mark here but any amount paid to the OP will be nominal against the additional costs they incur partnered with the additional running of a pointless account.

So my point against pennies here will obviously apply as stated in my post above.

Yes you are way off the mark but all the time people still think like that it's great because it means the deals will stay around longer for those of us prepared to do a little leg work up front. But as chockydavid says if it's not for you then that's entirely your choice weighing effort vs reward.

nb0825

The DD's don't need to be £5 a month, most charities will setup monthly DD's for £2 a month such as wateraid, friends of the earth...

Stevie_Palimo

jimjames wrote: »

Yes you are way off the mark but all the time people still think like that it's great because it means the deals will stay around longer for those of us prepared to do a little leg work up front. But as chockydavid says if it's not for you then that's entirely your choice weighing effort vs reward.

It does not add up for me as the additional paperwork, pointless dd's that are not even required plus taxes and so on against a trivial amount coming back in are certainly not worth my time bothering with but if people are gaining a extra few pound a year for all of this then fair play, I find it hard enough to monitor my few accounts at the moment without the need for pointless other ones.

chockydavid1983

In the OP's case, they gain and the charity gains.
Or you can set up Tesco savings accounts and DD £1 per month into those and not lose anything.
http://www.tescobank.com/savings/flexible/internet-saver/index.html
http://www.tescobank.com/savings/flexible/

darkidoe

It suits some people, and doesn't suits others. But my mentality is if you don't do it, it is the banks who are gaining from the common people. giving us less return on cash. And why should they gain from my savings, when it should be working for me instead. So I take advantage of the system they have rigged as much as I can tolerate the hassle.