Using paypal as 1 of 2 direct debits to receive Bank current account bonuses.

cm00

Hello,

I know about registering your bank account to paypal and how that it then shows up as a direct debit on your bank accounts list of direct debits.

However, what I don't spend anything on my paypal account, will it still count as a direct debit? I ask because I've seen people claim that you need to make a monthly spend, even if its just £1. That hasn't been my finding. As I've done quite a bit of bank switching and had a few different paypal accounts I've ended up with 4 inactive paypal direct debits on my M&S bank account. You need these direct debits to open up the 5% interest monthly saver account. Mine worked fine for a whole year and I recently started the monthly saver again - that's with 4 inactive paypal direct debits and no other direct debits.

So, do you definietly need to spend monthly on the paypal account for the direct debits to count?

Ed-1

cm00 wrote: »

Hello,

I know about registering your bank account to paypal and how that it then shows up as a direct debit on your bank accounts list of direct debits.

However, what I don't spend anything on my paypal account, will it still count as a direct debit? I ask because I've seen people claim that you need to make a monthly spend, even if its just £1. That hasn't been my finding. As I've done quite a bit of bank switching and had a few different paypal accounts I've ended up with 4 inactive paypal direct debits on my M&S bank account. You need these direct debits to open up the 5% interest monthly saver account. Mine worked fine for a whole year and I recently started the monthly saver again - that's with 4 inactive paypal direct debits and no other direct debits.

So, do you definietly need to spend monthly on the paypal account for the direct debits to count?

Depends on the terms and conditions for the account/offer.

E.g. Santander 123 for interest and M&S for the regular saver and other switch incentives that need direct debits don't require the direct debits to pay out. But Club Lloyds, Halifax Reward, BOS Vantage, Barclays Blue Rewards, Co-op Everyday Rewards etc. require them to pay out monthly to get the reward/interest.

YorkshireBoy

If you're not using DDs regularly (at least once per year) then you need to be mindful of the dormancy rule.

cm00

I see. This is for RBS so I need the monthly charge to the paypal debit then.

If I've got two paypal accounts, and I've registered the bank to both of them, what's the best way to get the monthly payout? Can I just send a few pounds from one paypal account to the other, and then back again - whilst using the bank in question as the funding source for the payment, will this work?

YorkshireBoy

cm00 wrote: »

This is for RBS

For which particular Royal Bank of Scotland account?

cm00

Vantage one

Norscbu

cm00 wrote: »

Vantage one

That is not RBS, that is BOS, (no royal).

System

I have the same problem with my HSBC current account held at Barclays.

cm00 wrote: »

Vantage one

cm00

It's the Vantage one from Bank of Scotland. You need to pay in £1000 a month and have 2 direct debits.

So just two inactive paypal DD's won't work? Then, If I've got two paypal accounts, and I've registered the bank to both of them, what's the best way to get the monthly payout? Can I just send a few pounds from one paypal account to the other, and then back again - whilst using the bank in question as the funding source for the payment, will this work?

Norscbu

An internet based savings account from a popular supermarket bank offers the creation of Direct Debits. It may meet your requirements

Norscbu

cm00 wrote: »

It's the Vantage one from Bank of Scotland. You need to pay in £1000 a month and have 2 direct debits.

So just two inactive paypal DD's won't work? Then, If I've got two paypal accounts, and I've registered the bank to both of them, what's the best way to get the monthly payout? Can I just send a few pounds from one paypal account to the other, and then back again - whilst using the bank in question as the funding source for the payment, will this work?

All of the accounts with DD requirements that I have seen, require that the DD is not only active, but pays out once per calendar month. So if you do decide to use Paypal, you would need to spend via it also so that the DD collects money.