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Why 2 x DDs on currents?
MONEYTREE_2
Posts: 147 Forumite
Does anyone know why (nearly) all the interest-paying bank accounts require one to have two direct debits going out every month?
Thanks
Thanks
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Comments
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Banks like to make money, DD's cost money to collect and potential charges if they are unpaid.0
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I believe it's also to try and encourage people to actually use the account, rather than just filling it up with savings and forgetting about it for a year.0
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To make sure the account is active, not just a savings account (In theory)I am not a cat (But my friend is)0
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It is a reasonable expectation of a main bank account's use - just like the X hundred pounds per month throughput.
A bank only wants your business if you use them as your main account.0 -
In Bank of Scotland's case it is probably partly to make the 3% rate sustainable for a while longer. There will be customers who haven't set up direct debits and so no longer receive interest.0
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I'm sure most of the banks realised that many of their clients were in effect milking the system! and they brought in the 2 x DDs rule to weed out those misusing a current a/c as a savings account!
Hey, but the clientele got wiser....
(I'm thinking here Halifax, Lloyds Vantage & BOS Vantage who all changed their t&cs)Being polite and pleasant doesn't cost anything!
-Stash bust:in 2022:337
Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82
2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
Knits:6covers,4hats,10mitts,2 bootees.
Crotchet:61angels, 229cards=453 £158.55profit!!!
2025 3dduvets0 -
Katiehound wrote: »I'm sure most of the banks realised that many of their clients were in effect milking the system! and they brought in the 2 x DDs rule to weed out those misusing a current a/c as a savings account!
Hey, but the clientele got wiser....
(I'm thinking here Halifax, Lloyds Vantage & BOS Vantage who all changed their t&cs)
Spot the connection0 -
ceredigion wrote: »Spot the connection
Lloyds Banking Group! But its Club Lloyds no? There's no Lloyds vantage.
Save 12K in 2020 # 38 £0/£20,0000 -
Lloyds Banking Group! But its Club Lloyds no? There's no Lloyds vantage.
http://www.lloydsbank.com/current-accounts/changes-to-vantage.asp0 -
Lloyds Banking Group! But its Club Lloyds no? There's no Lloyds vantage.
Ah well, there used to be Lloyds Vantage and you could have three of them... then t&cs changed, next Club Lloyds was created!Being polite and pleasant doesn't cost anything!
-Stash bust:in 2022:337
Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82
2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
Knits:6covers,4hats,10mitts,2 bootees.
Crotchet:61angels, 229cards=453 £158.55profit!!!
2025 3dduvets0
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