Cash Incentives & Direct Debits

tyeardley

Hi, I'm just about to embark on the current account switching loop d loop to gain as much cash incentives as possible. I'm just planning out my schedule.

The only problems I have is I'd like to retain my existing current account, so I'm going to set up a 'donor' account to start with and switch that. I only have one direct debit though, can I set up direct debits to myself or does this not count?

Also, does anyone have any tips on where to start first with the donor account as this will be a fresh open, not a switch?

Many thanks, T

johnac

No you can't setup direct debits to yourself. Have a search through the forum for direct debit ideas there's loads, payments to charity, national lottery, certain savings accounts, PayPal.

grumbler

johnac wrote: »

No you can't setup direct debits to yourself. Have a search through the forum for direct debit ideas there's loads, payments to charity, national lottery, certain savings accounts, PayPal.

Well, for PayPal and 'certain savings accounts' the DDs are to yourself, just not to your current account.

johnac

grumbler wrote: »

Well, for PayPal and 'certain savings accounts' the DDs are to yourself, just not to your current account.

Yeah, that did cross my mind.

tyeardley

Thanks for that guys. Lottery and Charity are great ideas. Which 'certain' savings accounts are the ones you mention? I've searched the forum for 'direct debit ideas' but can't find any info.

grumbler

Savings accounts deposits by Direct Debit? UPDATED

It's from another board, but there is a lot of similar information on this board too.
"ideas" is possibly not the best word to search for.

soulsaver

johnac wrote: »

No you can't setup direct debits to yourself. Have a search through the forum for direct debit ideas there's loads, payments to charity, national lottery, certain savings accounts, PayPal.

Are you saying DDs to yourself aren't acceptable for switching a donor account?

Or are you saying you just can't setup direct debits to yourself?

tyeardley

Thanks guys.

Re setting up the initial 'donor' account, any tips on the best offer on a current account to open as new (non switching)?

anotheruser

If it's a donor account, it doesn't matter about the "best offer" surely?

I have DD's set up with Tesco (they allow you to create two I think), and Santander's Everyday Saver (again, one DD).

soulsaver

anotheruser wrote: »

If it's a donor account, it doesn't matter about the "best offer" surely?

I have DD's set up with Tesco (they allow you to create two I think), and Santander's Everyday Saver (again, one DD).

Whilst I have & use the Tesco facility, another may be useful, but I couldn't see on the Santander site how you could set that up.
So I asked their CS, who tell me that you can't set up a DD to pull funds into the Everyday Saver.
Is that what you meant, or something different?

eskbanker

soulsaver wrote: »

Whilst I have & use the Tesco facility, another may be useful, but I couldn't see on the Santander site how you could set that up.
So I asked their CS, who tell me that you can't set up a DD to pull funds into the Everyday Saver.
Is that what you meant, or something different?

I think Santander stopped accepting new direct debit mandates to pull money into their Everyday Saver account some time ago (which is why they were removed from the list in the thread that grumbler linked earlier) although they may continue to honour existing ones.