Tesco Savings DDs

chockydavid1983

surreysaver wrote: »

If these people:

http://onepounddd.com/

can make a profit and still give money to charities, I don't think there is any issues setting up £1 direct debits directly with charities.

Cheers, that seems like a perfect Tesco replacement when the time comes!

Mchambers

surreysaver wrote: »

If these people:

http://onepounddd.com/

can make a profit and still give money to charities, I don't think there is any issues setting up £1 direct debits directly with charities.

Looks good. I will look at this next year as/when Tesco stops d/debits.

polymaff

surreysaver wrote: »

If these people:

http://onepounddd.com/

can make a profit and still give money to charities, I don't think there is any issues setting up £1 direct debits directly with charities.

Yet another system based on GoCardless.

See previous comments

beefturnmail

One Pound dd and\or donating direct to Charity looks like it might be an option. Don't think it's going to be worth keeping Halifax and Co-op open though - after you take into account the direct debits, the reward from Halifax would be £1 per month, and £0 per month from Co-op!

badger09

mt99 wrote: »

One alternative for DD is a monthly savings account for Christmas eg:

https://www.getpark.co.uk/budgeting/saving/how-it-works.jsp

No doubt others are available.

the downside is that you get your money back at Christmas but in vouchers so you have to spend at those stores, but at least it's your money unlike eg giving to a charity. Not sure what the minimum is though.

Another downside is absence of FSCS protection:cool:

adindas

badger09 wrote: »

Another downside is absence of FSCS protection:cool:

I think for most people who are using saving as the source of DDs they do not really care about FSCS protection. If you just have around £10 (say) in the account this is the maximum you will loose in the account in the unlikely event the financial institution go bust.

EachPenny

surreysaver wrote: »

If these people:
....
can make a profit and still give money to charities, I don't think there is any issues setting up £1 direct debits directly with charities.

A starting point with any of these companies (not specifically the one you identify) would be to establish whether the company is making a profit, and more importantly, exactly how much is being donated to charity.

If I put a quid in the RNLI collection box at the local chippie there will, at some point in the future, be an official acknowledgement of how much the RNLI received as a result of the collection.

Does the same information exist for all the companies stating they donate a proportion of the DD (or profit) to charity? What regulation or vetting is there of these companies?

Before posting details of any of these companies it is worth doing some research - and perhaps it should be a rule that when 'promoting' a DD company posters should include information which shows the claims of the company can be verified.

The accounts deposited with Companies House might be a good starting point.

eskbanker

^ I strongly suspect that most people thinking of using £1 direct debits solely as a way of qualifying for bank interest and/or rewards won't be particularly motivated by how much of their trivially tiny contribution actually ultimately finds its way through to charities!

Not saying that's morally defensible of course, but from a pragmatic real world perspective I'd humbly suggest that those who really care about donating to charities won't be using £1 DDs to do so, so your due diligence point is probably somewhat moot, in the context of this thread....

anna42hmr

redux wrote: »

If people are looking for new direct debits to set up, one option that might be overlooked is road tax for a car, set up online.

They charge 5% on top for paying by direct debit, but for cars on the £20 or £30 a year rates someone might be willing to put up with the extra £1 or £1.50

True, another option (which i am going to be using for one replacement) is paying the tv licence by monthly direct debit, i usually pay it in one lump annually, however costs no more to pay by direct debit instead per licence.

I am also going to stick my Prescription Pre Payment certificate onto DD (rather than the manual quarterly renewal i usually do, which i pay by card). the NHS only claim dds' for 10 out of the 12 months but at least will only be two months where it is short.

Also for people who play the national lotto weekly but renew at the shop then people could always set that up via dd instead, and they claim the dd's monthly.

If the above is money would spend any way then not loosing anything by paying via dd.

It was good whilst it lasted so can't really complain, not surprised though that Tesco are doing this.

EachPenny

eskbanker wrote: »

^ I strongly suspect that most people thinking of using £1 direct debits solely as a way of qualifying for bank interest and/or rewards won't be particularly motivated by how much of their trivially tiny contribution actually ultimately finds its way through to charities!

Not saying that's morally defensible of course, but from a pragmatic real world perspective I'd humbly suggest that those who really care about donating to charities won't be using £1 DDs to do so, so your due diligence point is probably somewhat moot, in the context of this thread....

I agree with your points. But from a self-preservation point of view, establishing that a company actually donates money to charity might be an indicator (however weak) that it is legitimate, rather than a guy with a slick website who is more interested in harvesting your bank accout details.

The 'we donate to charity' confidence booster is as old as charities themselves. In the rush to find sources of £1 DD's to earn a few quid some people are bound to end up losing much more.