Savings accounts accepting DD's

bluehydrangeas

I have a question for people with Co-op accounts. As Co-op monthly reward payment is £4, but the account requires 4 DDs, I am thinking of closing the account. If I have 4 DDs going out for £1 each then I will not be making any profit. I was previously using DDs that paid out to my tesco accounts, but that is no longer possible. How are others with co-op accounts dealing with the situation?

Herbalus

I switched 4 household direct debits there and have a fixed standing order to make sure the correct funds are available. Broadband, Netflix, council tax and gas.

polymaff

bluehydrangeas wrote: »

I have a question for people with Co-op accounts. As Co-op monthly reward payment is £4, but the account requires 4 DDs, I am thinking of closing the account. If I have 4 DDs going out for £1 each then I will not be making any profit. I was previously using DDs that paid out to my tesco accounts, but that is no longer possible. How are others with co-op accounts dealing with the situation?

Used one of the remaining DD-pullers - in my case Birmingham Midshires - to pull a weekly DD from the Co-op account. You don't actually need four DD mandates - just one that pulls four times a month. The simplest-to-setup way of doing this is a weekly pull. Zero cost.

bluehydrangeas

I've just opened a PO Online Saver and thinking about opening a few more. Does anyone know if BOS and Halifax require 2 separate mandates, or will one DD paying out twice in a month suffice for those?

polymaff

bluehydrangeas wrote: »

I've just opened a PO Online Saver and thinking about opening a few more. Does anyone know if BOS and Halifax require 2 separate mandates, or will one DD paying out twice in a month suffice for those?

Separate mandates.

gwapenut

Does anyone know, for the M&S current account - it only requires ACTIVE direct debits, ie they do not need to be pulled regularly, they just must not be cancelled.

Is a direct debit active if it has never been pulled, ever? Either from the donor account, or from the M&S account? (I am aware unused direct debits often get cancelled after a year and am not concerned about this).

I have just setup two direct debits on my donor account. Is this sufficient or do they both need to have been "triggered" at least once before initiating the transfer?

Vortigern

gwapenut wrote: »

I have just setup two direct debits on my donor account. Is this sufficient or do they both need to have been "triggered" at least once before initiating the transfer?

I have heard (somewhere on this forum) that an unused new DD was not switched by the current account switching service.

So, if the switching bonus requires 2 DDs to be switched, it would be wise to use those DDs prior to switching.

KingL

koenig wrote: »

Has anyone had any PO online saver accounts closed or DD's cancelled?

why do you ask, are they planning to.

I opened a new one a couple of weeks ago and the intial deposit (from the linked account by DD) has cleared but I can't set up a new, regular DD (from within the PO UI, the button is there, but just does nothing when I click on it, haev tried £1.01 and 10.01, no dice).

typistretired

KingL wrote: »

why do you ask, are they planning to.

I opened a new one a couple of weeks ago and the intial deposit (from the linked account by DD) has cleared but I can't set up a new, regular DD (from within the PO UI, the button is there, but just does nothing when I click on it, haev tried £1.01 and 10.01, no dice).

You have to set the date of the direct debit to 14 working days ahead otherwise you keep getting the pop up advising you that a standing order is better and no direct debit is then set up on the account.

typistretired

If you use Paypal they still allow you to add bank accounts and a direct debit is set up on your current account. Also the National Lottery allows direct debits