Savings accounts accepting DD's

33q

I'm not sure. I needed some DDS for the transfer bonus and even if I don’t need to maintain them to keep the account I still need to ascertain if I need them to keep the interest on £1000….and of course we can no longer rely on them as an easy DD for account swapping opportunities.   I suspect it will be a problem to some

gwapenut

I think, for Virgin, you only need them if you want to transfer away for a cash incentive, and not even always in that scenario

33q

gwapenut said:

I think, for Virgin, you only need them if you want to transfer away for a cash incentive, and not even always in that scenario

i think you are correct having read the terms and not spotted any issues however it may hamper future transfers for incentives 

Sensory

33q said:

Just had an email from PO to advise they are stopping DDs from March 2022. I need a small value replacement for my Virgin Account.

Moneybox, Plum and PayPal.

10_66

Sensory said:

Moneybox, Plum and PayPal.

Not having used the above before I'm unsure of how they work.  Would Moneybox only permit 1 DD (I need to find 3 new ones to replace some Post Office ones), ie would you be able to open 3 "Simple Saver" accounts with Moneybox in order to have 3 DDs, or could you only open 1 with them (and have 1 DD)?

crumpet_man

Moneybox is one DD only but can be used weekly.  Opening multiple savings accounts in Moneybox does not provide extra direct debits.

Plum is one DD only but can be used multiple times during the month.  Opening multiple savings accounts in Plum does not provide extra direct debits.  Adding extra linked bank accounts does not help as when you set a new linked account as the main account it cancels the direct debit already setup and sets up a new one on the new linked "main account"

10_66

Thanks crumpet_man.  I do have a PayPal account but have only ever used it once or twice and at present that is set up via my main bank account. If I used PayPal as one of the PO replacement DD's, do you know if there's a charge from PayPal to withdraw the funds that would accumulate from the DDs?

polymaff

10_66 said:

 ...do you know if there's a charge from PayPal to withdraw the funds that would accumulate from the DDs?

I've never been charged for a withdrawal from my PayPal accounts to any of the linked bank accounts.

latinaid

If you have a good credit rating, one of the easiest ways to set up a DD is to do a balance transfer to your spending credit card (0% and no fee, of course), and then set up a DD for the minimum monthly payment.

10_66

latinaid said:

If you have a good credit rating, one of the easiest ways to set up a DD is to do a balance transfer to your spending credit card (0% and no fee, of course), and then set up a DD for the minimum monthly payment.

Thank you latinaid.  Do I have to make the minimum payment, or could I just pay in a nominal amount via the DD (and then continue to make my usual payment to pay the remaining balance on my credit card?).  Also, can I have 3 separate nominal DDs going into my credit card, or can I only set up 1 DD?