Savings accounts accepting DD's

Nick_C

flaneurs_lobster said:

Jerry_Mander said:

Bridlington1 said:

Jerry_Mander said:

tg99 said:

I did an individual loose carrot the other day to trigger direct debit…..cost 2p.

How do you turn a purchase like that into a DD?

Pay for the item using a credit card and set the credit card to be paid by DD. Doing this will yield a 2p DD.

I'm probably being dense here but won't the 2p just get added to all your other credit card purchases which then gets taken as one single DD as normal? I don't see the trick.

It's to maintain an otherwise unused account that is only being kept open to satisfy to conditions to get a loyalty bonus - in this case TSB require (at least) two DDs to be paid from the account monthly. The 2p carrot transaction is the only one on the card that month and settling the account satisfies one of the DDs.

Which TSB account is that then?

Doc_N

tg99 said:

Jerry_Mander said:

tg99 said:

I did an individual loose carrot the other day to trigger direct debit…..cost 2p.

How do you turn a purchase like that into a DD?

The only purchase during the month on an otherwise unused credit card hence monthly statement bill to settle via direct debit is 2p.

Careful, though - some cards (including one of mine) don't claim such small sums, and you end up with a missing DD.

Bridlington1

Nick_C said:

flaneurs_lobster said:

Jerry_Mander said:

Bridlington1 said:

Jerry_Mander said:

tg99 said:

I did an individual loose carrot the other day to trigger direct debit…..cost 2p.

How do you turn a purchase like that into a DD?

Pay for the item using a credit card and set the credit card to be paid by DD. Doing this will yield a 2p DD.

I'm probably being dense here but won't the 2p just get added to all your other credit card purchases which then gets taken as one single DD as normal? I don't see the trick.

It's to maintain an otherwise unused account that is only being kept open to satisfy to conditions to get a loyalty bonus - in this case TSB require (at least) two DDs to be paid from the account monthly. The 2p carrot transaction is the only one on the card that month and settling the account satisfies one of the DDs.

Which TSB account is that then?

I assume it is for the second installment of the recent £180 TSB switching offer.

Catplan

Bridlington1 said:

Another option for debit card spending are the bookies. Just deposit money into an online bookies account by debit card then withdraw the money straight away by paypal. Alternatively use the money for matched betting, though only do this is you're disciplined enough to refrain from gambling.

I’m not sure this would work, in my experience if I fund a betting account via debit card and win then want to withdraw the winnings to PayPal it doesn’t allow it, as withdrawals need to go via the same fund source. If I deposit via PayPal I’d be allowed to withdraw but I’d be careful especially on newly setup accounts with online bookies.

tg99

Doc_N said:

tg99 said:

Jerry_Mander said:

tg99 said:

I did an individual loose carrot the other day to trigger direct debit…..cost 2p.

How do you turn a purchase like that into a DD?

The only purchase during the month on an otherwise unused credit card hence monthly statement bill to settle via direct debit is 2p.

Careful, though - some cards (including one of mine) don't claim such small sums, and you end up with a missing DD.

Thanks, was not aware of that. For this credit card, I have already done a few similar single monthly transactions for a few pence each which have all been collected via DD so seems ok.

Beki88

I'm looking at setting up a barclays account with the blue rewards to get access to the 5% savings rate as my son just turned 18 and now has a nice lump sum. He doesn't have any DD right now due to him only just turning 18. Can anyone advise, with PP if we topped up the account on 2 separate occasions if that would meet the requirement for 2 DD or as it's the same DD would it only count as 1? Thanks. 

Bridlington1

Beki88 said:

I'm looking at setting up a barclays account with the blue rewards to get access to the 5% savings rate as my son just turned 18 and now has a nice lump sum. He doesn't have any DD right now due to him only just turning 18. Can anyone advise, with PP if we topped up the account on 2 separate occasions if that would meet the requirement for 2 DD or as it's the same DD would it only count as 1? Thanks. 

As long as that will create a DD that pays out on 2 separate occasions within a single month it will be fine. It's the same with Natwest, RBS and Co-op too. I've got both Natwest and RBS satisfied with one DD that pays out more than once per month.

Beki88

Well I was originally going to do plum. But when I asked them they said even if it comes out 4 times a month it still only counts as 1 so I wasn't sure as I've seen other people say it was fine. 

Bridlington1

Beki88 said:

Well I was originally going to do plum. But when I asked them they said even if it comes out 4 times a month it still only counts as 1 so I wasn't sure as I've seen other people say it was fine. 

I've found bank staff often don't fully understand their own Ts&Cs (Virgin in particular are shocking for this I've found) so quite often it's just easier to read the Ts&Cs and query them on this forum.

surreysaver

Beki88 said:

Well I was originally going to do plum. But when I asked them they said even if it comes out 4 times a month it still only counts as 1 so I wasn't sure as I've seen other people say it was fine. 

Depends which bank. Barclays and Co-Op, one direct debit coming out multiple times each month counts. Other banks require different direct debits from different sources