Forum Home » Savings & Investments

Savings accounts accepting DD's - Page 44

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: UPDATED MSE Coronavirus Guides

NEWSFLASH


New, free ‘Academoney’ course from MSE and the Open University launches
All the key areas of personal finance are covered, so that you can master your money decisions


Savings accounts accepting DD's

edited 21 November 2019 at 1:10PM in Savings & Investments
986 replies 207.2K views
1414244464799

Replies

  • Doc_NDoc_N Forumite
    7.3K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    vixen1500 wrote: »
    Just wondering how/what you mean by this?

    You can run a credit balance with Amazon if you choose to and just top it up via the website with whatever amount you choose.

    It's a useful way of utilising 5% Amex cashback deals if you spend a fair bit with Amazon, and it's useful occasionally when you want to keep a credit card alive with a small payment.

    Also useful for this in that it's a quick and simple way to put a few pounds on a card you don't normally use.
  • Currently playing the "find new D.D's game". Online the Post Office seemed simple, so now just need to wait to see what happens in the post.

    Set up a new credit card, so thats the two I need for M&S saver. Just debating if its worth setting up a Birmingham Midshires or Scottish Widows account incase i need it in the future (If paypal pull their DD facility).
  • ColdIron wrote: »
    Perfectly good plan for those who can do it, I have four DDs covered by CC. It would be worth looking at 0% purchase offers using the minimum payment to save having to make several purchases a month
    The thing about using CC's for Direct Debits is that if you don't stay on top of things, you could easily make a mistake costing you money. (Its also a real pain in the neck.) What most people would want is a DD which you can set up and forget about.
    Don't spend time saving less money than you could earn in that time on minimum wage...:laugh:
  • edited 28 March 2018 at 8:13PM
    HerbalusHerbalus Forumite
    2.4K posts
    Seventh Anniversary 1,000 Posts
    ✭✭✭✭
    edited 28 March 2018 at 8:13PM
    spare_one wrote: »
    The thing about using CC's for Direct Debits is that if you don't stay on top of things, you could easily make a mistake costing you money. (Its also a real pain in the neck.) What most people would want is a DD which you can set up and forget about.

    I would agree, but look at where we are. There's no accounts open to new customers that will allow multiple DDs, and very few accounts that offer single DDs.

    If you find a method to make a recurring purchase on a credit card (for example I have a recurring payment with Apple for 79p per month), or can manually top up an online account/wine store/gift card you own on one day per month when you move your funds around, you can also set up a standing order for this pre-agreed amount to the account it debits. More hassle than Tesco, but when you need 249,384,390 etc DDs you have little choice.

    ColdIron's point about 0% cards is true also. I've just opened one and will pay DD £40 per month, which means I can carry a balance on it (or buy something large) until I reach about £1.7k (then the minimum becomes more than £40 and I'll change the DD amount and corresponding standing order to the account it debits) and I'm sorted with a DD for 2 years +.
  • Doc_NDoc_N Forumite
    7.3K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    spare_one wrote: »
    The thing about using CC's for Direct Debits is that if you don't stay on top of things, you could easily make a mistake costing you money. (Its also a real pain in the neck.) What most people would want is a DD which you can set up and forget about.

    Agreed, though using the Amazon top-up method's pretty simple - a Gmail calendar reminder once a month followed by quick credits to the Amazon account.

    £5 per card should be enough, but it does depend how much you spend with Amazon. Simple answer for this household - far too much!
  • polymaffpolymaff Forumite
    3.3K posts
    Eighth Anniversary 1,000 Posts
    ✭✭✭✭
    A lesson to be drawn.

    Unless they'll be a real pain to maintain, open and hold all sorts of accounts.

    You never know when one of their "heritage" features may come in handy.
  • ColdIronColdIron Forumite
    6K posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    spare_one wrote: »
    The thing about using CC's for Direct Debits is that if you don't stay on top of things, you could easily make a mistake costing you money. (Its also a real pain in the neck.) What most people would want is a DD which you can set up and forget about.
    It can be a problem, the trick is to spread recurring bills across cards. Three of mine always have purchases during a month (phone, e-fag juice, food etc). For the fourth I got a 0% purchase card (Tesco ironically) and put an expensive dental bill on it and make minimum £25 payments. That's 30 months of hassle free DDs. I admit I wouldn't like to juggle discretionary spending across all four, just a matter of organisation so you can set it up and forget about it
  • matty_artmatty_art Forumite
    190 posts
    Part of the Furniture 100 Posts
    I've opened a Birmingham Midshires but they want a cheque payment from my nominated account to allow me to open it. I don't have cheque books for Lloyds or BOS. Another annoyance, I suppose I could always request a cheque book but I'd rather not have one given the security risk that brings, not to mention wasting a load of paper...
  • blindmanblindman Forumite
    5.4K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭
    matty_art wrote: »
    I've opened a Birmingham Midshires but they want a cheque payment from my nominated account to allow me to open it. I don't have cheque books for Lloyds or BOS. Another annoyance, I suppose I could always request a cheque book but I'd rather not have one given the security risk that brings, not to mention wasting a load of paper...

    Do you have any other bank accounts that have cheque books?

    Nominate that one-send the cheque then change back to Lloyds once the account is open.
  • matty_artmatty_art Forumite
    190 posts
    Part of the Furniture 100 Posts
    blindman wrote: »
    Do you have any other bank accounts that have cheque books?

    Nominate that one-send the cheque then change back to Lloyds once the account is open.

    Ah will that work? Wasn't sure if they'd just want another cheque when I change nominated account.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support