Savings accounts accepting DD's

vixen1500

Herbalus wrote: »

They have Tesco, 28 months I think, I have Sainsburys at 31 months. The way it works is you buy things on the card, say for arguments sake £100 per month, though it doesnt matter and can be variable. You set a direct debit for £25 per month. Then each month your balance goes up and you make your payment.

The extra cash you have (because you have not paid off the card in full and it is ordinary expenses - we are not actually borrowing like a loan) goes into a savings account for ease.

That way after 28 months or 31 months, you have say £3100 or £2800 on the card, minus your £25 x 28 or 31 (£700 or £775), so say around £2000 on the card. Then the 0% period ends and you pay off the card with money you have in your savings account, so pay no interest.

Close the card down (or change your usage pattern to pay off evety month) and get a new card for another 30 or so months at 0% to repeat the whole thing.

Is this what is known as snoozing?

fun4everyone

Probably already mentioned but I am now using the RateSetter "Regular Lending" option to do a £10 per month direct debit.

It's more an investment than savings as you are taking on some risk, and imo the rates are a bit crap on RS compared to other p2p platforms but really it's ok. It's £10 per month that will earn some interest and it's a dd.

Herbalus

vixen1500 wrote: »

Is this what is known as snoozing?

Sort of. But the interest gained is more of a side benefit here and the focus is on a regular direct debit at the same level each month as opposed to the credit card. You need to keep the cash aside to pay of the balance at the end of the 0% period.

Of course stoozing is just an enhanced form of playing with credit cards and seeing as credit cards take direct debits, there is no harm in combining the two. At the end of 0% period you could just as easily balance transfer the amount to a 0% BT card and carry on with the DD.

adindas

fun4everyone wrote: »

Probably already mentioned but I am now using the RateSetter "Regular Lending" option to do a £10 per month direct debit.

It's more an investment than savings as you are taking on some risk, and imo the rates are a bit crap on RS compared to other p2p platforms but really it's ok. It's £10 per month that will earn some interest and it's a dd.

If you are using Ratesetter (RS) for DD, is the £10 automaticlly invested in the market or you will still need to assign it ??

Could they pull money from multiple current accounts ??

I understamd you could also pull the money from your current account to RS and then put is back to your account, but imo this is not worthy if you will need to do it frequently. Also I understand the process of put money back to your current account is not straight forward provess with ratesetter.

Sad_Panda

Am I right in assuming that gocardless doesn't work for this?

ValiantSon

Sad_Panda wrote: »

Am I right in assuming that gocardless doesn't work for this?

GoCardless process direct debits for other companies, they don't have a direct debit themselves.

m1kjm

With regards to Park, my last DD for this year's plan is 1 Nov 2018.

Does anyone know when I can start the 2019 Xmas DDs?

I'm hoping it will be in December but if the DDs don't start until January then I'm going to be short of one DD in December.

[Deleted User]

m1kjm wrote: »

With regards to Park, my last DD for this year's plan is 1 Nov 2018.

Does anyone know when I can start the 2019 Xmas DDs?

I'm hoping it will be in December but if the DDs don't start until January then I'm going to be short of one DD in December.

Don't worry. I think saving for Xmas 2109 starts in September or October 2018. I haven't checked the Park website but I'm sure it's in there somewhere.

fun4everyone

adindas wrote: »

If you are using Ratesetter (RS) for DD, is the £10 automaticlly invested in the market or you will still need to assign it ??

Could they pull money from multiple current accounts ??

I understamd you could also pull the money from your current account to RS and then put is back to your account, but imo this is not worthy if you will need to do it frequently. Also I understand the process of put money back to your current account is not straight forward provess with ratesetter.

You can only have one bank account on your ratesetter acount. I have withdrawn before and it was hassle free and quick. You choose which market to put your direct debit in (rolling/1yr/5yr etc). I am not sure if it can remain uninvested. For £10 a month I am happy to put it in at 3.7% (1 year). You could just do rolling at 3% for instant access.

I don't know if you could have multiple ratesetter accounts to make multiple direct debits.

[Deleted User]

I have Paypal Credit which I generally use each month. Just going to stack up a load of £1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

This month I owe £8.

Club Lloyds 2 x £1
Halifax 2 x £1

Main Account £4 (just so it counts as a bill out my main bank)

Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your £3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!