Top Bank Accounts Discussion Area

polymaff

camaj wrote: »

What banks accept multiple DD's from the same company?

Surely all banks do - when there are multiple mandates.

eskbanker

camaj wrote: »

What banks accept multiple DD's from the same company?

The one I was referring to is Co-Op, whose Everyday Rewards scheme specifies a requirement to "Pay out at least four Direct Debits" every month, which at least one poster on here claims to satisfy with one mandate executed multiple times, although I haven't done this myself, not least because the switching incentive (as opposed to the ongoing reward) required 'four active DDs' to be switched, which implies four separate mandates....

schiff

This might be worth mentioning.

I've missed out on the normal monthly interest on one of my accounts. One of my direct debits is to a credit card and thanks to a refund my balance was a credit so nothing was taken last month.

BoS operates a requirement that a DD must be paid to qualify for the interest. The DD is still registered and there will be a payment next month.

They couldn't be moved.

Undz

Hi

I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
In order to get the interest I have to pay out 3 direct debits:

"To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" to a simply to a non Tesco account and still qualify for the interest.

Many thanks
Undz

polymaff

Undz wrote: »

Hi

I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
In order to get the interest I have to pay out 3 direct debits:

"To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" [STRIKE]to a simply[/STRIKE] to a non Tesco account and still qualify for the interest.

Many thanks
Undz

That's a bit like asking what a standing order or a cheque is. It is a process identified by a universally-recognised name. It's a Direct Debit - a mechanism where you give authority to a third party to draw money from your bank account.

Thank goodness some of us are subject to no conditionality on our Tesco Bank Accounts. I guess that Tesco have, belatedly, recognised how over-generous they have been in the past.

Get the terminology right, and you'll avoid confusion. You don't "pay out" a Direct Debit. The third party's agent PULLS money from your account. It is the third party who decides when and how much to request - providing he stays within the terms of the Direct Debit system. That is what makes a DD fundamentally different from a cheque / standing order / FPS / TT payment where you alone define the how much and the when initiated.

Undz

thanks for the clarification Polymaff much appreciated.

EachPenny

polymaff wrote: »

Thank goodness some of us are subject to no conditionality on our Tesco Bank Accounts. I guess that Tesco have, belatedly, recognised how over-generous they have been in the past.

Shush! :shhh: They might be listening

oligopoly

I'm liking the look of this M&S one (esp the £125 gift card!) I've been with HSBC since I was a teenager. A few years ago I opened a joint Barclays account with my wife and it's the latter which has become my main account - into which my salary goes in and my DDs and everything else come out.

I still use the HSBC one but sporadically for pocket money.

I would like to switch from the HSBC account to this new M&S one. I have just checked and I just have 1x DD set up (to PayPal).

Do we know of an expiry date on this M&S offer? I'm thinking I could change a low value DD (e.g. £9 lotto) to my HSBC so that I qualify when the next payment comes out next month. M&S's terms stipulate an active direct debit as one that's paid out in the last 13 months...

Thanks.

schiff

A credit card that you don't use much is a very useful DD that doesn't cost anything. I have a couple on which I make one or two of my smaller card payments each month. Takes time to set up though.

I don't think there's a time limit for the switching offer but as always it's possible it will be removed any time, maybe without notice.

BOL

flergalwit

Undz wrote: »

Hi

I'm looking at opening the Tesco bank account for the 3% on up to £3,000.
In order to get the interest I have to pay out 3 direct debits:

"To get the interest, you'll need to pay in £750 and pay out at least three direct debits each month – and direct debits to a Tesco Bank savings account don't count."

My question is what exactly classes as a direct debit? The above suggests that I could pay out a "direct debit" to a simply to a non Tesco account and still qualify for the interest.

Many thanks
Undz

Speaking of Tesco current account, I was wondering if you have to have 3 different direct debits per month, or will 3 DD *payments* per month suffice even if they're all the same DD?