Top Bank Accounts Discussion Area

linz

BobBU said:

The current Nationwide deal requires 2 DD's do these have to exist on the account I am switching from (one I no longer use) or can I add them to the new Nationwide account when it is set up?

Pretty sure they need to already exist. I've just switched, meant to complete tomorrow. I just changed the payment details online for my water and broadband to the account i'm switching from. 

flaneurs_lobster

BobBU said:

The current Nationwide deal requires 2 DD's do these have to exist on the account I am switching from (one I no longer use) or can I add them to the new Nationwide account when it is set up?

You've read the T&Cs, right?

Point 7.

You must transfer a minimum of 2 active Direct Debits from the current account being switched to the Nationwide account as part of the switch. Direct Debits set up or transferred after your switch has been started will not count towards this offer. Other types of automated payments, such as standing orders and recurring card payments, won’t count towards this.

grumbler

flaneurs_lobster said:

BobBU said:

The current Nationwide deal requires 2 DD's do these have to exist on the account I am switching from (one I no longer use) or can I add them to the new Nationwide account when it is set up?

You've read the T&Cs, right?

Point 7.

You must transfer a minimum of 2 active Direct Debits from the current account being switched to the Nationwide account as part of the switch. Direct Debits set up or transferred after your switch has been started will not count towards this offer. Other types of automated payments, such as standing orders and recurring card payments, won’t count towards this.

There's no need to dive deep into the T&C when this is on the surface:

https://www.nationwide.co.uk/current-accounts/switch/

Make sure your non-Nationwide account has 2 or more active Direct Debits

BobBU

Many thanks everyone - obviously I didn't read everything available.

BobBU

Not very knowledgeable on the mechanics of direct debits - I have set up 2 DDs to be paid from the account I want to switch from - is that all or do I have to wait until the first payments have actually been processed for them to be visible during the switch?
Thanks in advance

linz

BobBU said:

Not very knowledgeable on the mechanics of direct debits - I have set up 2 DDs to be paid from the account I want to switch from - is that all or do I have to wait until the first payments have actually been processed for them to be visible during the switch?
Thanks in advance

I personally waited til the first payments had come out but I read on here as long as they're showing as active it's fine for the switch.

loony767

I'm going to use an old account I no longer use as a "burner" to get the cash for switching. To keep things as cheap as possible, I want 2 direct debits at a minimum nominal value so I'm thinking of 2 charity DDs. Which will accept about £2-3 a month so I only need to fund the account with a max of £6?

flaneurs_lobster

loony767 said:

I'm going to use an old account I no longer use as a "burner" to get the cash for switching. To keep things as cheap as possible, I want 2 direct debits at a minimum nominal value so I'm thinking of 2 charity DDs. Which will accept about £2-3 a month so I only need to fund the account with a max of £6?

Three I use @ £2/month

British Red Cross
Macmillan Cancer Support
RNLI

I'm sure there are loads more. It's considered good form to let these DDs run for a decent length of time otherwise the overhead to the charity of setting them up/shutting them down can be more than the donation.

Can take a week or two to get these set up.

Bridlington1

loony767 said:

I'm going to use an old account I no longer use as a "burner" to get the cash for switching. To keep things as cheap as possible, I want 2 direct debits at a minimum nominal value so I'm thinking of 2 charity DDs. Which will accept about £2-3 a month so I only need to fund the account with a max of £6?

There's a thread containing a list of savings/investment accounts that allow deposits by direct debit, many of which allow £1 direct debits. See:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

biker18

Anyone else notice that Chase aren't paying the 4.1% on customer balance?  They're actually paying it on customer deposits......it doesn't specify that in the T&Cs that I can see, my other bank pays me interest on my balance, not what I've put in.  Am I missing something here?