"Dummy" Direct Debits

Silver_Queen

Not sure if it's been mentioned, but if you have a NEST pension, you can set up a direct debit for an additional payment. I think it might be a minimum of £10 per month but obviously it's in your pension so it's worthwhile. You also get tax relief!

Archie_Jnr

Try Amnesty International & the RNLI. Both allow £1/month donations.

Mnd

Silver_Queen wrote: »

Not sure if it's been mentioned, but if you have a NEST pension, you can set up a direct debit for an additional payment. I think it might be a minimum of £10 per month but obviously it's in your pension so it's worthwhile. You also get tax relief!

You can do this with the people's pension and Hargreaves lansdown

Herbalus

Sandstone wrote: »

Who are MCDD? I know GoCardless are reputable but they just process the transaction and I would need to know who I'm paying 8p per month too? And why they are paying GoCardless 20p per transaction to receive my 8p per month? It's a bit too good to be true...

I would ignore these. It's set up by an individual who is trying to get people to pay them money by doing them a service.

There are other ways to get direct debits (I have more than I know what to do with now) - use alternative methods.

Herbalus

Archie_Jnr wrote: »

Try Amnesty International & the RNLI. Both allow £1/month donations.

Perhaps useful for some, but the trouble with £1 per month is that it only works on a few accounts. e.g. with Halifax you only get £2 per month so there's no point doing it.

And with Lloyds for 1.5% interest, it takes £24 off your £75 yearly interest so the effective rate is 1.02%, which is lower than easy access savings accounts now.

Sandstone

Herbalus wrote: »

I would ignore these. It's set up by an individual who is trying to get people to pay them money by doing them a service.

There are other ways to get direct debits (I have more than I know what to do with now) - use alternative methods.

What are your alternative methods? Are they cheaper than 8p per month?
I'm looking for something better than £1 charity donations.

Sandstone

Mnd wrote: »

You can do this with the people's pension and Hargreaves lansdown

This is an excellent idea, I'll look into it. My pensions are with Fidelity, AXA and now Scottish Widows (gained a different one every time I moved jobs)