How tricky is it to set up Direct Debits?

joshly

I have £1000 to save and could add to it later in the year.

Already have a Nationwide 5% interest account and was looking at TSB but they are not allowing new customers to sign up online.


I think the next best option is Tesco who are offering 3% interest and I would need to deposit £750 a month and have 3 Direct Debits set up.

How tricky is it to set 3 Direct Debits up?
Would I need to open the Tesco account then cancel them with my current bank and set them up on Tesco?

I have D D's 6 with my current bank.

ColdIron

Have you taken advantage of Nationwide's Flex Regular Online Saver at 5%?

joshly

ColdIron wrote: »

Have you taken advantage of Nationwide's Flex Regular Online Saver at 5%?

Yes I have, thanks for the suggestion.

bowlhead99

joshly wrote: »

How tricky is it to set 3 Direct Debits up?
Would I need to open the Tesco account then cancel them with my current bank and set them up on Tesco?

I have D D's 6 with my current bank.

The process to charge the direct debit is just to tell your supplier of [whatever product or service] that you want to change the account they take their money from. The direct debits are taken by the suppliers based on you giving them the authority to do it and them proving to your bank that they have that authority.

If it's a credit card or PayPal or something like that, you can generally just log in to your account with them and sort it out online by filling out a replacement direct debit mandate. They start using the new details and cancel (it simply stop using) your old one.more

Whereas if it's a charity donation you might not have an online account to log into or the ability to modify online - so may need to call or write to them to get a new form to sign off (which you could do in advance ahead of actually setting up the be current account).

If you use a current account switching service, Tesco would pick up the details of your existing DDs and change them over with the various companies automatically, but you don't want that route if you want to keep the existing current account alive.

joshly

bowlhead99 wrote: »

The process to charge the direct debit is just to tell your supplier of [whatever product or service] that you want to change the account they take their money from. The direct debits are taken by the suppliers based on you giving them the authority to do it and them proving to your bank that they have that authority.

If it's a credit card or PayPal or something like that, you can generally just log in to your account with them and sort it out online by filling out a replacement direct debit mandate. They start using the new details and cancel (it simply stop using) your old one.more

Whereas if it's a charity donation you might not have an online account to log into or the ability to modify online - so may need to call or write to them to get a new form to sign off (which you could do in advance ahead of actually setting up the be current account).

If you use a current account switching service, Tesco would pick up the details of your existing DDs and change them over with the various companies automatically, but you don't want that route if you want to keep the existing current account alive.

Thanks for the reply.
I do not want to totally switch banks my current Direct Debits are,
Water, electricity, phone, council tax, TV license, postcode lottery.

bowlhead99

joshly wrote: »

Thanks for the reply.
I do not want to totally switch banks my current Direct Debits are,
Water, electricity, phone, council tax, TV license, postcode lottery.

Right, so all you do is log into your accounts with those companies and look for a link to change your direct debit, which you might be able to do online or you might have to wait for a form in the post, depending on the organisation concerned. And if you don't have online accounts with those organisations so you can't log in, just call or write to them.

If you can't be bothered with the faff of digging out login details or contact info for any of those six organisations, just set up new DDs with other organisations. For example a PayPal account for the occasional small purchase, a credit card, £2 a month to the NSPCC or the RNLI or Red Cross , etc.

joshly

I do have online accounts with 5 of them.
Thank-you for the information and help.