Setting up direct debits to join a bank - Any 'free' direct debits or 1p direct debits?

bp5678

Hi, couldn't explain everything in the title of this thread so I'll try explain below.

I'm looking to join Tesco bank but they require 3 direct debits. I don't have 3 so I'm looking to create new DD's however it'll defeat the point if I end up spending a lot on my DD.

I was wondering if I could send money to myself as a DD? This way I wouldn't actually be losing money. Perhaps as a savings account?

I also came across this website which says
"A £1 a month Direct Debit scheme - perfect for savers who want to recieve the higher rate of interest on their bank account but are unable to due to requirements on the minimum number of the Direct Debits on an account." Could something like this be a scam in any way? I noticed they spelt 'receive' incorrectly which raised a few eyebrows.

If this isn't possible, I know I could donate maybe £2 to charity a month as a DD. I donate money already to charity so I'm simply looking for the cheapest way of setting up a DD (or ideally not costing me anything if that's possible).

eskbanker

There's a thread that was set up specifically for those asking this very question: https://forums.moneysavingexpert.com/discussion/5734632

PRAISETHESUN

See the thread above - some very easy to set up ideas there. The general idea is to set up a DD to a savings account in your name so the money stays yours. As for charity donations, just keep in mind that if the donation value is too low then there will actually be a net cost to the charity (since there is a payment processing fee that they will have to pay may be greater than the donation value)

veryintrigued

And don't take the Michael by setting up 1p DDs.

Make them more substantial.

YorkshireBoy

You were given some very good advice on your other thread covering this subject just this morning. Suggest you read it, and action the suggestion made.

societys_child

:eek:

1p direct debits . . I hope not