bank account direct debit needs

wallofbeans

Hi All,

I'm trying to sort my direct debits and put the best suited ones with various accounts. So...

Can anyone clarify for me what Santander need in a Direct Debit? I.e. does it need to be monthly or can it be annually, or like with PayPal sporadically?

Same with Lloyds. I think both need to be monthly direct debits with them but I'm not sure.

Thanks for the help.

Zero_Sum

With Santander, given it has cashback on direct debits for household bills, it would be pointless having one with annual DD's anyway.

Generally they are monthly but if you need extra, open a post office savings account & set it up for a couple of quid weekly. This will count as 4 DD's

ceredigion

Reed the blo ody T&C's

ceredigion

Zero_Sum wrote: »

With Santander, given it has cashback on direct debits for household bills, it would be pointless having one with annual DD's anyway.

Explain the theory in more detail please.

Zero_Sum

ceredigion wrote: »

Explain the theory in more detail please.

What theory?

Im guessing the account in question is the 123 for santander. It requires 2 DD's
But if no DD's are being paid out then you wont get the cashback but still could incur the fee if DD's are active.

Its a pointless account to have if you dont have at least 4 monthly utility & council tax DD's

ceredigion

Zero_Sum wrote: »

What theory?

Im guessing the account in question is the 123 for santander. It requires 2 DD's
But if no DD's are being paid out then you wont get the cashback but still could incur the fee if DD's are active.

Its a pointless account to have if you dont have at least 4 monthly utility & council tax DD's

I concur with the stupidity of holding a Santander 123 account at the present time.
However, what I was trying to illustrate and obviously not very well. Is it doesn't matter from a money point of view if your utility direct debits are paid annually or monthly. Total cashback over a 12 month period remains the same, your total account fee over the same period of time remains the same.
Note to the OP , read the T&C's because what I have written is possibly purely hypothetical.

Zero_Sum

ceredigion wrote: »

I concur with the stupidity of holding a Santander 123 account at the present time.
However, what I was trying to illustrate and obviously not very well. Is it doesn't matter from a money point of view if your utility direct debits are paid annually or monthly. Total cashback over a 12 month period remains the same, your total account fee over the same period of time remains the same.
Note to the OP , read the T&C's because what I have written is possibly purely hypothetical.

I believe there's a max payout per month so if you paid everything annually you wouldnt get the full 1, 2, 3%

eskbanker

Zero_Sum wrote: »

I believe there's a max payout per month so if you paid everything annually you wouldnt get the full 1, 2, 3%

What are you basing that belief on?

Zero_Sum

eskbanker wrote: »

What are you basing that belief on?

Their website calculator wont let you put in more than £500 so im guessing thats the max. I know there is a £1000 limit for mortgage payments.

oldagetraveller

ceredigion wrote: »

Reed the blo ody T&C's

Or even the T & Cs.

eskbanker

Zero_Sum wrote: »

Their website calculator wont let you put in more than £500 so im guessing thats the max. I know there is a £1000 limit for mortgage payments.

While it's true that there is a published £1,000 limit for mortgage payments and that the (illustrative) calculator restricts input in each category to £500, there's nothing that I can see in any of the Ts & Cs that actually specifies any £500 limit, so as you concede, you appear to be guessing when dismissing annual DDs as 'pointless'.

It's probably a moot point anyway, in that the types of bill on which Santander pays cashback are likely to be monthly rather than annual....