4 DDs for bank switch - can I use the same DD 4 times?

bp5678

Can I set up four £1 direct debits with the same company in order to do a bank switch? Or will the bank view this as just one DD since it's only with one company?

eskbanker

It depends - some switches (or ongoing interest-earning potential) specify separate mandates/companies whereas others are less specific and are satisfied by, say, weekly pulls against the same mandate.

Check the Ts & Cs of the switching offer you're thinking of, and/or the inevitable thread(s) on here where each such offer is discussed and dissected in detail!

PRAISETHESUN

I posted something similar to this the other day here: https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds&page=45#topofpage

In a nutshell, it will all depend on the T&Cs of the bank offering the incentive. I assume by the requirement for 4x DDs you are looking to switch to M&S Bank? If so, from my experience they require 4 "active direct debits". They class these as a DD mandate capable of being used to take a payment, so you would need 4 separate mandates to be eligible for the incentive rather than having a single mandate paying out multiple times per month. It won't matter if they are to the same company, as long as they are separate mandates. Some other ideas for DDs are also discussed in the thread I linked if you refer to the original post.