Accounts requiring direct debits for paying interest

Sumarokov

Hi. I have a Lloyds current account which is around £17K and into which I pay my salary of £1.8K a month. I spend about £1K a month and save the rest.

The annoying thing about the bank is that I can up to a better current account BUT I need to have two direct debits. I am just not a spender, have only a PAYG phone I never use... Other banks seem to operate the same... Can anyone recommend a better current account in terms of paying interest (even if a pittance) that does not require you having two (even one) direct debit?

Willing2Learn

When I wanted to open a new account that required DDs I set up a couple of monthly DDs for charities. That way the DDs go to a good cause and you get to open your chosen account.

youngretired

Nationwide FlexDirect doesn't need any dd and gives you 5% interest up to £2500 for a year and then drops to 1%. Minimum monthly pay in is £1000 which you clearly earn, so shouldn't be a problem.

The rest of your money you could put into Marcus savings account at 1.5% for a year, which will then drop to 1.35%.

Sumarokov

Thanks, great advice. I had just spotted the Nationwide FlexDirect account...

Katiehound

Sumarokov wrote: »

Thanks, great advice. I had just spotted the Nationwide FlexDirect account...

and if you go to the Referrer's board you can switch an existing a/c to Nationwide and get £100 (as does the referrer) A little bonus for you!

just thought- do you need DDs for the switch? Sorry, I can't remember.......

Neil_Jones

Sumarokov wrote: »

Hi. I have a Lloyds current account which is around £17K and into which I pay my salary of £1.8K a month. I spend about £1K a month and save the rest.

The annoying thing about the bank is that I can up to a better current account BUT I need to have two direct debits. I am just not a spender, have only a PAYG phone I never use... Other banks seem to operate the same... Can anyone recommend a better current account in terms of paying interest (even if a pittance) that does not require you having two (even one) direct debit?

You earn £1800 a month and you don't "spend" anything?
Rent? Utilities? Water? Council Tax? Sky? Virgin? Internet? Food (credit card direct debit)?

There's potentially 8 direct debits there. Unless you know the secret of living rent free and off fresh air...

PRAISETHESUN

If you are struggling for ideas, check this thread: https://forums.moneysavingexpert.com/discussion/5734632. Plenty of easy options for DDs that are not household bills if you are prepared to do read through.

swindiff

Neil_Jones wrote: »

You earn £1800 a month and you don't "spend" anything?
Rent? Utilities? Water? Council Tax? Sky? Virgin? Internet? Food (credit card direct debit)?

There's potentially 8 direct debits there. Unless you know the secret of living rent free and off fresh air...

The poster could be living with parents. Be quite easy to not have any DD in that case.

Sumarokov

Katiehound wrote: »

and if you go to the Referrer's board you can switch an existing a/c to Nationwide and get £100 (as does the referrer) A little bonus for you!

just thought- do you need DDs for the switch? Sorry, I can't remember.......

Can you explain how this works? Unfortunately, I have already switched, so maybe too late (I did a "partial switch", keeping my old account open as well).

PRAISETHESUN

Sumarokov wrote: »

Can you explain how this works? Unfortunately, I have already switched, so maybe too late (I did a "partial switch", keeping my old account open as well).

For Nationwide, they operate a Refer A Friend system where if you use CASS (full switch) to transfer an account with 2x DDs to them, they will pay you and the person who referred you £100 each. You get a unique code number for your switch which you input into a link the referrer sends you to marry it all up. You can switch at any time (doesn't need to be when you open the account) as long as you haven't received an incentive for being referred before.

jonnygee2

The annoying thing about the bank is that I can up to a better current account BUT I need to have two direct debits. I am just not a spender, have only a PAYG phone I never use...

Set up a paypal account and link it to your bank account - that will create one direct debit instruction. You do not have to buy anything with it.