Fastest direct debit to setup and payout

OceanSound

ANy ideas on the fastest direct debit (DD) to setup and payout. Fastest I've come across up to now is PayPal and that was 6 working days.

Trying to setup 1 further DD for club lloyds account 0.60% + 1.50% interest. Doubt I'd have it setup before the end of this month, but just wondering for future reference. 

2 DD's were transferred with my switch and one was paid out at start of November. That one was post office savings. The other DD that was transferred across was MBNA, however, that one doesn't pay out anymore as it's a DD that's hanging around after I had fully repaid the 0% promotional interest credit card. 

Sensory

You can try Plum, they're probably the fastest.

flo22

Direct Debits have to be set up for 5 days before the first payment can be claimed 

kaMelo

Plum definitely, took about a week between set up and payment taken.

soulsaver

flo22 said:

Direct Debits have to be set up for 5 days before the first payment can be claimed 

If so you've missed this month.. but you may get paid interest anyway: Lloyds have a history of a month 'periods of grace' on new accounts. 

OceanSound

kaMelo said:

Plum definitely, took about a week between set up and payment taken.

It was one of the one's I tried a few days ago. Would have been okay had I had access to lloyds internet banking (as this is needed when linking lloyds account to plum). Unfortunately, I'm still waiting for the lloyds bank internet banking activation code letter to arrive through the post.

I also tried ecology building society and charity bank. One of these required you to fill out a form and post it. So definitely longer than 6 working days to setup and payout. The other one also wasn't promising. 

Post office bank was better. When I tried to setup a couple of days ago, it said earliest date for payment was 01 December. 

Katiehound

Ecology BS will take a while. They needed my form to be returned before 15th? Dec to set up payment for early January- I had just missed the Nov cut off date

 

OceanSound

Direct Debits setup for NatWest and RBS through PayPal have both been paid out yesterday (01 December 2021). As they were setup on 22 November, I make it 7 working days.

Thrugelmir

OceanSound said:

Direct Debits setup for NatWest and RBS through PayPal have both been paid out yesterday (01 December 2021). As they were setup on 22 November, I make it 7 working days.

A minimum of 10 days advance notification of the money being collected is required. 

eskbanker

Thrugelmir said:

OceanSound said:

Direct Debits setup for NatWest and RBS through PayPal have both been paid out yesterday (01 December 2021). As they were setup on 22 November, I make it 7 working days.

A minimum of 10 days advance notification of the money being collected is required. 

It's not required as such (as evidenced by OceanSound's experience) - ten working days is the default advance notice period but this can be shorter by agreement between the parties.

OceanSound

soulsaver said:

flo22 said:

Direct Debits have to be set up for 5 days before the first payment can be claimed 

If so you've missed this month.. but you may get paid interest anyway: Lloyds have a history of a month 'periods of grace' on new accounts. 

Yes, I was .
My Lloyds account was opened on 18 October.  £100 bonus was paid into account on 25 October (the date the switch completed). £103.07 was transferred from the 'switching from' account.

On 01 November I was paid £0.03 interest. If I did move £5000 into Lloyds account soon after opening account, I reckon interest would have been paid on that amount (up to a maximum of £5000 though)