Direct Debit Status for Switching

D924

I'm doing switching bonuses right now. The (charity £1) direct debits show up on the account I'm going to switch but it says the frequency and amount are unknown, and they've not been paid out yet.

Is this enough to get switching bonuses or is it critical to wait until at least one payment was made? I'm worried the bank will pull the offer before these DD's are fully active...

Daliah

It is probably safer to wait for the DD to actually have paid for the first time before the switch starts. Presumably you know when the first debit will happen. You can also specify a switch date when applying for the switch. So shouldn't be an issue but without knowing what switch offer you are going after and how you have set up your DD, it's not possible to say for certain.

soulsaver

It depends on to whom you are switching and their terms..

PRAISETHESUN

I agree that the safest bet is to schedule the switch to complete after the initial DD is taken.

grandadgolfer

For anybody struggling to find suitable DD for bank switches

Daily Mail Digital regularly do 3 months for £1 a month
Radio Times £1 trials
Plum Savings
Moneybox Savings
National Lottery £1 a week for 1 thunder ball draw £4 a month
Paypal link your bank account mainly for ebay purchases

PRAISETHESUN

grandadgolfer said:

For anybody struggling to find suitable DD for bank switches

Daily Mail Digital regularly do 3 months for £1 a month
Radio Times £1 trials
Plum Savings
Moneybox Savings
National Lottery £1 a week for 1 thunder ball draw £4 a month
Paypal link your bank account mainly for ebay purchases

Some other ideas also discussed here: https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

penners324

As long they're set up and needed for the switch then you're good to go.

I've done it a few times without the DD paying out before switch and it was fine. I've also switched again without the dd paying out. Bonuses received on both switches

hamski

Thinking of doing a switch from an unused Halifax account to hsbc.
Is it easier and quicker(to know the outcome) to set up standing orders instead of dd’s
thanks

masonic

hamski said:

Is it easier and quicker(to know the outcome) to set up standing orders instead of dd’s

Standing orders can be set up by you straight away, but they are not direct debits.

hamski

Yes I know that but the terms and conditions say
”You'll also need to pay at least £1,500 into your account within 60 days and switch 2+ Direct Debits or standing orders.”
Just thought it would eliminate the wait for the direct debits to become active

Katiehound

If the requirement is for SOs or DD s then SOs are far far easier to set up.
 You can simply send them to different bank a/cs set up in your name rather than an external company