OPENING A SACRIFICIAL ACCOUNT. WHICH BANK?

binao

I don't want to open donor accounts with a bank that next week offers a good switching bonus.

Also would be looking to open multiple donor accounts as it seems so many switching bonuses are out there just waiting to be taken up.

Also what is the fastest way of creating qualifying DDs:

Thanks

WillPS

If you bank with Lloyds, Halifax or Bank of Scotland you can normally get an additional account with them without a credit check. Lloyds and Halifax switching bonuses do not exclude existing customers.

Failing that Monzo or Starling so long as you don't care about having an account with them in future (they both are a bit sniffy about accepting applications from customers who have CASS'd away, Starling I think impose a 12 month limit).

binao

Thanks @WillPS

I have an account with Lloyds at the moment.

The classic current account appears to be the one to go for. ?

WillPS

binao said:

Thanks @WillPS

I have an account with Lloyds at the moment.

The classic current account appears to be the one to go for. ?

You're welcome. That's what I'd do, yep.

Bridlington1

With regards to the DDs I often use onepounddd.com for setting up additional DDs. Just set up a couple of £1 direct debits and you're good to go. The only snag is that you don't get the £1 back for the DD when it gets paid, but you will still be up from the switching bonus anyway.

jbrassy

I would recommend Monzo as a donor account as they don't have a switching bonus to begin with. Further, if you want a travel debit card, there are better ones out there these days (Starling and Chase).

In terms of direct debits, you can set up £1 a month direct debits with UNICEF and Oxfam. At least this way charities are getting some benefit from your switching bonuses.

callum9999

jbrassy said:

I would recommend Monzo as a donor account as they don't have a switching bonus to begin with. Further, if you want a travel debit card, there are better ones out there these days (Starling and Chase).

In terms of direct debits, you can set up £1 a month direct debits with UNICEF and Oxfam. At least this way charities are getting some benefit from your switching bonuses.

With the caveat that the benefit will be minimal. UNICEF and Oxfam are likely to be able to get a good deal because of scale but the services many smaller charities use will charge them more than £1 to set up a DD.

binao

Thank you to all for your informative replys.

Is the DD time line regarding activation of donor account DDs important?

WillPS

binao said:

Thank you to all for your informative replys.

Is the DD time line regarding activation of donor account DDs important?

If you can see the DD as active inside your online banking on your donor account, you're good to go. This typically takes a week or so, more if it's a paper DD form that had to be snail mail'd. They'll be looking for instructions being ported, not actual debits. You might wish to wait until a 1st payment has been made from the 'donor' account before setting up a CASS to be super-sure (and to have something to point at should the switching bonus not be paid as expected), but it shouldn't be neccessary.

[Deleted User]

Monzo and Starling both setup accounts for me in a day or two and then I had DDs to put in

If you can wait, Ecology (savings) to a DD for £25 a month minimum, just took them about 10 days to setup the DD which has to be done by paper!

Plum set me one up inside a day, the saver is not necessarily covered by FSCS but you can put £2 a week into a basic saver and take it out whenever so it's not a major consideration for me

I moved also my mobile bill and DD for a credit card I don't use very much and they were done pretty quickly

Daliah

Deleted_User said:

Plum set me one up inside a day, the saver is not necessarily covered by FSCS but you can put £2 a week into a basic saver and take it out whenever so it's not a major consideration for me

Do Plum force you to do weekly DDs? If not, what's wrong with an annual one?