Any serial switchers?

grizzlegrizzle

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

kaMelo

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

phillw

grizzlegrizzle said:
Not disputing that it could he helpful to someone who doesn't realise they can look at their own bank statements but I am curious about the negativity.

What is negative about pointing out that looking at the account opening date, it doesn't help if you switched into an existing account?

If a bank allows you to switch into an existing account every four years, then by looking at the opening date you will assume you can't get an incentive but by keeping track of switch dates or looking through the statements or any paper work you have then you will see that you can get it.

[Deleted User]

kaMelo said:

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

Ecology do (minimum £25 a month), Charity Bank too but that needs at least £250 deposit and interest rate is awful (under 1%)

Plum is very quick to add a DD and can be as little as £2 a week, though it's got dubious FSCS status so I am not intending leaving it open much longer

WillPS

Deleted_User said:

kaMelo said:

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

Ecology do (minimum £25 a month), Charity Bank too but that needs at least £250 deposit and interest rate is awful (under 1%)

Plum is very quick to add a DD and can be as little as £2 a week, though it's got dubious FSCS status so I am not intending leaving it open much longer

I'm not sure why FSCS protection is much of a concern - if you drain the account once every 3 months the max you'd lose in the event of a total loss would be less than £30. Not a biggy in the grand scheme of things in terms of maximising rewards from current accounts. Do it monthly and the loss would never be more than a tenner.

Just don't use it for 'proper' saving and you're golden.

[Deleted User]

WillPS said:

Deleted_User said:

kaMelo said:

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

Ecology do (minimum £25 a month), Charity Bank too but that needs at least £250 deposit and interest rate is awful (under 1%)

Plum is very quick to add a DD and can be as little as £2 a week, though it's got dubious FSCS status so I am not intending leaving it open much longer

I'm not sure why FSCS protection is much of a concern - if you drain the account once every 3 months the max you'd lose in the event of a total loss would be less than £30. Not a biggy in the grand scheme of things in terms of maximising rewards from current accounts. Do it monthly and the loss would never be more than a tenner.

Just don't use it for 'proper' saving and you're golden.

Because this is a money saving site and it's important to give people the full advice, "only" £30 could mean someone not eating in this current crisis. It's unlikely that it would go under and you can remove it as soon as the switch bonus is done but not advising people that the FSCS doesn't cover it would be poor practice for this site

WillPS

Deleted_User said:

WillPS said:

Deleted_User said:

kaMelo said:

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

Ecology do (minimum £25 a month), Charity Bank too but that needs at least £250 deposit and interest rate is awful (under 1%)

Plum is very quick to add a DD and can be as little as £2 a week, though it's got dubious FSCS status so I am not intending leaving it open much longer

I'm not sure why FSCS protection is much of a concern - if you drain the account once every 3 months the max you'd lose in the event of a total loss would be less than £30. Not a biggy in the grand scheme of things in terms of maximising rewards from current accounts. Do it monthly and the loss would never be more than a tenner.

Just don't use it for 'proper' saving and you're golden.

Because this is a money saving site and it's important to give people the full advice, "only" £30 could mean someone not eating in this current crisis. It's unlikely that it would go under and you can remove it as soon as the switch bonus is done but not advising people that the FSCS doesn't cover it would be poor practice for this site

In the context of a discussion where charity direct debits (i.e. just getting rid of the money), unless you are already donating charitably surely Plum or Moneybox are a better 'Money Saving' option?

[Deleted User]

WillPS said:

Deleted_User said:

WillPS said:

Deleted_User said:

kaMelo said:

grizzlegrizzle said:

As Farfetch said, some don't need DDs at all and some will accept standing orders instead of DDs so much easier.

If you do need DDs, there are some easy ones detailed elsewhere on the forum like PayPal and Plum. 

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Although no longer updated there are still some on the list that work.

Ecology do (minimum £25 a month), Charity Bank too but that needs at least £250 deposit and interest rate is awful (under 1%)

Plum is very quick to add a DD and can be as little as £2 a week, though it's got dubious FSCS status so I am not intending leaving it open much longer

I'm not sure why FSCS protection is much of a concern - if you drain the account once every 3 months the max you'd lose in the event of a total loss would be less than £30. Not a biggy in the grand scheme of things in terms of maximising rewards from current accounts. Do it monthly and the loss would never be more than a tenner.

Just don't use it for 'proper' saving and you're golden.

Because this is a money saving site and it's important to give people the full advice, "only" £30 could mean someone not eating in this current crisis. It's unlikely that it would go under and you can remove it as soon as the switch bonus is done but not advising people that the FSCS doesn't cover it would be poor practice for this site

In the context of a discussion where charity direct debits (i.e. just getting rid of the money), unless you are already donating charitably surely Plum or Moneybox are a better 'Money Saving' option?

Ah I see you just want to argue that you're right until the other person gives up, it's evident in your replies to other people too, I should have taken advantage of the ignore feature a while ago.

What you just said is completely irrelevant to my point, you're just moving the goalposts along from the FSCS point to talk about something else.

Plum (or Moneybox) both do not offer FSCS protection therefore, again, it is important on a money saving advice website, that people are fully aware of the fact before they commit. Both store savings money in other banks - Moneybox use HSBC and Starling for fund processing and Plum has the money in the Easy Access plans with Investec and "a UK bank" for the account/interest pockets - those third parties have FSCS protection, but in their own accounts, therefore in the event they fail, it is harder to get the money back.

Therefore, again, for the sake of clarity, these options are good for a quick direct debit to use for a switching service, it's highly unlikely they will go under but, people choosing to use them, must be aware that they do not themselves have FSCS protection so it would be a slight gamble to leave money in them.

WillPS

Sometimes one implies things are concerns which another believes needn't be. This is my point in this instance.

Sometimes one says things which are incorrect and another corrects things.

It's not a personal attack, as you seem to believe.

Daliah

WillPS said:

Sometimes one implies things are concerns which another believes needn't be. 

How is any of us in a position to judge whether FSCS cover is important to others, who are usually total strangers?

I totally agree with @Farfetch, the responsible thing for a MoneySavingExpert is to mention the absence of FSCS cover, and generally not to promote accounts that lack FSCS. If people then choose to go ahead regardless, it's a decision they have made themselves, in the full knowledge of the risks.