Any serial switchers?

[Deleted User]

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Although no longer updated there are still some on the list that work.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

Ecology Regular Saver is £25 per month minimum but, as was pointed out to me on the regular saver thread, they also have the easy access saver account. Minimum initial deposit has to be £25 by electronic transfer (or cheque for postal applications) but once up and running it can be funded via DD with a minimum of £10. You can have both regular and easy saver which is two direct debits. The downside is Ecology DD mandates are paper forms that you post back so it's not the fastest to set up, probably allow a month to get up and running.

Shame about the Charity Bank's minimum initial deposit, it didn't use to be there. 

As for Plum and Moneybox, the positive for Plum and Moneybox is one weekly DD satisfies both RBS and NatWest Reward account conditions. Whilst prudent to mention the lack of FSCS cover you can mitigate the risks if you empty the accounts regularly. I do so every month so the only thing you stand to lose is one months deposits which, depending upon how many weeks a month has, in my case is £8/£10 in each account. Each to their own but I'm happy to take the risk.

To be fair to Ecology, it wasn't a month. I sent off the form by post I think on the 3rd or 4th, first class, mandate was setup on the 15th though I did message them to chase. DD was meant to be taken today but still waiting for it to go but have initiated the transfer anyway as I have 2 active DDs on there. Once Santander pay up I think I'll probably let the saver run until next year as they pay interest in December so might as well get the money earning something rather than sat in an account doing nothing.

With that, mobile phone and a rarely used CC, I have 3 portable ones to switch around

Yellowman

Is there a list of all the UK banks providing switching incentives?

MSE only lists about five.

adindas

kaMelo 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

Ecology Regular Saver is £25 per month minimum but, as was pointed out to me on the regular saver thread, they also have the easy access saver account. Minimum initial deposit has to be £25 by electronic transfer (or cheque for postal applications) but once up and running it can be funded via DD with a minimum of £10. You can have both regular and easy saver which is two direct debits. The downside is Ecology DD mandates are paper forms that you post back so it's not the fastest to set up, probably allow a month to get up and running.

Shame about the Charity Bank's minimum initial deposit, it didn't use to be there. 

As for Plum and Moneybox, the positive for Plum and Moneybox is one weekly DD satisfies both RBS and NatWest Reward account conditions. Whilst prudent to mention the lack of FSCS cover you can mitigate the risks if you empty the accounts regularly. I do so every month so the only thing you stand to lose is one months deposits which, depending upon how many weeks a month has, in my case is £8/£10 in each account. Each to their own but I'm happy to take the risk.

What about taking your money out. Could you do that yourself using Faster Payment on online banking, or you will still need to instruct them using a paper form ?

Daliah

Yellowman said:

Is there a list of all the UK banks providing switching incentives?

MSE only lists about five.

That's because there are only about five right now.

adindas

WillPS said:

Interesting. My account balance with them has never been as high as £100...

You are probably holding a different account the old one called "Internet Saver", paying pays horrible interest rate.. I myself  have three of them and I never have more than £100 in it as I transfer it out every few months.

adindas

Deleted_User said:aMelo said

To be fair to Ecology, it wasn't a month. I sent off the form by post I think on the 3rd or 4th, first class, mandate was setup on the 15th though I did message them to chase. DD was meant to be taken today but still waiting for it to go but have initiated the transfer anyway as I have 2 active DDs on there. Once Santander pay up I think I'll probably let the saver run until next year as they pay interest in December so might as well get the money earning something rather than sat in an account doing nothing.

With that, mobile phone and a rarely used CC, I have 3 portable ones to switch around

I will be extremely careful to set up a DD with Mobile networks, especially if they are not reputable companies offering main networks. They are notoriously known for taking out your money without you realizing it. They have very little to lose as they do not have a brand name to protect. They could easily set up a new company and repeating the same dodgy practice. 
I remember Vectone Mobile had stolen a lot of money (that is the language that people were using) although they might do that legally without people realizing it, due to various unusual traps they have put.

Esmondo

Hello all, I’m attempting to make my first foray into serial switching and I’ve set up a “burner” account, as I’m very happy with First Direct and don’t want to move. I’ve set up the obligatory two direct debits in order to switch to Santander, but they haven’t paid out yet because they’re not due. Does anyone know if I need to wait until a payment has been made before I can switch? Or is it enough that they are showing as ready to go? 

Thank you 😊 

Daliah

Esmondo said:

Hello all, I’m attempting to make my first foray into serial switching and I’ve set up a “burner” account, as I’m very happy with First Direct and don’t want to move. I’ve set up the obligatory two direct debits in order to switch to Santander, but they haven’t paid out yet because they’re not due. Does anyone know if I need to wait until a payment has been made before I can switch? Or is it enough that they are showing as ready to go? 

Thank you 😊 

I generally wait for the first payment to happen, just to be on the safe side. With the Santander offer, however, I believe the T&Cs are that you must set up 2 DDs within 60 days, so you would probably be ok to go ahead now.