Fastest set up for Direct Debit

LottieLu

Hi 

I’ve set up a few direct debits on new current account recently and they all seem to take a long time to come out of the account . For example I set up a DD on my Nat west account on 9th August but payment is not coming out until 1st September and one not until 10/9.

does anyone know of any fast Direct debits that can be set up or do they all take 3-4 weeks ? 

Thank you 

Daliah

Each payee will have their own timescale for taking the first payment from a new DD but they are typically all taking at least 10 working days. The DD mandate often shows on your current account a few days before then but some banks (including Natwest?) only show them once the first payment has been taken.

If your purpose for the current account and DDs is to go after switch bonuses, going forward it is worth having a suitably 'loaded' current account in reserve for as long as you expect to be able to go after those bonuses. To minimise the amount you pay out on the DDs, you can set them up as annual.

[Deleted User]

Plum as a placeholder set up DD and take it almost immediately for their weekly "smart" investing

Otherwise if you want to switch, remember the criteria is usually (do check) having a couple of active direct debits moved within 60 days so even if you setup a DD and it takes ages to appear, provided it's done inside 60 days you will be fine for a bonus. Else just move existing ones over, something like a rarely used credit card or mobile phone contract will be switched in a few days and obviously taken the next month

WillPS

Deleted_User said:

Plum as a placeholder set up DD and take it almost immediately for their weekly "smart" investing

Otherwise if you want to switch, remember the criteria is usually (do check) having a couple of active direct debits moved within 60 days so even if you setup a DD and it takes ages to appear, provided it's done inside 60 days you will be fine for a bonus. Else just move existing ones over, something like a rarely used credit card or mobile phone contract will be switched in a few days and obviously taken the next month

Only Santander work in that way AFAIK. Most check the number of DDs actually ported over (if they stipulate a DD condition at all).

Daliah

WillPS said:

Deleted_User said:

Plum as a placeholder set up DD and take it almost immediately for their weekly "smart" investing

Otherwise if you want to switch, remember the criteria is usually (do check) having a couple of active direct debits moved within 60 days so even if you setup a DD and it takes ages to appear, provided it's done inside 60 days you will be fine for a bonus. Else just move existing ones over, something like a rarely used credit card or mobile phone contract will be switched in a few days and obviously taken the next month

Only Santander work in that way AFAIK. Most check the number of DDs actually ported over (if they stipulate a DD condition at all).

There is no hard and fast rule for banks. You really need to read each individual offer to know what terms apply to it. Banks can change their rules from offer to offer.

[Deleted User]

Daliah said:

WillPS said:

Deleted_User said:

Plum as a placeholder set up DD and take it almost immediately for their weekly "smart" investing

Otherwise if you want to switch, remember the criteria is usually (do check) having a couple of active direct debits moved within 60 days so even if you setup a DD and it takes ages to appear, provided it's done inside 60 days you will be fine for a bonus. Else just move existing ones over, something like a rarely used credit card or mobile phone contract will be switched in a few days and obviously taken the next month

Only Santander work in that way AFAIK. Most check the number of DDs actually ported over (if they stipulate a DD condition at all).

There is no hard and fast rule for banks. You really need to read each individual offer to know what terms apply to it. Banks can change their rules from offer to offer.

Exactly, Nationwide for example, ask for 2 DDs to be switched as part of it (says active in the terms), Halifax say you have to start the switch by 5th September, so you have time to get the DDs in place. Virgin only ask for 2 DDs to be held within 45 days and Santander 60 as stated

Ghostcrawler

OnePoundDD

Even they have a schedule but should be fairly quick