Switching Questions

Astria

One thing I've noticed with Nationwide is that they specifically say "2 DDs are required for cashback, these must come from the switching process, DDs setup after the switch do not count". I wonder what other banks has such a restriction?

EarthBoy

Astria said:

One thing I've noticed with Nationwide is that they specifically say "2 DDs are required for cashback, these must come from the switching process, DDs setup after the switch do not count". I wonder what other banks has such a restriction?

Most of them have that restriction, I believe.  They specify that the DDs have to be switched, not just set up.  I only know Santander which lets you set them up after the switch, although there may be others.  

Players4you

changearound1 said:

You can pay in the £1250 from anywhere. It doesn't have to come via the switch and it doesn't have to be in go - e.g. 5 x £250 will suffice.

Ongoing funding of a Select account is not required.

The Switch process will ask you for the debit card number from your donor account, so wait until it arrives before you do the switch.

Thanks for this, how long do I have to keep the 1250 in there for?

Bridlington1

Players4you said:

changearound1 said:

You can pay in the £1250 from anywhere. It doesn't have to come via the switch and it doesn't have to be in go - e.g. 5 x £250 will suffice.

Ongoing funding of a Select account is not required.

The Switch process will ask you for the debit card number from your donor account, so wait until it arrives before you do the switch.

Thanks for this, how long do I have to keep the 1250 in there for?

You don't. Just transfer it straight out again.

Players4you

EarthBoy said:

Astria said:

One thing I've noticed with Nationwide is that they specifically say "2 DDs are required for cashback, these must come from the switching process, DDs setup after the switch do not count". I wonder what other banks has such a restriction?

Most of them have that restriction, I believe.  They specify that the DDs have to be switched, not just set up.  I only know Santander which lets you set them up after the switch, although there may be others.  

Looking at setting up DD's now and I notice most T&C's say "Active" DD. Does that mean it has to have been paid or as suggested earlier can I just set up a £1DD and switch before its paid?

Bridlington1

Players4you said:

EarthBoy said:

Astria said:

One thing I've noticed with Nationwide is that they specifically say "2 DDs are required for cashback, these must come from the switching process, DDs setup after the switch do not count". I wonder what other banks has such a restriction?

Most of them have that restriction, I believe.  They specify that the DDs have to be switched, not just set up.  I only know Santander which lets you set them up after the switch, although there may be others.  

Looking at setting up DD's now and I notice most T&C's say "Active" DD. Does that mean it has to have been paid or as suggested earlier can I just set up a £1DD and switch before its paid?

As long as they're showing up under the direct debits section on your internet banking then they're considered active, regardless of whether they've been paid out or not.