Monzo and Starling onepounddd DDs

binao
binao Posts: 666 Forumite
Fifth Anniversary 500 Posts Name Dropper
edited 10 October 2022 at 1:51PM in Budgeting & bank accounts
Hi

Is it OK to set up 2 identical  OPDD DDs to satisfy  the  2 DD switching requirement  for  switching?

A Onepounddd DD appears to quickly become active. Days rather then several weeks for MSF UNICEF DDs.

In the longer term I aim to do DDs directly to my preferred charities for amounts that more then cover any admin cost's.
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Comments

  • You might find they create 1 DD, but if they don't, can't see why they wouldn't allow it as they are 2 active DDs

    Create a Plum account for a small weekly DD as an alternative, that's done in a few hours too
  • binao
    binao Posts: 666 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 10 October 2022 at 6:38PM
    You might find they create 1 DD, but if they don't, can't see why they wouldn't allow it as they are 2 active DDs

    Create a Plum account for a small weekly DD as an alternative, that's done in a few hours too
    Is Plum a savings account?
  • Deneb
    Deneb Posts: 420 Forumite
    Part of the Furniture 100 Posts
    You can set up DDs with £1DD for a choice of four different monthly dates. Why not choose two different payment dates instead of both being identical? They will both be created within the same timeframe following application.
  • binao said:
    You might find they create 1 DD, but if they don't, can't see why they wouldn't allow it as they are 2 active DDs

    Create a Plum account for a small weekly DD as an alternative, that's done in a few hours too
    Is Plum a savings account?
    Plum does have a savings element yes (though do note they are not directly FSCS protected). I found it useful to setup and have a DD almost immediately, just turn off all the auto saving stuff as it takes money from the account based on what it thinks is best - the weekly DD of £1-2 into their savings pot (not the stocks and shares one) is fine for a DD
  • binao
    binao Posts: 666 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    binao said:
    You might find they create 1 DD, but if they don't, can't see why they wouldn't allow it as they are 2 active DDs

    Create a Plum account for a small weekly DD as an alternative, that's done in a few hours too
    Is Plum a savings account?
    Plum does have a savings element yes (though do note they are not directly FSCS protected). I found it useful to setup and have a DD almost immediately, just turn off all the auto saving stuff as it takes money from the account based on what it thinks is best - the weekly DD of £1-2 into their savings pot (not the stocks and shares one) is fine for a DD
    Thanks.

    Checked out link  by Daliah, appeared over complicated for simple DDs.

    Quick DDs is attractive.

    Anything else I need to know about Plum besides  turning off auto-saving?

    Thanks to everyone. :)
  • binao
    binao Posts: 666 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Is Plum the same as the Plum Fintech app?
  • binao said:
    Is Plum the same as the Plum Fintech app?
    Yes it's the one with the purple logo with a white circle, leaf and a smile, at least on Android

    You can leave auto saving on it's just their easy access saver is pretty poor and I found the robo thing just assessed your bank account total (you link them in the process) and took amounts on top of the regular weekly DD until I turned it all off except the weekly one. As soon as the switch bonus was paid I took the cash back out of the savings pot into the central pot, then moved it back to the bank account and turned it off, kept the account for the moment though.
  • binao
    binao Posts: 666 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    binao said:
    Is Plum the same as the Plum Fintech app?
    Yes it's the one with the purple logo with a white circle, leaf and a smile, at least on Android

    You can leave auto saving on it's just their easy access saver is pretty poor and I found the robo thing just assessed your bank account total (you link them in the process) and took amounts on top of the regular weekly DD until I turned it all off except the weekly one. As soon as the switch bonus was paid I took the cash back out of the savings pot into the central pot, then moved it back to the bank account and turned it off, kept the account for the moment though.
    Thanks @Deleted_User

    Think I'm getting it all now.

    Like riding a bike. 

    Anymore switching tips. New bank accounts for switching order etc. Seems so
    many at the moment.

    Thanks
  • Personally I would suggest just keeping an eye on this forum, they all appear here and then eventually go on the weekly MSE email

    Keep track of dates and when you switched / who to and go from there. The offers can sometimes be time limited so if you did say First Direct in January 2020 and they have an offer next year saying no bonus if you transferred since January, fine, but maybe the next year you can try and it avoids wasting time

    I have done it periodically, had a Virgin account as a safety net as it paid 2% on £1000 for ages, but switched it to First Direct for the bonus and keeping it going for the regular saver until that expires then I will look again. I got paid for Nationwide and started the process of moving to Lloyds, that one might be worth keeping and cycling £1500 through for the free cinema tickets

    Beyond that, just do the order in which the offers come up to ensure they complete and switch out, assuming you are eligible. I'm sure there will be offers in the future for Halifax, RBS etc that I might get 
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