Monzo and Starling onepounddd DDs 10 October 2022 at 12:37PM edited 10 October 2022 at 12:51PM in Budgeting & bank accounts 13 replies 679 views

binao

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.

[Deleted User]

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

Deleted_User 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?

Deneb

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.

Daliah

binao said:

Is Plum a savings account?

https://www.moneysavingexpert.com/savings/auto-saving-apps/

[Deleted User]

binao said:

Deleted_User 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

Deleted_User said:

binao said:

Deleted_User 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

Is Plum the same as the Plum Fintech app?

[Deleted User]

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

Deleted_User said:

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

[Deleted User]

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