Opening new bank account for switching

MikeJXE

I have just opened a new burner bank account.


My question is how long does it take for direct debits to be transferred now I have instructed the companies of the new account sort code and account number.

How long before I can switch ensuring there is 2 direct debits included

Thank you. 

eskbanker

It'll depend on how quickly those organisations process your request, and also how the bank reflects that - some won't visibly show a DD mandate until it's been called on.  Best bet will be to wait until after each one has been pulled for the first time....

Bridlington1

I've found that as long as the DDs are showing in internet banking you're good to go. 

Katiehound

some DDs can take at least 14 days to get set up.

Personally I would wait until they have both paid out once then you know they are active- and you will meet the t&cs.
It looks as if switching deals are on a roll at the moment so like buses, if you miss one another should be along shortly!!

Rob5342

It depends on the company. I've had some tha appear within a day or teo, others that have taken a few weeks. I'd say a week is about average.

Band7

For the future: best not to wait with preparing a donor/burner account until a switch offer appears. Just get one or two accounts ready now. The DDs can be annual £1 to the lottery etc. so they won't break your bank. 

StevenGude

Band7 said:

For the future: best not to wait with preparing a donor/burner account until a switch offer appears. Just get one or two accounts ready now. The DDs can be annual £1 to the lottery etc. so they won't break your bank. 

Moneybox and plum also allow £1/£2 DD's into their savings accounts so your not actually 'spending' any money

MikeJXE

Thank you for your input, I have 2 open now and waiting for the direct debits to land.

 Much appreciated 

k_man

I have found Moneybox are sometimes quite slow to create and take the first DD.

Other options are Plum and Paypal.
Like Moneybox, you are just transferring funds.

[Deleted User]

Katiehound said:

some DDs can take at least 14 days to get set up.

Personally I would wait until they have both paid out once then you know they are active- and you will meet the t&cs.
It looks as if switching deals are on a roll at the moment so like buses, if you miss one another should be along shortly!!

Unless they are new DDs (e.g. setting up a Plum account) vs say an existing mobile phone bill, it doesn't matter - I have had switch bonuses paid after moving accounts and at least one DD wasn't taken until after the bonus was paid out

AmityNeon

In my experience with Moneybox, it only takes about three days to link your current account, but they have a set schedule where savings are only 'triggered' once a week on a Wednesday, and the direct debit leaves your account the following Monday. If the timing is unfortunate, e.g. your current account is linked on a Monday and shows up in online banking on a Thursday, the earliest direct debit would be the second Monday after (11 days later).