Moving direct debits after getting switch bonus

twadds123

So fairly simple.

switched to nationwide for their £200 switch bonus.

moved 2 direct debits as part of that.

now got the bonus,  want to keep the account for the 5% savings rate (I know i have to move in £1000 per month for this)

can i now safely move the direct debits to another account without penalty?

flaneurs_lobster

Yep, no need to retain the DDs to continue to receive the 5% on £1500. I'm sure you realise that you can't move the DDs yourself, the recipients have to do that when you ask them to.

MikeJXE

I moved a couple of direct debits. I called the recipients and gave them the new sort code and account number. 

twadds123

flaneurs_lobster said:

Yep, no need to retain the DDs to continue to receive the 5% on £1500. I'm sure you realise that you can't move the DDs yourself, the recipients have to do that when you ask them to.

yeah thats fine,  couple of easy ones, ones plum saving and ones a paypal direct debit so easy enough to move.

just easier to have them back onto another account so the nationwide one cant dip below £1500 for max interest

flaneurs_lobster

A point that might be considered when DDs have been set up for switching purposes that credit charities - the admin cost involved in processing a bank account move (or a cancellation) is likely to negate the (typically) small amounts that these DDs pay each month. 

I've been minded to let them continue to pay out.