Thinking of cancelling all direct debits

Postik

Richard1212 said:

No. One of my Bank accounts is used solely to pay D/Ds and it's all very tidy. Another account deals solely with food shopping and that works well too. I compartmentalise my expenditure, including buying shares, in the same way. There's a lot to be said for having plenty of accounts---either with the same bank or with a number of banks.

I do like this idea

Angelica123

I have everything done by DD that comes out on 1st of the month (same for SO for regular savers). All of my bills come from my Santander account, which earns cashback on bills and is separate from my main account. I transfer £500/month just to meet the conditions of the account (which gets transferred by SO on 28th of month) and that more than covers the cost of the bills (any extra then gets transferred out again to a savings account). 

The only things I don't do by DD are car insurance and car tax which charge extra for monthly DD. I pay those with whichever credit card has the best rewards at the time. 

I have a few other DDs on other accounts ready if I want to take advantage of any bank switch offers. 

I still check bills and check for variances but I do love having everything come out on 1st working day of the month (which is harder to achieve with ad-hoc bill payments). 

Rob5342

Postik said:

Richard1212 said:

No. One of my Bank accounts is used solely to pay D/Ds and it's all very tidy. Another account deals solely with food shopping and that works well too. I compartmentalise my expenditure, including buying shares, in the same way. There's a lot to be said for having plenty of accounts---either with the same bank or with a number of banks.

I do like this idea

With modern banks like Starling and Monzo you can have pots/spcaes for direct debits to come out of which is a lot neater than having seperate accounts.