Savings/investment DDs and debit card deposits- An updated list

pecunianonolet

Perhaps a bit off topic but OH and I never had a joint account as we want to keep things about interest/tax and credit files separate so CRA do not link us, even if they know we're both living at the same address. 

Getting £600 instead of £400 out of NW is tempting but we would first need to open a joint account somewhere, set up the 2 DD and switch it. After the switch there would be no further use of the joint account so it would either need to be closed or fall dormant until a future switch opportunity arrives. 

We already had this year switch bonuses from Lloyds, RBS, Natwest, Ulster, Halifax (OH only as I was rejected), First Direct (only I as OH had a HSBC offer), TSB we're now fulfilling part 2 from the summer offer, Co-Op bank refer a friend is running, Revolut paid £70 for a refer a friend offer today and now NW in action.

Pretty much none left, except of Santander, which I hope for another offer later this year closer to Christmas we could take part in.

Anyhow, a bit concerned about the joint account and the consequences. I don't mind to stretch things and be a true MSE but not at the risk of getting banned or on a black book.

worriednoob

PRAISETHESUN said:

worriednoob said:

With @dealyboy kindly posting on HERE that Nationwide allow you to not only switch individually, but additionally as joint account holders too, this means £200 per individual account + another £200 for joint account too.

This brings me to the question, having used Plum/Moneybox to setup DD for our individual accounts, how can we now also setup an additional DD for our joint account that is weekly?

Each Moneybox and Plum account can only be used to generate 1 DD each, so you will need to juggle them around if you don't find other DDs you can use.

I'd leave things as they are until your first Nationwide switch incentives pay out and you receive the cash (I'm assuming your joint account holder is also doing a sole switch?). Then you're safe to change your linked account with Moneybox/Plum to your joint nationwide account. From there set up new DDs in the same way you have for your sole account, and then go through the motions again for your joint switch.

That's very wise advise @PRAISETHESUN - Thanks!

Yes, let's get the first two sole accounts done and then deal with the joint.

worriednoob

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

WillPS

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

By the time the switch goes through both payments will be a week or two in the past, so you're absolutely fine.

pokemaster

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

worriednoob

pokemaster said:

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

Thanks pokemaster.  I just want the £200 switch and can't be asked to do the double cash back as it's too time-consuming for me.  

Bridlington1

worriednoob said:

pokemaster said:

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

Thanks pokemaster.  I just want the £200 switch and can't be asked to do the double cash back as it's too time-consuming for me.  

The £60 double cashback for making 20 debit card payments each month is related to the TSB switching offer only so if you are switching to Nationwide you wouldn't be able to get the extra £60 anyway.

worriednoob

Bridlington1 said:

worriednoob said:

pokemaster said:

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

Thanks pokemaster.  I just want the £200 switch and can't be asked to do the double cash back as it's too time-consuming for me.  

The £60 double cashback for making 20 debit card payments each month is related to the TSB switching offer only so if you are switching to Nationwide you wouldn't be able to get the extra £60 anyway.

Yes that's absolutely right Bridlington and I guess everyone has their own preferences, but to be very honest no matter what bank it is, I don't have any interest in such offers as I find them too much of a headache and a runaround, so instead I prefer to just make the quick money from the immediate switch incentives.

pecunianonolet

worriednoob said:

Bridlington1 said:

worriednoob said:

pokemaster said:

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

Thanks pokemaster.  I just want the £200 switch and can't be asked to do the double cash back as it's too time-consuming for me.  

The £60 double cashback for making 20 debit card payments each month is related to the TSB switching offer only so if you are switching to Nationwide you wouldn't be able to get the extra £60 anyway.

Yes that's absolutely right Bridlington and I guess everyone has their own preferences, but to be very honest no matter what bank it is, I don't have any interest in such offers as I find them too much of a headache and a runaround, so instead I prefer to just make the quick money from the immediate switch incentives.

Time consuming not at all, takes like 2 min each month to qualify for the TSB reward. I use Paypal for over a year now with various TSB accounts.

worriednoob

pecunianonolet said:

worriednoob said:

Bridlington1 said:

worriednoob said:

pokemaster said:

worriednoob said:

Morning.  I've just checked my RBS account and it's now showing 2 Active DDs (Plum/Moneybox).  However only Plum has taken out £2 out on 29/09/23.  Moneybox is yet to take it out on 2 Oct.  Would you say this is ready now for me to go ahead and do the Nationwide switch or should I wait until Moneybox DD also comes out?

If you are going for the double cash back as well as the switching bonus, I would wait till tomorrow as you would need the debit card to do the 20 transactions and get them cleared.

From TSB t&cs:

Up to £60 double cashback
To be eligible for the double cashback, you must first complete the switch incentive conditions above and then:
• Make 20 or more payments using your debit card each calendar month to earn £5 cashback. For the first six calendar months (including the month your account is opened), if you meet the required number of transactions, we will double the cashback. This will appear as two £5 payments on your transactions and may occur on different dates.

Thanks pokemaster.  I just want the £200 switch and can't be asked to do the double cash back as it's too time-consuming for me.  

The £60 double cashback for making 20 debit card payments each month is related to the TSB switching offer only so if you are switching to Nationwide you wouldn't be able to get the extra £60 anyway.

Yes that's absolutely right Bridlington and I guess everyone has their own preferences, but to be very honest no matter what bank it is, I don't have any interest in such offers as I find them too much of a headache and a runaround, so instead I prefer to just make the quick money from the immediate switch incentives.

Time consuming not at all, takes like 2 min each month to qualify for the TSB reward. I use Paypal for over a year now with various TSB accounts.

Each to their own, but thank you, however it's not for me.  But if I change my mind, I'll let you know and hopefully you can guide me