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

ircE

Note last chance for new customers to Plum to bag £15.

Also just spotted this one - Fifty Pence Direct Debit - how much lower can you go??

Khaderbhai

ircE said:

Note last chance for new customers to Plum to bag £15.

Also just spotted this one - Fifty Pence Direct Debit - how much lower can you go??

Is the business idea that they just pocket the 50p? Appreciate it is only small change but at least with Plum, Moneybox etc you can get it back or with a charity its doing a good thing (hopefully!)

thanks

WillPS

Khaderbhai said:

ircE said:

Note last chance for new customers to Plum to bag £15.

Also just spotted this one - Fifty Pence Direct Debit - how much lower can you go??

Is the business idea that they just pocket the 50p? Appreciate it is only small change but at least with Plum, Moneybox etc you can get it back or with a charity its doing a good thing (hopefully!)

thanks

Yep. It's not without uses - donation ones and the savings ones like Charity, Hanley and Ecology take *ages* to set up and involve posting things off, sometimes at the cost of a stamp. Plum/Moneybox are great and fast but you can only benefit once. It's all a trade off.

50p is cheaper than £1, and by the looks of things will hit your account as quickly as possible.

Khaderbhai

WillPS said:

Khaderbhai said:

ircE said:

Note last chance for new customers to Plum to bag £15.

Also just spotted this one - Fifty Pence Direct Debit - how much lower can you go??

Is the business idea that they just pocket the 50p? Appreciate it is only small change but at least with Plum, Moneybox etc you can get it back or with a charity its doing a good thing (hopefully!)

thanks

Yep. It's not without uses - donation ones and the savings ones like Charity, Hanley and Ecology take *ages* to set up and involve posting things off, sometimes at the cost of a stamp. Plum/Moneybox are great and fast but you can only benefit once. It's all a trade off.

50p is cheaper than £1, and by the looks of things will hit your account as quickly as possible.

Cool. They must be MSE forum alumini that set this up surely?!😀 

Brewer21

PRAISETHESUN said:

SickGroove said:

Bridlington1 said:

SickGroove said:

tryin said:

ircE said:

I've seen references to companies like OnePoundDD.com and Little Direct Debits - any reviews/opinions on these? Sorry if they've been covered already in the thread, I didn't see them on the first page or in search results.

Also, thinking about potential DDs for future switches, I'm minded to pay for journalism (regardless of perceived political biases). Does anyone know of any newspapers, magazines, or other sources of online journalism that have a relatively low minimum amount and easy to cancel? Thanks.

I've used https://smalldirectdebit.co.uk/ many times, always gets set up fast and they are quick to respond to any questions. Charities normally take longer to set up (not to mention they often send lots of post, which besides for being irritating, may also cost them more than a £1 direct debit gets them).

This is a great find. Can I actually pay £1 yearly twice by direct debit, in effect setting up 2 direct debits which is what's normally required for bank switching?

Also, as I only set up my new burner classic account with Lloyds yesterday (already with them having a club account I want to keep) do I need to wait a certain period before switching the account? Obviously, the two direct debits need to be showing but do they both need to have the first payments taken first?

This is my first time switching with a burner account so any advice much appreciated.

Cheers

A couple of £1 yearly DDs is usually enough to satisfy a bank switching offer, always double check the Ts&Cs of the offer in question though as some have offered extra money for paying out DDs monthly for however long after you've switched.

As long as the DDs are showing on the account they will be considered active so don't need to be paid out first. You don't need to wait a certain period before switching, though you will need the debit card details for your donor account in order to start the switch. I seem to recall Lloyds let you view debit card details in the app though.

Also a note of caution, don't use the same banking group for too many short lived donor accounts as this can lead to lifetime bans (I discovered this in March with Lloyds Banking Group), which can deprive you of future switching incentives.

Don't I just need the new classic 8 digit account number & sort code to make the switch, rather than the debit card details?

Also, when viewing the Lloyds classic account debit card details through my Lloyds app they are the same 16 digits as my Lloyds club account anyway. 

As above - you need the account number and sort code as a minimum. Usually you're also asked for debit card details as well, and although there is usually an option to say you don't have a debit card for the account, I've seen a few posts over the years that this has sometimes caused issues when there is actually an active debit card associated with the account. Safest to just wait for the debit card details (either in-app, or by reading them off the physical card).

For Lloyds not sure how long it takes to appear in app, but will most definately get a seperate debit card for each current account.

For information re TSB switch offer....
You get asked for sort code and account number for the account you are switching from. Also you get asked for the the long 16 digit debit card number but there is an option to say, I don't have one. Using the option 'I don't have one' still let me complete the switch to TSB, I now have a switch date👍
In the past with switches I've fallen at this hurdle because they wanted the debit card number, I didn't have this, let the card expire and never renewed. With TSB I've finally been able to switch out my old Lloyds account.

surferstar

I’m trying to setup the two direct debits to satisfy the requirements. Can plum be used to setup two or just the one? I can see the pocket easy access option to setup a weekly payment if I click ‘brain’ and I can select £1. Is this the best way to do it and will this payment be a direct debit? Is there a way to setup two direct debits into plum?

Also any easy routes to do the 20 transactions? I don’t think a savings account will appreciate this, I’m guessing Amazon will have to do. Or in fact the app Swipii allows small amounts and you can buy a gift card. 

Bridlington1

surferstar said:

I’m trying to setup the two direct debits to satisfy the requirements. Can plum be used to setup two or just the one? I can see the pocket easy access option to setup a weekly payment if I click ‘brain’ and I can select £1. Is this the best way to do it and will this payment be a direct debit? Is there a way to setup two direct debits into plum?

Also any easy routes to do the 20 transactions? I don’t think a savings account will appreciate this, I’m guessing Amazon will have to do. Or in fact the app Swipii allows small amounts and you can buy a gift card. 

Which requirements are you trying to satisfy, is it to satisfy a reward account or is it for a switch? If you're trying to satisfy the DD requirements of a bank switch then you'll typically need two separate DDs, so Plum on its own wouldn't work and you would need to use a second DD from the list to meet the requirements. 

If you're wanting to satisfy a reward account however, i.e. NatWest/RBS reward, Barclays blue rewards or Co-op everyday rewards then a single DD that is taken multiple times per month will suffice. In which case the Plum weekly deposit would work, though you can also set up a fortnightly DD using their "pay day" feature if desired.

As for easy routes for the 20 transactions, any savings/investment account would do. Some tend to get irritated by people making excessive numbers of debit card deposits into them though, notably Skipton. I've marked those on the list that I know have been known to get irritated by lots of transactions as remarks. I've found many don't seem to be too bothered though, NS&I being the obvious one in my case.

pecunianonolet

I use for well over a year Paypall for 20 transactions with TSB for their rewards and have also excessively used it with RBS/Natwest to get round ups into the Regular Saver. No issues ever, the RBS/Natwest route has been reported before as risky for account closures and other trouble. 

Jami74

I've got a couple of credit cards (used for direct debit requirements) which I can also make some small payments by debit card. I try to spread it out a bit across credit cards, Amazon, NS&I savings and the occasional coffee or chocolate treat. No complaints yet. This month is my last 20 transactions for TSB.

Over62

Ecology Building Society have stopped accepting direct debit instructions for accounts opened with their initial deposits after 5 February.  OH opened an Easy Access account on Saturday 3 February and transferred funds in which were credited on Monday 5 February.  He has asked them to reconsider as according to the letter they sent, it is accounts funded AFTER 5 February that are affected. I hope they do not extend this ban to existing accounts.