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

ircE

I'm sat waiting for my TSB debit card to arrive next week so have been thinking about how I'm going to make my monthly 20 debit card payments without annoying any individual company for the next 6 months. So naturally I've had a look again at this very useful thread.

Bridlington1 said:

Trading 212 Invest Account:

Debit card deposit amount: £1 minimum

Account opening: Online

Management: Online

Remarks: Currently pay 2% interest on uninvested funds (paid daily). Often offer a refer-a-friend offer in which you get a free share valued between £10 and £100 for depositing £1 or more so if you are thinking of using this it may be worth waiting until you know someone who can refer you. Note do NOT use this thread to request/exchange referral links. Money can be held as cash do doesn't need to be invested.

Perhaps worth saying you don't need to open an investment account of any kind with Trading212 to use them as a debit card payment. I have been successfully using cash that sits outside of any investment wrapper (and also doesn't earn interest) to pay via the Trading212 card, which currently offers 1.5% cashback on payments made on the card (up until 1st November, then 0.5% thereafter). I've been using instant bank transfers to top it up, however there is the option of paying in by debit card payments - up to £2,000 fee-free before a 0.7% fee kicks in. These top-ups can be from £1 and set to recur. Withdrawals from the account take up to 3 business days, but in my experience, money I've withdrawn has landed in my account first thing on the morning of the 2nd business day. Of course, if the 1.5% cashback rate is higher than what you're getting elsewhere then you can just spend the money from there as I'm doing.

Gift cards for retailers you intend to spend with anyway may be a good avenue. If so, you can buy gift cards with cashback, so instead of just paying yourself you're actually making money. JamDoughnut, HyperJar, and TopGiftCards (TopCashback) all take payments by debit card, offer cashback, and in some cases let you buy gift cards from £1.

Contactless smartcards for travel - or other purposes - may be worth looking into. As a London resident I have an Oyster card, which can be topped up by debit card payments including on a recurring basis. I use it to travel but can also have the credit refunded if I wished (though would involve cancelling the card).

Bridlington1

ircE said:

I'm sat waiting for my TSB debit card to arrive next week so have been thinking about how I'm going to make my monthly 20 debit card payments without annoying any individual company for the next 6 months. So naturally I've had a look again at this very useful thread.

Bridlington1 said:

Trading 212 Invest Account:

Debit card deposit amount: £1 minimum

Account opening: Online

Management: Online

Remarks: Currently pay 2% interest on uninvested funds (paid daily). Often offer a refer-a-friend offer in which you get a free share valued between £10 and £100 for depositing £1 or more so if you are thinking of using this it may be worth waiting until you know someone who can refer you. Note do NOT use this thread to request/exchange referral links. Money can be held as cash do doesn't need to be invested.

Perhaps worth saying you don't need to open an investment account of any kind with Trading212 to use them as a debit card payment. I have been successfully using cash that sits outside of any investment wrapper (and also doesn't earn interest) to pay via the Trading212 card, which currently offers 1.5% cashback on payments made on the card (up until 1st November, then 0.5% thereafter). I've been using instant bank transfers to top it up, however there is the option of paying in by debit card payments - up to £2,000 fee-free before a 0.7% fee kicks in. These top-ups can be from £1 and set to recur. Withdrawals from the account take up to 3 business days, but in my experience, money I've withdrawn has landed in my account first thing on the morning of the 2nd business day. Of course, if the 1.5% cashback rate is higher than what you're getting elsewhere then you can just spend the money from there as I'm doing.

Info has been added to the first page of the thread, that post you quoted had been typed before the launch of the T212 card.

ircE said:

Gift cards for retailers you intend to spend with anyway may be a good avenue. If so, you can buy gift cards with cashback, so instead of just paying yourself you're actually making money. JamDoughnut, HyperJar, and TopGiftCards (TopCashback) all take payments by debit card, offer cashback, and in some cases let you buy gift cards from £1.

Contactless smartcards for travel - or other purposes - may be worth looking into. As a London resident I have an Oyster card, which can be topped up by debit card payments including on a recurring basis. I use it to travel but can also have the credit refunded if I wished (though would involve cancelling the card).

It's good info but I've chosen to keep the lists limited to debit card deposits which involve "recycling" existing money only and DDs limited in the same manner, with a few notable exceptions such as credit cards, HMRC, charities etc, which are marked as DYOR.

I therefore shalln't add the likes of jam doughnut, topping up oyster cards etc to the list since it would then be in danger of crossing the line into actual spending rather than ``recycling" money, which would go beyond the scope of this thread.

Plus if I were to add it I could just as easily start adding the likes of cardyard etc onto the list along with anywhere where you can buy gift cards, such as Amazon, Tesco etc as well as anywhere where low value debit card payments can be made (such as buying a 1p stamp from the post office) and I have to draw the line somewhere therwise the lists would become too long.

I'm a bit more more liberal with the DD list though as savings DDs are increasingly becoming rare but even then I still prefer to keep the focus on ``recycling" money rather than ``actual spending", unless they are particularly flexible DDs and/or have refer-a-friend offers that are of note.

ircE

Bridlington1 said:
...

Of course mate, I wasn't suggesting you necessarily add those to the OPs - I was just suggesting those for anyone else who might comb through the thread looking for alternative ideas.

pecunianonolet

ircE said:

I'm sat waiting for my TSB debit card to arrive next week so have been thinking about how I'm going to make my monthly 20 debit card payments without annoying any individual company for the next 6 months. So naturally I've had a look again at this very useful thread.

Bridlington1 said:

Trading 212 Invest Account:

Debit card deposit amount: £1 minimum

Account opening: Online

Management: Online

Remarks: Currently pay 2% interest on uninvested funds (paid daily). Often offer a refer-a-friend offer in which you get a free share valued between £10 and £100 for depositing £1 or more so if you are thinking of using this it may be worth waiting until you know someone who can refer you. Note do NOT use this thread to request/exchange referral links. Money can be held as cash do doesn't need to be invested.

Perhaps worth saying you don't need to open an investment account of any kind with Trading212 to use them as a debit card payment. I have been successfully using cash that sits outside of any investment wrapper (and also doesn't earn interest) to pay via the Trading212 card, which currently offers 1.5% cashback on payments made on the card (up until 1st November, then 0.5% thereafter). I've been using instant bank transfers to top it up, however there is the option of paying in by debit card payments - up to £2,000 fee-free before a 0.7% fee kicks in. These top-ups can be from £1 and set to recur. Withdrawals from the account take up to 3 business days, but in my experience, money I've withdrawn has landed in my account first thing on the morning of the 2nd business day. Of course, if the 1.5% cashback rate is higher than what you're getting elsewhere then you can just spend the money from there as I'm doing.

Gift cards for retailers you intend to spend with anyway may be a good avenue. If so, you can buy gift cards with cashback, so instead of just paying yourself you're actually making money. JamDoughnut, HyperJar, and TopGiftCards (TopCashback) all take payments by debit card, offer cashback, and in some cases let you buy gift cards from £1.

Contactless smartcards for travel - or other purposes - may be worth looking into. As a London resident I have an Oyster card, which can be topped up by debit card payments including on a recurring basis. I use it to travel but can also have the credit refunded if I wished (though would involve cancelling the card).

Why so much trouble? I use Paypal Friends & Family for almost 2 years now and so does the OH and we just send us £0.01 payments and TSB has always paid us the 5er each month. Paypal also never bothered us with anything. 

ircE

BIG Exchange - interest rate on uninvested cash has now dropped to 3.00%. Perhaps worth saying this rate tracks BR so you don't have to keep updating the posts it's mentioned in.

ThePirates

I've used 30pp DD in the past but see they've stopped taking new DDs

I need a new one for the new Nationwide switch - has anyone used OnePoundDD.com?

WillPS

https://www.30pence.co.uk/

Still looks OK to me?

propunter99

WillPS said:

https://www.30pence.co.uk/

Still looks OK to me?

Yep worked for me yesterday as well for the new nationwide offer

Stolas

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

Bridlington1

Stolas said:

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

They must be to 2 separate companies so Plum going out twice per month would still only count as one DD.