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

s71hj

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

soulsaver

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

AFAIK none.
@smokey01 is likely talking about regular deposits into HL S&S accounts.

s71hj

soulsaver said:

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

AFAIK none.
@smokey01 is likely talking about regular deposits into HL S&S accounts.

soulsaver said:

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

AFAIK none.
@smokey01 is likely talking about regular deposits into HL S&S accounts.

OK. Really what I'm after is some very small dd s to use for switching bonuses and where the money I'm dd ING will essentially remain broadly intact or maybe grow a little.

ColdIron

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

HL usually uses debit card for payments into its active savings or investment accounts (SIPP, ISA, GIA). The DD option would be used for their Monthly Savings into investment accounts though I suppose you could put it into a GIA and leave it as cash or withdrawing it

I'm pretty sure DDs can't be used for active savings

s71hj

Need to set up a direct debit ASAP. In people's experience what of the options listed are the quickest to set up. I already had a Wealthify account so have been able to change existing one to the account I want it on for a switching offer albeit won't go out until 7th but I need at least 2 more set up and with dates ASAP.

smokey01

soulsaver said:

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

AFAIK none.
@smokey01 is likely talking about regular deposits into HL S&S accounts.

I use my HL DD to pay my ISA fees. I also have active savings but I believe DD cannot be used for this.

Bridlington1

s71hj said:

smokey01 said:

WillPS said:

Bridlington1 said:

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.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month? 

Can I ask, can all of the Hargreaves Lansdown accounts be opened by dd or just certain ones. I was looking at one of their savings accounts but it suggested only bank transfer or debit card.

Apologies, the first page wasn't as clear as it should've been. 

Hargreaves Lansdown allows deposits by DD on investments only. Their savings accounts allow deposits by debit card, the first page has been updated for clarity.

Whilst I'm at it the Zing refer-a-friend offer has been upped to £30 and the TopCashback offer for opening a Chip account has been altered to between £10 and £50.

I shall update interest rates etc later tonight.

boingy

I have a GIA account with HL and you can DD to the cash part of that without having to invest it. I have the DD set-up permanently and just set it to £25 when I need it to be active and to £0 again when I'm done. Then I withdraw the cash and leave a small balance. I've had the account a couple of years and I've never traded with it. They haven't hassled me yet, but if they did I couldn't really complain.

s71hj

boingy said:

I have a GIA account with HL and you can DD to the cash part of that without having to invest it. I have the DD set-up permanently and just set it to £25 when I need it to be active and to £0 again when I'm done. Then I withdraw the cash and leave a small balance. I've had the account a couple of years and I've never traded with it. They haven't hassled me yet, but if they did I couldn't really complain.

Great thanks. So what is the name of the account I have to open with HL to achieve this scenario as it sounds perfect for my purposes

boingy

s71hj said:

boingy said:

I have a GIA account with HL and you can DD to the cash part of that without having to invest it. I have the DD set-up permanently and just set it to £25 when I need it to be active and to £0 again when I'm done. Then I withdraw the cash and leave a small balance. I've had the account a couple of years and I've never traded with it. They haven't hassled me yet, but if they did I couldn't really complain.

Great thanks. So what is the name of the account I have to open with HL to achieve this scenario as it sounds perfect for my purposes

It's their "Fund and Share" account. As well as adding cash with DD you can do it with a debit card (£1 min I think).