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

ForumUser7

datz said:

Bridlington1 said:

Miscelanious DDs:

Charities (please be nice)

Credit cards

Credit unions

Paypal

I had mentioned this in the old thread, but using HMRC for direct debits has advantages (for example, via self assessment).

• You can set up an unlimited number of direct debit mandates.
• You can set them up with an unlimited number of current accounts.
• You can customize the payment plans under each direct debit mandate (one-off / regular).
• Once a DD mandate has been set up, you can then delete the payment plan(s) under it and just leave an empty direct debit mandate sitting on your account (but remember that inactive mandates eventually get removed).
• The minimum payment amount if £1

If you are someone that has to pay tax, for example via self assessment, then this is an easy way of meeting all direct debit requirements. Also worth noting that the vast majority (I won't risk saying all) of switching incentives require an active direct debit mandate - pulling a payment through the mandate is not necessary, so the empty mandate option above works well (I most recently used it with the TSB switch and stay offer).

This, of course, assumes you can tolerate the terrible experience that using HMRC's website is...

Can you cash back out the funds to your bank account electronically please? I don’t currently pay any tax, so wouldn’t need to build up a balance etc.

TheBanker

ForumUser7 said:

datz said:

Bridlington1 said:

Miscelanious DDs:

Charities (please be nice)

Credit cards

Credit unions

Paypal

I had mentioned this in the old thread, but using HMRC for direct debits has advantages (for example, via self assessment).

• You can set up an unlimited number of direct debit mandates.
• You can set them up with an unlimited number of current accounts.
• You can customize the payment plans under each direct debit mandate (one-off / regular).
• Once a DD mandate has been set up, you can then delete the payment plan(s) under it and just leave an empty direct debit mandate sitting on your account (but remember that inactive mandates eventually get removed).
• The minimum payment amount if £1

If you are someone that has to pay tax, for example via self assessment, then this is an easy way of meeting all direct debit requirements. Also worth noting that the vast majority (I won't risk saying all) of switching incentives require an active direct debit mandate - pulling a payment through the mandate is not necessary, so the empty mandate option above works well (I most recently used it with the TSB switch and stay offer).

This, of course, assumes you can tolerate the terrible experience that using HMRC's website is...

Can you cash back out the funds to your bank account electronically please? I don’t currently pay any tax, so wouldn’t need to build up a balance etc.

I really wouldn't do that. It would look very much like someone who was trying to disguise the proceeds of crime. 

ForumUser7

TheBanker said:

ForumUser7 said:

datz said:

Bridlington1 said:

Miscelanious DDs:

Charities (please be nice)

Credit cards

Credit unions

Paypal

I had mentioned this in the old thread, but using HMRC for direct debits has advantages (for example, via self assessment).

• You can set up an unlimited number of direct debit mandates.
• You can set them up with an unlimited number of current accounts.
• You can customize the payment plans under each direct debit mandate (one-off / regular).
• Once a DD mandate has been set up, you can then delete the payment plan(s) under it and just leave an empty direct debit mandate sitting on your account (but remember that inactive mandates eventually get removed).
• The minimum payment amount if £1

If you are someone that has to pay tax, for example via self assessment, then this is an easy way of meeting all direct debit requirements. Also worth noting that the vast majority (I won't risk saying all) of switching incentives require an active direct debit mandate - pulling a payment through the mandate is not necessary, so the empty mandate option above works well (I most recently used it with the TSB switch and stay offer).

This, of course, assumes you can tolerate the terrible experience that using HMRC's website is...

Can you cash back out the funds to your bank account electronically please? I don’t currently pay any tax, so wouldn’t need to build up a balance etc.

I really wouldn't do that. It would look very much like someone who was trying to disguise the proceeds of crime. 

I guess, but of all the places criminals could launder their money, would anyone actually choose HMRC? Seems like it’d be a bad choice given it’s a government organisation

TheBanker

ForumUser7 said:

TheBanker said:

ForumUser7 said:

datz said:

Bridlington1 said:

Miscelanious DDs:

Charities (please be nice)

Credit cards

Credit unions

Paypal

I had mentioned this in the old thread, but using HMRC for direct debits has advantages (for example, via self assessment).

• You can set up an unlimited number of direct debit mandates.
• You can set them up with an unlimited number of current accounts.
• You can customize the payment plans under each direct debit mandate (one-off / regular).
• Once a DD mandate has been set up, you can then delete the payment plan(s) under it and just leave an empty direct debit mandate sitting on your account (but remember that inactive mandates eventually get removed).
• The minimum payment amount if £1

If you are someone that has to pay tax, for example via self assessment, then this is an easy way of meeting all direct debit requirements. Also worth noting that the vast majority (I won't risk saying all) of switching incentives require an active direct debit mandate - pulling a payment through the mandate is not necessary, so the empty mandate option above works well (I most recently used it with the TSB switch and stay offer).

This, of course, assumes you can tolerate the terrible experience that using HMRC's website is...

Can you cash back out the funds to your bank account electronically please? I don’t currently pay any tax, so wouldn’t need to build up a balance etc.

I really wouldn't do that. It would look very much like someone who was trying to disguise the proceeds of crime. 

I guess, but of all the places criminals could launder their money, would anyone actually choose HMRC? Seems like it’d be a bad choice given it’s a government organisation

That is exactly why criminals would do it. Someone paying HMRC when they don't owe any taxes and then re-claiming the money would look very odd.

Anyway I think you'd have to register for Self Assessment and fill in a return, even if you owe no tax. Otherwise I don't think you'd have the option to make payments.

gt94sss2

PRAISETHESUN said:

Good thread thanks There's also Revolut which allows top ups by debit card, although they have horrible customer service and I have seen a few threads in the past where people have had big issues trying to get their money out after using them. Caveat emptor!

Like Skipton etc, Revolut will also threaten to/close accounts if they believe their accounts are being abused (i.e. card top-ups which are then immediately withdrawn etc)

Rudyson

ircE said:

I remember other forumites have also mentioned lottery subscriptions which might be fun, though I have no idea about that kind of thing...

Moorfields eye charity.  www.meclottery.org  0370 050 9240 

Age UK.  www.ageuk.org.uk/lottery  0800 304 7181

Both run weekly lotteries paid by DD £4.34 per month (= £1 per week) which can be set up online or over the phone.

Bridlington1

Many thanks for the information @datz. This has now been added to the initial posts. I shall give Vanguard a go myself in the coming weeks for the Co-op rewards and a few Natwest round ups.

Bridlington1

Thanks for the information @gt94sss2, this has been added as a remark.

Thanks for the information @ircE I have added lotteries to the list of miscellaneous DDs.

Catplan

Very useful thread, thanks.

YBS is listed under accounts for debit card payments.

I also use Direct Debits with many of my YBS accounts. I think my main one is NLA, but from looking at easy access internet saver plus, it looks entirely possible to setup DD’s here as well.

ForumUser7

Catplan said:

Very useful thread, thanks.

YBS is listed under accounts for debit card payments.

I also use Direct Debits with many of my YBS accounts. I think my main one is NLA, but from looking at easy access internet saver plus, it looks entirely possible to setup DD’s here as well.

@catplan The currently available Issue 13? If so, how please? I hold a couple of Internet Saver Plus issues, but I don't think DDs can be set up from them