quickest cheap DDs to set up for a switch?

kuepper

I found Shelter could be set up for £1 payment this month

trickydicky14

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

tryin

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

I highly doubt the charity is paying anywhere near £1 to set up a direct debit. If they start sending you post with promotional material that may cost them a bit, so if you are planning to cancel the DD after one or two payments it may not be worth it for them. But if it's a monthly direct debit I'm pretty sure the charity will be making money (although of course not the full £1).

Bridlington1

tryin said:

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

I highly doubt the charity is paying anywhere near £1 to set up a direct debit. If they start sending you post with promotional material that may cost them a bit, so if you are planning to cancel the DD after one or two payments it may not be worth it for them. But if it's a monthly direct debit I'm pretty sure the charity will be making money (although of course not the full £1).

For me my line of thought is that if I'm going to give money to charity I want the charity to face as small an administration cost as possible so that as much of my donation can be spent on the charity's main purpose as possible. As far as I'm aware a £2 monthly DD will typically cost the charity more in administration costs in collecting the 12 donations over the space of a year than a £24 annual one does so by donating annually, although I'm parting with the same amount of money, the charity gets slightly more of it to spend on what really matters. 

MikeJXE

Bridlington1 said:

tryin said:

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

I highly doubt the charity is paying anywhere near £1 to set up a direct debit. If they start sending you post with promotional material that may cost them a bit, so if you are planning to cancel the DD after one or two payments it may not be worth it for them. But if it's a monthly direct debit I'm pretty sure the charity will be making money (although of course not the full £1).

For me my line of thought is that if I'm going to give money to charity I want the charity to face as small an administration cost as possible so that as much of my donation can be spent on the charity's main purpose as possible. As far as I'm aware a £2 monthly DD will typically cost the charity more in administration costs in collecting the 12 donations over the space of a year than a £24 annual one does so by donating annually, although I'm parting with the same amount of money, the charity gets slightly more of it to spend on what really matters. 

From what I have read on these posts is 

The switcher in the main are after every penny they can get with as little cost to themselves as possible, even letting the DD go through simply to get a fiver 

The DD needs to be as small as possible, in fact some advise a credit card thats not used 

The DD will probably be cancelled once the incentive is payed out 

The new bank may be switched again if a new incentive is made available 

PRAISETHESUN

Bridlington1 said:

tryin said:

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

I highly doubt the charity is paying anywhere near £1 to set up a direct debit. If they start sending you post with promotional material that may cost them a bit, so if you are planning to cancel the DD after one or two payments it may not be worth it for them. But if it's a monthly direct debit I'm pretty sure the charity will be making money (although of course not the full £1).

For me my line of thought is that if I'm going to give money to charity I want the charity to face as small an administration cost as possible so that as much of my donation can be spent on the charity's main purpose as possible. As far as I'm aware a £2 monthly DD will typically cost the charity more in administration costs in collecting the 12 donations over the space of a year than a £24 annual one does so by donating annually, although I'm parting with the same amount of money, the charity gets slightly more of it to spend on what really matters. 

For charities I would tend to agree. However, I did find a few years back that a certain political party allowed me to set up a DD for £0.01... I was more than happy to let them waste a bit of money administering the DD in that instance. Not sure if they wised up to that or not!

MrFrugalFever

RSPCA allow a £1 monthly direct debit setup (with gift aid).

HHUK

Largs said:

I opened moneybox savings account on Monday.  The DD is showing on my account already, I just asked to deposit £1.  

I did similar and have had just £1 sitting in my Moneybox account for a few weeks, having balked at the prospect of needing to subscribe weekly, so it won't be one of the DDs I may require for any future switch deals. There must have been an incentive when I opened the account that I'd forgotten about, because today I received an email from Giftcloud with a link to a £10 voucher for Amazon, Sainsburys or Argos as a thank you. Have already downloaded and redeemed the £10 at Amazon.

jbrassy

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

If it costs more than £1 to set up a direct debit, why are charities offering that option? If it did cost more than £1 to set up a direct debit, they would set the minimum direct debit at a higher level.

Khaderbhai

jbrassy said:

trickydicky14 said:

I’m not that comfortable with setting up £1 DD’s with charities. I could be wrong but I would have thought some costs must be put on the charities for using DD’s? and the benefit to the charity must be very small, plus any admin involved.

It’s not what I would call a healthy symbiotic relationship.

If it costs more than £1 to set up a direct debit, why are charities offering that option? If it did cost more than £1 to set up a direct debit, they would set the minimum direct debit at a higher level.

Agree with this response. Also would question the responses on DD cost, its very automated now for charities and the likes of GoCardless or Donorbox would certainly not charge that amount per transaction.