Martin Lewis Recommended Bank Account query

Zanderman

eskbanker said:

Zanderman said:

Re your repeated question about the DDs, yes they both have to pay out monthly to get the £5 credit. It's as simple as that.

My point was that it isn't quite as simple as that, in that the requirement can be met with ad hoc irregular DDs (such as those OP mentioned), but only if there are enough of them to ensure that at least two pay out in any month, if wanting to claim the reward.  Or the requirement could theoretically be met with six appropriately-phased quarterly ones, for example, hence trying to steer OP towards the actual documented requirement rather than a simplified precis of it!

ok, well how about at least two DDs (no matter how many there actually are) have to be used each month to get the £5 credit. It's as simple as that - and even simpler if you just have two DDs paying monthly.

Shakin_Steve

jameseonline said:

No real point in faffing about depositing £800, paying a £5 fee, getting £5

Unless it's your main account. Then the 5% on £5000 is worth it, in my opinion.

jameseonline

Shakin_Steve said:

jameseonline said:

No real point in faffing about depositing £800, paying a £5 fee, getting £5

Unless it's your main account. Then the 5% on £5000 is worth it, in my opinion.

But you can get 5% + elsewhere Easy Access, 7% Regular Savings elsewhere.

artyboy

Shakin_Steve said:

jameseonline said:

No real point in faffing about depositing £800, paying a £5 fee, getting £5

Unless it's your main account. Then the 5% on £5000 is worth it, in my opinion.

For a main account, I'd have thought Natwest Reward (and certainly the Premier Reward) account trumps it, with the 6% rate on £5k - although you do have to do a bit of legwork with roundups to get the full £5k in quickly.

TheBanker

artyboy said:

Shakin_Steve said:

jameseonline said:

No real point in faffing about depositing £800, paying a £5 fee, getting £5

Unless it's your main account. Then the 5% on £5000 is worth it, in my opinion.

For a main account, I'd have thought Natwest Reward (and certainly the Premier Reward) account trumps it, with the 6% rate on £5k - although you do have to do a bit of legwork with roundups to get the full £5k in quickly.

Or Satander Edge with 7% on up to £4k (it has a fee, but if it's a main account you'll likely make more than the fee back in direct debit cashback). 

Shakin_Steve

Maybe, but Barclays is my main account already and I'm not about to switch for a few coppers. My point was that, if Barclays is already your main account, 5% on £5000 is quite acceptable. I don't have to worry about the points mentioned because, obviously, I have a lot more than 2 direct debits and there's a lot more than £800 going in each month. Money for nothing with no hassle.

BChow

There are a couple of websites that will let you setup low cost direct debits to meet the basic requirements for direct debits for switching: SwitchPiglet and 50PenceDirectDebit 

I'm new so the system wont let me paste links, yet, but I'm sure they'll come up if you Google them. 

friolento

TheBanker said:

artyboy said:

Shakin_Steve said:

jameseonline said:

No real point in faffing about depositing £800, paying a £5 fee, getting £5

Unless it's your main account. Then the 5% on £5000 is worth it, in my opinion.

For a main account, I'd have thought Natwest Reward (and certainly the Premier Reward) account trumps it, with the 6% rate on £5k - although you do have to do a bit of legwork with roundups to get the full £5k in quickly.

Or Satander Edge with 7% on up to £4k (it has a fee, but if it's a main account you'll likely make more than the fee back in direct debit cashback). 

The fee can be avoided with a bit of lateral thinking, and browsing of the MSE Forum 😉

propunter99

BChow said:

There are a couple of websites that will let you setup low cost direct debits to meet the basic requirements for direct debits for switching: SwitchPiglet and 50PenceDirectDebit 

I'm new so the system wont let me paste links, yet, but I'm sure they'll come up if you Google them. 

Yep this is true, I've been using 30pence.co.uk  as it's the cheapest DD I could find and works well for me

friolento

propunter99 said:

BChow said:

There are a couple of websites that will let you setup low cost direct debits to meet the basic requirements for direct debits for switching: SwitchPiglet and 50PenceDirectDebit 

I'm new so the system wont let me paste links, yet, but I'm sure they'll come up if you Google them. 

Yep this is true, I've been using 30pence.co.uk  as it's the cheapest DD I could find and works well for me

There is an existing thread listing even cheaper DDs

https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1