Santander Direct Debit Question

nicenswift

My daughter has recently opened a Santander Edge Up account but in order for her to get interest she needs 2 x direct debits and she only has one.

The bank said to get round this setup a direct debit to send a £1 to me every month but surely this is a standing order not a direct debit?

How can she set up a direct debit to qualify for the Interest?

Many thanks for your time.

wmb194

nicenswift said:

My daughter has recently opened a Santander Edge Up account but in order for her to get interest she needs 2 x direct debits and she only has one.

The bank said to get round this setup a direct debit to send a £1 to me every month but surely this is a standing order not a direct debit?

How can she set up a direct debit to qualify for the Interest?

Many thanks for your time.

An easy one would be to set one up to her PayPal account. Santander talks about, "active" DDs but it just has to be set up, money doesn't need to be taken regularly or at all.

PRAISETHESUN

Santander Edge up account has a £5 monthly fee, and offers 3% AER on savings deposits. Objectively speaking, this is a terrible value proposition as you need to be saving a minimum of £2k to break even on the fee, let alone make an actual profit. The cashback on monthly spending is potentially worthwhile, but will depend on the value of your bills. A single DD is unlikely to be high enough value to make sense from this angle.

You are much better off simply putting any savings into one of the top easy access accounts listed on the MSE website. Not only are there no fees, but the interest rates are substantially higher. See: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

To answer your actual question though, you are 100% correct. Standing orders are not direct debits and will not qualify for the reward criteria. My usual suggestion for generating DDs is to shuffle around household bills she might already be paying from other current accounts accounts (eg. electricity, gas, council tax, internet, credit card, etc). Failing that, there are some options linked below might be of interest. These are mostly savings accounts where you can set up a DD mandate, effectively paying yourself by DD - a fairly rare feature these days.

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

nicenswift

Thanks for comments so far

The one DD she has is for her Mobile Phone.

She does pay for spotify (but this comes of her card)

And also for Google Storage (Again this comes off her card)

Could any of these be changed to DD ?

Thank you

born_again

nicenswift said:

Thanks for comments so far

The one DD she has is for her Mobile Phone.

She does pay for spotify (but this comes of her card)

And also for Google Storage (Again this comes off her card)

Could any of these be changed to DD ?

Thank you

Neither of them can be changed to DD.
Set up a National Lottery one for a single line.

& no she could not set up a DD to you.

changearound1

She could pay her credit card by DD.

Middle_of_the_Road

Monthly fee for the account is £5

To get £5 interest a month requires a minimum balance of £2,000

Would be better to change to the standard Edge account, £3 fee pm, and open the edge saver @ 6% interest on up to £4,000