Bank switch and direct debits

joji_3

I would like to help my son switch banks to the first direct account and benefit from the £175 payout but he doesn't currently have any direct debits.  
Is it allowed to quickly set a couple up, and for them to pay into my bank account (which i then refund) for example?  Then switch a week later?

are there rules about when they have to have been initiated and to whome?

grumpy_codger

joji_3 said:

I would like to help my son switch banks to the first direct account and benefit from the £175 payout but he doesn't currently have any direct debits.  
Is it allowed to quickly set a couple up, and for them to pay into my bank account (which i then refund) for example?

These would be Direct Debits , not Standing Orders   Standing Orders, not Direct Debits, but for FD offer Standing Orders do work.

are there rules about when they have to have been initiated and to whome?

I don't think there are any specific rules, but personally I don't like abusing bonuses blatantly. Personally, I'd set SOs to different accounts. I think even a SO to his own savings account with the same bank will work. Or it can be a Direct Debit:  Savings/investment DDs and debit card deposits- An updated list

Also, FD isn't the only bank offering a bonus for switching. If your son wants to take advantage of other bonuses, it's advised to open a separate current account for switching instead of switching the main and only one.

flaneurs_lobster

grumpy_codger said:

joji_3 said:

I would like to help my son switch banks to the first direct account and benefit from the £175 payout but he doesn't currently have any direct debits.  
Is it allowed to quickly set a couple up, and for them to pay into my bank account (which i then refund) for example?

These would be Direct Debits , not Standing Orders, but for FD offer Standing Orders do work.

Think that's the other way round (SOs are set up by account holder, DDs set up by third party)

grumpy_codger

Yes, of course. Corrected now.

tryin

If he plans to switch from the direct debit account to other accounts to benefit from more switch bonuses, your best bet is probably the 'Small Direct Debit' annual DD, as that will only cost £1 a year