current accounts that require 2 direct debits

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tir21
tir21 Posts: 1,030 Forumite
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edited 14 September 2018 at 6:12PM in Savings & investments
i have lloyds classic vantage and others like it - and had the two required dd's set up to go to two tesco savings accounts in my name. Tesco have now prevented these accounts being used for this purpose. is there anyway of setting up dd's without paying merchants. I haven't got enough dd's for all the accounts i have to move money from.

why do bank make this dd stipulation?

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  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    I think they make the stipulation to try and retain/expand your business because they don't want to be coughing up a load in interest in return for nothing. That said, Lloyds doesn't pay interest on that account type any more - do you really need to retain it?

    Anyway, I think the Post Office Savings accounts can be funded by Direct Debit and so can Birmingham Midshires savings accounts. By all accounts you can also fund a Paypal account by Direct Debit - but some forum users seem to have difficulty setting those up - I can't pass comment because I don't have a PayPal account.
  • WillChronology
    WillChronology Posts: 13 Forumite
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    Using a direct debit to fund a PayPal account is an excellent idea. I need to look into that.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    WillChronology wrote: »
    Using a direct debit to fund a PayPal account is an excellent idea. I need to look into that.


    Please don't ask the forum to help you set it up. Another user has tried that and doesn't appear to have succeeded:)
  • WillChronology
    WillChronology Posts: 13 Forumite
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    I'm happy to look into it myself. If I can't figure it out, then it's too much hassle :)
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    Post office savings.

    Another one is vanguard investments as long as its to your cash account

    Birmingham midshires savings also
  • Bacman
    Bacman Posts: 537 Forumite
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    You can use charities for £1 a month. Some require minimum payments of more than that however there are a few that are happy with £1 a month each. I set some of those up a while back myself. That way you can easily set up direct debits without impacting on your real ones.



    As I remember, places like Asthma UK, Cancer Research, Guide Dogs, PDSA were some I used. It isn't hard to Google for charities and then see what their minimum debit amount is.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    Zero_Sum wrote: »
    Post office savings.

    Another one is vanguard investments as long as its to your cash account

    Birmingham midshires savings also

    Mentioned Birmingham Midshires in an earlier post and don't forget people, if you have a Bham Mshires savings account and make faster payments to them, their banking details will be changing from tomorrow to:-

    Sort Code 30-02-51
    Account No 06968870
    Ref - your existing a/c no.
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