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All new versions require at least two regular D/Ds be set up in order for them to receive interest.
Yet regular payments that arnt DDs don't count, like Spotify subs or frequent debits etc.
So what do the banks get out of it?
They even allow you to set up charitable DD donations far less than other payment devices that qualify.
Yet regular payments that arnt DDs don't count, like Spotify subs or frequent debits etc.
So what do the banks get out of it?
They even allow you to set up charitable DD donations far less than other payment devices that qualify.
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I've noticed that too. I think they want to ensure that your account is your main current account? I've also had a bank request a certain amount of regular paying in to be treated nicely.
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They all have a required regular deposi also....
But taking Bank of Scotland as an example they allow 3 current accounts with them, each paying interest upto 5k each, but stipify only DDs count as regular payments. Its like DDs themselves are a currency now. Santander pay interest on the first 20k, and require 2 DDs but will accept ctax and energy payments that are quarterly to count, whereas BoS wont. |
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Any transfer of money involves a fee, it's just inbuilt into the direct debit and you don't notice it.
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So what of non direct debit regular payments?
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There are loads that for all intents and purposes are the same as a DD, do they not generate a fee?
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direct debits cheaper for banks than standing orders.
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standing orders?
they different entirely, you can set em up and stop em you direct a standing order. Im on about regular payments that are directed by companies to take money from your account that arnt DDs Spotify are an example, so are magazine subscriptions or software subscriptions etc I asked the woman from BoS whether they recieved any benefit from DD as apposed to other forms of regular payment and she said not....though she could ofc be lying. |
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Got rid of my DD's - I couldn't tell what I had in my account.
Someone in my pocket. I just keep a schedule now. let them beg for my money. |
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I keep direct debits to a minimum. Off the top of my head, I think we pay the mortgage, phone bills, tv packages and house insurance on DD.
Car insurance, gas/electric, council tax etc, is all paid online when the bills arrive. I've always said I'd rather pay these things when I want to, and not when they want it. |
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if you set up standing orders to yourself you can qualify for lots of current account bonuses
direct debits tend to be more genuine payments and you usually need two per current account on top of the self funding its like the old days of cashing cheques to get an interest free loan ! |
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Nice one Donny but can you do that? I'm a bit of a bonus wh0re myself both in gambling and things like Quidco but I've never abused the banks. Maybe I should start?
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they will stop them one day, but seems they dont care where the funding comes from at the mo
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They might not stop them that soon donny, their cr@p/cheap software does not do joined up thinking as a teller or other bank staff used to seeing you on a regular basis (like the good old days) would, we're just digits now, so enjoy mate but don't be tempted to start 'Kiting', or 'playing the float'
 only joking!  |
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Can't be bothered for the sake of a couple of hundred. Most of my money is in high yielding shares as interest rates are beyond a joke.
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playing the float was standard as a student
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I do a bit of matched betting (I should do more) but I'm always looking for opportunities.
Just a couple of hundred Foinavan? A couple of hundred is a nice weekend away for most, you shouldn't knock it. |
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i get £172 a year off halifax, it seems silly not to, as once its set up it takes no work
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Spot on donny, better in your pocket than theirs.
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When you deposit money into a bank account, it's no longer your money.
It's their money. It's convenient for now, very friendly now. but if that bank collapses you are up a greasy pole. Recap 2008 - Try and buy assets. that can be liquidized later. |
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I think your waiting on the asteroid strike Zorro
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Actually I'm just finishing off making up for Santander slashing their 3% on 20k by putting another 21k into five linked accounts, they just feed into one another, there are three BoS that pay 2% on 4K each and two tesco bank that pay 3% on 3K each
This latest 21k setup returns a monkey a year and no effort. I do my gambling on here, I want somewhere with a little bit of assurance rather than be one of thatchers minion generation speculating on the ethereal stock exchange ta  |
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BoS is 5k each
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I left mine in santander .. now that's no effort
in answer to the Question they probably 'sell' your money off about a year in advance of actually recieving it , few grand per year off every household on their books , this time next year son .... luvly Jubby!! |
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I kept Santander also.
Running out of DDs |
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Ovalman, you have to play by the bank's rules for a year to claim a small amount, which I accept is valuable to those on a tight budget like students. After 12 months inflation only you can judge if the gain is really worth the time and trouble.
I'm sure that one can save a reasonable sum by spending time playing the tart moving accounts around for utilities, insurance and banks. I only bother for insurance when it gets clearly out of line. |
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I see nothing wrong with people taking 'free munny' from banks, I don't bother, but that's my choice, like Foinaven I bother if being ripped off by insurance parasites.
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Yeah balls to the banks ffs.
I have the answer now if anyone cares for it. You setup a tesco online saver account and if needed the regular saver too. They both accept direct debits into them and each allow three. You can therefor satisfy 6 DDs and not lose a penny. |