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How to get 4 direct debits?

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Hi guys, was thinking of opening a second account under a bank I bank with, and switching it to Co Op for £150. How would I quickly add 4 direct debits? Any way I can DD myself or something for che… Read More
trojanh Avatar
10m, 1w agoPosted 10 months, 1 week ago
Hi guys, was thinking of opening a second account under a bank I bank with, and switching it to Co Op for £150.

How would I quickly add 4 direct debits? Any way I can DD myself or something for cheap?
trojanh Avatar
10m, 1w agoPosted 10 months, 1 week ago
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#1
charity?
#2
my cheapest direct debits are appliances cover for my dishwasher, one of my life policies which is about £5 and my monthly national trust membership which is £5 odd.
you couldn't set up a direct debit to yourself in another bank as that would be a standing order and I don't think that counts in these switching incentives.
#3
charity ones also tend to be standing order although I do a hospice lottery for the primrose hospice at 4.38 month and that's direct debit
#4
National lottery?
#5
Was thinking, is it possible to transfer DDs? All my DDs go to my main acct so if I changed a few non essentials over to the donor account, that would work.

E.g. Lifestyle fitness, Tesco mobile gym memberships. Also do you need to have a direct debit for a minimum of x months and after I have switched do i need to keep them on the new account?
Gillybean177
my cheapest direct debits are appliances cover for my dishwasher, one of my life policies which is about £5 and my monthly national trust membership which is £5 odd.
you couldn't set up a direct debit to yourself in another bank as that would be a standing order and I don't think that counts in these switching incentives.
#6
some magazines are on offer at 3 for £1 at moment. just google. cancel them before 3rd magazine is due out.
#7
It won't be quick to set up but the best way of doing this for future use is to set up a Tesco current account... once you have that you can open some 'internet saver accounts' with them - these accounts are quite unusual in that you can use them to pull DDs from any other bank account in your name. Ideal for bank switching bonuses!!!
#8
buttonpushervic
It won't be quick to set up but the best way of doing this for future use is to set up a Tesco current account... once you have that you can open some 'internet saver accounts' with them - these accounts are quite unusual in that you can use them to pull DDs from any other bank account in your name. Ideal for bank switching bonuses!!!


Thanks so much! This is great, is there any charge to setup a DD?

When I switch to Co Op they ask for 4 DDs. If the account has 4 on it, I switch, do I have to keep the DDs or can I cancel it?

Also, I will be opening a Tesco Bank Acct, a second Barclays acct (donor) and switching to Co Op. This will take a hit on my credit score so is it best to do this all in one go or over time?

Is there any list / order of which banks to switch to? I was going to go Co Op -> M&S -> and finish with First Direct as apparently they are the best. I can't do HSBC and have done Halifax. Any ones i'm missing out?
#9
You WILL screw your credit rating doing this... but good luck. Oh, and HSBC and Firstdirect are linked...

trojanh
buttonpushervic
It won't be quick to set up but the best way of doing this for future use is to set up a Tesco current account... once you have that you can open some 'internet saver accounts' with them - these accounts are quite unusual in that you can use them to pull DDs from any other bank account in your name. Ideal for bank switching bonuses!!!
Thanks so much! This is great, is there any charge to setup a DD?
When I switch to Co Op they ask for 4 DDs. If the account has 4 on it, I switch, do I have to keep the DDs or can I cancel it?
Also, I will be opening a Tesco Bank Acct, a second Barclays acct (donor) and switching to Co Op. This will take a hit on my credit score so is it best to do this all in one go or over time?
Is there any list / order of which banks to switch to? I was going to go Co Op -> M&S -> and finish with First Direct as apparently they are the best. I can't do HSBC and have done Halifax. Any ones i'm missing out?


Edited By: Splodger101 on Sep 16, 2016 16:39
#10
Splodger101
You WILL screw your credit rating doing this... but good luck. Oh, and HSBC and Firstdirect are linked...
trojanh
buttonpushervic
It won't be quick to set up but the best way of doing this for future use is to set up a Tesco current account... once you have that you can open some 'internet saver accounts' with them - these accounts are quite unusual in that you can use them to pull DDs from any other bank account in your name. Ideal for bank switching bonuses!!!
Thanks so much! This is great, is there any charge to setup a DD?
When I switch to Co Op they ask for 4 DDs. If the account has 4 on it, I switch, do I have to keep the DDs or can I cancel it?
Also, I will be opening a Tesco Bank Acct, a second Barclays acct (donor) and switching to Co Op. This will take a hit on my credit score so is it best to do this all in one go or over time?
Is there any list / order of which banks to switch to? I was going to go Co Op -> M&S -> and finish with First Direct as apparently they are the best. I can't do HSBC and have done Halifax. Any ones i'm missing out?

Yeah I know, but it's temporary. I'm a first year student anyway and have no need for credit for at least 3/4 years. How long does the dip last? I switched twice in a month a couple of month back and its went back up to previous.

Also, it affects my credit score, but credit history, i.e. not missing a payment, is more important.
#11
Don't apply for overdrafts and it won't affect your credit rating as much as people will make you think. In January I opened a FD and a HSBC and then a few weeks later a M&S... my credit history and 'score' is fine. It should be noted that some accounts are worth keeping though - FD and M&S for instance as they allow you access to 'regular saver' accounts that pay good interest.
#12
Re Tesco accounts - no cost for DDs and it is down to the switching terms as to whether you can subsequently cancel the DDs but as its just your money moving g around just let it continue and then move it where you want!
#13
Nationwide.
I switched my joint halifax account to them a few months ago. I got £75 quidco then got £100 for me and £100 for the wife so £275 for one switch. If i had gone down the recommendation route i could of got another £100 too. We are now switching my wifes coop account to nationwide which requires 2 direct debits. I have recommended her with the joint account so now she has to sign up for the switch service so we should now get another £100 each.

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