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Thread: Bank account switching

  1. #21

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    I wouldn't mind jumping on the bandwagon. My partner only had one main account and my spare account has no direct debits. Is there any accounts that offer a bonus to open up if you do not have switching to do?

  2. #22

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    Just add some cheap DDs such as 1 magazine offers then cancel them once you have switched.

    Just as an update my Cooperative switch is all sorted out now but I really don't like the practicalities of the online banking. It takes ages to log in. You have to remember about 10 different pieces of information
    we must live with our enemies as if they might become friends and our friends as if they might become enemies La Bruyere

  3. #23
    Join Date
    Apr 2007
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    15,315

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    Wouldn't you be better to transfer some real DD's - most account switches need just two - rather than ones that need to be cancelled? Bank account setting up then switching still seems to be something that is a slow process at times, I'd find the clock ticking on a subs that needs cancelling an added stress I think.
    Those who think they know it all are very annoying to those of us who actually do.

  4. #24
    Join Date
    Feb 2010
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    2,156

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    Some bank account switches require active DDs so magazine trials aren't usually great choices since they only take a single payment with little flexibility over timing. PayPal is an easy DD to set up, as are charity donations and credit card minimum payments.

  5. #25
    Join Date
    Apr 2007
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    15,315

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    How does a PayPal DD work? My PayPal has always just gathered money when I sell things on eBay and deducted money either off balance or from my cards when I buy something. How would you set up a DD and for what?
    Those who think they know it all are very annoying to those of us who actually do.

  6. #26
    Join Date
    Feb 2010
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    2,156

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    Simply add a bank account as a funding source and they'll set up a direct debit. This takes around 10 days, as usual; once completed, it's then possible to click 'Add money' whenever you like to draw funds by DD from your bank account to PayPal balance. No fees and no purchase necessary.

  7. #27
    Join Date
    Apr 2007
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    15,315

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    Excellent tip. Thank you Sarah.
    Those who think they know it all are very annoying to those of us who actually do.

  8. #28
    Join Date
    Feb 2010
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    2,156

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    If anyone's considering opening Santander 123 accounts, please be aware they're hiking the monthly fee from 2 to 5 in January. The credit card will also increase by 1 pcm.

    http://www.telegraph.co.uk/finance/p...n-January.html

  9. #29
    Join Date
    Apr 2007
    Posts
    15,315

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    Hmmm thanks Sarah. We got the card and made around 50 on Australia spends and have just been charged the 24 annual fee. It served it's purpose as a 0% spend card and the other 26 has offset the balance transfer fee.

    The balance has now gone on a Virgin Money 0% 40 month card and I was thinking of moving my Tesco card monthly spend and repay to the 123 card, but I doubt I will now.

    The 1% cash back at supermarkets is of little use to us as we load gift cards or buy vouchers at a 5-6% discount (with a few top ups using 3V) and petrol spend is barely going to cover the higher fee.

    I guess it's the MBNA Amex and collect Avios for the future.
    Those who think they know it all are very annoying to those of us who actually do.

  10. #30
    Join Date
    Jun 2007
    Posts
    1,152

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    Oh dear. Well as I am only making a couple of pounds as it is after the existing fee, the new fee will be larger than the household bill cashback I get.

    So will be switching.

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