Need Another Direct Debit For Your Bank Account? This Could Be Your Cheapest Optionfeatured
It’s becoming increasingly common for sensible savers to open multiple bank accounts so they can make the most of savings interest.
In fact, some people go as far as having the following accounts at any one time:
- Santander 123
- Club Lloyds
- Halifax Reward
- Bank of Scotland
- TSB Classic Plus
- Nationwide Flexdirect
However, with many banks demanding that savers meet certain criteria in order to benefit from generous interest rates and regular rewards, some people find that they’re unable to make the most of the potential benefits.
Of the bank accounts listed above, Santander 123, Club Lloyds and Halifax Reward require 2 direct debits each month. (Bank of Scotland, TSB Classic Plus, and Nationwide FlexDirect don’t require any direct debits).
This rule is probably the one that causes the most aggro while wasting our money in the process! After all, if you have several bank accounts and each one requires you to have 2 direct debits exiting each month you may be tempted to fork out for a gym membership you’ll never use or phone insurance on the battered Nokia 3310 you bought from CEX just to get your interest. What I’m trying to say is - don’t waste your money on things you don’t really want or need!
Instead, why not set up small monthly donations to charities of your choice?
Most charities will allow you to donate as little as £1 a month by direct debit, meaning you can satisfy you bank’s direct debit needs without forking out for something pricey that you won’t make use of anyway!
