Easy Direct Debits
What are direct debits?
A direct debit is an automated financial arrangement where a person or business grants permission for a third party, typically a bank, to withdraw a predetermined amount of money from their bank account on specific, regular intervals to pay bills or make recurring payments. This method simplifies the payment process and ensures that obligations like utility bills or subscriptions are met on time. These arrangements can also be in place to accounts in your possession and without a predetermined amount of cash. One popular use of a direct debit is for bank switching offers!
*Direct debits can take several days/weeks to be set up with the bank
What quick direct debits can I set up?
My Side Gig (Us) - Set up as many £1 direct debits as you like / cancel them when your switch pays out / restart them again when you need to for new switch incentives!
Plum - Set up weekly deposits (this can be as little as £1). Simply sign up, then select the ‘Brain’ icon. Then set up one of the ‘Rules’. The easiest would be the ‘Weekly Depositor’, this simply collects a small amount from your bank account each week and deposits into Plum via a direct debit. You can withdraw the money back to your account whenever you like + turn off the depositor once your switching bonus hits!
Credit card - Set your current account to pay off your credit card, in full, at the end of each month.
Paypal - Head to 'Wallet'. Scroll down to 'Bank accounts and cards'. Click add a 'Bank account'. You can then connect your bank account to Paypal via a direct debit.
Moneybox - Set up weekly deposits (this can be as little as £1). Moneybox are also pretty useful for a lifetime ISA - hence this could work in conjunction.
Charities - You can easily set up charitable donations via the website you wish to donate to.
