Bank switching bonuses typically require you to have 2-3 active direct debits. Since most people don’t want to switch their main account, or move their important bills, we’ve created a new direct debit service to help you get your switching bonus.
Previously, an active direct debit was one that has been setup and is ready for payment even if no payments had yet been made.
Now the banks are catching on, and some such as Halifax and Lloyds only consider direct debits to be active once a payment has been made.
While all of those listed in our Cheap direct debits for bank switching article will work. You’ll have to wait for a payment to taken which is likely to slow down your bank switching.
The Money Savings Answers direct debit is taken and will show up on your account within 4 days. It costs just £1 a month, and you can cancel at any time. No hidden fees, no hassle, no commitments.
Click here to setup a direct debit
Money Saving Answers direct debit subscription FAQ
How long does does the direct debit take?
It will show up on your account within 4 working days, usually much quicker
How can I cancel the direct debit?
To cancel just send us an email your name, and we’ll cancel the direct debit immediately.
What will show up on my account?
The direct debit will shows as GoCardless. That’s our payment processor. The reference will be MONEYSAVINGA-NBYBA
Is this direct debit safe?
Yes, the direct debit is processed by GoCardless
Is there a minimum commitment?
No. Once you’ve done your bank switch you can cancel immediately. You’ll get reminders from us before a payments are due, so if you do forget, you’ll still a have little time cancel before the next payment is due.
I forgot to cancel can, I have my money back?
Unfortunately no. If you forget to cancel and your direct debit and it has been running for multiple months, we won’t be able to return your money due to the costs incurred on collecting and administering the direct debit.
Isn’t this just a money making scheme?
Our direct debit is for £1, after fees we get around 60p of that, minus any admin time. So yes we earn a bit of spare change, about enough to buy 2 Freddo bars, and you get a direct debit which allows you to collect your £100-£200 switching bonus.