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It’s becoming increasingly common for sensible savers to open multiple bank accounts so they can make the most of savings interest. 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.
Many high interest current accounts demand that you have two or even three direct debits set up in order to get interest on your money.
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 two 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!
Here are just a few cheap direct debit ideas…
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!
Political Party Membership
Political party membership varies depending on the party in question but some offer membership for little more than a few pounds.
For example, at the time of writing, standard Labour membership is £3.92 a month. But, if you’re retired, unemployed or work less than 16 hours a week you get reduced membership of £1.96 a month. If you’re aged 20 – 26 your membership is just £1 a month.
Standard Green Party membership is £2.60 a month, at the time of writing. There are reduced rates for students, unemployed and low waged, but it’s unclear on their website whether these people can pay in monthly instalments or whether it’s annual payments only.
If you want something physical to show for your direct debits, why not subscribe to a magazine you find interesting? Not only will you fulfil your bank’s direct debit criteria, you’ll also have a nice treat pushed through your door each month. Unfortunately, some magazines will charge your quarterly rather than monthly, so you may have to do some research before you find the perfect one.