How to Set Up a Quick Direct Debit for Bank Switching with Plum (In Just 2 Minutes!)

If you're thinking about switching banks to take advantage of those attractive cash bonuses, setting up a direct debit is often a requirement. But did you know that with the app Plum (£10 sign up bonus), you can set up a direct debit easily in just two minutes? Here’s a step-by-step guide to help you set up a quick and straightforward direct debit with Plum to qualify for bank-switching offers without any hassle.

Who Is Plum?

Plum is a popular personal finance app designed to help you manage your money smarter. With features that help you save, budget, and invest automatically, Plum is a fantastic tool for anyone looking to boost their savings and take control of their finances. One of the handy features Plum offers is the ability to set up a weekly deposit with just a few taps, which can also serve as a qualifying direct debit for your bank switch.

Step-by-Step Guide to Setting Up a Direct Debit with Plum

Timing Your Bank Switch

Should I start my bank switch if my direct debit isn’t set up yet?

The answer is yes, in most cases! When you initiate a bank switch, it typically takes over 10 days to complete, giving you enough time for your Plum direct debit to activate in the meantime. Additionally, a payment doesn’t need to be withdrawn for the direct debit to count as active – it just needs to show up as a “mandate” in the direct debit section of your online banking.

Check the Status of Your Direct Debit

To double-check that everything is in place, you can log in to your online banking and view the direct debits section. Here, you should see a mandate listed for Plum, which confirms that the direct debit has been established and will meet the requirements for your bank switch.

Why This Method Is So Simple

Setting up a direct debit through Plum is not only convenient but also flexible, allowing you to meet the requirements for bank-switching offers without spending or risking any significant amount. By choosing the Weekly Depositer option, you set up a recurring transaction in just a couple of minutes – a transaction you can control completely. Plus, Plum’s automated tools make it a great app to keep around, whether for easy savings, budgeting, or just for future direct debit needs.