Savings accounts deposits by Direct Debit? UPDATED

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  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,348 Forumite
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    edited 17 February 2017 at 1:10PM
    Removed - mistake on my part, sorry.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    NoodleDoodleMan wrote: »
    . . .A Tesco Internet Saver account is ideal for one DD at £1 from each of these Vantage accounts. . .
    But two Tesco Internet Saver accounts would be better.

    Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • lcfcstephen
    lcfcstephen Posts: 154 Forumite
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    Consumerist wrote: »
    But two Tesco Internet Saver accounts would be better.

    Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)

    Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?
    Mortgage Debt £53,879.68 as of 2nd July
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £80,678.68 of £133,995 two bed house
  • ColdIron
    ColdIron Posts: 9,011 Forumite
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    I would think that using 2 different dates per Internet Saver might increase the chances of success, just a guess
  • IanManc
    IanManc Posts: 2,079 Forumite
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    lcfcstephen wrote: »
    Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

    Where for direct debits a month are specified you need four different direct debits each month, not the same direct debit taken four times in a month.

    Clue: if you look at the direct debits field on internet banking for the account you're drawing money from, it will show one direct debit, paying out weekly. That's one direct debit, not four.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    lcfcstephen wrote: »
    Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?
    Interesting.

    Some current accounts require a minimum of two "different" DDs paid from the account monthly. I've never been quite sure what that really means. Are four/five DDs paid monthly to the same account regarded as "different" ?

    Please let us know how you get on.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • lcfcstephen
    lcfcstephen Posts: 154 Forumite
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    IanManc wrote: »
    Where for direct debits a month are specified you need four different direct debits each month, not the same direct debit taken four times in a month.

    Clue: if you look at the direct debits field on internet banking for the account you're drawing money from, it will show one direct debit, paying out weekly. That's one direct debit, not four.

    So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account
    Mortgage Debt £53,879.68 as of 2nd July
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £80,678.68 of £133,995 two bed house
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    lcfcstephen wrote: »
    So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account
    I suspect that it may be the receiving account they will looking at to determine whether a DD qualifies as "different". Then again, one bank may accept multiple DDs to the same account whilst another doesn't.

    This issue looks to be one that might only be answered by trial and error. :(
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • IanManc
    IanManc Posts: 2,079 Forumite
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    The terms and conditions say:

    6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

    That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    IanManc wrote: »
    The terms and conditions say:

    6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

    That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.



    What doesn't it say ?
    from Halifax's T&Cs
    "pay out at least 2 different direct debits "
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