Savings accounts deposits by Direct Debit? UPDATED

Options
1…89111314…39

Comments

  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    I'll be happy to be proved wrong, but I believe that while many saving accounts allow you to pull money by DD from a linked current account, at the moment only Tesco allow DDs from multiple current accounts.
    Eco Miser
    Saving money for well over half a century
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    Eco_Miser wrote: »
    I'll be happy to be proved wrong, but I believe that while many saving accounts allow you to pull money by DD from a linked current account, at the moment only Tesco allow DDs from multiple current accounts.
    YBS offer a couple of options still, although only if you a) have an offset mortgage or b) an old Egg savings account with them.
  • paul2345
    paul2345 Posts: 24 Forumite
    Options
    Eco_Miser wrote: »
    I'll be happy to be proved wrong, but I believe that while many saving accounts allow you to pull money by DD from a linked current account, at the moment only Tesco allow DDs from multiple current accounts.

    Ok, I'm not sure what I was doing wrong, but I think I have this working with the post office now. I have the online saver issue 12 account.

    Go into Nominated account > change nominated account, then select change to the right hand side of the account you have. Here you fill out the direct debit agreement.

    Then when you go into Regular deposit > set up new, the "from account" box will list your new current account account number and you can setup a new monthly (or whatever) direct debit.

    In "regular deposit > amend / cancel exisiting", I now have direct debits set up for more than one current account. I've just done this so time will tell if it works or not. Not sure how I was screwing this up earlier.

    Paul
  • Doc_N
    Doc_N Posts: 8,271 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    Thanks for that, Paul. It explains why it won't work for me - mine's a PO current account, and it doesn't have that facility.

    Post Office banking/savings is as messy and chaotic as the Post Office itself, and nothing seems to fit with anything else.

    I've applied for an Online Saver account!
  • steve65e
    steve65e Posts: 154 Forumite
    Options
    Wow, Tesco just sent me a £10 voucher for opening an internet saver! Not bad considering I just use the account for the DD and it already costs them to operate it.
  • paul2345
    paul2345 Posts: 24 Forumite
    Options
    Not sure if people would like to populate the following spreadsheet with any knowledge they have? I've added what little I know.

    https://docs.google.com/spreadsheets/d/1THAh7aY3At7ZROSW422W-UWNmAtFGSyjpjJFABUT2iU/edit?usp=sharing
  • mrs_T
    mrs_T Posts: 1,017 Forumite
    First Post First Anniversary Combo Breaker
    Options
    steve65e wrote: »
    Wow, Tesco just sent me a £10 voucher for opening an internet saver! Not bad considering I just use the account for the DD and it already costs them to operate it.

    Can't find this offer on tesco website or quidco. Did set up dd for monthly top-up of payg mobile (tesco mobile) which gets me 10% discount, ie. £10 top up for £9. Also found out I can set up dd to make regular payment to my credit union savings account for those looking for a saving option.
  • bristolleedsfan
    bristolleedsfan Posts: 12,092 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Options
    steve65e wrote: »
    Wow, Tesco just sent me a £10 voucher for opening an internet saver! Not bad considering I just use the account for the DD and it already costs them to operate it.

    Have you just opened it and then received a totally unexpected 10.00 voucher for having done so.
  • imjayw
    imjayw Posts: 41 Forumite
    Options
    I am thinking of opening a Tesco account purely just for the direct debit tactic.


    It seems Tesco is the way to go if you have any direct debit requirements with other bank current accounts, but some questions to clear up:


    Is there a limit of how many DD you can set up from the same 1 Tesco account?
    If Halifax require 2 direct debits, can they be arranged with the same 1 Tesco account?
    Would I be able to set up 2 direct debits for Halifax and another 2 direct debits for Santander all with the same 1 Tesco account?
  • darkidoe
    darkidoe Posts: 1,125 Forumite
    First Anniversary Name Dropper First Post
    Options
    imjayw wrote: »
    Is there a limit of how many DD you can set up from the same 1 Tesco account?
    If Halifax require 2 direct debits, can they be arranged with the same 1 Tesco account?
    Would I be able to set up 2 direct debits for Halifax and another 2 direct debits for Santander all with the same 1 Tesco account?

    1) No there shouldn't be a limit to the number of DD you can set up to the tesco account.
    2) Yes you can arrange 2 separate DD mandates to the 1 Tesco account
    3) As per 2), yes you should be able to do this with Santander as well.

    Save 12K in 2020 # 38 £0/£20,000
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards