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  • FIRST POST
    • waqasahmed
    • By waqasahmed 1st Dec 14, 8:28 PM
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    waqasahmed
    Savings accounts deposits by Direct Debit? UPDATED
    • #1
    • 1st Dec 14, 8:28 PM
    Savings accounts deposits by Direct Debit? UPDATED 1st Dec 14 at 8:28 PM
    This is basically a continuation of the thread here:

    http://forums.moneysavingexpert.com/showthread.php?t=4168667

    BUT Im happy to update it, if people notice a change, and then send me a PM

    ^ Thanks to the original poster, of the original thread - this is just a continuation)

    Any way:

    --------------------------------------------------------------------
    List of savings accounts providers that allow, and don't allow, deposits by Direct Debit (as opposed to by SOs, debit cards etc etc).

    Please add a reply if you have anything additional to report, or if you spot something incorrect. I will update this post as appropriate so we got the list all in one place.

    Providers with Direct Debit feed:
    • Aldermore (by posting filled-in form, printed from site)
    • AA (1st deposit by cheque) -minimum £1000 to open account (can fall below that later though, with lower interest)
    • Egg (Yorkshire BS; allowing multiple DDs on same account) - no longer available for new customers.
    • BM Savings (existing accounts only)
    • Britannia BS - no longer exists for new customers
    • First Save - no longer allows direct debits
    • ICICI
    • Intelligent Finance - no longer allows direct debits
    • Monmouthshire Building Society (must use paper forms) - - no longer allows direct debits
    • Nationwide Mysave (1 DD only) - Looks like for existing customers only.
    • Saga (if you are 50+; 1st deposit by cheque)
    • Scottish Widows
    • TESCO Bank (multiple DDs allowed, on both, their Internet Saver and their Instant Access Saver)
    • West Bromwich BS (selected accounts)
    • YBS offset savings if you have a mortgage there (allows multiple DDs)

    Minimum opening deposits apply in some cases.

    Offshore banks, such as Nationwide International, might allow DDs - - but beware, they have no FSCS protection.

    ZOPA, Paypal, Charities, National Lottery: not exactly savings accounts, but they allow Direct Debits. Also Ratesetter (http://www.ratesetter.com/blog/Regular_Lender_Blog.htm)

    See below for a list of charities accepting low-value DDs. More charities via http://www.justgiving.com/

    If you have regular investments with firms like H&L or Investdirect, you might be able to set up Direct Debits with them.


    Savings providers with no Direct Debit feed
    :
    - most high street banks
    - Barclays savings accounts
    - Barnsley BS
    - Cambridge BS
    - Chelsea BS
    - Coventry
    - Derbyshire
    - KRBS
    - LLoyds savings accounts
    - M&S Savings
    - N&P
    - National Counties
    - Northern Rock
    - Nottingham Building Society
    - Principality
    - Saffron BS
    - Sainsbury's Bank
    - Skipton
    - Yorkshire BS (except for old Egg accounts, it seems)


    Some charities that accept £1 (or less) DDs:
    (don't forget to tick Gift-Aid if you are a tax payer. Also, all companies pay about 50p to £1 per DD transaction, so please don't be mean!)
    https://www2.amnesty.org.uk/giving/donate/give-monthly

    http://www.unicef.org.uk/Donate/give-monthly/

    http://www.redcross.org.uk/Donate-No...Giving-Appeals (Min £2 - takes 10-15 days to set up)

    http://england.shelter.org.uk/donate

    http://www.oxfam.org.uk/donate

    https://donations.rspca.org.uk/directdebit.aspx

    http://www.wateraid.org/uk/

    http://www.christian.org.uk/support/index.htm (1p min)

    http://www.cancerresearchuk.org/

    https://www.payaquid.co.uk/

    Politics:
    https://www.edirectdebit.com/conservativeparty/step-1.aspx (min £1)

    http://www.womensaid.org.uk/page.asp...tle=Donate+now (min £3)
    Last edited by waqasahmed; 15-04-2017 at 11:01 PM. Reason: Update.
Page 13
    • ceredigion
    • By ceredigion 17th Feb 17, 11:21 PM
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    ceredigion
    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.
    Originally posted by IanManc


    What doesn't it say ?
    from Halifax's T&Cs
    "pay out at least 2 different direct debits "
    • Consumerist
    • By Consumerist 17th Feb 17, 11:23 PM
    • 4,684 Posts
    • 2,325 Thanks
    Consumerist
    An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

    But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly [from] into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

    Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?
    Last edited by MSE ForumTeam5; 18-02-2017 at 11:15 AM. Reason: Quoting deleted post
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • ceredigion
    • By ceredigion 18th Feb 17, 6:25 PM
    • 2,409 Posts
    • 3,012 Thanks
    ceredigion
    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.
    Originally posted by IanManc
    An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

    But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly [from] into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

    Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?
    Originally posted by Consumerist

    I have had a posted deleted on this subject in the last 24hours and I have no intention of offending or upsetting anybody. So after this I shall bow out of the argument.
    However , I would like to say politely that my interpretations of the T&C's is the right one. How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive . Which ive actually had 3 times out of co-op , which is what you get by being able to read , comprehend and understand what is not written in the published conditions.
    I don't care if you believe me or not , its no skin off my nose, I only engaged in this conversation in the first place to try and help others out and make their lives simpler. Shan't bother next time .
    • Consumerist
    • By Consumerist 18th Feb 17, 9:42 PM
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    Consumerist
    I have had a posted deleted on this subject in the last 24hours and I have no intention of offending or upsetting anybody. So after this I shall bow out of the argument.
    However , I would like to say politely that my interpretations of the T&C's is the right one. How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive . Which ive actually had 3 times out of co-op , which is what you get by being able to read , comprehend and understand what is not written in the published conditions.
    I don't care if you believe me or not , its no skin off my nose, I only engaged in this conversation in the first place to try and help others out and make their lives simpler. Shan't bother next time .
    Originally posted by ceredigion
    It is not clear to me then why you glibly advised the poster to revisit the Ts&Cs, knowing they do not address the issue being discussed - and then go on to accuse him of spreading fake news.

    That said, I thank you for posting your experience with Co-op Bank which will be useful information. I would just add that what is acceptable to Co-op Bank may or may not, however, be acceptable to other banks.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • greenglide
    • By greenglide 18th Feb 17, 11:11 PM
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    greenglide
    There is always scope for differences between what is stated I the terms and conditions (and, of course, how it is interpreted) and how it is implemented in the IT.

    Just because the terms and conditions intended that they are four different direct debits (and it is open to debate how to interpret this) the IT may not check this - it may be difficult or effectively impossible to implement this. We cannot know what constraints are present on this IT solution.

    And it simply bug! It may never work or only in certain limited circumstances.
    • Jimmmeh
    • By Jimmmeh 6th Apr 17, 12:44 PM
    • 1 Posts
    • 0 Thanks
    Jimmmeh
    (...)How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive(...)
    Originally posted by ceredigion
    Thanks ceredigion, this is very helpful, although no need to be agressive saying things <3

    Does anyone have further exprerience about if this is valid with:
    - TSB
    - Halifax

    I know for instance Tesco Bank asks for direct debits to be from different providers! So this would not be valid.
    • Consumerist
    • By Consumerist 6th Apr 17, 2:24 PM
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    Consumerist
    . . . Does anyone have further exprerience about if this is valid with:
    - TSB
    - Halifax
    Originally posted by Jimmmeh
    I think the best guide would probably be from the wording of the Ts&Cs for each bank. If the wording specifies a specific number of DDs (without further qualification) then it would probably be ok. If, however, the wording specifies a number of "different" DDs then I would think payments to a different account number would be required for each DD.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • tebthereb
    • By tebthereb 8th Apr 17, 10:50 AM
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    tebthereb
    Which West Brom and AA accounts allow you to make deposits to them by Direct Debit, please?
    • tebthereb
    • By tebthereb 14th Apr 17, 12:50 PM
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    tebthereb
    Which West Brom and AA accounts allow you to make deposits to them by Direct Debit, please?
    Originally posted by tebthereb
    Can anyone point me in the right direction, please? I have looked and it was not clear to me.
    • Archi Bald
    • By Archi Bald 14th Apr 17, 1:52 PM
    • 9,354 Posts
    • 7,418 Thanks
    Archi Bald
    It is quite possible they no longer provide this option. If you can't find it, they probably don't offer it any longer.
    • tebthereb
    • By tebthereb 14th Apr 17, 2:13 PM
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    tebthereb
    It is quite possible they no longer provide this option. If you can't find it, they probably don't offer it any longer.
    Originally posted by Archi Bald
    Thank you. You are right of course but I thought the OP was maintained.

    I need to find three banks offering the facility to deposit by DD to meet the new Tesco current account requirements - what do people recommend?

    I would rather not lose money so am only looking to use bank accounts to meet the DD requirements.
    • ColdIron
    • By ColdIron 14th Apr 17, 3:03 PM
    • 3,654 Posts
    • 4,396 Thanks
    ColdIron
    PayPal would work for one of them but you'll need to do it manually
    • myth123
    • By myth123 14th Apr 17, 3:26 PM
    • 286 Posts
    • 896 Thanks
    myth123
    Thank you. You are right of course but I thought the OP was maintained.

    I need to find three banks offering the facility to deposit by DD to meet the new Tesco current account requirements - what do people recommend?

    I would rather not lose money so am only looking to use bank accounts to meet the DD requirements.
    Originally posted by tebthereb
    The Post Office online saver and Scottish Widows savings account still allow them.
    • Eco Miser
    • By Eco Miser 14th Apr 17, 3:50 PM
    • 3,218 Posts
    • 2,979 Thanks
    Eco Miser
    I thought the OP was maintained.
    Originally posted by tebthereb
    It is, sort of, but the OP won't be checking all the accounts regularly, just updating when the are informed of a change.
    Last edited by waqasahmed; 01-01-2017 at 1:44 AM.
    by waqasahmed
    Eco Miser
    Saving money for well over half a century
    • tebthereb
    • By tebthereb 14th Apr 17, 4:19 PM
    • 50 Posts
    • 12 Thanks
    tebthereb
    The Post Office online saver and Scottish Widows savings account still allow them.
    Originally posted by myth123
    Thank you.

    I have emailed West Brom to see if they do it as it is not clear from what I could find. Hopefully that will give me a third account after Post Office and Scottish Widows.
    • Ed-1
    • By Ed-1 14th Apr 17, 4:58 PM
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    Ed-1
    Thank you.

    I have emailed West Brom to see if they do it as it is not clear from what I could find. Hopefully that will give me a third account after Post Office and Scottish Widows.
    Originally posted by tebthereb
    West Brom used to allow it on their WebSave accounts but no longer do.
    • tebthereb
    • By tebthereb 15th Apr 17, 2:01 PM
    • 50 Posts
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    tebthereb
    Thanks.

    Can anyone suggest a third to go alongside Scottish Widows and Post Office?

    I would rather not use Paypal for one of the DDs if it is manual.
    • waqasahmed
    • By waqasahmed 15th Apr 17, 11:02 PM
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    waqasahmed
    Removed West Brom/
    • tebthereb
    • By tebthereb 18th Apr 17, 9:22 PM
    • 50 Posts
    • 12 Thanks
    tebthereb
    West Brom confirmed to me in their email reply that the facility is not available any longer.

    By the way Christian Aid is now a £2 minimum.
    • TRBob
    • By TRBob 29th Apr 17, 3:26 PM
    • 18 Posts
    • 4 Thanks
    TRBob
    Tesco
    I have the Tesco Current account with 2 charity DDs and one to a Tesco Internet Saver Account. I would like to open a 2nd Tesco Current account and for the DDs I was thinking about firstly paying into the internet saver account that I already have and setting up another 2 internet saver accounts and paying into them? Is this feasible? I have other current accounts where I have used my other DDs (phone/credit card etc...) so none are spare.
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