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  • FIRST POST
    • waqasahmed
    • By waqasahmed 1st Dec 14, 8:28 PM
    • 1,008Posts
    • 282Thanks
    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 14
    • ColdIron
    • By ColdIron 29th Apr 17, 3:46 PM
    • 3,161 Posts
    • 3,598 Thanks
    ColdIron
    Is this feasible?
    Not if you want the interest, and if your existing account is a recent one that won't work either

    If you opened your account after 1 April 2017:

    We guarantee 3% AER credit interest on balances up to £3,000 until 1 April 2019. In order to benefit from this, you must pay in at least £750 and have at least three direct debits paid from your account per statement month (excluding direct debits to a Tesco Bank savings account).
    • EachPenny
    • By EachPenny 29th Apr 17, 3:57 PM
    • 1,154 Posts
    • 993 Thanks
    EachPenny
    I have the Tesco Current account with 2 charity DDs and one to a Tesco Internet Saver Account.
    Originally posted by TRBob
    DD's to the Tesco savings accounts don't count (as per the T&C's) you'll need to use external DD's if you want to get interest on an account opened after the change in T&C's.
    "In the future, everyone will be rich for 15 minutes"
    • greenglide
    • By greenglide 29th Apr 17, 4:58 PM
    • 2,682 Posts
    • 1,693 Thanks
    greenglide
    To meet the new requirement for DDs for the Tesco current account they must be DDs for other than tesco - you cannot use the Internet saver for this.

    What you can do is shift "real" DDs to be paid from tesco and use the Internet saver to replace them?

    So move telephone, water etc to Tesco and set up DDs from Internet saver for the account where they were paid. Of course if you were using the cash back from Santander 123 account this doesn't work.
    • StellaN
    • By StellaN 29th Apr 17, 5:13 PM
    • 139 Posts
    • 38 Thanks
    StellaN
    I want to recommend my brother for a Nationwide FlexDirect account so we can both receive £100. However, he does not have any available Direct Debits but he does have a Tesco account so in theory can he set up 2 DD's from this Tesco account to the Nationwide account through an Internet Saver account?.
    • Consumerist
    • By Consumerist 29th Apr 17, 5:16 PM
    • 4,569 Posts
    • 2,250 Thanks
    Consumerist
    I want to recommend my brother for a Nationwide FlexDirect account so we can both receive £100. However, he does not have any available Direct Debits but he does have a Tesco account so in theory can he set up 2 DD's from this Tesco account to the Nationwide account through an Internet Saver account?.
    Originally posted by StellaN
    Yes, that should work ok if he has 2 Tesco accounts from which to set up the DDs. It is questionable whether Nationwide would accept two DDs to the same account as qualifiers for benefits. Perhaps someone with a FlexDirect account can help more..
    Last edited by Consumerist; 29-04-2017 at 5:23 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • EachPenny
    • By EachPenny 29th Apr 17, 5:25 PM
    • 1,154 Posts
    • 993 Thanks
    EachPenny
    Perhaps someone with a FlexDirect account can help more..
    Originally posted by Consumerist
    No DD's required on the FlexDirect account as far as I'm aware... at least I've been paid interest without having any. But you must meet the minimum pay-in which is one of the higher ones compared to other banks.

    Edit: thanks to ColdIron for pointing out this doesn't apply if you want to get the switching bonus.
    Last edited by EachPenny; 29-04-2017 at 5:39 PM. Reason: Stupidity
    "In the future, everyone will be rich for 15 minutes"
    • ColdIron
    • By ColdIron 29th Apr 17, 5:28 PM
    • 3,161 Posts
    • 3,598 Thanks
    ColdIron
    Poster wants the £100 switching bonus that requires the switched account to have DDs
    • StellaN
    • By StellaN 29th Apr 17, 5:36 PM
    • 139 Posts
    • 38 Thanks
    StellaN
    Yes, that should work ok if he has 2 Tesco accounts from which to set up the DDs. It is questionable whether Nationwide would accept two DDs to the same account as qualifiers for benefits. Perhaps someone with a FlexDirect account can help more..
    Originally posted by Consumerist
    Yes, he does have 2 Tesco accounts so can you set up an Internet Saver account on each one and then set up the DD's or can he just use one account and set up an Internet Saver and an Instant Access Savings Account and set up a DD from each of these? Anybody know or is familiar with Tesco/Nationwide?
    • EachPenny
    • By EachPenny 29th Apr 17, 6:47 PM
    • 1,154 Posts
    • 993 Thanks
    EachPenny
    However, he does not have any available Direct Debits...
    Originally posted by StellaN
    Does this mean he has none at all, or none that can be moved around (e.g. Gas, water, or electricity with Santander 123)?

    I was kind of on the right track with my original post. There is no long-term requirement to have DD's with the FlexDirect account, but you do need two (and assume 'active') DD's to benefit from the switch.

    There is no obvious requirement for the switched DD's to continue in use for any length of time, and the only mention in Nationwide's FAQ's is that closing the account within 3 months of getting the bonus payment they 'reserve the right' to reclaim the bonus payments. So it would appear that the DD's that were switched could be cancelled after 3 months without affecting the bonus.

    That gives you some more flexibility - i.e. including a gas, water or electricity DD in the switch and just missing out on a few month's cashback elsewhere, or else setting up a low cost DD for something else which can be cancelled a few months later.

    There should be no problem with one Tesco DD, you'll probably get away with two, but with £200 at stake you might want to play safe to be sure.
    "In the future, everyone will be rich for 15 minutes"
    • Morus193
    • By Morus193 16th May 17, 3:37 PM
    • 7 Posts
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    Morus193
    To qualify for BoS 2 "different" DD does that mean paid to different companies or is it possible to qualify with both paid to the same company on the same day but with a different reference?
    • Consumerist
    • By Consumerist 16th May 17, 3:58 PM
    • 4,569 Posts
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    Consumerist
    To qualify for BoS 2 "different" DD does that mean paid to different companies or is it possible to qualify with both paid to the same company on the same day but with a different reference?
    Originally posted by Morus193
    Since the Vantage conditions specify "different" DDs, it would be safest to assume they must be paid to different accounts. No-one seems too sure of what this means exactly.

    Many have two Tesco savings accounts from which they qualify - same company but different accounts.
    Last edited by Consumerist; 16-05-2017 at 4:00 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Ed-1
    • By Ed-1 16th May 17, 4:12 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    Since the Vantage conditions specify "different" DDs, it would be safest to assume they must be paid to different accounts. No-one seems too sure of what this means exactly.

    Many have two Tesco savings accounts from which they qualify - same company but different accounts.
    Originally posted by Consumerist
    2 direct debit mandates is what the system checks. 2 must be set up (regardless of who they're to) and both must be used each month.
    • Consumerist
    • By Consumerist 16th May 17, 7:47 PM
    • 4,569 Posts
    • 2,250 Thanks
    Consumerist
    2 direct debit mandates is what the system checks. 2 must be set up (regardless of who they're to) and both must be used each month.
    Originally posted by Ed-1
    One has to wonder what the word "different" actually means in this context.

    How would you set up two "same" DDs, for example?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Eco Miser
    • By Eco Miser 17th May 17, 12:00 PM
    • 2,843 Posts
    • 2,636 Thanks
    Eco Miser
    One has to wonder what the word "different" actually means in this context.

    How would you set up two "same" DDs, for example?
    Originally posted by Consumerist
    A DD drawing fortnightly would be two (or occasionally three) "same" DDs each month.
    Eco Miser
    Saving money for well over half a century
    • wurz72
    • By wurz72 18th Jun 17, 9:23 PM
    • 11 Posts
    • 2 Thanks
    wurz72
    Paypal direct debit facility gone
    I've just logged into my PayPal account and they have removed the direct debit option under "Withdraw money" section. There used to be two choices under there - direct debit or bank transfer. Now there is only one option...a bank transfer.

    I just transferred some money to my bank account and it no longer shows up as a direct debit.

    Anyone else noticed this? Paypal was rather useful as you could send one off DDs to multiple bank accounts!
    • surreysaver
    • By surreysaver 18th Jun 17, 9:43 PM
    • 2,069 Posts
    • 1,187 Thanks
    surreysaver
    I've just logged into my PayPal account and they have removed the direct debit option under "Withdraw money" section. There used to be two choices under there - direct debit or bank transfer. Now there is only one option...a bank transfer.

    I just transferred some money to my bank account and it no longer shows up as a direct debit.

    Anyone else noticed this? Paypal was rather useful as you could send one off DDs to multiple bank accounts!
    Originally posted by wurz72
    Surely you can't withdraw money with a direct debit - you would use a direct debit to pay it in?
    I consider myself to be a male feminist. Is that allowed?
    • wurz72
    • By wurz72 18th Jun 17, 9:51 PM
    • 11 Posts
    • 2 Thanks
    wurz72
    Surely you can't withdraw money with a direct debit - you would use a direct debit to pay it in?
    Originally posted by surreysaver
    You definitely could...even though it does sound a bit odd. I suspect they've removed it as it was proving expensive to administer!
    • Ed-1
    • By Ed-1 18th Jun 17, 10:30 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    You definitely could...even though it does sound a bit odd. I suspect they've removed it as it was proving expensive to administer!
    Originally posted by wurz72
    You can still use a direct debit to pull money in to your PayPal account from your bank account. You can't withdraw money from PayPal to your bank account by direct debit and you never have been able to as you can't set up a direct debit on your PayPal account.
    • ColdIron
    • By ColdIron 18th Jun 17, 11:00 PM
    • 3,161 Posts
    • 3,598 Thanks
    ColdIron
    I still have DD as an option in 'Add Money' but I don't remember it ever being an option under 'Withdraw Money'. Are you confusing the two?
    • wurz72
    • By wurz72 19th Jun 17, 5:11 PM
    • 11 Posts
    • 2 Thanks
    wurz72
    I still have DD as an option in 'Add Money' but I don't remember it ever being an option under 'Withdraw Money'. Are you confusing the two?
    Originally posted by ColdIron
    Yes I am :-) It was late last night! You're correct it's under "Add Money". However I've just tried it and it doesn't work anyway....I get an error "Sorry, we're unable to process your request."

    Maybe they put a limit on the number of DDs you can do per month? I have used it twice to pay in funds from CoOp bank and once with Tesco Bank. Now it won't work with either.
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