Savings accounts accepting DD's

chockydavid1983
chockydavid1983 Posts: 713
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edited 21 November 2019 at 12:10PM in Savings & investments
Current list accepting new customers:
Post Office Online Saver (can only DD in from one nominated account, sketchy customer service feedback)
Chip and Plum (app based) (Chip phasing out DD functionality)
Birmingham Midshires Internet Saver Account (2 possible DD's - one of each of the yearly and monthly interest account) (can only DD in from one nominated account, open with payment by cheque only, can change the linked account after)
https://www.birminghammidshires.co.uk/savings/easy-access-savings/?WT.seg_3=BMHOMEEAS1
SAGA Telephone Easy Access Account (age 50+)
Scottish Widows Instant Saver 2
https://www.scottishwidows.co.uk/bank/savings/instantsaver_detail.html
https://www.wealthsimple.com/en-gb/ (unverified- see post #132)
https://www.ecology.co.uk/savings/savings-accounts/regular-savings/
https://www.moneyboxapp.com/faqs/what-is-the-95-day-notice-account-and-how-does-it-work/

Other DD ideas:
Paypal (reported as in the process of being removed)
Credit cards
Charities
Credit Unions
Christmas Savings (not FSCS protected)
http://www.littledebits.org

I am no longer updating this post so feel free to create a new one :-).
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Comments

  • glider3560
    glider3560 Posts: 4,115
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    ICICI no longer allow DDs to be set up, for new or existing accounts. Existing DDs continue to be paid.
  • karlie88
    karlie88 Posts: 9,113
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    Chip and Plum allow you to set up a DD to a current account. They're app-based savings accounts.

    Chip currently has 3% interest and Plum is offering a free fiver (both via an MSE offer).

    They pull money automatically but you can make manual requests. They're not FSCS protected but you can claim from the bank that the money's held in, if they were to go bust.

    More information here:

    https://www.moneysavingexpert.com/banking/digital-banking#savings

    Note: on Chip's website there's a FAQ section that says -
    Can I connect more than one account?

    Not yet. At the moment you can link one current account to one Chip savings account - but we’re working on features such as multiple savings pots and shared Chip savings accounts.

    Looks interesting...
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • Mogley
    Mogley Posts: 250 Forumite
    I had an email flyer from the AA this week regarding savings accounts. On checking, the AA offer payments in via a linked account standing order. No mention of direct debit anywhere.
    How do I pay money in?
    Payments from your linked account
    You will need your AA savings account number and sort code to hand. Simply use the internet/telephone banking service of the bank/building society that you hold your linked account with and set up a payment to your AA savings account. You can choose to make both one-off payments and set up a regular payment by standing order.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
  • ColdIron
    ColdIron Posts: 8,791
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    Is this restricted to savings accounts only?
  • eskbanker
    eskbanker Posts: 30,225
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    ColdIron wrote: »
    Is this restricted to savings accounts only?
    There are obviously other alternatives being discussed in the old thread and numerous others, including:
    • PayPal
    • Payments to credit cards
    • Charities
    and there will no doubt be others too, so perhaps there's an argument that they should all be in one thread, or at least two threads, one for 'internal' DDs to accounts within your own control and one for 'external' DDs to organisations who are able (and maybe even willing!) to accept regular low-value payments.

    Ultimately up to whoever takes responsibility for maintaining the thread to decide what they're prepared to keep updated!
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    eskbanker wrote: »
    ...perhaps there's an argument that they should all be in one thread, or at least two threads, one for 'internal' DDs to accounts within your own control and one for 'external' DDs to organisations who are able (and maybe even willing!) to accept regular low-value payments.

    Ultimately up to whoever takes responsibility for maintaining the thread to decide what they're prepared to keep updated!
    I would have thought something along the lines of SpecialSaver2's "regular saver" thread, whereby the thread is entitled "how to generate DDs to comply with banks' interest/reward payment criteria". The first post could summarise the options available, ie savings accounts, charities, investment accounts, PayPal, etc, and have clickable links to posts 2,3,4,etc where the detail would be listed.

    There might even be a section not restricted to "new customers", because some of us have legacy/unique accounts perfectly capable of generating multiple DDs and therefore to whom Tesco's recent decision has (almost) zero impact. :D

    Then again, we could all keep quiet...helping to ensure the workarounds last longer?
  • I was thinking of just savings accounts but happy to add other stuff if people want- Paypal would come under the current 'specific' section I guess whereas payments to CC's/ charities I could add in a separate 'general' section?
  • chris1
    chris1 Posts: 582
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    ... some of us have legacy/unique accounts perfectly capable of generating multiple DDs ...
    How many DDs do you find they will accept, and at how low a figure each?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    chris1 wrote: »
    How many DDs do you find they will accept
    I have 4 accounts with up to 8 DDs on each. I'm not aware of any limit.
    and at how low a figure each?
    I don't do "low" (value) DDs...that's too much abuse in my view (and possibly one reason why Tesco are removing the facility). After all, if you set them all up for the same day the end result is the same isn't it?
  • chris1
    chris1 Posts: 582
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    I don't do "low" (value) DDs...that's too much abuse in my view (and possibly one reason why Tesco are removing the facility). After all, if you set them all up for the same day the end result is the same isn't it?
    Thanks for replying.
    The end result might be the same in the account the money ends up in, but if you are pulling it from 8 different accounts it's definitely not the same! (in other words you are fulfilling the DD criteria for 8 accounts).:)
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