Reguler payments from Savings account

lacanox

[ftp][/ftp] Dear Martin,

You state under how to save a lump sum,"One final tip. To invest a lump sum using these schemes, put the money first in a standard savings account (Best Savings Account Article) then set up monthly payments from there to the Regular Saver."

With my egg savings account I cannot have a reguler payment setup to go out from that account. I have just checked th Alliance & Leicester Savings Account & under the terms & conditions it is only too & from a current accounts. how do you set up reguler payments I presume like standing order or direct debits from a savings account please?

Milarky

With Egg account you are right that you cannot set up advance payments to third party accounts yourself. But Egg say that by contacting them [eg via secure messaging] you can request a future dated withdrawal.

Can I suggest that try this via a message and see what the response is? I suspect you will have to quite specific as to dates and amounts of withdrawal as well as stating all the account details:

For example something like

"Please can you make a payment of £50.00 to the following account number/sort code quoting reference on each of the following dates... Thank you in advance [and list all the dates]"

might do the trick. At least it is putting a toe in the water

The good thing about Egg is that payments should only take two days to arrive - quicker than some other institutions

Good luck

lacanox

thanks alot for that, I will look into it

Walletwatch

The problem, as I have found, Milarky is that the Banks that offer Regular Savings accounts insist on a Standing order from a Current account - I've had this with both Abbey and Halifax ???