Direct Debits from Savings Accounts?

craftingmad

Hi,

Hope I'm posting in the right place. I am looking for any savings accounts (preferably good interest payers) which allow direct debits to be set up.

Basically I already have regular monthly childrens savers accounts (6% AER) where at the end of each year the money saved in these goes into a low paying account (1.05% AER). I am now looking to transfer this money into a higher rate interest account
where I can then set up another regular monthly saver (on top of the 6% one mentioned above) for the kids so that they benefit from a bit more interest being received.

Anybody know if this is possible?

I also if possible I want to transfer the amount of a couple of savings accounts paying a pitiful 0.35% AER into different higher interest accounts - anyone know a good instant access account? Balance would be around £2000-£3000.

Any advice, help, recommendatons grateful received.

Thanks

ses6jwg

Theres the Leeds Building Society Albion Cheque account, but rates are not great
http://www.leedsbuildingsociety.co.uk/savings/albioncheque.html

psychic_teabag

There are some current accounts paying good interest rates - eg I think Santander pay 5%. But do you really mean direct-debit (where money is pulled from the account remotely) rather than, say, standing orders (where money is pushed out of the account at fixed intervals) ?

The tesco savings account doesn't allow periodic payments, but does allow one-off payments to be configured for arbitrary dates in the future - perhaps that would do as a compromise ?

kidmugsy

Although the Lloyds TSB "Vantage" current account is about to become less wonderful it will still be pretty good. It'll pay 3% pa on a balance of £3k-£5k and you could set up a standing order. There's a minimum pay-in every month: I don't know whether they are planning to change that too.