Direct Debit from savings account to current account cost?

Lorcan

What I wanted to do was to get paid into my savings account which is a Natwest first reserve account and then set up a direct debit to my Lloyds TSB current account for the exact money I need to live on per week to make it easier to save. Is there any charges for doing something like this? I just thought there might be as they are two different banks. Thanks in advance.

SuperHan

Assuming your savings account doesn't have any limitations on withdrawals, there shouldn't be any charge for this.

Lorcan

Great thank you!

coolesticeking

It's against the T&C's of the First Reserve account to have Salary/Wage payments paid in directly.

If NatWest see you doing this, they will close the account.

EarthBoy

The terms and conditions for the First Reserve account state: "You may not have your wage or salary paid directly into your account."

See the bottom of page 27 here:

http://www.natwest.com/downloads/global_options/Guide_Fees_Interest.pdf

meer53

I don't know of any bank who will set up a Direct Debit on a Savings account.

Gromitt

Instead of transferring from a savings account the exact amount of money you need to live on, wouldn't it be easier to transfer out of your current account the money you don't need every time you have been paid? If it's a fixed amount per month then you can even setup a standing order.

If you have a bank like First Direct, then you tell them how much you need to live on, and they'll move the rest into your savings account (which could vary each month). However, the savings account has to be with them, so you'd probably get about 0.1%.