Savings accounts deposits by Direct Debit?

innovate

As of April 1 2014, this post is no longer being updated. Please check latest postings in the thread for any possible updates.


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)
• Egg (Yorkshire BS; allowing multiple DDs on same account)
• Bank of Ireland Websave
• BM Savings (existing accounts only)
• Britannia BS
• Cheshire BS http://www.thecheshire.co.uk/Customer-services/Download-forms/Direct-Debit-forms/. Might only be for mortgages and insurances
• First Save
• GE Capital
• ICICI
• Intelligent Finance
• Monmouthshire Building Society (must use paper forms)
• Nationwide Mysave (1 DD only)
  [STRIKE]
• Newcastle BS ( Multiple Newcastle accounts can each have their own DD but only to one nominated current account. Can also set up regular payments back to "linked" account but be careful, withdrawals might affect the interest rate you get paid at Newcastle.)[/STRIKE]being withdrawn mid 2014
• Post Office (online set up)
• Principality BS (can have more than one linked account; to set up, call 029-2038-2000, or send paper forms. As of 01/04/2012, apparently no new DDs can be set up)
• 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
- 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

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)


Politics:
https://www.edirectdebit.com/conservativeparty/step-1.aspx (min £1)

http://www.womensaid.org.uk/page.asp...tle=Donate+now (min 1p, apparently)

anamenottaken

I believe the AA use DD (at least they are set up on one of my LTSB Vantage accounts ).

opinions4u

Saga.

Do you qualify?




I think Egg do too, although I've not used them for some time since they killed off their competitive position.

innovate

opinions4u wrote: »

Saga. Do you qualify?

'fraid so... :cool:

opinions4u wrote: »

I think Egg do too, although I've not used them for some time since they killed off their competitive position.

I got an old Egg one, looks like just debit card, not DD

Not looking for good rates as part of this exercise, just interested in the facility

expatasia

Don't Nationwide International do one?

YorkshireBoy

If this thread is linked to today's Vantage 4% thread, many of these savings accounts accepting deposits by DD require the opening deposit to be via cheque from the linked account.

Many Vantage customers using them purely for savings accounts are unlikely to have multiple cheque books. I know I don't.

BTW, Egg is now Yorkshire BS, not Yorkshire Bank.

barak

Newcastle BS and West Bromwich BS require deposits by DD only on some of their accounts and don't allow Faster Payments in, which is why I am trying to avoid them!

innovate - Do you have a special reason for wanting this information?

opinions4u

innovate wrote: »

I got an old Egg one, looks like just debit card, not DD

From their web site:

How do I move money in and out of my Egg Savings Account?

To move money in and out of your Egg Savings Account, log in to 'your accounts' then either:

1. Select 'view' on 'your money' for the savings account you want to carry out a transaction on.

Then select one of the options available within the savings navigation:
Transfer money out
Pay money in
Regular deposits
Or

2. Select the 'Move money' tab on the main navigation and choose from the following options:
Make a debit card payment to an Egg account
Transfer money from an Egg Savings or an Egg ISA account
Set up or change your Direct Debit payments into Egg

alanq

I try to avoid accounts that require deposits by DD. Paying in by pushing from my current account goes by Faster Payments. DDs take a few banking days to arrive.

ING Direct requires that a DD is set up though Faster Payments in are also permitted.

barak

Others NOT allowing DD deposits on some of their accounts at least
Coventry
Derbyshire
Skipton
Northern Rock

mulronie

Slightly off topic, but it baffles me that some institutions allow Direct Debit as a means for funding a savings account, let alone the few that insist upon it.

It makes me doubt whether these institutions understand the risk they're exposing themselves to under the Direct Debit guarantee scheme