Savings accounts deposits by Direct Debit?

tipsychick

Hopefully I can save you a bit of time and effort here!

I tried doing the very same thing last summer with an esaver that had recently matured (can't remember which issue) and Santander returned my DD forms with an admittedly fairly apologetic letter saying it wasn't possible to fund the everyday saver by DD.

I can't remember which incarnation of the esaver that was now but I simply opened the newest issue, esaver 11, and did the 3 x DD with that. They used to open new issues of the esaver more frequently than they seem to now. The most recent issue is still the esaver 11 from their website.

anna42hmr

tipsychick wrote: »

Hopefully I can save you a bit of time and effort here!

I tried doing the very same thing last summer with an esaver that had recently matured (can't remember which issue) and Santander returned my DD forms with an admittedly fairly apologetic letter saying it wasn't possible to fund the everyday saver by DD.

I can't remember which incarnation of the esaver that was now but I simply opened the newest issue, esaver 11, and did the 3 x DD with that. They used to open new issues of the esaver more frequently than they seem to now. The most recent issue is still the esaver 11 from their website.

Thanks for posting the above, just opened a new one with santander, that way they will have no reason to decline adding the dd request. New account number showing straight off, so thanks for the heads up.

innovate

So if it is impossible to fund the Santander everyday saver by DD, and the esaver turns into an everyday saver after a year, your DD will last for 12 months only. Doesn't sound a good long term strategy then to use the esaver DD if you are looking for a DD that lasts for more than 12 months.

anna42hmr

innovate wrote: »

So if it is impossible to fund the Santander everyday saver by DD, and the esaver turns into an everyday saver after a year, your DD will last for 12 months only. Doesn't sound a good long term strategy then to use the esaver DD if you are looking for a DD that lasts for more than 12 months.

by the looks of how my every day saver is working since it matured tom the esaver, the existing DD mandate still works, however, from the previous poster it appears they will not accept new mandates to it, so the one on my original account that i use for halifax has still been claimed fine since it matured, so have just opened another esaver account and submitted the DD form with the new account (showed up on my internet banking profile within 15 minutes.

tipsychick

anna42hmr wrote: »

by the looks of how my every day saver is working since it matured tom the esaver, the existing DD mandate still works, however, from the previous poster it appears they will not accept new mandates to it, so the one on my original account that i use for halifax has still been claimed fine since it matured.

My experience is exactly this.

mary

dave875933 wrote: »

The Santander savings direct debit form is still available here:

http://www.santander.co.uk/csgs/Satellite?c=DocumentoGS&canal=CABBEYCOM&cid=1237901701528&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FDocumentoGS%2FDocumentoGSPreview

Link taken from the FAQs here:

http://www.santander.co.uk/csgs/Satellite?pagename=Abbeycom%2FGSPageDetail%2FWC_ACOM_PrintA&canal=CABBEYCOM&empr=Abbeycom&leng=en_GB&cid=1237873435620

where it mentions direct debit as a way of paying money into a savings account.

The form still has fields for amount and frequency so hopefully no manual pulling needed.

I have downloaded the Direct Debit form but noticed that it is to be returned to ISA Customer Services and further down the form it says "Instruction to your bank to pay into your Cash ISA by Direct Debit" Is this a general form or is it specifically for ISAs only.
I want it as a link for Santander e-saver to Lloyds Club current Account Direct Debit.

tipsychick

Hi Mary

I've filled in several of these forms over the last year and have a few left over, so just had a quick check to see what mine looked like. The original form I have does differ from the one in the link and there is no mention of ISAs or ISA Customer Services on it.

It's possible Santander changed the form at some point since I downloaded my copies though, because in section B, part 6, I see you can tick esaver as the savings account you want the DD applied to, which makes me think this form is probably okay to use.

AFAICS the form is pretty similar in every other respect. On the original form you were told to send a copy of a statement from the account you wanted the DD to come from and I can't see that requirement on the new form.

I'm sure someone will be along shortly to confirm.

innovate

May be it is only the ISA team, or their ISA Managers Ltd subsidiary to be precise, at Santander who are capable of processing DD requests.

On the only known available version of the form, you can still tick esaver (as opposed to cash ISA and Flexible Saver)

Personally, I wouldn't bother and instead just go to Tescos.

ianlawn

innovate wrote: »

I very much hope nobody did, seeing that each DD transaction costs the recipient something like 50p to £1.

It's one thing to help a bank to share out a bit of their profits.

It's an entirely different thing to rob a charity.

Is this definitely true? why would a charity allow 1p donations if it costs them much more.

Often charities dont need to pay usual fees the others do

mary

innovate wrote: »

May be it is only the ISA team, or their ISA Managers Ltd subsidiary to be precise, at Santander who are capable of processing DD requests.

On the only known available version of the form, you can still tick esaver (as opposed to cash ISA and Flexible Saver)

Personally, I wouldn't bother and instead just go to Tescos.

Seems a bit strange that the ISA team are involved, but then we are talking Santander!! As you say there is a tick box for Esaver, so maybe that's what they do.

I did try for Tesco as I have 2 separate accounts with them. Set up the one SO no problem, but when I tried to set up the second it said it had already been set up. No I didn't make a mistake, I was trying to set it up from the second account. So maybe One Direct Debit covers both accounts, although I didn't think that should be the case. So I'm not sure whether to try that route again with Tescos