Savings accounts deposits by Direct Debit?

10_66

nearlyretired2004 wrote: »

As I have posted somewhere else..... and confirming previous post above, Santander have told me by phone that they are no longer doing funding mandates, but that any already set up will continue to be honoured - and mine are being.


So, has anybody RECENTLY had any success setting up a new funding mandate.....??

When I rang them the other day, they made a palaver out of not wanting to send the DD's (Funding Mandates) out to me and that I'd have to go to a branch to get one. I told them I couldn't do that as I don't live near one, so they eventually agreed to send a couple out to me (NOT yet received though). However, they didn't say to me that they won't set these up on an esaver, just that you're supposed to go into a branch to get the forms. Typical of Santander to give different messages from different CS staff.

Herbalus

nearlyretired2004 wrote: »

As I have posted somewhere else..... and confirming previous post above, Santander have told me by phone that they are no longer doing funding mandates, but that any already set up will continue to be honoured - and mine are being.


So, has anybody RECENTLY had any success setting up a new funding mandate.....??

I went to branch today and asked for these forms, but they'd never heard of them so they called another department who have sent one to me in the post. Whether that's the same form as is online now and directed towards cash isa I don't know.

Sue_de_Nym

Does anyone know of a saving account that allows DD payments IN, but also standing order payments OUT ?

YorkshireBoy

Sue_de_Nym wrote: »

Does anyone know of a saving account that allows DD payments IN, but also standing order payments OUT ?

I'm not aware of any, so can't help unfortunately, but just out of interest, why would you require the facility to transfer out by SO?

innovate

Newcastle BS does but you might lose interest in any month you make a withdrawal on at least some of their accounts. In theory you could seesaw between a current account and a Newcastle account, but I am not sure it's worth doing in practice.

Sue_de_Nym

YorkshireBoy wrote: »

I'm not aware of any, so can't help unfortunately, but just out of interest, why would you require the facility to transfer out by SO?

I am trying to work out a plan to take advantage of the higher interest rates offered by some of the banks on current accounts by recycling the minimum monthly deposit through each and also meet the 2 x DD demands.

something like this,

Current A/Cs with Banks L and T1 (4% & 5%), Savings Accounts with Banks T2 and P (both approx. 1.2%).

The starting position is each bank has the maximum deposit to earn the highest interest rate

Then transfer between account during the month period as follows.

Bank T2 to Bank T1 Standing Order £1510
Bank T1 to Bank L Standing Order£1510
Bank T1 to Bank T2 Direct Debit £1505
Bank T1 to Bank P Direct Debit £5
Bank P to Bank T2 Standing Order £5

So then the cycle is repeated for the following months.

YorkshireBoy

Sue_de_Nym wrote: »

I am trying to work out a plan to take advantage of the higher interest rates offered by some of the banks on current accounts by recycling the minimum monthly deposit through each and also meet the 2 x DD demands.

Gets complicated doesn't it!

I used to make all my transfers manually, but have since adopted SOs on many of them.

I leave 1/2 my Halifax fivers in Tesco until I can be bothered to manually transfer them out. Likewise the same with YBS (ex Egg Savings account). Nice little bonus when I withdraw £60 or £75. Although Tesco pays a pittance in interest, at least I'm making 1.25% at YBS whilst it's there.

Several of my current accounts now cycle internally, and I've dropped the balances a little so I don't have to cream off the interest each month, eg TSB, BoS, and Vantage are all fed 1>2>3>1 etc, and every few months I cream off £100 from each account.

Santander, YB, and Nationwide FlexDirect (when I had them) are/were all done manually, as they required 'new money'.

Sue_de_Nym

I was trying to avoid having to do it manually in case I forgot.

I know I could recycle the £1500 between just LLoyds and TSB, but then I would lose that little interest Tesco offer on the £1500,
and I would have to drip feed Lloyds from another current account to cover the 2 x DDs.

YorkshireBoy

Sue_de_Nym wrote: »

I was trying to avoid having to do it manually in case I forgot.

Trust me, you won't forget! You soon get used to the '2nd working day of the month' routine.

And even if you did forget one month that it was coming up to 'payday', there are generally a few posts on here from people asking where their £5 Rewards and Lloyds/TSB Vantage interest is on the 1st of the month...a day or 3 early!

10_66

Has anyone managed to successfully set up a Santander dd for the new Lloyds Club account yet? I sent off my dd to S'der a week ago and still nothing showing on the "pull money in from an external account" tab yet.