Savings accounts deposits by Direct Debit?

eviekins

YorkshireBoy wrote: »

Why didn't you each open two Tesco accounts, one Internet Saver and one Instant Access Savings Account?

Can I just confirm that this works? Im setting up direct debits for the 123 account and can the two DDs I need to qualify for interest both be from tesco?
Thanks!

badger09

eviekins wrote: »

Can I just confirm that this works? Im setting up direct debits for the 123 account and can the two DDs I need to qualify for interest both be from tesco?
Thanks!

Yes, as long as they are to different Tesco accounts.

However you'd be much better off with DDs which attract cashback -eg council tax, utilities, phone etc. Also Santander DDs don't have to be paid every month - they just have to be active, so quarterly or even annual ones are fine.

spluff

I setup 2 charity direct debits to my main account for the Club Lloyds but found out I cannot convert it and need to open a new account.... How do I change/cancel these direct debits when they just setup?


Thanks

eskbanker

spluff wrote: »

I setup 2 charity direct debits to my main account for the Club Lloyds but found out I cannot convert it and need to open a new account.... How do I change/cancel these direct debits when they just setup?


Thanks

Either:
(a) go through the full switching process for the account they're currently associated with (may not be possible if you're talking about two Lloyds accounts), or
(b) do it manually, i.e. contact the charities and cancel and recreate them.

lozzy1965

eskbanker wrote: »

Either:
(a) go through the full switching process for the account they're currently associated with (may not be possible if you're talking about two Lloyds accounts), or
(b) do it manually, i.e. contact the charities and cancel and recreate them.

I believe you can cancel DD's from your end of the transaction, ie. you don't need to contact the company taking the DD. I seem to remember reading this in Which?. So you can cancel them, then set up SO/DD's from the new account.

colsten

lozzy1965 wrote: »

I believe you can cancel DD's from your end of the transaction, ie. you don't need to contact the company taking the DD. I seem to remember reading this in Which?. So you can cancel them, then set up SO/DD's from the new account.

You are right, you can cancel a DD in your current account online banking, or by asking your bank to cancel it.

You can set up an SO on your new account, but you cannot set up a DD on the account yourself. You authorise another company to take money off your current account by DD, and that other company will set up the DD with your bank.

Please stop saying or implying that DDs and SOs are the same (you did it in another thread I just responded to) and they are categorically not the same.

Archi_Bald

Newcastle Building Society will no longer support Direct Debits for their savings accounts from November 3 2014.

Mee

MoneySaverLog wrote: »

I have 3 cheque books from LTSB, and 3 debit cards as a result of opening up 3 vantage accounts. Basically they are locked away and never been used

You could always request one if you don't have a cheque book I'd have thought

Ditto!

I've also taken the additional account cards and cheque books back to banks for safe destruction and instructed them to cancel future cards and cheque books.

someone

GE Capital Direct are withdrawing Direct Debit facility

Direct debit
From 20th January 2015, the Direct Debit facility to pay money into your GE Capital Direct savings account will no longer be available. We have amended the following conditions 1l, 1m, 2b & 5h to reflect this. Existing conditions relating to Direct Debit funding have been removed 2c, 2h, 2l, 2m & 2n and the remaining conditions renumbered accordingly. Please see appendix 1 for details.

anon_ymous

Bit of a bump, but I should add that I got an email from Principality BS today, who've said that as of 08/03/2015, you can no longer pay in money via direct debit

I've now applied to Scottish Widows

Principality wrote:

From 08/03/2015, we will be changing how our e-Savings accounts work and you will not be able to move money into your eSaver account using the direct debit facility set up on your linked account. This change does not affect moving money out of your e-Savings account.