Savings accounts deposits by Direct Debit?

planteria

anyone know which of the DD Savings Accounts pays the best interest rate??

Eco_Miser

There is a new thread continuing this one here: https://forums.moneysavingexpert.com/discussion/5126573

VeryMan

I need to set 4 DD, can you advise me please?
what accounts to open or which companies/charities etc would accept the minimum?
thanks!

neilsedaka

Tesco Bank. 2 x "Internet Saver Account" and 2 x "Instant Access Savings Account" = 4 separate accounts on which you can set up 4 separate £1/month direct debits. And you get to keep the money.

http://www.tescobank.com/savings/flexible

As the names suggest these are savings accounts. What is unusual but extremely helpful is that these savings accounts allow you to pull money in from other banks via direct debits.

VeryMan

neilsedaka wrote: »

Tesco Bank. 2 x "Internet Saver Account" and 2 x "Instant Access Savings Account" = 4 separate accounts on which you can set up 4 separate £1/month direct debits. And you get to keep the money.

http://www.tescobank.com/savings/flexible

As the names suggest these are savings accounts. What is unusual but extremely helpful is that these savings accounts allow you to pull money in from other banks via direct debits.

thanks! will do that, but do I have to apply 4 times? or once and then email them to open the rest 3 accounts for me?

also, maybe the £0.1 charity donation is also good? is there anything like that?

Superscrooge

You should only need to go though the full application procedure to open your first Tesco account. Then once you have online access to your first account, you can apply for the others online. That is what I did when I opened a 2nd Tesco current account and credit card. Opening subsequent accounts was very straightforward

neilsedaka

VeryMan wrote: »

thanks! will do that, but do I have to apply 4 times? or once and then email them to open the rest 3 accounts for me?

You need to go through the motions of applying for the four accounts separately on the Tesco Bank website. After the first one is open it is an easier process (as per Superscrooge) to open the other three by using Apply For A New Product on the right. When the accounts are set up and visible in your Tesco online banking you go to each account in turn, click Move Money In on the left, Add New, and fill in the form for each direct debit that you wish to create.

VeryMan wrote: »

also, maybe the £0.1 charity donation is also good? is there anything like that?

Not a good idea. It would cost the charity more than 10p for the administration their end.

VeryMan

Do the direct debits have to be monthly or yearly work too?

colsten

VeryMan wrote: »

Do the direct debits have to be monthly or yearly work too?

It depends on the purpose you need them for. The T&Cs will tell you.

VeryMan

Is https://www.bankaccountsavings.co.uk/ accurate to advise me on the maximum interest I can get from savings accounts?

It gives me £1,470 for £48,000 in single accounts, but I have £65,000, any hint?