Online Savings...

slowlyfading

Are there any savings accounts that you can pay money from Paypal into?
Thanks,
sf x

kingmonkey

Virtually all of them I think.

From paypal.com:

Add a Bank/Building Society Account in the United Kingdom
Secure Transaction

PayPal protects against unauthorized withdrawals from your bank account to your PayPal account. We email you each time you make a transaction from this bank account using PayPal.

This bank account will become the primary funding source for your payments. When making a payment, you may change this funding source. Learn more

Your bank account must be denominated in Pounds Sterling only.Enter your name exactly as it appears on your bank account statement. If the names do not match exactly, the transfer will fail and a return fee will be charged.

MarkyMarkD

I don't think you're right, kingmonkey.

When you add an account to Paypal, they treat it as a funding source, and presumably set up a DD mandate against it.

You cannot set up a DD mandate against most savings accounts.

kingmonkey

Not DD but you can withdraw funds to a bank account through Paypal. There is even a radio button asking if the account is a current account or a savings account.

MarkyMarkD

I don't understand PayPal's wording. They state that the new account you add will become your primary funding source. That means it cannot be a savings account.

But, as you say, there is a radio button to choose between current account and savings account.

And my primary funding account is my current account - but whenever I buy something, I pay by credit card NOT from that primary funding account.

So primary funding account seems to mean nothing.

Anyway, back to the OP's question. They can only use a savings account which has its own sort-code and account number, which excludes a large proportion of building society accounts (and probably some bank accounts) where you have to quote:

sort code
account number
and YOUR OWN account number as a reference.