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Savings accounts deposits by Direct Debit? UPDATED

edited 15 April 2017 at 10:01PM in Savings & investments
381 replies 209K views
waqasahmedwaqasahmed Forumite
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edited 15 April 2017 at 10:01PM in Savings & investments
This is basically a continuation of the thread here:

http://forums.moneysavingexpert.com/showthread.php?t=4168667

BUT Im happy to update it, if people notice a change, and then send me a PM :)

^ Thanks to the original poster, of the original thread - this is just a continuation)

Any way:

List of savings accounts providers that allow, and don't allow, deposits by Direct Debit (as opposed to by SOs, debit cards etc etc).

Please add a reply if you have anything additional to report, or if you spot something incorrect. I will update this post as appropriate so we got the list all in one place.

Providers with Direct Debit feed:
  • Aldermore (by posting filled-in form, printed from site)
  • AA (1st deposit by cheque) -minimum £1000 to open account (can fall below that later though, with lower interest)
  • Egg (Yorkshire BS; allowing multiple DDs on same account) - no longer available for new customers.
  • BM Savings (existing accounts only)
  • Britannia BS - no longer exists for new customers
  • First Save - no longer allows direct debits
  • ICICI
  • Intelligent Finance - no longer allows direct debits
  • Monmouthshire Building Society (must use paper forms) - - no longer allows direct debits
  • Nationwide Mysave (1 DD only) - Looks like for existing customers only.
  • Saga (if you are 50+; 1st deposit by cheque)
  • Scottish Widows
  • TESCO Bank (multiple DDs allowed, on both, their Internet Saver and their Instant Access Saver)
  • West Bromwich BS (selected accounts)
  • YBS offset savings if you have a mortgage there (allows multiple DDs)

Minimum opening deposits apply in some cases.

Offshore banks, such as Nationwide International, might allow DDs - - but beware, they have no FSCS protection.

ZOPA, Paypal, Charities, National Lottery: not exactly savings accounts, but they allow Direct Debits. Also Ratesetter (http://www.ratesetter.com/blog/Regular_Lender_Blog.htm)

See below for a list of charities accepting low-value DDs. More charities via http://www.justgiving.com/

If you have regular investments with firms like H&L or Investdirect, you might be able to set up Direct Debits with them.


Savings providers with no Direct Debit feed
:
- most high street banks
- Barclays savings accounts
- Barnsley BS
- Cambridge BS
- Chelsea BS
- Coventry
- Derbyshire
- KRBS
- LLoyds savings accounts
- M&S Savings
- N&P
- National Counties
- Northern Rock
- Nottingham Building Society
- Principality
- Saffron BS
- Sainsbury's Bank
- Skipton
- Yorkshire BS (except for old Egg accounts, it seems)


Some charities that accept £1 (or less) DDs:
(don't forget to tick Gift-Aid if you are a tax payer. Also, all companies pay about 50p to £1 per DD transaction, so please don't be mean!)
https://www2.amnesty.org.uk/giving/donate/give-monthly

http://www.unicef.org.uk/Donate/give-monthly/

http://www.redcross.org.uk/Donate-No...Giving-Appeals (Min £2 - takes 10-15 days to set up)

http://england.shelter.org.uk/donate

http://www.oxfam.org.uk/donate

https://donations.rspca.org.uk/directdebit.aspx

http://www.wateraid.org/uk/

http://www.christian.org.uk/support/index.htm (1p min)

http://www.cancerresearchuk.org/

https://www.payaquid.co.uk/

Politics:
https://www.edirectdebit.com/conservativeparty/step-1.aspx (min £1)

http://www.womensaid.org.uk/page.asp...tle=Donate+now (min £3)
«13456739

Replies

  • gt94sss2gt94sss2 Forumite
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    I think some of the Santander accounts also allow direct debits.

    Regards
    Sunil
  • 2010 wrote: »
    Council tax
    Energy providers
    Water companies
    Mobile phone companies
    Telephone companies

    They aren't exactly savings accounts, are they.
  • 2010 wrote: »
    I think you`re splitting hairs here.
    ALL companies that do DD to help you achieve whatever the current account requires are useful to know especially to newbies and people less well informed as us.
    It's not splitting hairs, and you are missing the point entirely by not answering CI's question. This thread is to help people when they run short of well-known DD options. There is a big clue in the title of the thread.
    2010 wrote: »
    Thanks Arch, I did realise that but newbies may need this info as nearly every day on these boards there`s questions about DD for current accounts.
    I am on these boards a lot and I have never seen anyone asking whether the kinds of companies you list allow DDs. You need to credit people with at least some basic everyday knowledge as most of them have been paying their utilities, phones and council tax (as well as some other bills) long before current accounts required DDs for certain benefits. And the title of the thread talks about Savings Accounts.
  • waqasahmedwaqasahmed Forumite
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    Maybe there's been a bit of virtual punching here.

    @2010, I appreciate you wanted to show different ways in which you CAN have a direct debit feed, and of course, those are valid direct debit feeds.

    BUT this thread is for savings accounts. With say.. broadband, gym memberships, phone bills etc.. the price can fluctutuate up/down for a myriad of reasons

    I know I personally prefer to met the criteria of banks, by having a savings account, because:

    Let's say you have £5000 at Lloyds (Using Club Lloyds)

    Once a month, you just have to transfer £2 in, and £1 will go to savings account A, and the other to savings account B

    You'd still have £5000 at the end of the month, and that £2 will still be yours as well

    Say you have a mobile phone contract. one month you might use more. With broadband, the price might go up, you may change provider, with utilities companies, this is probably more common and the direct debit will have to be adjusted

    It then means, that the interest you get in that account, is nicely and neatly scraped off and thrown in to another account, to make yet more interest. I think for me, it comes down to little nitty gritty things like that. I don't know if that's the same for others though :)
  • waqasahmedwaqasahmed Forumite
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    ColdIron wrote: »
    The entire point of the list is to name organisations that can be used for DDs instead of these

    What would you do if you opened up a Club Lloyds and the above organisations were locked into your 123 earning cash back?

    BTW Charles Stanley Direct take monthly savings by DD like HL etc

    I've only seen ISA's there. Worth mentioning I guess, even if it's just an ISA (And Ill update the OP) Do they do standard savings accounts. Also could I ask what a "HL" is?
  • YorkshireBoyYorkshireBoy Forumite
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    waqasahmed wrote: »
    Also could I ask what a "HL" is?
    http://www.hl.co.uk/
  • waqasahmedwaqasahmed Forumite
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    2010 wrote: »
    I did try to get the thread thinned back to the basics by removing my posts but other people don`t want to budge.

    Council tax
    Energy providers
    Water companies
    Mobile phone companies
    Telephone companies

    It's better to simply leave it be tbh :)
  • JohnRoJohnRo Forumite
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    I wonder what's happened to innovate...
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Eco_MiserEco_Miser Forumite
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    gt94sss2 wrote: »
    I think some of the Santander accounts also allow direct debits.

    They may do in theory, but apparently they don't in practice see post 302 of original thread and innovate removed Santander from the list because it is too painful to watch the self-harm people are doing themselves with it.
    Eco Miser
    Saving money for well over half a century

  • edited 29 December 2014 at 11:57PM
    SanneSanne Forumite
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    edited 29 December 2014 at 11:57PM
    I've had a look through all the providers as I'll be losing my principality DD soon - maybe someone can point me into the right direction but...

    Egg - YBS - I can't find an account allowing payments via DD so only for existing accounts?
    Britannia BS - seems to be Co-Op bank now and I can't find a mention of DD - only for existing accounts? http://www.co-operativebank.co.uk/savings/smart-saver
    Nationwide Mysave - can someone give me a link to this? Can't find it on their website

    Also, FirstSave accounts (notice and easyAccess) are currently unavailable.
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