Savings accounts deposits by Direct Debit? UPDATED

moneysavergirl2

Thanks for great thread.

I live in Northern Ireland and Tesco do not provide bank accounts to NI residents

I have 3 BOS accounts - are my best options for the DD requirements charity donations to Oxfam/Marie Currie/Red Cross?

ColdIron

If you don't mind doing it manually every month PayPal would work for one of the two for each account

Edit: or have a look at post #1 in this thread

flopsy1973

how do i set up the DD from my BOS account to the Tesco account can it be done online?

chockydavid1983

Yes, you can set it up from the Tesco site

flopsy1973

thanks had a look this but under what ?

dave_dph

Within Tesco online banking:

• Click on the savings account you want the money to go to
• On the left side of the screen click on 'Move Money In'
• In the centre of the screen you will be asked to select and existing account to move money from, you need to click 'Add New' to set up a new instruction
• Complete the necessary fields for the bank account you want to move money from, ensuring you select 'Regular' to set up a regular payment. The account nickname is something you may want to call the account in order to aid easy selection within your Tesco list of payees.

Once you click 'Confirm' at the end of the process you monthly direct debit will be created.


Any problems just shout!

JamesRobinson48

One of the earlier posts on this thread mentioned Alliance Trust Savings (an online investment dealing platform) as one potential source for creating monthly direct debits. Solely for the (many thousands of) people like me, that are already dealing clients of Alliance Trust Savings (ATS), I suggest this has much to commend it. ATS allows clients to set up a monthly DD of minimum £50, from a bank current account into your ATS Online Dealing Account. Once it's in your Online Dealing Account, this money doesn't have to be immediately used to buy shares (e.g. you could accumulate it over time and ultimately withdraw it if you choose). It's possible to set up multiple DDs from different bank current accounts in your name into the same ATS Online Dealing Account, so this DD solution is 'scalable'.

ATS is not a free service, and it only makes sense to be an ATS client if you transact in shares. So there would certainly be no point in joining ATS solely or mainly to get the DDs. But if you are an ATS client anyway, using their DD functionality should not of itself trigger any additional costs, apart from the fact that the Online Dealing Account itself does not earn interest.

Doc_N

That's an interesting one, JamesRobinson48, speaking as a fellow ATS client.

I use the facility for monthly savings in Alliance Trust, but I had no idea it could be used in the way you suggest.

greenglide

Isn't this true of most / all platforms? Fidelity, Youinvest and TD Direct have a regular DD function with a minimum of £25 or £50 per month. Whether you can leave it as cash may vary between platforms and whether it is an ISA or an unwrapped account.

ColdIron

Certainly HL and CSD also allow DDs, I use them to satisfy my 2nd 123