Savings accounts deposits by Direct Debit? UPDATED

NoodleDoodleMan

Removed - mistake on my part, sorry.

Consumerist

NoodleDoodleMan wrote: »

. . .A Tesco Internet Saver account is ideal for one DD at £1 from each of these Vantage accounts. . .

But two Tesco Internet Saver accounts would be better.

Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)

lcfcstephen

Consumerist wrote: »

But two Tesco Internet Saver accounts would be better.

Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)

Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

ColdIron

I would think that using 2 different dates per Internet Saver might increase the chances of success, just a guess

IanManc

lcfcstephen wrote: »

Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

Where for direct debits a month are specified you need four different direct debits each month, not the same direct debit taken four times in a month.

Clue: if you look at the direct debits field on internet banking for the account you're drawing money from, it will show one direct debit, paying out weekly. That's one direct debit, not four.

Consumerist

lcfcstephen wrote: »

Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

Interesting.

Some current accounts require a minimum of two "different" DDs paid from the account monthly. I've never been quite sure what that really means. Are four/five DDs paid monthly to the same account regarded as "different" ?

Please let us know how you get on.

lcfcstephen

IanManc wrote: »

Where for direct debits a month are specified you need four different direct debits each month, not the same direct debit taken four times in a month.

Clue: if you look at the direct debits field on internet banking for the account you're drawing money from, it will show one direct debit, paying out weekly. That's one direct debit, not four.

So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account

Consumerist

lcfcstephen wrote: »

So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account

I suspect that it may be the receiving account they will looking at to determine whether a DD qualifies as "different". Then again, one bank may accept multiple DDs to the same account whilst another doesn't.

This issue looks to be one that might only be answered by trial and error.

IanManc

The terms and conditions say:

6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.

ceredigion

IanManc wrote: »

The terms and conditions say:

6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.

What doesn't it say ?
from Halifax's T&Cs
"pay out at least 2 different direct debits "