Savings accounts deposits by Direct Debit? UPDATED

Consumerist

pantaiema wrote: »

Is it still allowed to have multiple online savers nowadays?

I have two and, as far as I know, the only restriction is that Tesco reserves the right to limit the number opened by a customer..

surreysaver

adindas wrote: »

Does Scottish widow allow multiple DD in one accounts ?

thanks

Just the one direct debit. I don't know many accounts they'll let you open - I opened two.

adindas

Deposits
.... Deposits can be made at any time via standing order, one-off payments or online transfers.

http://www.santander.co.uk/uk/savings/esaver

The terminology used here (e.g Standing Order) is rather
Has anyone tried to pull money from nominated external account to Santander eSaver and appear as DD ?

Thanks

eskbanker

Santander used to offer DD funding for the eSaver but it was reported that they stopped accepting new mandates (hence this method not appearing in the Ts & Cs you quote), so the eSaver account was removed from the list in the OP of this thread and its predecessor in 2014, as per post #10 on page 1 and the link from there to the old thread....

adindas

eskbanker wrote: »

Santander used to offer DD funding for the eSaver but it was reported that they stopped accepting new mandates (hence this method not appearing in the Ts & Cs you quote), so the eSaver account was removed from the list in the OP of this thread and its predecessor in 2014, as per post #10 on page 1 and the link from there to the old thread....

http://www.santander.co.uk/uk/savings/esaver
Deposits
.... Deposits can be made at any time via standing order, one-off payments or online transfers.

When I called Santander, they wanted to set up SO from my Santander eSaver, but I told them I wanted DD they kept telling me they could set up SO from my eSaver not DD, so I refused. If what they mean here SO they definitely cannot do it from Santander eSaver but have to be from the other end pushed to Santander eSaver.

My understanding a SO in general means you PUSH money out from where you set up the SO. In this case it must be set up from the other end and not from Santander eSaver.

[FONT=&quot]You could deposit money pushed from another external account to Santander eSaver but you cannot deposit money originated from Santander eSaver. It might be what they mean SO here is what they used to call DD. I want to check it here whether someone managed to Set up SO from Santander eSaver and appear as DD on the other end.

They used to have a eSaver Direct debit form but it now disappears.
[/FONT]

gingercordial

I'm also having trouble with my Paypal direct debit which I normally use to pull money from my Co-op account once a month. "Sorry, we're unable to process your request." Getting this via the app and the website, yesterday and today.

Wondering whether to just set up a Scottish Widows savings account to replace it and not have to bother with the manual pull, and if that can be done before the end of the month...

surreysaver

gingercordial wrote: »

I'm also having trouble with my Paypal direct debit which I normally use to pull money from my Co-op account once a month. "Sorry, we're unable to process your request." Getting this via the app and the website, yesterday and today.

Wondering whether to just set up a Scottish Widows savings account to replace it and not have to bother with the manual pull, and if that can be done before the end of the month...

Scottish Widows seem pretty quick. I opened two accounts up at the beginning of last week and the direct debit left my account yesterday. You tell them online how much the first amount is, then the monthly direct debit has to be a minimum of £10. They ask you to send proof of the current account in, but they set the direct debits up before you send the documents in.

I've also been having problems with PayPal. For what should be a simple operation, it needs micomanaging.

eskbanker

adindas wrote: »

It might be what they mean SO here is what they used to call DD. I want to check it here whether someone managed to Set up SO from Santander eSaver and appear as DD on the other end.

I don't think you really understand this - standing orders and direct debits are two completely different things, so you can't have a SO that appears as a DD at the other end!

This thread is all about savings accounts that have the facility to pull money in from other accounts by DD. Santander's eSaver used to have this facility but doesn't anymore, so you can push money into it from elsewhere (which would need to be set up as a SO at the other end) or you can push money out of it by SO but it no longer supports new DD mandates (since 2014).

So the bottom line is that if you're looking for an account that can be used for qualifying DDs for Ts & Cs of current accounts (which was the purpose of this thread) then Santander's eSaver can't be used in that way and you should use some of the others listed in the OP instead....

gingercordial

surreysaver wrote: »

Scottish Widows seem pretty quick. I opened two accounts up at the beginning of last week and the direct debit left my account yesterday. You tell them online how much the first amount is, then the monthly direct debit has to be a minimum of £10. They ask you to send proof of the current account in, but they set the direct debits up before you send the documents in.

I've also been having problems with PayPal. For what should be a simple operation, it needs micomanaging.

Fantastic, thanks. I've just applied for SW so fingers crossed it all goes through this month - I have 3 x Tesco Savings DDs running on Co-op for the monthly Reward but need that as the 4th. Wasn't particularly keen on yet another banking relationship to add to the pile but it'll save me the manual step with Paypal at least.

It had the minimum monthly DD as £1 on my application, not £10, by the way.

eskbanker

adindas wrote: »

Having set up something about 100 SO, 30 DD or even more I definitely know the difference between SO and DD and I have been doing this for many years.

I was checking what the Santander CS was saying as he wanted to set up SO from my e Saver account to deposit money to this eSaver. Which if what he meant SO it is actually what people call it a DD. Or it might be I was talking to a novice in Santander which is sometimes the case with CS

So when the Santander Ts & Cs clearly only refer to SOs not DDs, and this is verified by their staff, your rather bizarre conclusion was that they might all be referring to "what people call it a DD" despite this being a different thing altogether?!

I'd suggest it's probably worth considering the possibility that the CS rep had no idea what you were actually trying to do, as you seem to be able to over-complicate simple situations in writing and use rather confusing language so I can imagine that verbally these effects are likely to be magnified....