Savings accounts deposits by Direct Debit? UPDATED

adindas

eskbanker wrote: »

With all due respect you're the one who posted "I want to check it here whether someone managed to Set up SO from Santander eSaver and appear as DD on the other end" and I was just highlighting that if you're posting a gibberish question like that then it strongly implies that you don't know what you're talking about (especially when I'd already explained Santander's position on DDs in the post you were replying to).

You may consider it pedantic to differentiate between SOs and DDs but this recent post highlights that those who inaccurately use the terms interchangeably get their fingers burned when the banks do know the difference....

I mentioned it post #296

"If what they (Satander CS) mean here a Standing Order (SO) they definitely cannot do it from Santander eSaver but have to be from the other end pushed to Santander eSaver." Could you ??

Keep in mind this is an eSaver not a current AC. You cannot set up a SO from Santander eSaver. People who already have a Santander eSaver, try yourself if you wanted to find out.

" 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"

I fully understand the difference between DD and SO because:

I already have Santander eSaver i5 since 2012. There is already 2DD running on it.

The one I recently open is the second eSaver.

I already open and close more than 50 current accounts. Most of them have SOs and DDs in it.

If I include a DD for Creditcards I actually have more than 50 DD and over 100 SOs. For SOs I set up by myself.

eskbanker

It's probably worth reiterating again that the topic of this thread is "Savings accounts deposits by Direct Debit" with the implicit subtext that these are a useful mechanism via which to satisfy the DD requirements for many interest-paying current accounts.

I have no idea why you seem to believe that standing orders are relevant, and clearly SOs out of a savings account have even less relevance to the topic of depositing into these accounts by DD.

I see you've already been deleting as well as editing posts (unless mods have maybe intervened) - perhaps if you wipe all your recent posts on this thread it can return to the actual topic?

Kumnaa

I know this thread isn't really about charities but the list here is pretty useful and I've also found Alzheimers Research also accept £1 DDs.

http://www.alzheimersresearchuk.org/

xyz123

I am late to this game as I never used saving account for DD. Now am looking at adding two DDs to one of my old accounts before I switch to another bank. I see Tesco saver allows separate DDs on both of their accounts. so presumably I can do one DD on internet saver and one for instant access.
silly question but how do I set this DD? do I call them or is there a way to fill in a form? I haven't yet opened these accounts but will be doing it this weekend. ta

eskbanker

xyz123 wrote: »

silly question but how do I set this DD? do I call them or is there a way to fill in a form? I haven't yet opened these accounts but will be doing it this weekend. ta

Go to the 'move money in' option within their online banking, this creates the DDs for you.

teddysmum

xyz123 wrote: »

I am late to this game as I never used saving account for DD. Now am looking at adding two DDs to one of my old accounts before I switch to another bank. I see Tesco saver allows separate DDs on both of their accounts. so presumably I can do one DD on internet saver and one for instant access.
silly question but how do I set this DD? do I call them or is there a way to fill in a form? I haven't yet opened these accounts but will be doing it this weekend. ta

You can have more than one internet saver (6?). These pay slightly more than the instant access accounts.

NoodleDoodleMan

Reading recent(ish) comments it appears a few clued up members hereabouts are up to speed on the Co-op Bank and its Rewards Accounts in respect of DDs.

Can I ask for some clarification from any experienced punters ?

eskbanker

NoodleDoodleMan wrote: »

Reading recent(ish) comments it appears a few clued up members hereabouts are up to speed on the Co-op Bank and its Rewards Accounts in respect of DDs.

Can I ask for some clarification from any experienced punters ?

Hopefully someone will be able to help once you make it clear what clarification you're actually asking for!

NoodleDoodleMan

That's a fair one !!!

We are tempted to the Co-op Bank's upgraded current account that offers worldwide travel insurance - one of the conditions for rewards is 4 x Direct Debits.

I have three Tesco Internet Savers accounts (one is Joint) and wondered if these would qualify - however I had an unsatisfactory online "Live Chat" with one of their advisers who insisted that only Standing Orders were used to transfer funds from the sending bank to the receiving savings accounts.

I suspect that he/she was unaware that Tesco have the facility to use DDs to collect funds into their savings account - either that or they were doggedly holding to a party line that only SOs were acceptable.

Anyway, cut to the chase - does anybody use Tesco Internet Saver accounts with monthly DD deductions from a Co-op Everyday Extra current account without any issues ?

Another adviser told me that each of these DDs must go to a different organisation/firm - this was later contradicted by yet another adviser who said that any 4 DDs would qualify.

Hope this is clear now !!!

eskbanker

NoodleDoodleMan wrote: »

I have three Tesco Internet Savers accounts (one is Joint) and wondered if these would qualify - however I had an unsatisfactory online "Live Chat" with one of their advisers who insisted that only Standing Orders were used to transfer funds from the sending bank to the receiving savings accounts.

I suspect that he/she was unaware that Tesco have the facility to use DDs to collect funds into their savings account - either that or they were doggedly holding to a party line that only SOs were acceptable.

If your live chat was with Co-op rather than Tesco then yes, ignore them as they won't know Tesco use DDs to fund savings accounts.

NoodleDoodleMan wrote: »

Anyway, cut to the chase - does anybody use Tesco Internet Saver accounts with monthly DD deductions from a Co-op Everyday Extra current account without any issues ?

I use Tesco DDs in qualifying for Co-op's Everyday Rewards scheme - my account isn't an Everyday Extra packaged account but it's the same terms of the Rewards add-on scheme that apply, i.e. http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/everyday-rewards/terms-and-conditions.pdf.

NoodleDoodleMan wrote: »

Another adviser told me that each of these DDs must go to a different organisation/firm - this was later contradicted by yet another adviser who said that any 4 DDs would qualify.

You seem to have been talking to a lot of advisers! As ever, the written Ts & Cs are the place to go rather than relying on anything verbal - unusually these do only state "at least four Direct Debits must be paid from the Nominated Account during that Calendar Month" whereas most such clauses require different DD mandates. I'm pretty sure that a poster on here uses the same DD (i.e. to the same account) multiple times per month which does seem compliant with that wording, but I pay DDs to four different Tesco accounts myself.