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Savings accounts deposits by Direct Debit? UPDATED
edited 15 April 2017 at 11:01PM in Savings & investments
381 replies 209.6K views
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You probably can but this involves paying a 3rd party. If you want to maximise your every last penny, you want DDs that go into your own pocket.
Very probably, but there would really be no advantage using PayPal, as the DD to the charity would suffice
Doc N was looking for something similar to the Tesco savings accounts, where any money taken by DD goes straight to an account in his own name
All rather academic while you can open two Tesco savings accounts though.
Tesco: I was thinking that most banks looking for two DDs to be set up would expect to see payments going out to two different entities, rather than one (Tesco). I have two Tesco accounts, but is that really two different DDs?
PayPal: The downside of having a DD here is that once you've verified your current account (which you have to do first) all payments default to that. I prefer my default to go to Amex for the 1.25% cashback on every transaction.
Egg/YBS offset: Not held. Egg account closed a long time ago - shame that!
Alliance Trust: Not seen this mentioned, but it will allow you to set up DDs.
Lots of investment firms allow money to be pulled in. But most likely from just 1 account. So they are of very limited use, and many of them come with monthly charges a lot higher than what you could make in interest from most current accounts.
Yes, it's a pain to manually override it each time, but eBay sellers have to have a verified bank account on file (and often have a second account that doesn't).
I can't on the quick find the posts that said they live with one Tesco savings account for 2 separate DDs, and I haven't tried it myself. I do 1 Tesco, one Egg/YBS myself.
There are, of course, legitimate reasons for one originator to have two DD mandates from the same account: power companies that bill gas and electricity separately for instance.
Saving money for well over half a century