UK 'Savings' Bank Accounts that are good to use with PayPal

Pauluss

I have incurred the wrath of PayPal and my account was limited for no reason other than selling some high tag items in a short space of time - PayPal deemed this is 'irregular account behaviour' and have limited my account together with £700 held in it through the sales
I am trying to jump through their hoops to get matters resolved, and getting there slowly but surely

As i am in desperate need of rasing funds for a house deposit so i have set a PayPal new account up at my partners address with new details. However i only have one and one ONLY bank account (my current account)

As this account is tagged to the limited account i cannot use this account.

I saw PayPal have the option to upload a savings account for withdrawls, this is ideal as it involves no credit checks or searches as i am looking to get a mortgage very soon and do not want unneccessary seaches on my credit file

So i I registered for Sainsbuys online savings account (£1 to open and all online based) this generated me an account number and sort code straight away

I added this to my new PayPal and went to withdraw the a minium amount (£7.00) and i am unable to use this account for withdrawls.

So today I have called INGdirect and asked them if i their account was allowed to accept PayPal deposits and they said 'no' to

There MUST be surely UK Savings accounts out there that PayPal will allow, or they would not post the option on their site

The account must allow PayPal to deposit verification amounts and to accept PayPal withdrawls

Can be get a list going of those that are suitable for use with PayPal

Ideally key features that would seperate suitable 'good' from 'bad' would be:

* minimum open balance
* ATM card available with the account
*online registrations
*quickness of application opening and getting your sort code and account number
* number of withdrawls per year
* Interest rate

All contributions welcomed and gratfully rec'd
Thanks

(I stress the use of savings accounts, as a 'standard' currenty account requires credit checks/searches/job searches)

frivolous_fay

Is the problem that you can't set up a direct debit with the account?

Pauluss

both accounts i looked at would accept stadning orders from my current account so thought that would be good to go as it is only from from paypals sort code and account number to my new savings account sort code and account number ?
Is direct debit savings account essential - sorry for sounding thick but i do not have much experience with bank accounts and how they work relating to paypal

frivolous_fay

Standing orders are always for the same amount... direct debits can vary. If direct debits aren't allowed, this might be the problem.

Someone else may correct me as my banking terminology isn't fantastic

greenstreetprince

Paypal require a direct debit mandate which savings accounts do not allow as far as I know.

I'm yet to come across one which will allow one, if it did it wouldn't be a savings account would it?

RFW

Never had a problem with adding accounts to withdraw to (savings account, credit accounts and current account), any account with sort code and standard account number. Sounds like your account is not set up properly to withdraw money to any account yet.

Have a look elsewhere on these forums about basic bank accounts, but don't think that's where your problem is.

TKPeters

Goto your local Natwest branch & ask for a STEP Account, No Credit Checks.

Take 2 forms of ID & Util Bill to confirm the address 10mins later you'll have a new bank account with a Maestro debit card (£250 Daily Limit) & the ability to setup Direct Debits for Paypal & also have Online Banking.

You can also apply online but if you want the account number you have to go into a branch
http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/CURRENT_ACCOUNTS/STEP_ACCOUNT

Step account
Credit interest rates
Gross per year 0.10%
AER 0.10%
Net per year 0.08%


My Sister has just done this as she has got a CCJ & cannot get a current / business account with them & has just setup an eBay Business.

Tirian

I had no problem setting up my Smile savings account to receive payments under similar circumstances, however it was only a short term fix since after receiving the £1000 (or whatever it was) limit that you can get without verifying your account.

To do that I eventually opened up an old dormant Halifax account, which could do direct debits. But now that the account is verified I just download everything to the Smile savings account still.

scorpio13

Pauluss wrote: »

........So i I registered for Sainsbuys online savings account (£1 to open and all online based) this generated me an account number and sort code straight away


Was this the Sainsbury's Internet Saver Account?

Also, did it give you a regular 8 digit Acc. No. and 6 digit sort code? (As some savings account no's are 9 or 10 digits long).