Funding online savings with debit/credit card payment.

dadsarmy1

Yorkshire Building Society allow online funding of some savings accounts by debit/credit card - are there other building societies who offer similar option? Thank you.

ceredigion

Does it have to be a building society ?

[Deleted User]

dadsarmy1 wrote: »

Yorkshire Building Society allow online funding of some savings accounts by debit/credit card - are there other building societys who offer similar option? Thank you.

I wouldn't advise funding a savings account with a credit card. Such a credit card payment would be deemed a cash withdrawal and attract interest in the region of 18% immediately. you will be lucky to get 2% to 3% on a savings account.

AnotherJoe

There's a world of difference between debit and credit card.

Which was your concern / requirement ?

dadsarmy1

Only like to know if any other Building Societies accept Debit card for online saving credits like YBS do. Yes thank you for advice concerning credit card funding - not a good idea!

YorkshireBoy

dadsarmy1 wrote: »

Yes thank you for advice concerning credit card funding - not a good idea!

...and not even possible with YBS savings accounts.


There may be other options available, if you divulge the reason behind wanting to fund this way (I think I know but perhaps you could confirm?).

MarkFromCornwall

dadsarmy1 wrote: »

are there other building societys who offer similar option?

Yes: the Cambridge Building Society.
https://www.cambridgebs.co.uk/savings/savings-guide/paying-money-in

dadsarmy1

I was reading a YBS web page about the benefits of "registering for online services: View your statements, and search transactions.
Deposit money to your account with your debit card". Depositing with a debit card seemed like a good idea to me. Perhaps not then?

YorkshireBoy

dadsarmy1 wrote: »

I was reading a YBS web page about the benefits of "registering for online services: View your statements, and search transactions.
Deposit money to your account with your debit card". Depositing with a debit card seemed like a good idea to me. Perhaps not then?

When would funds deposited by debit card start earning interest? Answer: After 2 working days.

When would funds deposited by the more conventional FP method start earning interest? Answer: Immediately.

And that's why it's not such a "good idea".

ManAtHome

National Savings and Masthaven Bank allow funding by debit card but limited range of savings accounts.Only found it useful for accounts with a minimum funding equirement more than my usual 'send a fiver by bank transfer' starter.