Savings accounts accepting DD's

antrobus

adindas wrote: »

...

It might be limited to several people, but it is worthy to try.
" trustee or beneficiary has been a member of the Society for the previous twelve months."

We are accepting applications for our Regular Savings account, however please note we are not currently accepting applications for our other savings accounts. All existing accounts continue to operate as normal.

https://www.ecology.co.uk/savings/savings-accounts/easy-access/

That might be the problem.

SevenOfNine

A really useful thread to have started Chocky, & others who added other DD options to it. The whole point of this open MSE forum in my own opinion, sharing information, so very helpful for quick reference.

Managed to get PO accounts before they had enough applicants & closed it to any more. Have noted advice on difficulties experienced by other MSE users when paying in/withdrawing (slow it seems).

10 of our a/c's don't require DD's. So far so good with those but if that changes I won't be holding MSE forumites responsible for helping me, & many others, several years ago with advice on how best to set them all up.

Isn't the SAGA a/c with Birmingham Midshires, might that make it the same thing?

Anyway, thanks again.

Rich2808

WillBanyard wrote: »

Maybe someone can confirm or deny this:

On setting up a new Birmingham Midshires savings account, it appears that one DD mandate is set up for manual payments into the account, and a separate mandate is set up for regular payments.

Is it possible that if this is the case, opening one new savings account could result in counting as two direct debits? Providing you remember to make a manual DD payment into the account every month.

According to BMs terms and conditions you must have a cheque book for the current account you take your direct debit from - and also make your opening payment using a cheque drawn on that account. That may rule out some current accounts which don't provide cheque books.

soulsaver

Rich2808 wrote: »

According to BMs terms and conditions you must have a cheque book for the current account you take your direct debit from - and also make your opening payment using a cheque drawn on that account. That may rule out some current accounts which don't provide cheque books.

It rules out current ac that don't have cheque books,for the initial payment and linked account.

soulsaver

Rich2808 wrote: »

According to BMs terms and conditions you must have a cheque book for the current account you take your direct debit from...

AFAIK it doesn't say that.

"After your first payment by cheque, all payments in must be by Direct Debit from your linked account..."

You see something else?

colsten

Rich2808 wrote: »

According to BMs terms and conditions you must have a cheque book for the current account you take your direct debit from

It's either a direct debit or it's a payment by cheque. The two are very different things.

As soulsaver has explained, it's quite simple: your first payment into the account must be by cheque, from your linked account. Subsequent deposits must be by DD from the same account.

Rich2808

colsten wrote: »

It's either a direct debit or it's a payment by cheque. The two are very different things.

As soulsaver has explained, it's quite simple: your first payment into the account must be by cheque, from your linked account. Subsequent deposits must be by DD from the same account.

The precise wording is

'Must set up a linked personal current account in your name (either solely or jointly) with us or another UK bank or building society so you can pay money into and out of your Account. You must be able to set up Direct Debits on your linked account.
Must make your first payment by cheque from your linked account, payable to yourself.'

If you don't have a cheque book for the linked account and operate it entirely online you may not be able to comply with the terms and conditions.

http://www.birminghammidshires.co.uk/savings/easy-access-savings/1082/internet-saver-account-monthly-interest.aspx
What is less clear is whether you could send a cheque in from one account and use that as your linked account – and then change the linked account without sending another cheque in for the new account [FONT=&quot][/FONT]

I am assuming this is for ID purposes – similar to Scottish widows who either require a cheque issued on or a bank statement from your linked account you take the direct debit from. And if you wish to change the direct debit to another account you need to send in a cancelled cheque or statement on that account.

badger09

colsten wrote: »

It's either a direct debit or it's a payment by cheque. The two are very different things.

As soulsaver has explained, it's quite simple: your first payment into the account must be by cheque, from your linked account. Subsequent deposits must be by DD from the same account.

I don't think that is what soulsaver said.

@Rich 2808
may I suggest you read soulsaver's earlier posts on this thread;)

Rich2808

badger09 wrote: »

I don't think that is what soulsaver said.

@Rich 2808
may I suggest you read soulsaver's earlier posts on this thread;)

I have - but it doesn't deal with my last point about changing your linked DD account to one without a cheque book after you have opened it using another account for which you have a cheque book!

If you don't have a cheque book on the linked account you want the DD on you - in theory - cannot use the BM internet saver as a DD source.

The Ecology BS also has ID requirements which rule out using downloaded bank and credit card statements as ID for opening its regular saver account. A 'green' society that promotes wasting paper by insisting on paper statements sent in the post?!

Speculator

Rich2808 wrote: »

The precise wording is

'Must set up a linked personal current account in your name (either solely or jointly) with us or another UK bank or building society so you can pay money into and out of your Account. You must be able to set up Direct Debits on your linked account.
Must make your first payment by cheque from your linked account, payable to yourself.'

If you don't have a cheque book for the linked account and operate it entirely online you may not be able to comply with the terms and conditions.

http://www.birminghammidshires.co.uk/savings/easy-access-savings/1082/internet-saver-account-monthly-interest.aspx
What is less clear is whether you could send a cheque in from one account and use that as your linked account – and then change the linked account without sending another cheque in for the new account [FONT=&quot][/FONT]

I am assuming this is for ID purposes – similar to Scottish widows who either require a cheque issued on or a bank statement from your linked account you take the direct debit from. And if you wish to change the direct debit to another account you need to send in a cancelled cheque or statement on that account.

I have 3 dormant Birmingham Mids savings accounts (opened 6/7 yrs ago) which were initially linked to an account with a cheque book.

I have changed the linked account many times to accounts without cheque books and they have never asked me for a cheque from the new linked account.

Today, I have changed the linked account again and they have not asked for a cheque.