Savings accounts accepting DD's

Ed-1

Had a letter from AA Savings today saying they're closing the savings account provided by Birmingham Midshires as the latter are withdrawing the account.

https://www.theaa.com/savings-accounts/birmingham-midshires

martinm1

Ed-1 said:

Had a letter from AA Savings today saying they're closing the savings account provided by Birmingham Midshires as the latter are withdrawing the account.

https://www.theaa.com/savings-accounts/birmingham-midshires

I received the same, so opened an ecology regular saver 0.8% interest + helps with the natwest £4 back by having 2 direct debits paid.  Does anyone know how long it takes to set up the direct debit from ecology?

wiseonesomeofthetime

Ecology

I opened a RS with Ecology towards end of September 2021 and asked to pay monthly via Direct Debit.

Was sent a DD form that I had to complete and send back through the post.

So, October's payment was a FP, and my first DD comes out November.

castle96

Only one DD allowed on Ecology

dcs34

Chadsman said:

dcs34 said:

castle96 said:

Set up an Ecology Reg Saver for direct debits x 2, but they will only allow 1 x  (duh)

Remember each account adds two direct debits though

Are you saying savers can get two direct debit mandates from each Ecology account - how does that work?

There are two different DD mandates set up per savings account - 1 for regular contribution, and 1 for irregular contributions

martinm1

dcs34 said:

Chadsman said:

dcs34 said:

castle96 said:

Set up an Ecology Reg Saver for direct debits x 2, but they will only allow 1 x  (duh)

Remember each account adds two direct debits though

Are you saying savers can get two direct debit mandates from each Ecology account - how does that work?

There are two different DD mandates set up per savings account - 1 for regular contribution, and 1 for irregular contributions

Does that mean the regular deposit uses one DD per month, and if i request a payment into my ecology account that will use the other DD, that would be good if my other DD on my bank account was not taken for some reason, this allows me still to have 2 DD's in a month going out to get my Natwest reward payment.

kaMelo

martinm1 said:

dcs34 said:

Chadsman said:

dcs34 said:

castle96 said:

Set up an Ecology Reg Saver for direct debits x 2, but they will only allow 1 x  (duh)

Remember each account adds two direct debits though

Are you saying savers can get two direct debit mandates from each Ecology account - how does that work?

There are two different DD mandates set up per savings account - 1 for regular contribution, and 1 for irregular contributions

Does that mean the regular deposit uses one DD per month, and if i request a payment into my ecology account that will use the other DD, that would be good if my other DD on my bank account was not taken for some reason, this allows me still to have 2 DD's in a month going out to get my Natwest reward payment.

I don't think that's the case, at least I an say with absolute certainty that Ecology have only set up one direct debit towards my own regular saver. You can't set one up electronically, you need to fill out, sign and post a paper direct debit mandate back to Ecology so unless you've sent two forms then I can't see how they can have set up two direct debits from one mandate. Neither is their an option to deposit money randomly via the Ecology website.

As a side note you can also open a cash ISA and they will take for that via direct debit although I appreciate that may not be possible or desirable to tie up this years cash ISA eligibility in such a fashion. (Indeed it's an ongoing tie up of cash ISA eligibility as it's a regular saver)
If not that then another option is The Charity Bank who will take via direct debit and allow you to have four accounts.  The downside to them is it's a fully postal operated account. 

soulsaver

martinm1 said:

Ed-1 said:

Had a letter from AA Savings today saying they're closing the savings account provided by Birmingham Midshires as the latter are withdrawing the account.

https://www.theaa.com/savings-accounts/birmingham-midshires

I received the same, so opened an ecology regular saver 0.8% interest + helps with the natwest £4 back by having 2 direct debits paid.  Does anyone know how long it takes to set up the direct debit from ecology?

They told me today (Friday 15th) I've missed Oct, so must be 10 working days ish plus your postage lag.
eta postage

33q

Just had an email from PO to advise they are stopping DDs from March 2022. I need a small value replacement for my Virgin Account.

gwapenut

Does your virgin account need ongoing direct debits?