Savings accounts accepting DD's

Speculator

Dear Hacken,

You've received this email because you've recently set up or changed your Linked Account on your Birmingham Midshires Internet Savings Account.

If you haven't authorised the set up of a new Linked Account to your internet savings account, please contact us immediately on 0345 602 2828.

We use the Direct Debit system so that you can move money from your personal Linked Account in a safe and secure way. No transactions will be made by Direct Debit unless you've authorised them.

Within the next few days you'll receive a letter confirming your Linked Account details. It takes up to 10 banking days to fully set up your Linked Account. During this time you'll be unable to make any deposits into your account. You'll also be unable to make any withdrawals from your Birmingham Midshires Internet Savings Account for 5 banking days.

If you're a new internet savings account customer, you'll also receive a separate letter from us asking you to complete your confirmation slip and send a cheque for your opening deposit. Please note you'll be unable to operate your Birmingham Midshires Internet Savings Account until we've received your cheque and signed confirmation slip.

Thank you for saving with Birmingham Midshires

Rich2808

Speculator wrote: »

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.

Thanks - that clears it up.

daveinliverpool

As someone previously predicted on here, the 'Post Office Online Saver' is now showing as no longer available on the Post Office website. Wonder how long it will take Scottish Widows to follow suit, as they seem to be the last one standing that do DD's.

Rich2808

adindas wrote: »

I understand that BM has no expiry,

Also the minimum monthly DD requirement is £1 ?

Does anyone else find it find it otherwise ?? Thanks

After 12 months the account is moved to a standard internet saver account and the rate drops from 1.3% to 0.05%. They state they will supply you with the terms for that close to the one year anniversary. The standard account allows DD payments currently - but the T&Cs can of course be amended by them.

veryintrigued

adindas wrote: »

Also the minimum monthly DD requirement is £1 ?
Is that correct ?

Some people never learn.

It'll end in tears....

gingercordial

Rich2808 wrote: »

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.

Yes, for Scottish Widows I had to scramble to request a cheque book from my Coop current account so I could set it up.

I had been planning on closing the Coop account when the Tesco DDs "die" as they account for the other 3/4 of the ones I have there, and moving the SW one over to my M&S account which I'd like to keep for the regular saver. I'll have to look into whether M&S will issue a cheque book then. If not, I might do a full switch of Coop into M&S which will presumably move the DD whether SW approve or not... (I think I've had a switching bonus from every bank out there so doubt I can do better by switching elsewhere.)

NoodleDoodleMan

I had been planning on closing the Coop account when the Tesco DDs "die" as they account for the other 3/4 of the ones I have there, and moving the SW one over to my M&S account which I'd like to keep for the regular saver.

If I've read comments elsewhere correctly, you can set up a weekly DD with the Co-op and that meets the 4 DD per month requirement.

Of course you may not have such a convenient DD.

patientperson

As already predicted .. this is no longer available.

https://www.postoffice.co.uk/savings-accounts/online-saver

adindas

Rich2808 wrote: »

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?!

Not in my backyard attitude. Hypocrisy is the correct word for it.

Similar to some banks in the UK even some high street banks which have easy access to electronic verification.

Similar to banks who keep asking the hone telephone number. Many people now do not really care about the home phone. They may have phone but might be malfunction due to hardly in use.

They courage people to have online statement, online banking, apps based banking but still insist on paper statements as a form of identity or proof of address. Still insist phone telephone number.

anna42hmr

gingercordial wrote: »

Yes, for Scottish Widows I had to scramble to request a cheque book from my Coop current account so I could set it up.

I had been planning on closing the Coop account when the Tesco DDs "die" as they account for the other 3/4 of the ones I have there, and moving the SW one over to my M&S account which I'd like to keep for the regular saver. I'll have to look into whether M&S will issue a cheque book then. If not, I might do a full switch of Coop into M&S which will presumably move the DD whether SW approve or not... (I think I've had a switching bonus from every bank out there so doubt I can do better by switching elsewhere.)

Yeah they do as I’ve had to provide one to Scottish windows. However the letter I had gave me an option of sending one of 3 things, a void cheque, a pre printed paying in slip or an origional bank statement.