Savings accounts accepting DD's

adindas

veryintrigued wrote: »

Some people never learn.

Well it does not actually help answering the question.
But anyway I agree some people never learn.

veryintrigued wrote: »

It'll end in tears....

Indeed especially those who have missed the boat.
But I think generally people will be disappointed but they do not end up in tears just for the sake of a few hundreds quids value in interest do they ??

NoodleDoodleMan

I don't get the "some people never learn" or "it'll end in tears" mindset.

The impression given, rightly or wrongly, is that punters who have enjoyed "cheap" DDs to service external interest bearing accounts are miffed that others have since joined and compromised the nice little earner scenario.

If it's simply a case of mainting these DDs, several charities are happy to accept them.

EachPenny

adindas wrote: »

Indeed especially those who have missed the boat.

It depends what happens to the 'boat' in the next couple of months. If it hits an iceberg and sinks then those who missed it won't have wasted the energy running to jump on board as it sailed.

The comments some people are posting are just torpedoes which make that sinking more likely.

NoodleDoodleMan wrote: »

I don't get the "some people never learn" or "it'll end in tears" mindset.

The impression given, rightly or wrongly, is that punters who have enjoyed "cheap" DDs to service external interest bearing accounts are miffed that others have since joined and compromised the nice little earner scenario....

I think that impression is wrong. I'm not aware of anyone who resents people joining up and sharing in the benefits, the problem is with people who cannot see that certain behaviours compromise the nice little earner for everyone.

I'm not suggesting that you've done any of this, but such behaviours include:

• Bragging loudly about how much you are shafting the banks for.
• Saying the same thing over and over again.
• Taking things to the extreme (making DD's £1 or less)
• Promoting things which bring the nice little earner 'methods' into disrepute
• Presuming the financial institutions involved don't have people reading the forum.

NoodleDoodleMan wrote: »

....If it's simply a case of mainting these DDs, several charities are happy to accept them.

Which is a case in point. For how long is that going to last? (A rhetorical question, I'm not going to debate it as the subject has been done to death elsewhere.)

djpailo

What do you people think of the Natwest savings builder?

It provides 1.5% on accounts so long as you increase the balance by £100/ month. I believe you can put in a lump sum at the beginning which makes it different to a regular saver. This might help free up DD's from the Santander 123 account for people who don't have the PO account and/or also want a local branch based account.

WillBanyard

In theory, I believe it should be possible to set up something like a go-cardless account, and generate as many direct debits as you require. The minimum transaction fee is 20p, which would have to be taken into consideration but could this solve all problems? Any thoughts?

badger09

WillBanyard wrote: »

In theory, I believe it should be possible to set up something like a go-cardless account, and generate as many direct debits as you require. The minimum transaction fee is 20p, which would have to be taken into consideration but could this solve all problems? Any thoughts?

This has been suggested several times. IIRC the conclusion was that it is a business account so individuals who managed to open accounts would have them closed down.

NoodleDoodleMan

I think that impression is wrong. I'm not aware of anyone who resents people joining up and sharing in the benefits, the problem is with people who cannot see that certain behaviours compromise the nice little earner for everyone.

I'm not suggesting that you've done any of this, but such behaviours include:

• Bragging loudly about how much you are shafting the banks for.
• Saying the same thing over and over again.
• Taking things to the extreme (making DD's £1 or less)
• Promoting things which bring the nice little earner 'methods' into disrepute
• Presuming the financial institutions involved don't have people reading the forum.

I haven't been active on this forum too long, so wasn't aware of anybody bragging - flagging up opportunities perhaps, not the same thing.

Don't see anything extreme about £1 DDs per se - I doubt that's what has hacked off Tesco, it's more likely that punters who set up multiple savings accounts using these DDs and then quickly redirecting these funds for other purposes.

In which case Tesco are as much to blame for allowing customers more than one such online savings account - and not setting a minimum DD value of say £5 or £10, and a minimum balance of £100, or whatever.

Self inflicted wounds on their part methinks.

anna42hmr

NoodleDoodleMan wrote: »

I haven't been active on this forum too long, so wasn't aware of anybody bragging - flagging up opportunities perhaps, not the same thing.

Don't see anything extreme about £1 DDs per se - I doubt that's what has hacked off Tesco, it's more likely that punters who set up multiple savings accounts using these DDs and then quickly redirecting these funds for other purposes.

In which case Tesco are as much to blame for allowing customers more than one such online savings account - and not setting a minimum DD value of say £5 or £10, and a minimum balance of £100, or whatever.

Self inflicted wounds on their part methinks.

I agree to a certain respect as if they wanted to stop the “abuse” if that’s how they see it they could easily set a term of a minimum dd amount Whilst they don’t there will always be people who make most of it. It’s a shame they are stopping it as I do genuinely use the two Tesco saving accounts and the dds are pulled for genuine reasons ( Xmas savings and a birthday pot that I use through the year for peoples pots) and whilst had a handful of dds on the two of them all the dds were got considerably more than the £1 many seem to have done.

WillBanyard

badger09 wrote: »

This has been suggested several times. IIRC the conclusion was that it is a business account so individuals who managed to open accounts would have them closed down.

Thanks for your reply. Maybe "a go-cardless account" was the wrong way to describe it. "Signing up for the go-cardless service" might be better.

I did call them earlier today and the customer service representative though it would be feasible.

Clause 4.c of their terms and conditions:

you may sign up as an individual (sole trader) or as a business entity such as a limited company or partnership, in which case any individual who signs up on behalf of the limited company or partnership must be authorised to act on behalf of it;

If that limits the service to only those who are sole traders or business owners, might it still be an option for some?

Rich2808

djpailo wrote: »

What do you people think of the Natwest savings builder?

It provides 1.5% on accounts so long as you increase the balance by £100/ month. I believe you can put in a lump sum at the beginning which makes it different to a regular saver. This might help free up DD's from the Santander 123 account for people who don't have the PO account and/or also want a local branch based account.

Its fine as a savings account – but only accepts payments by standing order or bank transfer or cash in branch. It doesn’t allow you to save via a direct debit from your current account – so doesn’t meet the purpose of this thread.