Savings accounts accepting DD's

gingercordial

I've come across something that might be of interest for setting up weekly DDs - chocky potentially another one for your list?

https://www.wealthsimple.com/en-gb/

Wealthsimple appears to be an investment platform that can be funded by DDs. Things I've noted of interest:

- This is an investment not savings so capital at risk.

- Minimum investment is £1, I've not checked what the minimum ongoing DD is but none is mentioned so potentially also only £1? https://help.wealthsimple.com/hc/en-gb/articles/115000329287-Does-Wealthsimple-have-a-minimum-account-size-

- Direct debits can be weekly, fortnightly or monthly https://help.wealthsimple.com/hc/en-gb/articles/115000338848-How-do-I-set-up-a-Direct-Debit-

- Fee-free for the first £5k invested for the first year, thereafter 0.7% per annum, could be made up for by investment returns of course https://help.wealthsimple.com/hc/en-gb/articles/115000327647-How-much-does-Wealthsimple-charge-

Note I have not researched this fully as I don't intend to use it myself (with a potential house purchase on the horizon in a couple of years I don't want to complicate my finances beyond plain savings accounts). There could easily be a massive bear trap in there that I have not found in poking around the FAQs. Do your own research.

chockydavid1983

Thanks @gingercordial, I'll add it to the list and say that it needs research.

Katiehound

chockydavid1983 wrote: »

What's the min DD please? Can you DD from more than 1 account?

Sorry- to which or what are you referring?

chockydavid1983

Sorry, should have specified- Parks Savings Club :-)

Katiehound

chockydavid1983 wrote: »

Sorry, should have specified- Parks Savings Club :-)

It looked like you could order £10 voucher / gift card x 1 which worked out @ something like 88 pence per month however I didn't try that so don't know if you could pay as small an amount as that by DD.

Looks you can only have one account so I assume only one DD but again I didn't try.

I think you will have to try for yourself to see the possibilities. If I go back now it will just add items to existing "basket" and increase the DD.
Sorry, can't be more helpful

chockydavid1983

OK, thanks for the info :-).
Sounds like that will be useful for at least 1 DD then.
Not FSCS protected but if only about £12 is in there max at any one time it's prob fine.

fanheater

If you have a student loan, you can set up your own direct debits for any amount at studentloanrepayment.co.uk

NoodleDoodleMan

Ref. the Saga Telephone Easy Access Account - it's administered by Birmingham Midshires, and to all intents and purposes appears to be identical to their Internet Saver Account, except for the management by 'phone aspect.

Nationwide8

Just had a look at Birmingham Midshires and its saying Internet Saver unavailable ?? Maybe gone the same way as the Post Office account ?

People are watching :undecided

Stompa

Nationwide8 wrote: »

Just had a look at Birmingham Midshires and its saying Internet Saver unavailable ??

Where are you seeing that? It appears to still be available to me, it lets me attempt to apply.