Savings accounts accepting DD's

soulsaver

DiegoJC wrote: »

Great, thanks. I wasn't sure that the Send money functionality used DDs.
Think I'll have to rely on that even before April because my two 3% Tesco accounts need DDs not linked to the Internet Saver.

PS: today I received a survey from Tesco Bank about my satisfaction as a customer: I remarked that I cannot understand why they're changing the only thing that makes them different and better than their competitors; however I guess that the reason is simple: money!

They also pay near the top interest rate on an easy access ac.

Southcoast01

clivep wrote: »

2 x SW but currently unavailable for new applications.

BM I'm not sure if there's a limit but I have 2.

PO 1 and 1 joint but this seems to be per issue and they change this fairly often. I wasn't aware of the restriction and successfully opened 2 x sole and a joint issue 26 in October which all are working correctly. I've just opened a further sole & joint issue 28.

All only allow 1 nominated account and thus 1 DD per savings a/c.

With BM does the linked account have to be the same for both accounts?

soulsaver

Southcoast01 wrote: »

With BM does the linked account have to be the same for both accounts?

No, not in my experience...

clivep

Southcoast01 wrote: »

With BM does the linked account have to be the same for both accounts?

Definitely not.

I initially set mine up with my Nationwide Flexaccount (only a/c I have a cheque book for) then changed the linked a/c on the 1st to Yorkshire and on the 2nd to my Nationwide FlexDirect (not needed here but creams off the interest and ready for a switch when the 5% ends).

clivep

adindas wrote: »

I have started the process since November and have sent them cheque twice. The DD has appeared on my DD list on my current AC but it did not pull the money from the AC.

Has anyone managed to set up DD from Birmingham Midshire ? If so what did you do so it started puliling the Money ?? IS tehre any minimum amount for DD ro £1 is sufficient ??

Once you eventually get full access to your online account you choose the 'Make a deposit' option then select whether you want a one-off or regular deposit and enter the details. If you set up a regular deposit then they'll send you a letter confirming it. £1 is sufficient.

The DD appearing on your current a/c list just means there's a mandate in place and is available to be drawn against.

What did you try and do in your BM a/c? New regular deposits take a while to set up but you can check the date of future payments by selecting 'List pending transactions'.

Katiehound

Birmingham Midshires do seem to be in the dark ages.
I queried that according to my linked bank a/c I seemed to have 2 x DDs set up. Apparently not- who knows what they are - one is a DD because it pulled money. Then I was told that actually it was a SO- they are the same as DDs!! No, I think not- I had the DD guarantee in front of me.

Seems the staff don't know that there is a difference!!!
(HA but most bank accounts do!!

clivep

Katiehound wrote: »

Birmingham Midshires do seem to be in the dark ages.
I queried that according to my linked bank a/c I seemed to have 2 x DDs set up. Apparently not- who knows what they are - one is a DD because it pulled money. Then I was told that actually it was a SO- they are the same as DDs!! No, I think not- I had the DD guarantee in front of me.

Seems the staff don't know that there is a difference!!!
(HA but most bank accounts do!!

It would appear that BM always set up 2 x DDs for the savings account. One for one-off deposits and one for regular payments I believe.

clivep

adindas wrote: »

I have sent them the DD from together with cheques. I thought that will be sufficient. I have not look at their online banking will do that later hopefully it will solve the problem. Thanks again.

You sent the initial deposit as a cheque and completed a DD mandate to allow future deposits to be taken from the current a/c.

If you have not been into your BM savings a/c online to request a one-off or regular deposit then what and when do you think they should pull from your current a/c?

polymaff

Westie983 wrote: »

Yes still works, I am waiting for DD coming out of three accounts.

Westie983

Is there anyway of doing this from an Android tablet?

Vortigern

clivep wrote: »

It would appear that BM always set up 2 x DDs for the savings account. One for one-off deposits and one for regular payments I believe.

I suppose that might satisfy the 2 direct debits rule at some banks, as long as both are used each month. - for one regular deposit and one ad hoc deposit.