Savings accounts accepting DD's

eskbanker

vixen1500 wrote: »

Just wondering if there are any banks that you can have standing orders set up with to meet the monthly requirements instead of direct debits - just a thought as I am struggling to get all the direct debits I need

I'm not aware of any, although the current HSBC Advance switching incentive allows DDs or SOs but that's very much the exception rather than the rule and applies to a switch bonus rather than ongoing monthly requirements anyway. When you checked the Ts & Cs of all the accounts you opened, did any of them suggest that SOs would be regarded as an acceptable substitute for DDs?

vixen1500 wrote: »

Had hope the post office might of bought out issue 30 sometime soon

Who would they be buying it from?

polymaff

vixen1500 wrote: »

Just wondering if there are any banks that you can have standing orders set up with to meet the monthly requirements instead of direct debits - just a thought as I am struggling to get all the direct debits I need

The DD requirement is there precisely to make it a struggle.

vixen1500

eskbanker wrote: »

Who would they be buying it from?

:rotfl:

Thanks for your reply re standing orders

Having now read through various posts on here seems having the san123 account is actually a waste of direct debits now as after the £60 a year fees the interest rate works out to 1.24%

It's just the thought of changing all my standing orders set up to cover monthly minimums and regular savers - still got until end of april

polymaff

vixen1500 wrote: »

:rotfl:

Thanks for your reply re standing orders

Having now read through various posts on here seems having the san123 account is actually a waste of direct debits now as after the £60 a year fees the interest rate works out to 1.24%

It's just the thought of changing all my standing orders set up to cover monthly minimums and regular savers - still got until end of april

Well, it isn't a waste of DDs as Santander DDs don't have to pay out every month, and most of us have many such DDs. What this thread is really about is "Where can I find low-cost regular monthly-paying DDs". These are the holy grail of the true MSEer.

That said, the value of the Santander 123 bank account has dropped considerably, so we've dumped three of our four entirely, and will probably convert the remaining one down to a 123-Lite. The resulting sacrifice of the 0.05% margin a full Santander 123 offers over a December 2017 BM Savings account is no great loss !

HardSpend

time finally come to sort out all these new DDs..:(

what's the minimum payment on the christmas club ones?
i.e. Park Christmas Savings & Variety Christmas Savings

teddysmum

HardSpend wrote: »

time finally come to sort out all these new DDs..:(

what's the minimum payment on the christmas club ones?
i.e. Park Christmas Savings & Variety Christmas Savings

The contents of the hampers are either very overpriced or peculiar things you would never consider eating, so that severely negates any interest gained from the account needing a DD.

HardSpend

teddysmum wrote: »

The contents of the hampers are either very overpriced or peculiar things you would never consider eating, so that severely negates any interest gained from the account needing a DD.

oh well that's a bit rubbish have you tried Chip and/or Plum? Perhaps Moneybox?

vixen1500

HardSpend wrote: »

time finally come to sort out all these new DDs..:(

what's the minimum payment on the christmas club ones?
i.e. Park Christmas Savings & Variety Christmas Savings

Don't know if there is a minimum with park. I have set up a monthly dd for a £10 love to shop voucher split between April and November (must remember to set up a new one for December)

gingercordial

HardSpend wrote: »

time finally come to sort out all these new DDs..:(

what's the minimum payment on the christmas club ones?
i.e. Park Christmas Savings & Variety Christmas Savings

I'm doing £5/month on Park for a £50 M&S voucher. I will use it and I'm prepared to take the risk of them going under on that amount. I could have started it earlier in which case the DD would have been lower, and there were £10 vouchers available, so I don't think there's a minimum.

Be aware it advertises as "only £x per week" but if paying by DD it must be monthly - weekly payments are only available if you are sending them payments manually. I also think if you order more vouchers it just increases your DD, it doesn't set up multiples. So this is good for one DD per month, not several.

You'll also get loads of messages trying to persuade you to pay it off faster (no thanks, defeats the point for me!), buy more vouchers, become an agent for your friends... Not keen on these but oh well.

shicky

Anyone using plum or something to satisfy a tesco current account's DD demands? I was wondering if plum pulling 3 times would still work to get the interest? The Ts & Cs don't stipulate it must be different accounts