Savings accounts accepting DD's

polymaff

pantaiema wrote: »

My link account has been verified. A single DD has been pulled from my nominated account. The problem here is that it has not pulled the money from nominated account regularly. So I called to set up a monthly DD, but she called it SO. Even though it is apparently DD as it will pull money from my nominated account to my SAGA account.

Well, if she DID do anything, it couldn't have been to setup or alter an SO on your linked account - no authority to do so - so that does seem to confirm a terminological error.

Katiehound

Saga continue to call it a SO when it is actually a DD! I have already had that conversation with them.........
If you need a DD to replace Mr T it is OK but the interest rates are.. pitiful! Takes an age to sort out- mine took about 3 months in all.
You need to tell them to set up a regular payment otherwise the money just comes out as & when you phone them.

As said earlier Saga is something of a fiasco.........if they are messing you about as much as they did me then I suggest a complaint is a good way to go- I was losing the will to live!!

I'm certainly glad I sorted all those DDs weeks and weeks ago as some of the solutions were not instant! (Think Saga & BM)

pantaiema

Katiehound wrote: »

Saga continue to call it a SO when it is actually a DD! I have already had that conversation with them.........
If you need a DD to replace Mr T it is OK but the interest rates are.. pitiful! Takes an age to sort out- mine took about 3 months in all.
You need to tell them to set up a regular payment otherwise the money just comes out as & when you phone them.

As said earlier Saga is something of a fiasco.........if they are messing you about as much as they did me then I suggest a complaint is a good way to go- I was losing the will to live!!

I'm certainly glad I sorted all those DDs weeks and weeks ago as some of the solutions were not instant! (Think Saga & BM)

Thanks for confirming this. It is quite bizarre they call it SO when it is apparent try it is a DD by general Definition in banking. Indeed my first payment taken by DD happen more than three months ago.
I have BM saving but they still call it DD not SO.

Doc_N

Just had a further thought about this. Maybe I'm missing something, but isn't one reasonably simple solution just to use as many credit cards as required to make up the gap in Direct Debits that you need to fill?

I'm just a couple short now, but I can deal with that pretty easily by starting to use a couple of 'spare' credit cards I have knocking around, and setting up a direct debit on each to pay the balance each month.

Just one small transaction a month will be enough to trigger the DD.

Am I missing something obvious?

Steve_xx

Doc_N wrote: »

Just had a further thought about this. Maybe I'm missing something, but isn't one reasonably simple solution just to use as many credit cards as required to make up the gap in Direct Debits that you need to fill?

I'm just a couple short now, but I can deal with that pretty easily by starting to use a couple of 'spare' credit cards I have knocking around, and setting up a direct debit on each to pay the balance each month.

Just one small transaction a month will be enough to trigger the DD.

Am I missing something obvious?

I reckon using your credit cards to satisfy this requirement is as good a plan as any.

ColdIron

Doc_N wrote: »

Just had a further thought about this. Maybe I'm missing something, but isn't one reasonably simple solution just to use as many credit cards as required to make up the gap in Direct Debits that you need to fill?

I'm just a couple short now, but I can deal with that pretty easily by starting to use a couple of 'spare' credit cards I have knocking around, and setting up a direct debit on each to pay the balance each month.

Just one small transaction a month will be enough to trigger the DD.

Am I missing something obvious?

Perfectly good plan for those who can do it, I have four DDs covered by CC. It would be worth looking at 0% purchase offers using the minimum payment to save having to make several purchases a month

polymaff

Doc_N wrote: »

... isn't one reasonably simple solution just to use as many credit cards as required to make up the gap in Direct Debits that you need to fill?

Not when you need more monthly DDs than there are days in the month

Doc_N wrote: »

Just one small transaction a month will be enough to trigger the DD.

Don't some CC providers defer collecting small monthly balances?

Doc_N

polymaff wrote: »

Don't some CC providers defer collecting small monthly balances?

You may be right on that. I'm thinking £20 or so per card. I'll miss out on a tiny bit of cashback, but that's only going to around 10-20p per card. £10 would probably do the job just as well, and if I just add credits to my Amazon account it makes it even simpler.

polymaff

Doc_N wrote: »

You may be right on that. I'm thinking £20 or so per card.

Gosh, for us two that would mean 24 purchases on 24 individual card accounts - thus about £500 - just to service LBG.

Desperate, frenetic times - especially February :rotfl:

vixen1500

Doc_N wrote: »

and if I just add credits to my Amazon account it makes it even simpler.

Just wondering how/what you mean by this?