Savings accounts accepting DD's

Roseanne1

Herbalus wrote: »

Suggest we don't do that. The information is all there with a little bit of searching, and having a prominent list of exactly how to engineer every single bank account (which large numbers will copy) is likely to end up in products being amended or changed.

Let's do our research, quietly, and enjoy the rewards whilst they last.

Can you imagine if this week 10,000 customers started pulling £1 weekly DDs from Co-Op to Post Office? It'd end up like Tesco I'm sure.

Fair point actually. Though I wouldn't dream of only pulling £1 DDs. :A Usually, it is a minimum of £50 and I tend to leave at least that sitting until the end of my monthly cycle when I sweep it back out.

I shall just experiment best I can and see what works. :money:

Shedman

polymaff wrote: »

If they think that it is worth it ahead of Club Lloyds and Bos Classic Vantage dropping their rates to 1.5% on 01/07/18.

Thanks for heads up as had not seen that. Looks like we're coming to the end of high interest current account / free cash switching era. Had to come I guess, good while it lasted. Maybe time to spend the cash as it's getting harder to find somewhere worthwhile to stash it.

nomorekids

Apologies if this has been said before and not savings account but advance payments to HMRC ? HMRC accept multiple direct debit payments from multiple accounts.

No interest of course but small payments towards next years self assessment bill?

littly_kitty

What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is £2 or £5 a month reasonable?

ColdIron

littly_kitty wrote: »

What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is £2 or £5 a month reasonable?

There is no magic amount that qualifies or does not qualify as abuse. Savings accounts that accept DDs have a reasonable expectation that people will use them to save money. People do not save £1 a month to save up to buy something equivalent to a packet of fags. If those people then log on and remove that £1 the day it is credited clearly they are gaming the system. To save £25 a month would be reasonable for someone who was budgeting for a new fridge or tumble dryer, but not if they removed the £25 the same day it was deposited. Savers simply exhibit a different pattern of deposits and withdrawals that is not hard to detect

Herbalus

littly_kitty wrote: »

What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is £2 or £5 a month reasonable?

Personally im going for £20 a month and will leave it there for probably a year or so.

littly_kitty

Thanks! Also, if a DD mandate asks for a bank address, but my bank account was opened online do I just put the branch of that bank that is nearest to me, or do I just put the bank's head office. Thanks!

ColdIron

Most banks with a high street presence assign a notional branch to you, if you have a cheque book use the one named on that. When Opening my BoS accounts I visited a few on Google street view and chose one in a real dump because I felt sorry for them but with a heartfelt desire never to have to actually visit it. I don't think it really matters and I usually leave the fields blank on ISA transfer forms. I think either your local branch or head office will be fine

redhammer

Well, as expected, despite having a letter confirming no more DDS, Tesco took money out of an account on 20th of this month.

Roseanne1

redhammer wrote: »

Well, as expected, despite having a letter confirming no more DDS, Tesco took money out of an account on 20th of this month.

I believe the final day for the DDs is 22nd so I'd expect they would cancel any dated 23rd onwards.