Savings accounts accepting DD's

littly_kitty

So reading through this thread it seems you can have multiple Post Office Online Saver accounts and set up different Direct Debits from them. Is that true, or have I got it wrong?

soulsaver

littly_kitty wrote: »

So reading through this thread it seems you can have multiple Post Office Online Saver accounts and set up different Direct Debits from them. Is that true, or have I got it wrong?

From their Online Saving Terms & Conditions, page 5 -

12) You may not open more than one Account in your sole name and one Account jointly in your name and that of someone else.

https://www.postoffice.co.uk/dam/jcr:148d19fd-ca62-4604-9560-3548d9f74ca9/online-saver-key-information-pack.pdf

castle96

regardless of what the T&Cs say, many people seem to have opened multiple a/cs

pafpcg

Roseanne1 wrote: »

Was looking at my mother's PO savings account last night - two of her DDs seem to have been cancelled by the PO. I know this because any cancelled by me were "user cancelled" but two of the ones I'd set up to come out her Co-op account said "mandate cancelled". Does anyone know why they would unilaterally decide to cancel a DD without being asked. They definitely weren't cancelled by us as they were set up explicitly to meet the four DDs condition for Everyday Rewards.

Are you saying that you had set-up four DDs on a single Coop account? The trick with the Coop account is NOT to use four separate DDs per month, but to set-up a single regular DD on the Coop account which takes a payment WEEKLY (ie at least four DD payments per month) which appears to satisfy the Coop's terms and conditions for the Everyday Rewards.

pafpcg

castle96 wrote: »

regardless of what the T&Cs say, many people seem to have opened multiple a/cs

Sadly, that may be true, but when the Post Office (Bank of Ireland) realise the extent of the abuse and close accounts, get ready for the torrent of outrage on this forum!

What worries me is that the Post Office may do as Tesco did and remove the DD facility entirely rather than just close multiple accounts.

fabsaver

soulsaver wrote: »

From their Online Saving Terms & Conditions, page 5 -

12) You may not open more than one Account in your sole name and one Account jointly in your name and that of someone else.

https://www.postoffice.co.uk/dam/jcr:148d19fd-ca62-4604-9560-3548d9f74ca9/online-saver-key-information-pack.pdf

I thought it was one of each separate issue allowed, a bit like the Virgin Money regular savers.

They only have one issue number available for opening at any one time. Therefore the terms and conditions linked would relate to that specific issue only.

That's how I'm interpreting it anyway, until PO tell me otherwise

Mee

Same here:
My PO accounts have different issue numbers and interest rates.

castle96

mmm mine are 2 x Iss 27 and 4 x Iss 29

Roseanne1

Roseanne1 wrote: »

Was looking at my mother's PO savings account last night - two of her DDs seem to have been cancelled by the PO. :eek: I know this because any cancelled by me were "user cancelled" but two of the ones I'd set up to come out her Co-op account said "mandate cancelled". Does anyone know why they would unilaterally decide to cancel a DD without being asked. They definitely weren't cancelled by us as they were set up explicitly to meet the four DDs condition for Everyday Rewards.

I've been back in my mother's PO account again and another two DDs have been cancelled. I phoned up both the PO and Co-op about this before when two other DDs were cancelled and neither of them could explain what had happened. Does anyone have any experience of this happening and have you had a straight answer from either the bank or the PO. Her everyday rewards depend on these going through.


Thanks for the help.

Roseanne1

pafpcg wrote: »

Are you saying that you had set-up four DDs on a single Coop account? The trick with the Coop account is NOT to use four separate DDs per month, but to set-up a single regular DD on the Coop account which takes a payment WEEKLY (ie at least four DD payments per month) which appears to satisfy the Coop's terms and conditions for the Everyday Rewards.

Ah thank you. :rotfl: That is what I did. It seemed to work when I did it with my own though so still a bit none the wiser why they would cancel them because of this.