Savings accounts accepting DD's

NoodleDoodleMan

Chip and Plum are great ideas. You can use either one of these on your Co-operative account and do 4 separate manual transactions of £1 in 10 seconds on the first day of the month. Hey presto, that's your 4 Co-op DD payments for the month dealt with. Then immediately move it all back (if you want) in one move in less than 3 seconds. You can turn off the automated saving, but (if you forget to do this) you get a message each time money is moved out of your current account and you can turn it around straight away. To avoid the annoying message ping, best to turn off the automatic saving. Only thing you can't do is set up a fixed amount DD for a fixed date. I don't see Chip or Plum ending the DD facility for depositing savings as their automatic system depends on it.

Interesting Hattie, thanks for posting.

Only one current account can be linked at a time ?

Which do reckon is the better of the two - more user friendly - this app only stuff is taking me out of my comfort zone !!!

atlantis187

Deleted_User wrote: »

Chip and Plum are great ideas. You can use either one of these on your Co-operative account and do 4 separate manual transactions of £1 in 10 seconds on the first day of the month. Hey presto, that's your 4 Co-op DD payments for the month dealt with. Then immediately move it all back (if you want) in one move in less than 3 seconds. You can turn off the automated saving, but (if you forget to do this) you get a message each time money is moved out of your current account and you can turn it around straight away. To avoid the annoying message ping, best to turn off the automatic saving. Only thing you can't do is set up a fixed amount DD for a fixed date. I don't see Chip or Plum ending the DD facility for depositing savings as their automatic system depends on it.

Can the manual transactions be done all in one go say on the 1st of each month just make it pull £1 each 4 times?
Will the 4 transactions show as 4 different direct debits?
Is it possible to turn off automatic saves permanently and just do it manualy?

soulsaver

NoodleDoodleMan wrote: »

Just for general information - I was looking at Birmingham Midshires Savings Accounts online (with no foreknowledge of the Ts & Cs) and noticed that it only accepts deposits by DD from the linked account after the initial opening by cheque drawn on that nominated account.

Another option perhaps for Chocky's headline list ?

Correct, but the cheque is for initial identity/security purposes, must be in your name and from the initial linked account in your name.

However when the ac is open you can change the linked account, no cheque required.

darkidoe

veryintrigued wrote: »

You're last couple of posts have been the definition of 'bias' and indeed you jumping to conclusions (about any experience I have) and therefore pretty hypocritical!

Getting confirmation from the Post Office that they have indeed pulled this account due to any MSE effect will be impossible - but anyone with half an Ology to their name might suspect that they are linked.

Over and out from me.

Thank you very much. We can agree it's a suspicion, presumption and not anymore.

As you noted, to link cause and effect in a hypothesis can be challenging and we shouldn't 'jump to conclusions'.

:beer:

dggar

NoodleDoodleMan wrote: »

Just for general information - I was looking at Birmingham Midshires Savings Accounts online (with no foreknowledge of the Ts & Cs) and noticed that it only accepts deposits by DD from the linked account after the initial opening by cheque drawn on that nominated account.

Another option perhaps for Chocky's headline list ?

There appear to be 2 products:-
Internet saver account(yearly interest) and
Internet saver account(monthly interest).


Does anyone know if BM allow you to open both types?

djpailo

darkidoe wrote: »

Classic cognitive bias. Two distinct events happening in sequence doesn't indicate cause and effect even if you can build a narrative to support it.

A correlation does not confirm whether two quantities are dependent nor does it confirm that they are independent.

So if a correlation exists, it merits discussing both ways: why the two quantities could depend on one another and why they may not.

pearl123

Wheres_My_Cashback wrote: »

Paypal are in the process of removing DD capability from accounts. My 3 accounts all lost it a couple of months ago. Others here reported the same.

I wish paypal had been upfront about removing DD, as I spent ages trying to relink and when I spoke to customer services they just said it was not working.

Hunting for new DD is a pain in the ....

NoodleDoodleMan

Correct, but the cheque is for initial identity/security purposes, must be in your name and from the initial linked account in your name.

However when the ac is open you can change the linked account, no cheque required.

Well spotted, I forgot to mention the initial cheque condition.

I didn't know the linked account could be changed later, that's useful information, THANKS.

Badger50

surreysaver wrote: »

With Scottish Widows, there is no limit as to how many Internet Savings Accounts you can have. They will be changing their conditions to state you will need a minimum balance of £10 in each account, however. And the monthly direct debit is a £10 minimum.

According to conditions effective from 1 October 2017 any payments into your account after it is open must be at least £10 (the minimum withdrawal which you can
make is also £10). However my less-than-£10 direct debits were taken as usual in October. Also the online application refers to a minimum £1. But I think I will be increasing my SW direct debits to £10 to be on the safe side.

pearl123

For Scottish Widows is it the Internet Saver Account account?