Savings accounts accepting DD's

PRAISETHESUN

PO Saver Issue 34 is now out for anyone who is interested.
It also pays a relatively decent 1.45%

https://www.postoffice.co.uk/savings-accounts/online-saver

OceanSound

I opened Post Office Savings account just now. When it came to depositing first deposit, I chose Direct debit. (as opposed to debit card/cheque)

Everything ok. It said can take up to 9 business days for initial deposit to show on post office account. When I login to PO account it says DD status is 'pending' and frequency 'one-off'.

Take it I can change this frequency to 'weekly' once the status becomes 'active' (or such like).

Edit: Noticed there is a 'Edit Direct Debit' option, which is currently greyed out (maybe because the DD is pending)

DennisTenus

trophydave wrote: »

I have been trying to set up direct debits with this bank for about four months now.The forms have been sent in four times now,each time I chase it up they say that there is no record of it despite on the second attempt they returned the forms to me wanting copies of the bank statements for the accounts that I want to pull money in from.Twice I have sent them in using envelopes supplied by them so the forms must be going to the correct address.Has anyone else had this problem?

This is concerning I was going to send some soon

Keep us updated with it please

diamondchap

DennisTenus wrote: »

This is concerning I was going to send some soon

Keep us updated with it please

I opened an Esaver account in late-September and sent the Direct Debit form in early-October. They replied to say that they needed a statement for the account from which the DD was to be taken. That was a recently-opened Tesco CA in my case, so I had to wait until the end of October until the first statement was generated so I could send that to Santander.

They then replied this week to say that I hadn't completed Part A 'Your payment options' in the form. That part of the form asks for a regular payment amount and frequency (monthly, quarterly, six-monthly or anually) and says "You may move money into your Santander account from another bank or building society whenever you wish. If you’d like to make regular payments, please complete the following. (You can always change or cancel your regular payments by contacting us, or your bank or building society.)" (my emphasis) It also says "This section A does not form part of the Direct Debit instruction" My interpretation of that was that one only needed to complete Part A if one intended a regular DD - since I didn't and intended to make irregular payments of differing amounts, I left it blank. I've just resent it with a small monthly amount which hopefully will be enough to set up the DD and I can then do ad hoc DD's to meet the Tesco CA criteria.

DennisTenus

Hmm so they are making this difficult. Not sure I want to send a statement really, bit of a security issue. Did you just print one from a PDF you download from that account? or do they insist on an original?

diamondchap

I just printed a PDF downloaded from the account.

DennisTenus

Thanks.

So you're waiting to see if that's enough/acceptable now?

diamondchap

DennisTenus wrote: »

Thanks.

So you're waiting to see if that's enough/acceptable now?

Yes, although I would have liked to think that if it wasn't then they would have told me when they wrote to me this week.

DennisTenus

Btw, what did you put in as bank address for the bank the money is coming from?

NoodleDoodleMan

Btw, what did you put in as bank address for the bank the money is coming from?

The address of your bank admin HQ, no need for the specific branch location - as long as you give the correct sort code & account number, and send it to the correct address at Santander - ISA Customer Services, PO Box 1112, 9 Nelson Street, Bradford BD1 9NR.

Don't be mislead by the ISA prefix, you can omit it if you wish, that's where all these mandates are dealt with.