Savings accounts accepting DD's

Fingerbobs

Is it worth adding the Hanley Economic Building Society "Branch Regular Saver" account to the OP?

Despite its name, it can apparently be opened by post, and can be funded by monthly Direct Debit (minimum £20).

The interest rate is low for a Regular Saver (1.25%) but it could be useful as an additional Direct Debit, and you can make 5 withdrawals per year, so no need to build up a large balance in the account.

http://www.thehanley.co.uk/savings-accounts/

vixen1500

Tammydreaper wrote: »

I have lots of credit cards and make a small purchase on each,each month, and have them set to be paid off by Direct Debits each month.

I also like the credit cards for DD, but got caught out in Feb with it being a short month they didn't take the payment until March - so lost £6 in interest

YorkshireBoy

vixen1500 wrote: »

I also like the credit cards for DD, but got caught out in Feb with it being a short month they didn't take the payment until March - so lost £6 in interest

Presumably you've now brought forward the statement date to ensure it doesn't happen again (at Xmas/Easter/Spring Bank as well as next February)?

vixen1500

YorkshireBoy wrote: »

Presumably you've now brought forward the statement date to ensure it doesn't happen again (at Xmas/Easter/Spring Bank as well as next February)?

Nope, didn't realise I could alter the payment date - will look into that thanks

[Deleted User]

Fingerbobs wrote: »

Is it worth adding the Hanley Economic Building Society "Branch Regular Saver" account to the OP?

Despite its name, it can apparently be opened by post, and can be funded by monthly Direct Debit (minimum £20).

The interest rate is low for a Regular Saver (1.25%) but it could be useful as an additional Direct Debit, and you can make 5 withdrawals per year, so no need to build up a large balance in the account.

http://www.thehanley.co.uk/savings-accounts/

A better bet is Ecology Building Society RS which pays 1.75% and accepts deposits by direct debit. Monthly minimum is £25. Two withdrawals per year. Open by post.

surreysaver

vixen1500 wrote: »

I also like the credit cards for DD, but got caught out in Feb with it being a short month they didn't take the payment until March - so lost £6 in interest

I've got a credit card direct debit which straddles the month-end too, sometimes it'll be in the new month, sometimes the current one. However, its linked to one of my Tesco current accounts, which uses the account opening date as the monthly-versary, rather than a calendar month so it doesn't matter.

PRAISETHESUN

vixen1500 wrote: »

Nope, didn't realise I could alter the payment date - will look into that thanks

Just change your statement date to be a few days after the start of the month/account cycle. The DD date should then adjust to be a week or so after that!

20SmthngSver

IS there are limit to how many Post Office Online Saver's you can have from the same current account? I already have Iss 35, DD funded by a Nationwide FLexAccount (which I only use to fund their Regular Saver). Can I open no 36 I think it currently is, linked to the same account? Or does it have to be different?

I'm trying to line up my Tesco Bank Current Account to make it available to switch to M+S, which requires 4 direct debits.

badger09

20SmthngSver wrote: »

IS there are limit to how many Post Office Online Saver's you can have from the same current account? I already have Iss 35, DD funded by a Nationwide FLexAccount (which I only use to fund their Regular Saver). Can I open no 36 I think it currently is, linked to the same account? Or does it have to be different?

I'm trying to line up my Tesco Bank Current Account to make it available to switch to M+S, which requires 4 direct debits.

Yes, you can have 2 (or more) issues of PO online saver funded from the same current account. What you can't do is use one PO online saver to pull in DDs from different current accounts. (Well you can, but you'd have to change the DD source every month:cool:)

However, you'll need to check whether multiple DDs set up this way will meet M&S conditions. For example my weekly PO online saver DD meets Co-op's T&Cs for Everyday Rewards, but some specify different DDs

20SmthngSver

badger09 wrote: »

Yes, you can have 2 (or more) issues of PO online saver funded from the same current account. What you can't do is use one PO online saver to pull in DDs from different current accounts. (Well you can, but you'd have to change the DD source every month:cool:)

However, you'll need to check whether multiple DDs set up this way will meet M&S conditions. For example my weekly PO online saver DD meets Co-op's T&Cs for Everyday Rewards, but some specify different DDs

Ah I see. It won't let me set up a regular direct debit, just a one off each month. Apprently a lot of people have this issue, so I end up manually doing it. I also have a Birmingham Midshires account, so that's two direct debits for £1 a month.


Thanks. I might open another PO OS tonight actually. I don't plan on doing it for a few months, because I haven't got any spare money for the Regular Saver yet lol. ALready have 4 on the go as well as a HTB ISA. In November, two mature, so I'll probably initiate the switch then.

Is it worth taking out the credit card to get an extra £20 in vouchers?