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Savings accounts accepting DD's

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  • PRAISETHESUN
    PRAISETHESUN Posts: 4,862 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    dcs34 wrote: »
    Thanks, so to clarify a separate weekly and a monthly DD from the same Post Office saver wouldn't count as two DDs for M&S Current Account, and only one?

    For M&S Bank specifically, doing as you suggest will only count as 1x DD. They classify an active DD as a mandate capable of taking a payment from your account, not each individual payment taken using the same mandate. You would need four separate PO saver accounts in this situation to generate 4x DDs for the switch incentive.

    There is unfortunately no hard and fast rule for this as it comes down to the individual bank and how they interpret their DD requirements. You will need to read the T&Cs of each account very carefully and it should explain what they want - some banks simply require multiple DD payments without specifying that they are different (eg. Tesco, Barclays) in which case a single mandate paying out multiple times (ie. weekly) will satisfy this. Other banks will specify something to the effect of requiring multiple different/separate DDs (eg. Halifax, M&S Bank) in which case this usually requires multiple DD mandates to be set up on the account.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,862 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    I have been using Robo-Investment platforms to supply £1 direct debits (Wealthify, Wealth Simple, eVestor). Works fine, but have now realised it was a bit of a blunder as no longer being a new customer means I've missed out on possible new customer bonues :o


    I see till 30th June there is £40 available for Wealthify - Doh!


    https://www.moneysavingexpert.com/savings/robo-funds/

    I believe this has been discussed before - there is mention of something similar in the OP referring to post 132. Depending on how accessible the money is, if they require a minimum DD amount and if there are any fees associated with the accounts, then these may also be viable options for generating DDs. Not having done any research on these I can't say, so I'd be curious to know if anyone else uses these for this purpose.
  • quirkydeptless
    quirkydeptless Posts: 1,225 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Post Office Issue 38 is out at 1.45%


    I don't need the DD at the moment, so this is just something to add to my collection.
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • 20SmthngSver
    20SmthngSver Posts: 512 Forumite
    100 Posts Second Anniversary Name Dropper
    About to try PO 38.

    Just tried doing a withdrawal out of PO 35 and it says withdrawals can't be done at this time, been saying it for days

    *Add* Nope, PO 38 wouldn't open. Shocker.
  • quirkydeptless
    quirkydeptless Posts: 1,225 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    PO 38 opened for me first time :eek:
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • 20SmthngSver
    20SmthngSver Posts: 512 Forumite
    100 Posts Second Anniversary Name Dropper
    I tried 36 and 37 for weeks. Never worked. Can't DD out either.
  • quirkydeptless
    quirkydeptless Posts: 1,225 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    I tried 36 and 37 for weeks. Never worked. Can't DD out either.


    Did you try their support desk?
    They sorted my 'unable to withdraw' (AKA technical issues) problem in about 15 mins.
    I suspect there are some underlying 'technical issues' behind your accounts they need to sort for you before their system will let you open a new one.
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • It took several attempts to even get a regular direct debit to be accepted.
  • glaister
    glaister Posts: 63 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Has anyone ever had success complaining about Post Office Savings to them / the Financial Ombudsman? Getting annoyed with them but not sure it's worth the effort!
  • DennisTenus
    DennisTenus Posts: 483 Forumite
    Sixth Anniversary 100 Posts
    They've told me it's against the terms and conditions to have more than savings account, even if it different issue numbers, so they keep blocking withdrawals from them!
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