Savings accounts accepting DD's

EachPenny

djpailo wrote: »

It says on the homepage that it is for businesses though.

And the problem with 'gun machines' is it is very easy to shoot yourself in the foot

karlie88

adindas wrote: »

This is not a Saving account but this is a prolific DD generator. It works like a gun machine. Very efficient even blind people could hit the target by firing huge amount of bullets in a month... :D:D:D

https://gocardless.com/

Chances are anyone who sets this up with a view of getting DDs for themselves and family members will have their account closed.

pete_l

Do Scottish Widows allow you to have more than one savings account like Tesco do?

Eco_Miser

adindas wrote: »

This is not a Saving account but this is a prolific DD generator. It works like a gun machine. Very efficient even blind people could hit the target by firing huge amount of bullets in a month... :D:D:D

https://gocardless.com/

But see Restrictions particularly points 15,17, and 20.

NoodleDoodleMan

Do Scottish Widows allow you to have more than one savings account like Tesco do?

Somebody posted recently to say that was the case - best get a confirmation though.

WillBanyard

Maybe someone can confirm or deny this:

On setting up a new Birmingham Midshires savings account, it appears that one DD mandate is set up for manual payments into the account, and a separate mandate is set up for regular payments.

Is it possible that if this is the case, opening one new savings account could result in counting as two direct debits? Providing you remember to make a manual DD payment into the account every month.

adindas

Here is another source of DD.
It is a minimum £25 a month but it is worthy as it is paying 1.5% interest.

• You can save between £25 and £250 a month by Direct Debit
• Limited to two withdrawals per calendar year.
• A minimum balance of £25 is required in your account

You could use two withdrawal per year to transfer back the money to the higher interest paying account.

It mightbe limited to several people, but it is worthy to try.
" trustee or beneficiary has been a member of the Society for the previous twelve months."

Thanks to "patientperson" who make people aware of this saving.

https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

Kim_13

adindas wrote: »

Here is another source of DD.
It is a minimum £25 a month but it is worthy as it is paying 1.5% interest.

• You can save between £25 and £250 a month by Direct Debit
• Limited to two withdrawals per calendar year.
• A minimum balance of £25 is required in your account

You could use two withdrawal per year to transfer back the money to the higher interest paying account.

It mightbe limited to several people, but it is worthy to try.
" trustee or beneficiary has been a member of the Society for the previous twelve months."

Thanks to "patientperson" who make people aware of this saving.

https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

Just had a look on the site and the DD is taken on the second working day of the month. Something for potential applicants to be aware of.

Eco_Miser

adindas wrote: »

That is the main reason why people should not just believe what is stated in the T&C.

Contrary to standard advice.

adindas wrote: »

It is worthy to try something if it does not do any harm or you have nothing to loose and potentially gain something. Even they close your account what you have got to loose.

You could lose (not loose) the interest on the account you are taking the DD from, and just possibly get something nasty on your credit file.

adindas

Eco_Miser wrote: »

Contrary to standard advice.

You could lose (not loose) the interest on the account you are taking the DD from, and just possibly get something nasty on your credit file.

Because in some cases the T&C is in grey area open for interpretation. Playing with the bank that is the game we are all learning to play here, ere not we ?

People do thing taking their own risk, They take the credit but they also need to take the blame for their own action. I never suggest to do something illegal.

Some people in this forum even in this thread have done that this many times, they just keep it silent.