Savings accounts accepting DD's

20SmthngSver

1Foz wrote: »

Guys , think I messed up my linked account on Birmingham midshire. They want a cheque right? I only have a cheque book for my first direct acciunt. Don't suppose they'll accept me sending a cheque from a diff account than the link ? I thought the account stated first deposit had to come from the link , which I can do by transfer or debit payment , but can't send a cheque from it.

I opened an Easy Access account with Ecology BS that accepts direct debit inwards, and I sent them a cheque drawn on a different account to the one that I listed on the DD form enclosed with it. No problem.

If not, you can always just set up BM with the account cheque, and then change the linked account online or phonecall once it's all set up.

DennisTenus

DennisTenus wrote: »

Anyone setup a DD with Santander eSaver recently? I sent in some completed forms, with bank statements to prove the accounts are mine in separate envelopes, but they only setup 1 of the 3!

Sent in another few weeks ago, not been setup.... anyone tried recently?

1Foz

20SmthngSver wrote: »

I opened an Easy Access account with Ecology BS that accepts direct debit inwards, and I sent them a cheque drawn on a different account to the one that I listed on the DD form enclosed with it. No problem.

If not, you can always just set up BM with the account cheque, and then change the linked account online or phonecall once it's all set up.

Thank You I'll send a cheque from my First Direct in that case and ring them to explain.

Any idea how long it takes to actually get the stuff to sign from BM? I applied on the Friday of bank holiday weekend. So far, I only had the email confirmation. I assume it takes 5-10 working days. Guess I should get something soon...though its only been 6 working days, feels like longer

20SmthngSver wrote: »

I opened an Easy Access account with Ecology BS that accepts direct debit inwards, and I sent them a cheque drawn on a different account to the one that I listed on the DD form enclosed with it. No problem.

If not, you can always just set up BM with the account cheque, and then change the linked account online or phonecall once it's all set up.

Had a look at Ecology also...I need one more DD for my Barclays account, though I think I'd rather wait til the next PO online saver issue - as much as I absolutely hate the PO functionality, it is by far the quickest to set up. How long did it take for you to get the Ecology account opened?

1Foz

Moneybox just created a DD for my Lifetime ISA that I transferred to them.

What's interesting me is they now have a 95 day notice saver that pays 1.65% (with a minimum deposit of just £1) through investec.

See here > https://www.altfi.com/article/5706_investec-joins-forces-with-moneybox-for-95-day-savings-account.
and here > https://specialistbanking.co.uk/article-desc-7138_Moneybox%20and%20Investec%20team%20up%20to%20launch%2095-day%20notice%20account

You can make continual deposits and according to a search I just did, the 95 day notice account is deposited by DD just like its Lifetime ISA product. Sure, 95 day notice is a pain, but if you're only sticking a couple quid each month, could be an easy extra DD for anyone in need for their current account requirements. In any case, 1.65% is not bad for an account of that type anyway. Something that maybe should be added to the list.

20SmthngSver

1Foz wrote: »

Thank You I'll send a cheque from my First Direct in that case and ring them to explain.

Any idea how long it takes to actually get the stuff to sign from BM? I applied on the Friday of bank holiday weekend. So far, I only had the email confirmation. I assume it takes 5-10 working days. Guess I should get something soon...though its only been 6 working days, feels like longer



Had a look at Ecology also...I need one more DD for my Barclays account, though I think I'd rather wait til the next PO online saver issue - as much as I absolutely hate the PO functionality, it is by far the quickest to set up. How long did it take for you to get the Ecology account opened?

1) BM took about 10 workings for me. They aren't the quickest. Just set it all up using First Direct, set a date for payment by DD, once it's taken, change the Linked Account details online. They will set up two mandates on your account too. One for one-off direct debits, and another for a regular direct debit. You can do the one-off as often or little as you wish.

2) Ecology was set up within a few day, very quick. Sent a TSB cheque and enclosed a form with Santander account details for DD. They take direct debits on the 2nd of each month, whereas PO and BM you choose the date.

Fingerbobs

Just opened my first account with Al Rayan Bank, and noticed this message when signing into their Online Banking:

We have [...] added the following functionality to your online banking facility:
[...]
You can deposit money into your new Al Rayan Bank savings account by using your debit card or setting up a regular Direct Debit

Not tried yet as I need to wait for stuff to come through the post before I can gain access, but looks like another potential DD.

pantaiema

I wonder why the people still need DDs where the current paying higher intetrest rate and require DD will soon become things of the past.


In the meanwhile what are you guys doing with DDs in Tesco current AC, BOS, Club Lloyds in October 1, 2019 ??

YorkshireBoy

pantaiema wrote: »

I wonder why the people still need DDs where the current paying higher intetrest rate and require DD will soon become things of the past.

Co-op Rewards, Barclays Blue Rewards, Halifax Reward, M&S for the regular saver, switching incentives, etc, etc.

In the meanwhile what are you guys doing with DDs in Tesco current AC, BOS, Club Lloyds in October 1, 2019 ??

2 x Tesco went to Santander in early summer, but I didn't need DDs on my legacy accounts. 2 x BOS went to Santander as above. Club Lloyds will be kept for the lifestyle benefits.

20SmthngSver

pantaiema wrote: »

I wonder why the people still need DDs where the current paying higher intetrest rate and require DD will soon become things of the past.


In the meanwhile what are you guys doing with DDs in Tesco current AC, BOS, Club Lloyds in October 1, 2019 ??

I use them Co-Op Reward, M&S Bank, will be doing a switch to Barclays Reward. Several still require 2-4 direct debits. It's taken me months to get them opened and in place on the right accounts.

surreysaver

YorkshireBoy wrote: »

Co-op Rewards, Barclays Blue Rewards, Halifax Reward, M&S for the regular saver, switching incentives, etc, etc.2 x Tesco went to Santander in early summer, but I didn't need DDs on my legacy accounts. 2 x BOS went to Santander as above. Club Lloyds will be kept for the lifestyle benefits.

Still need Club Lloyds and BoS for their regular savers, so might as well keep the accounts open as they are still okay for storing money for short terms that I might need immediate access to.
Can also use them as the source of standing orders, so would want to fill them up a working day or two before the first of the month