Savings accounts accepting DD's

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  • colsten
    colsten Posts: 17,597 Forumite
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    tel_ wrote: »

    How about the Post Office Online Saver account?
    I once used to have one of these. Absolutely dreadful experience as they are very difficult to manage. There are countless reports from people who had difficulties with their PO savings accounts.

    I wouldn't touch them with a barge pole now.
  • surreysaver
    surreysaver Posts: 4,142 Forumite
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    colsten wrote: »
    I once used to have one of these. Absolutely dreadful experience as they are very difficult to manage. There are countless reports from people who had difficulties with their PO savings accounts.

    I wouldn't touch them with a barge pole now.

    In fact, I'm considering closing all my Post Office accounts now that Tesco, BoS and Lloyds are only paying 1%. I'll keep two open to facilitate my Co-Op rewards and Tesco 1%, and I'll rearrange my credit card direct debits to ensure my remaining 1% BoS and my Club Lloyds accounts can still pay 1%. I've closed my other Tesco account and will close my other 2 BoS accounts in due course, so don't need all these direct debits any longer
    I consider myself to be a male feminist. Is that allowed?
  • badger09
    badger09 Posts: 11,247 Forumite
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    colsten wrote: »
    I once used to have one of these. Absolutely dreadful experience as they are very difficult to manage. There are countless reports from people who had difficulties with their PO savings accounts.

    I wouldn't touch them with a barge pole now.

    Just for balance:) I've never had any problems with mine. Even managed to get money out:rotfl:
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    badger09 wrote: »
    Just for balance:) I've never had any problems with mine. Even managed to get money out:rotfl:
    Me neither. But then again they're only seeing a fiver or so per account per month. Every few months I send it back.
  • latinaid
    latinaid Posts: 148 Forumite
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    surreysaver wrote: »
    In fact, I'm considering closing all my Post Office accounts now that Tesco, BoS and Lloyds are only paying 1%. I'll keep two open to facilitate my Co-Op rewards and Tesco 1%, and I'll rearrange my credit card direct debits to ensure my remaining 1% BoS and my Club Lloyds accounts can still pay 1%. I've closed my other Tesco account and will close my other 2 BoS accounts in due course, so don't need all these direct debits any longer

    As a matter of interest, why are you keeping the 1% accounts operational?
  • colsten
    colsten Posts: 17,597 Forumite
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    latinaid wrote: »
    As a matter of interest, why are you keeping the 1% accounts operational?
    The Club Lloyds gives you access to the Club Lloyds Regular saver, which is one of the better RS accounts at present. Both Lloyds and BOS also have Monthly Savers paying relatively decent interest. Whilst you can put money into these accounts by Faster Payment from anywhere, to get your money out of them, you need to use a current account with them. This doesn't mean you have to keep any money in those current accounts. Tesco also offers some sort of a Clubcard points deal that some people find of use for themselves.
  • latinaid
    latinaid Posts: 148 Forumite
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    colsten wrote: »
    The Club Lloyds gives you access to the Club Lloyds Regular saver, which is one of the better RS accounts at present. Both Lloyds and BOS also have Monthly Savers paying relatively decent interest. Whilst you can put money into these accounts by Faster Payment from anywhere, to get your money out of them, you need to use a current account with them. This doesn't mean you have to keep any money in those current accounts. Tesco also offers some sort of a Clubcard points deal that some people find of use for themselves.

    Yes, I have the Lloyds and the BoS monthly savers - I don't think you need to have any DDs on them though? Nor keep a balance?
  • polymaff
    polymaff Posts: 3,905 Forumite
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    latinaid wrote: »
    Yes, I have the Lloyds and the BoS monthly savers - I don't think you need to have any DDs on them though? Nor keep a balance?


    https://forums.moneysavingexpert.com/showpost.php?p=76312569&postcount=15
  • latinaid
    latinaid Posts: 148 Forumite
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    Yes, that's my thinking - continue to pay into the Lloyds account to avoid the fee, but no money in there (all moved to Marcus) and no DDs.
  • changearound
    changearound Posts: 40 Forumite
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    colsten wrote: »
    The Club Lloyds gives you access to the Club Lloyds Regular saver, which is one of the better RS accounts at present. Both Lloyds and BOS also have Monthly Savers paying relatively decent interest. Whilst you can put money into these accounts by Faster Payment from anywhere, to get your money out of them, you need to use a current account with them.


    I was under the impression that the Lloyds and BoS RS accounts had to be funded by Standing Order as opposed to FP. Is FP definitely allowed and will the accounts credit the payment on a non-working day?
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