Savings accounts accepting DD's

latinaid

changearound wrote: »

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?

I can't answer your question about FP, but standing orders generally aren't processed at the weekend.

surreysaver

latinaid wrote: »

As a matter of interest, why are you keeping the 1% accounts operational?

As others have said, access to regular savers. Also possible accounts for switching with at a later date, feeder accounts for other regular savers, back-up account in case the IT department at my main bank ballses up. I also believe it wise to have a toe in the water at each establishment for any potential offers - as the recent balance transfer credit card for existing customers from NatWest has shown.

latinaid

surreysaver wrote: »

As others have said, access to regular savers. Also possible accounts for switching with at a later date, feeder accounts for other regular savers, back-up account in case the IT department at my main bank ballses up. I also believe it wise to have a toe in the water at each establishment for any potential offers - as the recent balance transfer credit card for existing customers from NatWest has shown.

Yes, I'm keeping mine open, but I've switched all the DDs to my main bank (S123 Lite), and I'm not funding the BoS ones, only Lloyds to keep the annual benefit + avoid paying the monthly fee. I'm not keeping any money in them though.

PRAISETHESUN

tel_ wrote: »

I need 2 new dd's set-up for the Club Lloyds account. I noticed the 2 dd's can be paid to the SAME account, but must be 2 SEPARATE dd's (separate mandates) from your Lloyd's account.

Instead of me opening 2 new savings accounts, does anyone know of where you can open say, just one new account, that allows you to set up more than one regular deposit?

I already have Birmingham & Midshires monthly & annual savers (both of these allow only one deposit/mandate) to be set up to your linked account.

How about the Post Office Online Saver account? Or the Ecology Regular Saver?

Birmingham Midshires accounts actually set up 2 separate DD mandates, one for "regular/recurring" deposits and one for "one off" deposits. Useful to know if you are trying to min-max DD requirements.

As for PO Savings, I agree with most of the comments above. I'm trying to phase them out since I've been having issues with them (accounts blocked from being debited, etc) and their customer service is shocking which isn't helping. Most of my savings is now in accounts not needing DDs anyway, but I've still got my unused accounts set up with DDs, ready to switch at a moment's notice if and when required.

polymaff

changearound wrote: »

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?

The T&Cs do mandate SO, but that doesn't mean they won't accept FP - not the least that the execution method for SO is FP - so how would the receiving bank know the difference?

To put it into scale, last year, Club Lloyds funded by SO chiselled me for 11p...:(

surreysaver

latinaid wrote: »

Yes, I'm keeping mine open, but I've switched all the DDs to my main bank (S123 Lite), and I'm not funding the BoS ones, only Lloyds to keep the annual benefit + avoid paying the monthly fee. I'm not keeping any money in them though.

123 Lite is my main bank too. I have an offset mortgage with Santander too, so pay £1k pm into that to obtain maximum cashback. I downgraded from full-fat 123 a while ago when they put the fee up to £5 pm

surreysaver

polymaff wrote: »

The T&Cs do mandate SO, but that doesn't mean they won't accept FP - not the least that the execution method for SO is FP - so how would the receiving bank know the difference?

To put it into scale, last year, Club Lloyds funded by SO chiselled me for 11p...:(

The first payment into a new regular saver always tends to be by Faster Payment anyway, as the SO wouldn't have been set up. But if its with the same bank, would an internal transfer count as a FP or SO?

DennisTenus

surreysaver wrote: »

123 Lite is my main bank too. I have an offset mortgage with Santander too, so pay £1k pm into that to obtain maximum cashback. I downgraded from full-fat 123 a while ago when they put the fee up to £5 pm

Do Santander do offset mortgages? When I was searching recently I didn't see any mention of them on the website

changearound

polymaff wrote: »

To put it into scale, last year, Club Lloyds funded by SO chiselled me for 11p...:(

That's more than 2 Co-op debit card purchases;)

changearound

surreysaver wrote: »

The first payment into a new regular saver always tends to be by Faster Payment anyway, as the SO wouldn't have been set up. But if its with the same bank, would an internal transfer count as a FP or SO?

Back in the mists of time when I had my very first Club Lloyds monthly saver I tried to do the 2nd payment by transfer from my Club Lloyds current account and it wouldn't let me.


I'm guessing an internal transfer is flagged up as non-SO but possibly a faster payment from an exernal source would be acceptable.