Savings accounts accepting DD's

colsten

Plum: 

Q9. Is Plum FSCS protected? ... Savings with Plum are held as 'e-money' in a secure bank account that is protected by Electronic Money Regulations, and therefore FSCS cover does not apply to us.

"protected by Electronic Money Regulations" is meaningless when it comes to deposit protection. No guarantee.

Oval:

I can't find anything on Oval on the quick and don't have time right now to dig further.

colsten

On further investigation, Moneybox allow just 1 DD for their 95-day notice account (which has FSCS protection). The DD must be one-off or weekly, no monthly option. The withdrawal must be made into the account which the DD is made from. 

quirkydeptless

colsten said:

On further investigation, Moneybox allow just 1 DD for their 95-day notice account (which has FSCS protection). The DD must be one-off or weekly, no monthly option. The withdrawal must be made into the account which the DD is made from. 

I'm using it for a £2 weekly DD. Rate not too shabby in the current interest rate environment either.

colsten

quirkydeptless said

I'm using it for a £2 weekly DD. Rate not too shabby in the current interest rate environment either.

The rate is very nice. It's just a shame that you can have a sum total of 1 DD on it.

PRAISETHESUN

colsten said:

Plum: 

Q9. Is Plum FSCS protected? ... Savings with Plum are held as 'e-money' in a secure bank account that is protected by Electronic Money Regulations, and therefore FSCS cover does not apply to us.

"protected by Electronic Money Regulations" is meaningless when it comes to deposit protection. No guarantee.

Oval:

I can't find anything on Oval on the quick and don't have time right now to dig further.

Chip is similar: "Chip is not a savings account and doesn't have FSCS protection, your money is stored as e-money. We work in partnership with electronic-money specialists PFS (Prepaid Financial Services) to store your money."

Overall however, if you're looking for a few quick and easy DDs they work quite well and are pretty quick to set up. If you're worried about no FSCS protection then just don't keep any substantial amount of money in these accounts. Much better/safer the money going to an account you can control than some random business offering £1 DDs...

BigBlueSky

Are any of these methods still available now ?  Paypal seems to be (I've just set up a DD).  Any others ?

crumpet_man

Post Office Savings works for me although can be troublesome if you have multiple accounts with them.

Nick_C

Birmingham Midshires still works for me. 

SuperHans1

Nick_C said:

Birmingham Midshires still works for me. 

Do they still insist on a cheque to open their accounts? It has put me off of opening their accounts as I would need to order a cheque book.

PRAISETHESUN

It seems Birmingham Midshires is no longer accepting new applications for the time being
https://forums.moneysavingexpert.com/discussion/6233300/birmingham-midshires#latest