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saver776
saver776 Posts: 29 Forumite
Second Anniversary 10 Posts Name Dropper
edited 8 October 2022 at 6:10PM in Savings & investments
Abcdefghij

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  • ZeroSum
    ZeroSum Posts: 1,126 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    saver776 said:
    Are there any savings accounts out there which let you pay into it via multiple DD? So I can avail of bank offers without signing up to multiple DD's.
    Post Office let's you set up weekly DD's
    Be careful though as some accounts require separate mandates, whereas some do allow several DD's from same mandate
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,487 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 5 August 2020 at 11:33AM
    https://forums.moneysavingexpert.com/discussion/5734632thread with lots of info if you take the time to look through it. As above, depending on which current account account you have there may be a requirement for multiple DD payments vs mandates on your account each month.

    I'm not aware of any savings account that allows you to link multiple current accounts, so you'll need to open a new savings account for every current account you need. I'd recommend Birmingham Midshires Internet Savings for this myself, as for each account you actually get 2 DD mandates on the linked account - for some reason they use one mandate for "one-off" payments and a separate mandate for scheduled "regular" (weekly or monthly) payments, so you can exploit this if you're a bit savvy. If you're a new customer it's initially a huge faff to open as you need to send off a cheque, but subsequent accounts can be opened immediately online without issue. You can also change the linked account afterwards without issue so if you don't have a chequebook on the account you need the DD on you can get around it. Old and clunky system as well but it gets the job done.

    Outside of that, PO Savings gets used a lot by people here - I wouldn't recommend storing any substantial amount of money with them as their systems are horrible buggy messes full of technical issues and their customer service is abysmal. Perfectly fine for a monthly £1 DD though.
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