Savings accounts allowing debit card deposit

badger09

Speculator said:

Alternative is to buy supermarket gift cards instore.
We spend about £500 on food per month anyway.

Erm, forgive me if I'm missing something here, but... if you spend £500 a month on food anyway, why not use the debit card in the first place? Why add the supermarket gift card?

anewman

veryintrigued said:

The last time(s) thread(s) were created similar to this it ended up with people weaponising the Spam button once their way of utilising these accounts were publicised.

To the point where MSE bans were served out.

Just a heads up.

A spend is a spend. The bank can choose not to apply the reward should they wish. They can see where the money is spent.

anewman

crumpet_man said:

Why not use NS&I if all you need is the ability to manufacture spending?

If you need a genuine savings account then debit card funding should be low on the list of requirements.

Because the £5 a month reward exceeds most interest returns.

crumpet_man

What I mean is, do both.  Use NS&I for the spend and have another genuine savings account.  Unless the savings account accepting debit cards has the best interest rate, then it's two birds with one stone.

Speculator

badger09 said:

Speculator said:

Alternative is to buy supermarket gift cards instore.
We spend about £500 on food per month anyway.

Erm, forgive me if I'm missing something here, but... if you spend £500 a month on food anyway, why not use the debit card in the first place? Why add the supermarket gift card?

I want to be certain I spend £500.
I have no time to keep track of my spending to make sure I am over the £500 mark each month.
There is almost zero risk for me. Asda and Tesco are not in any danger of going into administration.

colsten

Speculator said:

There is almost zero risk for me.

Apart from losing / forgetting about your gift card

Speculator said:

Asda and Tesco are not in any danger of going into administration.

A bit like 'no bank has ever gone bust'

pip895

You can fund HL with a debit card - plenty of possible accounts there in active saving -instant access 0.55%.

StephenM_2

badger09 said:

Erm, forgive me if I'm missing something here, but... if you spend £500 a month on food anyway, why not use the debit card in the first place? Why add the supermarket gift card?

Sometimes you can get a discount on gift cards. For instance I can get a 4% discount on Sainsburys gift cards, so I would get £521 gift card for a £500.16 debit card spend. But the gift card has to be bought / topped-up on a third party website through an arrangement with my employer.