Direct Debit Accounts

nightsurfer998

I have read a number of old posts on this subject but nothing from the past couple of years.

Tesco have announced that they are closing all current accounts in November 2021 and the Post Office will refuse to accept direct debits from March 2022.

Can anyone recommend a couple of accounts (other than Paypal) that I could use to qualify my Lloyds bank account?

Thanks

Daliah

j.p said:

Get yourself a list of all UK Building Societies, visit each one's web site, and check whether they have a Regular Saver account into which you may pay by Direct Debit and is open to applicants nationwide. There are a few of them still. Only don't expect they'll let you pay in just a £1 a month or so – more likely they'll expect £20 or £25.

I know of no UK Building Society that let's you pay into a Regular Saver by DD.

There is a thread on the Savings & Investments board about DDs into saving accounts etc.

The simplest solutions for DD requirements for switch bonuses are charity donations by DD.

wiseonesomeofthetime

Daliah said:

j.p said:

Get yourself a list of all UK Building Societies, visit each one's web site, and check whether they have a Regular Saver account into which you may pay by Direct Debit and is open to applicants nationwide. There are a few of them still. Only don't expect they'll let you pay in just a £1 a month or so – more likely they'll expect £20 or £25.

I know of no UK Building Society that let's you pay into a Regular Saver by DD.

There is a thread on the Savings & Investments board about DDs into saving accounts etc.

The simplest solutions for DD requirements for switch bonuses are charity donations by DD.

Ecology BS do.

I use it for one of mine.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Not that many options these days, but some good ones discussed in the thread above.

Alternative is to re-arrange existing bills that pay by DD (CC, utilities, etc).

Daliah

wiseonesomeofthetime said:

Ecology BS do.

Ah, Ecology BS. I remember now. The most painful of all accounts to open, coupled with a mediocre interest rate. You can choose the DD to be taken on any day as long as it is the second working day of the month 

But I understand, if you don't have other options, you might accept their limitations.

Descrabled

Ecology BS

The direct debit is always on the third working day of the month.  November 3rd, December 3rd, and January 6th 2022

soulsaver

Descrabled said:

Ecology BS

The direct debit is always on the third working day of the month.  November 3rd, December 3rd, and January 6th 2022

I'll compound the MSE habit of arguing about minutiae:

The DD form does actually say '...will be collected on the second working day of each month'. At least it says that on my copy.

And re another poster's comment: I thought it easy enough to open.  

Daliah

soulsaver said:

Descrabled said:

Ecology BS

The direct debit is always on the third working day of the month.  November 3rd, December 3rd, and January 6th 2022

I'll compound the MSE habit of arguing about minutiae:

The DD form does actually say '...will be collected on the second working day of each month'. At least it says that on my copy.

also on their website

soulsaver said:

And re another poster's comment: I thought it easy enough to open.  

Perhaps they have now made it easier. It was a real palaver when I tried it. So much so that I abandoned my application after 3 and a bit weeks. But then, touch wood, I am in the fortunate position not to be desperate for DDs as I can use a legacy account for unlimited numbers of DDs.

Descrabled

Ecology BS

I stand corrected. Sorry.

However, I've had the regular saver since 2017 and the payment has always been taken on the third working day. I suspect they initiate the payment on the first working day of the month.

I can't comment on the method of opening the account, it's too long ago to remember.

BReasonable

You can join the micro investment company Wealthify they will let you set up a DD for only £5 pm. If you don't want to take many risks with even that small amount of money, choose their cautious fund, you shouldn't lose money on that in the long term.

Do you play the lottery? you can have a monthly direct debit account with the National Lottery and you can always alter the number of lotto draws you want to be in and get a refund of any unused money. 

nightsurfer998

j.p said:

Get yourself a list of all UK Building Societies, visit each one's web site, and check whether they have a Regular Saver account into which you may pay by Direct Debit and is open to applicants nationwide. There are a few of them still. Only don't expect they'll let you pay in just a £1 a month or so – more likely they'll expect £20 or £25.

Thanks,  and yes it will be circa £30 transfers.