Ecology Direct Debits
Chadsman
Forumite 1.1K Posts
I am trying to find some more easy direct debits so that I can keep as many current accounts with perks as possible. When paying into two different Ecology savings accounts by direct debit do they use the same mandate for both savings accounts? Can you have two DDs from different savings accounts into two different current accounts?
God save the King!
I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.
I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.
0
Latest MSE News and Guides
Replies
I assume they would use the same mandate for 2 different accounts if linked to one current account, so it would not be wise to have 2 ecology accounts linked to one current account.
For the perks, I've got Wealthify x 3 plus a credit card for Co-op, Scottish widows x 2 for RBS, Ecology easy access plus a credit card for Natwest. This has left me with Plum for TSB student account to switch to Barclays for the blue rewards, Moneybox and ecology regular saver on a Bank of Scotland donor account soon to switch to TSB.
It's worth bearing in mind though that if you have more than one account with Ecology you can use a different bank account for each account's DD mandate.
Also worth noting the variations in terms for each account. The regular saver and cash ISA allows the initial deposit via DD, for the easy access and notice account the initial deposit has to be either bank transfer/cheque. Subsequent deposits can be made via DD for all account but the minimum DD amount varies depending upon the account, the easy access for example has a minimum £10 whereas the regular saver it's £25.
To be honest setting these up is a bit of a faff, the DD mandate has to be printed off their website, filled in and posted back to them. It usually takes around a month before the DD is in place and they rarely (if ever) feature near the top of the interest rates tables.
But, if you think of these more like set and forget DD's for accounts requiring DD's to qualify for whatever it is they are offering or an account you switch regularly then they do a job. Indeed, an Ecology DD allowed me to keep Blue Rewards running at Barclays and subsequently open their new 5% rainy day saver. .
As an aside, if this is your first time opening an ecology account I would recommend not sending off your direct debit forms straight away. This is because they send you out a customer feedback form when you open your first ecology account, which comes with a prepaid envalope addressed to the same people that set up the direct debits so you can save yourself the cost of a stamp by sending the direct debit forms with the feedback form.