Hargreaves Lansdown ISA - adding funds only possible with Debit Card?

Qyburn

Hi,

Am I missing something, looking through the help pages at Hargreaves Lansdown it looks like it's only possible using a Debit Card.  Is that really correct?  They start off saying it's "the quickest and easiest" way, but looking further all other methods seem to use debit card as well.  For example they say you can add from the HL app, but that used debit card.  Or over the using debit card.

Seems to be a bit of a recurring theme.

I'm not sure that's going to work for me, for a number of reasons

(1) Debit cards only work with current accounts (as far as I know) and I dislike cluttering up the current account with savings and investment transfers

(2) I don't even have a debit card on our main Lloyds account, and since we've suffered from debit card fraud on both TSB and Nationwide I would prefer not to use those if it's ever possible.  It's easier to get debit card fraud reversed if you can state that you have never ever used the card.

(3) Debit card is fiddly, you need to type in all the details each time, then in the case of TSB it needs to be verified by logging into TSB to approve it.  And in our case before even starting that process we'd need to transfer from Lloyds to TSB first.

Am I missing something?

All other savings products I have can accept a bank transfer from our Lloyds savings account, this includes ISAs as well as normal savings accounts so I don't see any regulatory reason why not.

TomDolan

i am with HL, you can only use a debit card to add money to an HL account

Albermarle

3) Debit card is fiddly, you need to type in all the details each time, then in the case of TSB it needs to be verified by logging into TSB to approve it.  And in our case before even starting that process we'd need to transfer from Lloyds to TSB first.

If it is all done online, I think it is all quite easy and quick, if you consider what you used to have to do with cheques etc
Also the security check from TSB is a good thing, as it can prevent fraud.

All other savings products I have can accept a bank transfer from our Lloyds savings account, this includes ISAs as well as normal savings accounts so I don't see any regulatory reason why not.
That is pretty unusual, as you can not transfer directly out from most savings accounts.

Noneforit999

Fairly sure its debit card only.

Stocks and shares ISA I had was also debit card only.

Only takes me a few seconds to move from savings to current, pay by debit card and then open the Lloyds app to approve it.

How frequently are you adding to savings that its causing you an issue?

ColdIron

A debit card is my favourite method as the chances of posting your money to the wrong account is practically zero

Qyburn

ColdIron said:

A debit card is my favourite method as the chances of posting your money to the wrong account is practically zero

That's true, but the same applies to using preconfigured payee details at the sending bank.

Qyburn

Albermarle said:

All other savings products I have can accept a bank transfer from our Lloyds savings account, this includes ISAs as well as normal savings accounts so I don't see any regulatory reason why not.
That is pretty unusual, as you can not transfer directly out from most savings accounts.

Lloyds used to allow transfers only from our current account.  I can't remember when that changed, but a few years ago anyway. It's just my way of working but I like this feature.  It saves cluttering up the current account with transfers in which immediately have to be sent out again.

To be honest I'm probably not going to be paying into HL all that often so could maybe live with it.  It's just a faff having to first transfer to TSB (but at least that can go direct from Lloyds savings), then login to HL to initiate the payment, then login to TSB to approve, then back to HL again.

In contrast to contribute to Paragon ISA I just make the payment straight from Lloyds savings.

ColdIron

What are you paying into? Their investment accounts (not Active Savings) allow Direct Debits which don't require a Debit Card

quirkydeptless

I have transfered money to HL via Direct Debit (Regular Savings) and also Standing Order from my Bank account

ScarletBea

My current account is like the holding bay for money moving from one savings account to another, in many occasions.