best savings account that accepts direct debits

steveksullivan

granta said:

Daliah said:

granta said:

Daliah said:

granta said:

Apparently the Santander eSaver might also allow DDs but I can't see how to set it up online (I'm not ton the app) - can anyone help?
Similarly for the Ecology easy access and notice accounts - how do you set them up? The account information does not say DDs are allowed.

I haven't yet seen anyone confirming it works or fails. I have set up a DD mandate against my Santander esaver but I don't yet know whether it will actually be executed. Will be a few more days before I know.

Thanks. I want to try the same but can't see how to do it when I login to my account. Maybe it's only possible on the app?

You can't set it up in Santander. A DD needs to be set up with the recipient of the money - e.g. a savings or investment account in your name that accepts DD, a credit card, a charity etc etc.

Ok, thanks. I've misunderstood and thought this could be another source of direct debit like the ecology regular saver. Need to find a replacement for a DD I had to cancel recently

It USED to be the case that Santander could set up something - I think they called it a 'funding mandate' or something - that functioned the same way into their esavings account and was listed along with Direct Debits, but these disappeared several years ago and as far as I know have not been re-instated.

Daliah

Bridlington1 said:

binao said:

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

Credit card, 10p Amazon voucher, easy direct debit. How does that all work?

Thanks 

Open a new credit card and set up a direct debit to pay the card in full each month. Then simply buy a 10p amazon gift card using your new credit card once a month. Voila, you now have a 10p direct debit each month.

How does this work with a credit card that has a minimum monthly payment of £5?

Bridlington1

Daliah said:

Bridlington1 said:

binao said:

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

Credit card, 10p Amazon voucher, easy direct debit. How does that all work?

Thanks 

Open a new credit card and set up a direct debit to pay the card in full each month. Then simply buy a 10p amazon gift card using your new credit card once a month. Voila, you now have a 10p direct debit each month.

How does this work with a credit card that has a minimum monthly payment of £5?

For one of my credit cards, the minimum payment is £25 or the whole balance, whichever is less. I'm pretty sure most, if not all cards have the same sort of condition. If I spent 10p on the card in one month, the minimum payment would be the whole balance (10p), so the direct debit amount would be 10p.

Bridlington1

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

I forgot to mention, some cash ISAs, e.g. M&S and post office allow DD deposits. The interest rate on them are usually terrible but if you don't pay tax on your savings then these are an option.

Daliah

Bridlington1 said:

Daliah said:

Bridlington1 said:

binao said:

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

Credit card, 10p Amazon voucher, easy direct debit. How does that all work?

Thanks 

Open a new credit card and set up a direct debit to pay the card in full each month. Then simply buy a 10p amazon gift card using your new credit card once a month. Voila, you now have a 10p direct debit each month.

How does this work with a credit card that has a minimum monthly payment of £5?

For one of my credit cards, the minimum payment is £25 or the whole balance, whichever is less. I'm pretty sure most, if not all cards have the same sort of condition. If I spent 10p on the card in one month, the minimum payment would be the whole balance (10p), so the direct debit amount would be 10p.

You haven’t answered my question. Your scheme might work for your card but wouldn’t work very well with credit cards which have a min monthly payment of £5. So your scheme needs to come with the requirement to check the payment terms of a card.

As an aside, what do you recommend people do with the 10p Amazon gift cards if they don’t buy from Amazon (such people do exist)? Just forget about these cards?

EarthBoy

Daliah said:

Bridlington1 said:

Daliah said:

Bridlington1 said:

binao said:

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

Credit card, 10p Amazon voucher, easy direct debit. How does that all work?

Thanks 

Open a new credit card and set up a direct debit to pay the card in full each month. Then simply buy a 10p amazon gift card using your new credit card once a month. Voila, you now have a 10p direct debit each month.

How does this work with a credit card that has a minimum monthly payment of £5?

For one of my credit cards, the minimum payment is £25 or the whole balance, whichever is less. I'm pretty sure most, if not all cards have the same sort of condition. If I spent 10p on the card in one month, the minimum payment would be the whole balance (10p), so the direct debit amount would be 10p.

Your scheme might work for your card but wouldn’t work very well with credit cards which have a min monthly payment of £5. 

Which credit cards have a minimum monthly payment of £5 in all circumstances, i.e. even if your outstanding balance is less than £5?    All the cards I have, and have ever had, state minimum £5 (£25 for Nationwide) or the full outstanding balance if less than this.  Any bank which insisted on a minimum payment which was more than the outstanding balance would be asking the customer to put their account into credit, which is usually against the rules.

Bridlington1

Daliah said:

Bridlington1 said:

Daliah said:

Bridlington1 said:

binao said:

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

Credit card, 10p Amazon voucher, easy direct debit. How does that all work?

Thanks 

Open a new credit card and set up a direct debit to pay the card in full each month. Then simply buy a 10p amazon gift card using your new credit card once a month. Voila, you now have a 10p direct debit each month.

How does this work with a credit card that has a minimum monthly payment of £5?

For one of my credit cards, the minimum payment is £25 or the whole balance, whichever is less. I'm pretty sure most, if not all cards have the same sort of condition. If I spent 10p on the card in one month, the minimum payment would be the whole balance (10p), so the direct debit amount would be 10p.

You haven’t answered my question. Your scheme might work for your card but wouldn’t work very well with credit cards which have a min monthly payment of £5. So your scheme needs to come with the requirement to check the payment terms of a card.

As an aside, what do you recommend people do with the 10p Amazon gift cards if they don’t buy from Amazon (such people do exist)? Just forget about these cards?

If the hypothetical card has a minimum monthly payment of £5, then you could spend £5 on the card, producing a £5 direct debit. This assumes that the card allows you to pay by direct debit. The reason I didn't include any requirement to check the payment terms of a card in my "scheme" is because I assumed that anyone in their right mind would read the terms and conditions of their credit card before applying for it.

As for your aside, I do know people exist who don't buy from amazon, I am one of them. I find individual second class stamps are a perfectly good substitute for purchasing 10p amazon vouchers. If you do purchase a load of 10p amazon vouchers despite not shopping at amazon then you have 10 years to find someone who does use amazon and give, swap or sell the vouchers to them. For those who do not send letters either then buy something that you are going to use. It doesn't matter much what you buy provided you get the DD and don't break the terms of the card. 

The main reason I included the 10p amazon voucher in the first place was to illustrate that most bog standard credit cards make very good DDs and that you can quite easily get the DD without having to spend much at all, allowing you to do the rest of your day to day shopping with cards that give you cashback.

Descrabled

I have just had my direct debits paid on 2 of my credit cards:

Barclaycard 37p

HSBC £1

Pushed the boat out with HSBC but will do better next month.

adindas

granta said:

Apparently the Santander eSaver might also allow DDs but I can't see how to set it up online (I'm not ton the app) - can anyone help?
Similarly for the Ecology easy access and notice accounts - how do you set them up? The account information does not say DDs are allowed.

Santander did DD in the past, and if you are lucky to have it, it is still active to this date. I still have one of them and it is still actively used in one of my account. But AFAIK it it is no longer available. I tried to find out this option with my newly opened eSaver yesterday, but I could not find them.

Also for existing DD AFAIK for old DD you can not switch the account with this DD in it. Once you switch it, they will not switch your DD or remove your DD.

adindas

Bridlington1 said:

Scottish widows, plum, moneybox, ecology regular saver, ecology easy access, ecology notice account and charity bank all take DD. Wealthify's a good one, though it's investing and not saving. Many credit unions allow DD deposits too.

Also credit cards are quite useful. You can just open a credit card and buy a 10p amazon voucher once a month for an easy direct debit.

To add to this list, these are what I have noted on my list. Manya I have not tried so can not share experience, some of them might not be working any longer. I know BM will be terminated, soon

Almost all of investment platform will allow you to pay by DD. it is only that they might set minimum amount. The good example for low amount is Wealthify, MoneyFarm, Stake (I do not know whether they are still working).

Other one is Fintech such as: as above Moneybox, Plum, Chip (I do not know whether they are still working).

Charities that welcomes monthly small DDs, PayPal (but you will need to do it manually), gocardless.com, PostOffice Saving account (do not know whether it is still active also withdrawing your money is painful, for that reason I stop using them)

Sharing is caring that is the reason why we are all here aren't we ??

If you have tried that please share your experience using them.