Savings/investment DDs and debit card deposits- An updated list

Bridlington1

For those who have been considering using Wealthify as a source of DDs but have been waiting for a sign up offer before opening an account with them. The Wealthify £50 sign up offer in which you'll receive £50 if you invest £50 for a year has returned. This is down from the £75 offered previously though but may still be worth considering.

Chadsman

Bridlington1 said:

Investment DDs:

Hargreaves Lansdown:

Direct debit: £25 minimum but this can be reduced online once set up.

Multiple DDs: Only one per product but you can have multiple products

Direct debit date: 7th of the month

Account opening: Online

Management: Online

Remarks: In order to change the account the DD is taken from you must telephone them. I do not yet know if you can set each direct debit to a different account so shall update this post once I have further information.

How easy (or otherwise) is it to change the monthly direct debit amount claimed by Hargreaves Lansdown and what is the ongoing monthly minimum?

ColdIron

Chadsman said:

Bridlington1 said:

Investment DDs:

Hargreaves Lansdown:

Direct debit: £25 minimum but this can be reduced online once set up.

Multiple DDs: Only one per product but you can have multiple products

Direct debit date: 7th of the month

Account opening: Online

Management: Online

Remarks: In order to change the account the DD is taken from you must telephone them. I do not yet know if you can set each direct debit to a different account so shall update this post once I have further information.

How easy (or otherwise) is it to change the monthly direct debit amount claimed by Hargreaves Lansdown

Very easy, a few seconds

and what is the ongoing monthly minimum?

The answer is in the post you quoted, £25

Bridlington1

Chadsman said:

Bridlington1 said:

Investment DDs:

Hargreaves Lansdown:

Direct debit: £25 minimum but this can be reduced online once set up.

Multiple DDs: Only one per product but you can have multiple products

Direct debit date: 7th of the month

Account opening: Online

Management: Online

Remarks: In order to change the account the DD is taken from you must telephone them. I do not yet know if you can set each direct debit to a different account so shall update this post once I have further information.

How easy (or otherwise) is it to change the monthly direct debit amount claimed by Hargreaves Lansdown and what is the ongoing monthly minimum?

Apologies @Chadsman in particular but also everyone else for the misinformation, there was an error on the first page of the thread. I've messaged HL again today, this time via their website and I'm afraid there is indeed a £25 minimum monthly DD amount, this cannot be reduced once set up. They've also said that DDs must come from the same nominated bank account and you may only hold one nominated account at any one time. I have now updated the first page of this thread for accuracy. 

ColdIron

Bridlington1 said:

Chadsman said:

Bridlington1 said:

Investment DDs:

Hargreaves Lansdown:

Direct debit: £25 minimum but this can be reduced online once set up.

Multiple DDs: Only one per product but you can have multiple products

Direct debit date: 7th of the month

Account opening: Online

Management: Online

Remarks: In order to change the account the DD is taken from you must telephone them. I do not yet know if you can set each direct debit to a different account so shall update this post once I have further information.

How easy (or otherwise) is it to change the monthly direct debit amount claimed by Hargreaves Lansdown and what is the ongoing monthly minimum?

I've messaged HL again today, this time via their website and I'm afraid there is indeed a £25 minimum monthly DD amount, this cannot be reduced once set up.

It can't be less than £25 but it can be set to zero (and obviously increased to whatever you want)

• Reducing the amount you invest to zero will suspend your monthly savings plan. Your direct debit instruction will remain active with your bank for up to 12 months, so if you wish to restart your contributions within this period you will not need to complete a new form.

I frequently suspend my DDs and restart them

You can change the total contribution between the 10th and the 21st and your investment choices between the 10th and the 7th

They've also said that DDs must come from the same nominated bank account and you may only hold one nominated account at any one time.

My nominated account for withdrawals is Barclays but I nominated Lloyds for DDs

worriednoob

@Bridlington1 - Thanks for everything that your doing to help.  Any chance you could make a list of DDs which allow joint accounts to be nominated?  I'm asking this because although all the DDs listed on first page allow sole account holders to nominate their accounts, there's no such list that says which DDs accept a joint bank account.

Any info on this would be greatly appreciated.

PRAISETHESUN

It seems Plum and Moneybox can only be linked to a sole current account and not joint ones, as mentioned by @worriednoob here:

https://forums.moneysavingexpert.com/discussion/comment/80347592#Comment_80347592

EDIT:
Might actually just be Plum that is an issue, Moneybox seems to work, as discussed here:

https://forums.moneysavingexpert.com/discussion/comment/80370082#Comment_80370082

Bridlington1

worriednoob said:

@Bridlington1 - Thanks for everything that your doing to help.  Any chance you could make a list of DDs which allow joint accounts to be nominated?  I'm asking this because although all the DDs listed on first page allow sole account holders to nominate their accounts, there's no such list that says which DDs accept a joint bank account.

Any info on this would be greatly appreciated.

Thanks for the suggestion. In the interests of avoiding any unnecessary duplication on the first page, rather than creating a separate list of joint account DDs I shall instead go through the DD list at some point and add whether or not each of the items allows you to link joint accounts to them.

worriednoob

Bridlington1 said:

worriednoob said:

@Bridlington1 - Thanks for everything that your doing to help.  Any chance you could make a list of DDs which allow joint accounts to be nominated?  I'm asking this because although all the DDs listed on first page allow sole account holders to nominate their accounts, there's no such list that says which DDs accept a joint bank account.

Any info on this would be greatly appreciated.

Thanks for the suggestion. In the interests of avoiding any unnecessary duplication on the first page, rather than creating a separate list of joint account DDs I shall instead go through the DD list at some point and add whether or not each of the items allows you to link joint accounts to them.

Thanks very much.  That's would be greatly appreciated.

WillPS

Tip to save on a stamp - ask Ecology Building Society for a printed version of the DD form, and they'll send you a prepaid envelope to return it in.