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Savings/investment DDs and debit card deposits- An updated list
Comments
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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.2
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Bridlington1 said:
Investment DDs:
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.
God save the King!
I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.1 -
Chadsman said:Bridlington1 said:
Investment DDs:
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.
and what is the ongoing monthly minimum?The answer is in the post you quoted, £25
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Chadsman said:Bridlington1 said:
Investment DDs:
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.
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Bridlington1 said:Chadsman said:Bridlington1 said:
Investment DDs:
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.
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 themYou can change the total contribution between the 10th and the 21st and your investment choices between the 10th and the 7thThey'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
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@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.2 -
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
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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.
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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.1 -
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.6
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