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

sturgeon

Thanks for this list. I’m finding that many of the accounts on the debit card list only allow withdrawals if you request them in branch or by post, even for easy access. This applies to pretty much every building society on the list bar Skipton and Family Building Society. Chip, YBS, NS&I are fine. Leeds seemed to have a direct debit option but it disappeared and said I can’t fund this way when setting up. 

Have I misread some terms, do any of the other accounts in the list or any new additions allow deposit online via debit card and easy withdrawals online too?

friolento

HL process some withdrawals as debit card refunds. From their FAQ: 

However, if the funds have been on the system for less than 60 days, or you have recently done a debit card top up, we may need to process the withdrawal via a debit card refund. This can take 3 - 5 working days for the funds to clear with your bank. We do so to comply with anti-money laundering regulations.

worriednoob

PRAISETHESUN said:

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

Hi @PR@PRAISETHESUN - I want to sincerely apologise as I've got some of this wrong. 

Although Plum can only be linked with sole current accounts only, it looks like Moneybox is fine for both sole and joint accounts.  The reason I know this is that I've noticed that MoneyBox has taken £2 in the form of a DD from our joint Virgin Money account.

So it might be worth changing your post content.

Apologies again for the inconvenience and mistake.

tryin

Don't know if this has been mentioned before on this thread, but https://www.getpark.co.uk/budgeting/ is good for a cheap DD (not protected by Financial services) You can pay just over £1.60  per month and towards the end of the year get 2 x £10 in gift cards for any one of a whole list of shops . (That's the cheapest option.) Obviously only worth it if you would anyway want to buy something from a shop that they offer gift cards for. 

Another cheap option for bank switches is the £1 a year direct debit on https://smalldirectdebit.co.uk/. This one is good for bank switches, and sets up faster than the previous one. Although for other offers you may need a monthly one. And be careful with the Barclays switch offer. While you would qualify for the switch bribe with any active DD, you will be charged the £5 a month for the blue rewards for any month that the two direct debits are not charged.

Bridlington1

tryin said:

Don't know if this has been mentioned before on this thread, but https://www.getpark.co.uk/budgeting/ is good for a cheap DD (not protected by Financial services) You can pay just over £1.60  per month and towards the end of the year get 2 x £10 in gift cards for any one of a whole list of shops . (That's the cheapest option.) Obviously only worth it if you would anyway want to buy something from a shop that they offer gift cards for. 

Another cheap option for bank switches is the £1 a year direct debit on https://smalldirectdebit.co.uk/. This one is good for bank switches, and sets up faster than the previous one. Although for other offers you may need a monthly one. And be careful with the Barclays switch offer. While you would qualify for the switch bribe with any active DD, you will be charged the £5 a month for the blue rewards for any month that the two direct debits are not charged.

Thanks for this, I've now added Park Christmas Savings to the DD list. Also of note is that they currently offer a £10 refer a friend offer, this has been added as a remark.

Whilst I remember there's been a couple of changes to the first page of the thread, notably the addition of whether the DDs allow joint accounts or not. There are some DDs I'll still need to enquire about to find out if they allow joint accounts so will update the first page once I have further information on these.

Evestor are currently moving their investments to Octopus Money so are no longer taking on new customers. 

tebthereb

This thread is great but in truth I’m a bit confused by the long list. Can someone narrow it down for me please - I need to setup two direct debits, to pull from a burner account, using something that is easy to set up and done online. Ideally my funds wouldn’t be paid away (eg charity) or tied up (eg fixed savers) or at risk (eg investment accounts). Ideally small payments (eg £1 or less). I started looking up savings accounts (eg Darlington, Dudley) but it’s not clear to me from their websites that they will allow me draw by way of DD.

ForumUser7

tebthereb said:

This thread is great but in truth I’m a bit confused by the long list. Can someone narrow it down for me please - I need to setup two direct debits, to pull from a burner account, using something that is easy to set up and done online. Ideally my funds wouldn’t be paid away (eg charity) or tied up (eg fixed savers) or at risk (eg investment accounts). Ideally small payments (eg £1 or less). I started looking up savings accounts (eg Darlington, Dudley) but it’s not clear to me from their websites that they will allow me draw by way of DD.

Darlington BS is debit card.

for savings direct debits (dds), see here https://forums.moneysavingexpert.com/discussion/comment/80045716/#Comment_80045716

tebthereb

Thanks I should have spotted that. So it’s basically only Moneybox and Plum that fit the criteria I mentioned? 

Bridlington1

tebthereb said:

Thanks I should have spotted that. So it’s basically only Moneybox and Plum that fit the criteria I mentioned? 

Also Hanley Economic BS may fit the bill. They have no specified minimum DD amount so it is currently unknown whether they'd set up a £1 or less DD. I haven't tested their DD out though so don't know how long setting up a HEBS DD would take. I have managed to make 1p debit card deposits into HEBS before though if that is anything to go by.

pridehappy

You can deposit into all Skipton Building Society savings accounts (in-branch and online) using a debit card on the app, website, over the phone or in-branch. Good rates and customer service too.

Savings Accounts - Skipton Building Society