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

fabsaver

VXman said:

Thought recently about a solution to direct debits. I have a few credit cards I don't use presently. Spend a minimal amount each month (just a couple of quid) and have a pay in full direct debit set up on that card. Requires remembering to spend on a particular card once a month but can't see why it wouldn't work?

That's what I do. Once a month I top up my Amazon gift balance account with £1/£2 using numerous different credit cards. It is very easy and only takes a few minutes. By doing them all at the same time each month it saves having to remember which cards to spend on.

Bridlington1

VXman said:

Thought recently about a solution to direct debits. I have a few credit cards I don't use presently. Spend a minimal amount each month (just a couple of quid) and have a pay in full direct debit set up on that card. Requires remembering to spend on a particular card once a month but can't see why it wouldn't work?

I find credit card DDs lend themselves well for use on spare current accounts that you're keeping solely for the purpose of satisfying future switching offers. By using them for this purpose it doesn't really matter if you don't spend on the card each month, so long as the DDs remains active they satisfy their purpose.

pecunianonolet

Plum increased the interest on their basic pocket from 3.51 to 4% AER on 17th April 24. Not sure on their paid subscription rate changes but guess most use the basic only to satisfy DD

https://help.withplum.com/en/articles/8727133-interest-pocket

figgyc

Nick_C said:

Sounds like a NatWest issue rather than a Revolut issue.  Plenty of other ways of creating transactions for £xx.01 and it sounds like NatWest would be equally unhappy with those. 

No the "Excessive top ups message" that Andy pointed out is from Revolut, it appears in the Revolut app. I got it too a while ago as I was using Revolut top ups for the TSB double cashback deal, nothing to do with Natwest. (I moved to using Chip and NS&I for the last few months, and my revolut account seems to be fine; I still do 3 topups of £500 every month for my Halifax Rewards.) I've been doing a bunch of reading and I've not seen anyone have problems on the Natwest/RBS side of the transaction actually. (If you have and i've missed it i'd like to know!)

Anyway on this topic, I have a Lloyds regular saver maturing soon and was planning on putting the money in a DRS along with some other money I have spare using the round up trick. I'm wondering if anyone has found success with a £0.01 debit card deposit accounts to use for it? Or alternatively a £1.01 account which takes a short time to clear?

I have an NS&I Direct Saver which I'll use as a last resort, but it takes a week to clear the deposits and that'd be a lot of £1.01s locked away which would slow it down. I know NS&I generally don't seem to review excessive deposits but some building societies do. But seems to be hard to find reviews of the 1p online depositors.

From the OP the 1p online debit card accounts seem to be Hanley Economic, Marsden maybe and Vanguard.
And the £1.01 accounts seem to be Family, YBS, Darlington, Cambridge, and Chip. I know Chip takes about 3 days are any of these quicker, and do any of them get antsy if you do too many deposits? (There is also Starling SettleUp and Monzome but I switched out of both a while ago so don't think I can currently get accounts, and in any case they have deposit limits of £250/day and £1k/month respectively)

Bridlington1

Regarding the Mansfield Loyalty rewards scheme, which is mentioned on the first page of this thread. To give an indication of the referral process I've just referred someone to them. The person I referred applied for an account by post on 4th April and included a note with their application form saying that they were being referred by me, including my full name and Mansfield account number. I received the £10 Love to Shop voucher (expires 30/9/24) on 20/4/24 without needing to fill out the referral form.

Bridlington1

In response to a private message I received today off the back of my last post:

I chose to include refer-a-friend offers as remarks and mention some details on them in this thread for your information only (i.e. in case you already knew someone from outside of this forum who you could refer/be referred by).

In case I haven't made it clear enough I am NOT willing to refer anyone to Mansfield BS (or indeed any of the other refer-a-friend offers mentioned on this thread) by private message. Anyone who asks me to refer them via private message is wasting their time.

Kim_13

Just found a DD form for Family BS (opened their Market Tracker Cash ISA now that multiple ISAs are allowed) but there doesn't seem to be anything for the amount. Half the form is marked for society use only. Do they definitely take DDs?

Also, some switch offers say set up DD's within x days of instructing the switch. Do they still pay if the DD's were on the account before you applied for the account/switch?

WillPS

Kim_13 said:

Also, some switch offers say set up DD's within x days of instructing the switch. Do they still pay if the DD's were on the account before you applied for the account/switch?

If the DD is actually set up then yes, but:

1. you're on shaky ground, if something doesn't work out you'll have nothing to point to in order to prove a DD mandate was ever in place, unless a payment has been taken
   
2. building societies don't neccessarily process your mandate straight away, it can take weeks.

If you need a speedy DD, Plum and Moneybox are the only savings options worth looking at IME. PayPal is my go to.

Nick_C

Barclays Blue Rewards Current Account.

"Get £5 a month for successfully paying two or more Direct Debits from your nominated account."

Does anyone know, do these have to be two different DDs, or will a weekly DD (to moneybox) count?

(I'm trying to simplify my finances, and have lost a couple of DDs)

Bridlington1

Nick_C said:

Barclays Blue Rewards Current Account.

"Get £5 a month for successfully paying two or more Direct Debits from your nominated account."

Does anyone know, do these have to be two different DDs, or will a weekly DD (to moneybox) count?

(I'm trying to simplify my finances, and have lost a couple of DDs)

A weekly DD would be fine. The same goes for the NatWest/RBS and Co-op rewards.