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

WillPS

Bridlington1 said:

Stolas said:

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

They must be to 2 separate companies so Plum going out twice per month would still only count as one DD.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

PRAISETHESUN

WillPS said:

Bridlington1 said:

Stolas said:

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

They must be to 2 separate companies so Plum going out twice per month would still only count as one DD.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Indeed, you need 2x mandates - so you would need Plum and something else (Moneybox is another easy one that works similarly).

It's not applicable to the Nationwide offer, but a single mandate can sometimes be enough for other offers though. For example, I use a single mandate pulling weekly to satisfy the requirements for my NatWest/RBS reward accounts.

ThePirates

PayPal is an easy one to setup 

WillPS

PRAISETHESUN said:

WillPS said:

Bridlington1 said:

Stolas said:

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

They must be to 2 separate companies so Plum going out twice per month would still only count as one DD.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Indeed, you need 2x mandates - so you would need Plum and something else (Moneybox is another easy one that works similarly).

It's not applicable to the Nationwide offer, but a single mandate can sometimes be enough for other offers though. For example, I use a single mandate pulling weekly to satisfy the requirements for my NatWest/RBS reward accounts.

As a rule of thumb - if it's a monthly/periodic reward which needs to see x number of DD payments, it doesn't matter how many mandates you have; conversely if it's a rule that there needs to be x number of active DDs it doesn't matter how many payments there is.

The former typically applies to ongoing current account rewards/interest eligibility (Natwest, RBS, Danske, Club Lloyds, BOS and in the past Halifax, Co-op & Barclays). The latter typically applies to switching incentives.

Stolas

Thanks for the help everyone. I already have a PayPal account so can get that set up quickly whilst organising the rest. 

Bridlington1

For those who still have DDs with Ecology BS. They are withdrawing the ability for existing account holders to pay in by DD from 15/1/2025:

Hello Bridlington1, We’re getting in touch to let you know about the changes being made to our General Savings Terms & Conditions. When it comes to our Savings Accounts, we're always looking to ensure we run them as efficiently as possible so we can offer the best service to you our Members. Why this is important to you One of the key changes we want to bring to your attention is that we'll no longer be accepting Direct Debit payments into savings accounts. It's a change we've already brought into place for all new Member Savings Accounts opened from 5 February 2024. What this means for you It means that if you want to continue to save regularly you will need to set-up a standing order directly with your bank to replace the Direct Debit payments into your savings account. To make this easier for you, we've provided links that will take you straight through to the "How to set up a standing order" website page of banks that are commonly used by Members. The Co-operative Bank Triodos Bank Virgin Money Starling Bank Nationwide If your bank isn't included above, you can find the information you need by searching on your bank's website for "How to set-up a standing order?" The details you need to set-up a Standing Order When you go to set-up your Standing Order, you'll need to provide our bank details as part of the process. You can find our bank details here And the section you need to look in is titled: "How can I withdraw or transfer money into my account online?" All the information you need can be found there. What happens if I don't set-up the Standing Order? Nothing will happen in the short-term, but after the New General Savings Terms & Conditions come into effect on 15 January 2025 your Direct Debit will fail and no further payments will be made into your savings account. When do the changes come into effect The changes to the General Savings Terms & Conditions don't come into effect until 15 January 2025 meaning you have plenty of time to read through the summary of changes and full document itself.   Read a Summary of the Changes   General Savings Terms & Conditions     Key Changes to our Terms & Conditions A summary of the changes is outlined in the "Summary of Key Changes" Document. Below are the key highlights we want to bring to your attention: We're asking every Member to add a nominated account to their online banking service.  This has to be a UK bank account in your name.  This will receive any withdrawals made electronically from your Ecology account, and will be the only account from which you can make electronic deposits.  Having a nominated account improves security and also helps Ecology to comply with money laundering regulations. The other key changes are: We'll no longer be accepting cheques for payments into savings accounts.  We'll no longer be accepting payments into savings accounts from third parties. We'll no longer be accepting future dated withdrawal requests. All payments in must be from a nominated account. The cut-off time for a daily processing withdrawal request has changed from 4pm to 2:30pm. We have introduced mandatory reimbursement for scam victims.   If you want to close your Savings Account We hope you don't, but if you do and you have a notice account, then we will waive the notice period if you close before the implementation date of the new Savings Terms & Conditions. If you still have any questions If you still have any questions about the changes to our Savings Terms & Conditions after reading them through, you can contact us at savings@ecology.co.uk, or call us on 01535 650770 between the hours of 9am and 5pm - except on Tuesdays when it's 10am - 5pm. As always, thanks for continuing to be an amazing Ecology Member and supporting sustainable projects across the UK.  Together we’ll continue to make a positive difference to people and planet.  Thanks,

simonsmithsays

Bridlington1 said:

For those who still have DDs with Ecology BS. They are withdrawing the ability for existing account holders to pay in by DD from 15/1/2025:

Hello Bridlington1, We’re getting in touch to let you know about the changes being made to our General Savings Terms & Conditions. When it comes to our Savings Accounts, we're always looking to ensure we run them as efficiently as possible so we can offer the best service to you our Members. Why this is important to you One of the key changes we want to bring to your attention is that we'll no longer be accepting Direct Debit payments into savings accounts. It's a change we've already brought into place for all new Member Savings Accounts opened from 5 February 2024. What this means for you It means that if you want to continue to save regularly you will need to set-up a standing order directly with your bank to replace the Direct Debit payments into your savings account. To make this easier for you, we've provided links that will take you straight through to the "How to set up a standing order" website page of banks that are commonly used by Members. The Co-operative Bank Triodos Bank Virgin Money Starling Bank Nationwide If your bank isn't included above, you can find the information you need by searching on your bank's website for "How to set-up a standing order?" The details you need to set-up a Standing Order When you go to set-up your Standing Order, you'll need to provide our bank details as part of the process. You can find our bank details here And the section you need to look in is titled: "How can I withdraw or transfer money into my account online?" All the information you need can be found there. What happens if I don't set-up the Standing Order? Nothing will happen in the short-term, but after the New General Savings Terms & Conditions come into effect on 15 January 2025 your Direct Debit will fail and no further payments will be made into your savings account. When do the changes come into effect The changes to the General Savings Terms & Conditions don't come into effect until 15 January 2025 meaning you have plenty of time to read through the summary of changes and full document itself.   Read a Summary of the Changes   General Savings Terms & Conditions     Key Changes to our Terms & Conditions A summary of the changes is outlined in the "Summary of Key Changes" Document. Below are the key highlights we want to bring to your attention: We're asking every Member to add a nominated account to their online banking service.  This has to be a UK bank account in your name.  This will receive any withdrawals made electronically from your Ecology account, and will be the only account from which you can make electronic deposits.  Having a nominated account improves security and also helps Ecology to comply with money laundering regulations. The other key changes are: We'll no longer be accepting cheques for payments into savings accounts.  We'll no longer be accepting payments into savings accounts from third parties. We'll no longer be accepting future dated withdrawal requests. All payments in must be from a nominated account. The cut-off time for a daily processing withdrawal request has changed from 4pm to 2:30pm. We have introduced mandatory reimbursement for scam victims.   If you want to close your Savings Account We hope you don't, but if you do and you have a notice account, then we will waive the notice period if you close before the implementation date of the new Savings Terms & Conditions. If you still have any questions If you still have any questions about the changes to our Savings Terms & Conditions after reading them through, you can contact us at savings@ecology.co.uk, or call us on 01535 650770 between the hours of 9am and 5pm - except on Tuesdays when it's 10am - 5pm. As always, thanks for continuing to be an amazing Ecology Member and supporting sustainable projects across the UK.  Together we’ll continue to make a positive difference to people and planet.  Thanks,

Appreciate this.

Any other, legacy Ecology BS customer, not received this email?

simonsmithsays

simonsmithsays said:

Bridlington1 said:

For those who still have DDs with Ecology BS. They are withdrawing the ability for existing account holders to pay in by DD from 15/1/2025:

Hello Bridlington1, We’re getting in touch to let you know about the changes being made to our General Savings Terms & Conditions. When it comes to our Savings Accounts, we're always looking to ensure we run them as efficiently as possible so we can offer the best service to you our Members. Why this is important to you One of the key changes we want to bring to your attention is that we'll no longer be accepting Direct Debit payments into savings accounts. It's a change we've already brought into place for all new Member Savings Accounts opened from 5 February 2024. What this means for you It means that if you want to continue to save regularly you will need to set-up a standing order directly with your bank to replace the Direct Debit payments into your savings account. To make this easier for you, we've provided links that will take you straight through to the "How to set up a standing order" website page of banks that are commonly used by Members. The Co-operative Bank Triodos Bank Virgin Money Starling Bank Nationwide If your bank isn't included above, you can find the information you need by searching on your bank's website for "How to set-up a standing order?" The details you need to set-up a Standing Order When you go to set-up your Standing Order, you'll need to provide our bank details as part of the process. You can find our bank details here And the section you need to look in is titled: "How can I withdraw or transfer money into my account online?" All the information you need can be found there. What happens if I don't set-up the Standing Order? Nothing will happen in the short-term, but after the New General Savings Terms & Conditions come into effect on 15 January 2025 your Direct Debit will fail and no further payments will be made into your savings account. When do the changes come into effect The changes to the General Savings Terms & Conditions don't come into effect until 15 January 2025 meaning you have plenty of time to read through the summary of changes and full document itself.   Read a Summary of the Changes   General Savings Terms & Conditions     Key Changes to our Terms & Conditions A summary of the changes is outlined in the "Summary of Key Changes" Document. Below are the key highlights we want to bring to your attention: We're asking every Member to add a nominated account to their online banking service.  This has to be a UK bank account in your name.  This will receive any withdrawals made electronically from your Ecology account, and will be the only account from which you can make electronic deposits.  Having a nominated account improves security and also helps Ecology to comply with money laundering regulations. The other key changes are: We'll no longer be accepting cheques for payments into savings accounts.  We'll no longer be accepting payments into savings accounts from third parties. We'll no longer be accepting future dated withdrawal requests. All payments in must be from a nominated account. The cut-off time for a daily processing withdrawal request has changed from 4pm to 2:30pm. We have introduced mandatory reimbursement for scam victims.   If you want to close your Savings Account We hope you don't, but if you do and you have a notice account, then we will waive the notice period if you close before the implementation date of the new Savings Terms & Conditions. If you still have any questions If you still have any questions about the changes to our Savings Terms & Conditions after reading them through, you can contact us at savings@ecology.co.uk, or call us on 01535 650770 between the hours of 9am and 5pm - except on Tuesdays when it's 10am - 5pm. As always, thanks for continuing to be an amazing Ecology Member and supporting sustainable projects across the UK.  Together we’ll continue to make a positive difference to people and planet.  Thanks,

Appreciate this.

Any other, legacy Ecology BS customer, not received this email?

Now received

Drat

PRAISETHESUN

I've also received it Not a massive loss as there are plenty of alternatives still left, but still annoying

smokey01

WillPS said:

Bridlington1 said:

Stolas said:

I’d appreciate it if someone could clarify a few things for me. My current plan is to take advantage of the Nationwide switch bonus. In order to do this it is my intention to: 

• Sign up to Plum, create a direct debit which pulls from my Chase current account twice a month. 
• Then start the switch process with Nationwide 

Would this work? I’m not clear on if two direct debits must be to separate companies, or simply two separate payments. 

I’ve already used Chase to switch once this year - and whilst it’s very easy to open a new account with them, I’m wondering if would be a potential problem to use them again. 

Any help much appreciated. 

They must be to 2 separate companies so Plum going out twice per month would still only count as one DD.

Correct, it's 2 mandates they want to see. Doesn't matter how often they draw, or even if they draw at all (although I always suggest you get them to draw at least once on the old account so you can prove they were indeed active).

Sorry but I would like to check this, I’m not talking about the Nationwide offer but switches in general. I currently have a Barclays current account which when a switch becomes available I will use to switch out of. It has a direct debit to Hargreaves Lansdown that goes out every month, it has a direct debit to pay off my Santander credit card that rarely pays out (as I now use Chase cash back current account rather than my credit card), it also has a “dead” direct debit to AJ Bell YouInvest (it last paid out in December 2023 but each time I switched current account AJ Bell just seemed to cancel the direct debit and then made it difficult to re setup so I gave up and have my direct debit to them to go out from my permanent current account with Santander). So if a switch states I must have 2 active direct debits does my one HL direct debit count plus my Santander credit card direct debit even if it doesn’t pay out each month?