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

Band7

Catplan said:

Very useful thread, thanks.

YBS is listed under accounts for debit card payments.

I also use Direct Debits with many of my YBS accounts. I think my main one is NLA, but from looking at easy access internet saver plus, it looks entirely possible to setup DD’s here as well.

The YBS Internet Saver Plus supports deposits by debit card but no DDs.

AFAIK, the only YBS account you can have DDs on is their Web Saver (NLA). You can also make debit card deposits into that account

Catplan

ForumUser7 said:

Catplan said:

Very useful thread, thanks.

YBS is listed under accounts for debit card payments.

I also use Direct Debits with many of my YBS accounts. I think my main one is NLA, but from looking at easy access internet saver plus, it looks entirely possible to setup DD’s here as well.

@catplan The currently available Issue 13? If so, how please? I hold a couple of Internet Saver Plus issues, but I don't think DDs can be set up from them

Full website, select the account, manage regular deposits, setup new regular deposit enter amount sort code account number etc. I can do it on mine issue but it’s not a current issue. It’s not possible on rainy day saver or regular saver (which is NLA) or ISA so maybe not on newer accounts. I have issue 2 and a web saver that allows direct debits. The three newer accounts opened in the last 12 months don’t have online options for setting up DD’s however.

datz

ForumUser7 said:

datz said:

Bridlington1 said:

Miscelanious DDs:

Charities (please be nice)

Credit cards

Credit unions

Paypal

I had mentioned this in the old thread, but using HMRC for direct debits has advantages (for example, via self assessment).

• You can set up an unlimited number of direct debit mandates.
• You can set them up with an unlimited number of current accounts.
• You can customize the payment plans under each direct debit mandate (one-off / regular).
• Once a DD mandate has been set up, you can then delete the payment plan(s) under it and just leave an empty direct debit mandate sitting on your account (but remember that inactive mandates eventually get removed).
• The minimum payment amount if £1

If you are someone that has to pay tax, for example via self assessment, then this is an easy way of meeting all direct debit requirements. Also worth noting that the vast majority (I won't risk saying all) of switching incentives require an active direct debit mandate - pulling a payment through the mandate is not necessary, so the empty mandate option above works well (I most recently used it with the TSB switch and stay offer).

This, of course, assumes you can tolerate the terrible experience that using HMRC's website is...

Can you cash back out the funds to your bank account electronically please? I don’t currently pay any tax, so wouldn’t need to build up a balance etc.

As mentioned by someone else, probably not advisable to do so... but you can risk antagonizing HMRC if you really want to and let us know how it went . However, plenty of people do need to file self assessment tax returns, and if you are one of those people then it just provides another (often overlooked) very easy way of meeting DD requirements.

In your case, I would probably just annoy someone like Paypal instead. If you use the Paypal app, you can initiate 1p direct debit payments (by adding directly to your paypal balance) - though keep in mind that they throttle them at 4 DDs per 24 hours (and maybe some longer term limit I have bumped into in the past, but can't quantify exactly what it was). If you don't use the app and have to use the website, you can only send (DD-pulled payments) to other people, rather than directly adding to your own balance.

ForumUser7

Catplan said:

ForumUser7 said:

Catplan said:

Very useful thread, thanks.

YBS is listed under accounts for debit card payments.

I also use Direct Debits with many of my YBS accounts. I think my main one is NLA, but from looking at easy access internet saver plus, it looks entirely possible to setup DD’s here as well.

@catplan The currently available Issue 13? If so, how please? I hold a couple of Internet Saver Plus issues, but I don't think DDs can be set up from them

Full website, select the account, manage regular deposits, setup new regular deposit enter amount sort code account number etc. I can do it on mine issue but it’s not a current issue. It’s not possible on rainy day saver or regular saver (which is NLA) or ISA so maybe not on newer accounts. I have issue 2 and a web saver that allows direct debits. The three newer accounts opened in the last 12 months don’t have online options for setting up DD’s however.

I also hold an Internet Saver Plus Issue 2 but it is a matured make me a saver. I have checked, and I don't have that option - so they must have some system in place to only allow it for accounts of this type opened before a certain date.

ForumUser7

Does anyone know what the minimum operating balance of the MoneyBox Simple Saver is please? I think the minimum opening balance is £1, but I’m wondering if you have to still leave it at this level when you do any withdrawals. Thanks

PRAISETHESUN

ForumUser7 said:

Does anyone know what the minimum operating balance of the MoneyBox Simple Saver is please? I think the minimum opening balance is £1, but I’m wondering if you have to still leave it at this level when you do any withdrawals. Thanks

AFAIK there is no minimum balance requirement. You can only make a withdrawal once a month though.

clivep

ircE said:

Thank you for making this post!

My small contributions: 

Cruse, a charity which offers support to the bereaved, takes DDs from £1 and they set mine up within 1 week.

The Independent Food Aid Network, which takes a slightly different approach to food poverty compared to the Trussell Trust, takes DDs from £1.

The Wikimedia Foundation, which operates Wikipedia, takes DDs from £1.

As per usual - please donate more if you can, cover the processing payments if you can, add Gift Aid if you can, etc...

There are usually various offers that are easily findable with a quick search for newspaper/magazine subscriptions, including cashback offers, for people who want to do something different. Though some of these can be difficult to cancel!

I remember other forumites have also mentioned lottery subscriptions which might be fun, though I have no idea about that kind of thing...

Anyone mind explaining why the saving/investment accounts taking payments by debit card are so notable?

I cant't see how to set up a DD with Wikipedia. The only options I see are to set up a recurring charge to a credit/debit card, PayPal or Google Pay. Am I missing something?

gizz_10

Under dealing accounts - Interactive Investor allow monthly contribution DD into the GIA - min £25 

ForumUser7

For the MoneyBox Simple Saver, deposits and withdrawals can be made in whole pounds only - I've checked this with them, and they said it is not intentional as such, rather just a limitation of their system.

Bridlington1

ForumUser7 said:

For the MoneyBox Simple Saver, deposits and withdrawals can be made in whole pounds only - I've checked this with them, and they said it is not intentional as such, rather just a limitation of their system.

Withdrawals don't have to be made in whole pounds. On 2nd May I withdrew £18.03 from my simple saver. See: