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Savings/investment DDs and debit card deposits- An updated list
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Bridlington1 said:FREEPOST HEBS
Also how do you know if they've received your DD mandate? Like say you posted it on the 1st of the month and wanted the DD to be taken out on the 21st of that month, would that be sufficient time for them to receive the mandate and set it up, or would it be taken out the following month?0 -
Nimbleberryfinn said:Bridlington1 said:FREEPOST HEBS
Also how do you know if they've received your DD mandate? Like say you posted it on the 1st of the month and wanted the DD to be taken out on the 21st of that month, would that be sufficient time for them to receive the mandate and set it up, or would it be taken out the following month?
I think 21 days may be a bit tight of a turnaround considering it's going to go via Royal Mail. I'm going to send mine off requesting the first collection is on 1st September, I don't actually need the first DD to be taken till October though so it doesn't matter too much if it gets delayed.
I'll keep you updated with how long the process takes but I'd imagine they'll send a letter or email once it's set up. If not you should be able to phone them to ask for an update.2 -
Bridlington1 said:
For those who still have a Scottish Widows account:
I've received a letter to say my Instant Saver 2 account is getting closed on or around 10/9/25. I've just spoken to them and they've said they are going to be closing all of their savings accounts.
If you are using Scottish Widows as a source of DDs it may therefore be worth getting replacement DDs lined up for when the accounts are closed.0 -
Bridlington1 said:It's looking as though HEBS could potentially be a useful source of DDs. There doesn't seem to be any stated limit to the number of instant access accounts you can open with them and they allow 1 DD to be paid into each account per month with no stated minimum.
I've just opened a second instant access account with them so I shall try to set up a £2 monthly DD into each one to replace Scottish Widows DD on my RBS reward account.
It requires a paper DD mandate form to be sent in but they do still have a freepost address so I shall keep you all updated with respect to how long it takes them to set up the DD for future reference.0 -
10_66 said:Bridlington1 said:
For those who still have a Scottish Widows account:
I've received a letter to say my Instant Saver 2 account is getting closed on or around 10/9/25. I've just spoken to them and they've said they are going to be closing all of their savings accounts.
If you are using Scottish Widows as a source of DDs it may therefore be worth getting replacement DDs lined up for when the accounts are closed.
I've just spoken to them again and it seems I've been given incorrect information the first time I called. The person I've spoken to has said they're not planning to close all savings accounts after all, it is just mine they've decided to close.
Please accept my apologies for the misinformation earlier, I shall go back and remove my earlier post.
That being said I have received a few letters over the last year or so telling me that other banks within LBG offer higher rates of interest than Scottish Widows so it wouldn't surprise me if they withdrew from the savings market at some stage in the future.2 -
Bridlington1 said:10_66 said:Bridlington1 said:
For those who still have a Scottish Widows account:
I've received a letter to say my Instant Saver 2 account is getting closed on or around 10/9/25. I've just spoken to them and they've said they are going to be closing all of their savings accounts.
If you are using Scottish Widows as a source of DDs it may therefore be worth getting replacement DDs lined up for when the accounts are closed.
I've just spoken to them again and it seems I've been given incorrect information the first time I called. The person I've spoken to has said they're not planning to close all savings accounts after all, it is just mine they've decided to close.
Please accept my apologies for the misinformation earlier, I shall go back and remove my earlier post.
That being said I have received a few letters over the last year or so telling me that other banks within LBG offer higher rates of interest than Scottish Widows so it wouldn't surprise me if they withdrew from the savings market at some stage in the future.
Many thanks for the update. I guess it's inevitable they'll work through all of us and do the same, and that they're going the same way that Birmingham Midshires did.1 -
10_66 said:Bridlington1 said:10_66 said:Bridlington1 said:
For those who still have a Scottish Widows account:
I've received a letter to say my Instant Saver 2 account is getting closed on or around 10/9/25. I've just spoken to them and they've said they are going to be closing all of their savings accounts.
If you are using Scottish Widows as a source of DDs it may therefore be worth getting replacement DDs lined up for when the accounts are closed.
I've just spoken to them again and it seems I've been given incorrect information the first time I called. The person I've spoken to has said they're not planning to close all savings accounts after all, it is just mine they've decided to close.
Please accept my apologies for the misinformation earlier, I shall go back and remove my earlier post.
That being said I have received a few letters over the last year or so telling me that other banks within LBG offer higher rates of interest than Scottish Widows so it wouldn't surprise me if they withdrew from the savings market at some stage in the future.
Many thanks for the update. I guess it's inevitable they'll work through all of us and do the same, and that they're going the same way that Birmingham Midshires did.
I think you're correct though in that eventually they'll probably axe their savings accounts as Birmingham Midshires did, particularly given that they've already stopped offering savings accounts to new customers. Whether they'll keep the SWs brand for pensions though remains to be seen.1 -
Another question about HEBS, if I have set up the DD to a bank account (Barclays) I later switch and that DD then takes from the new account I have switched into (TSB), can I then send the DD form in again and change it to a different bank account (Nationwide)?0
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Nimbleberryfinn said:Another question about HEBS, if I have set up the DD to a bank account (Barclays) I later switch and that DD then takes from the new account I have switched into (TSB), can I then send the DD form in again and change it to a different bank account (Nationwide)?1
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