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

ForumUser7

Bridlington1 said:

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:

 

Maybe it is a limitation of the iOS app, the inbuilt MoneyBox keyboard doesn't have a decimal point on mine for some reason. I remember seeing a post somewhere like this about Zopa, can't remember if they ever got to the bottom of why there was a difference.

allegro120

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

I kept it at £0 for a few months when I didn't need it, then set up new DD for TSB bonus, didn't have to close the account and open it again, so I assume there's no minimum balance for MB.

Nick_C

The Currensea card is a debit card that you link to an existing current account. 

It uses open banking to check that you have sufficient money in your current account to cover the transaction you are making and reserve those funds.  Currensea completes the transaction immediately, and takes the funds from the linked current account two working days later.

The card is designed for spending overseas and in foreign currencies, but you can also use it in the UK for sterling transactions. 

It is a useful way of generating direct debits. 

It you apply for the card via Top Cashback, you will get £10.

Bridlington1

Nick_C said:

The Currensea card is a debit card that you link to an existing current account. 

It uses open banking to check that you have sufficient money in your current account to cover the transaction you are making and reserve those funds.  Currensea completes the transaction immediately, and takes the funds from the linked current account two working days later.

The card is designed for spending overseas and in foreign currencies, but you can also use it in the UK for sterling transactions. 

It is a useful way of generating direct debits. 

It you apply for the card via Top Cashback, you will get £10.

Many thanks for this. Is it possible to link multiple current accounts to Currensea to generate DDs on multiple current accounts?

Nick_C

@Bridlington1

You can link a second account, but only one link can be active at any time. 

I haven't tried to generate Direct Debits regularly from both my linked accounts.  I'm concerned that Currensea might consider doing this regularly to be an abuse of the facility, and I don't want them to close me down. 

Nick_C

"You can link up to two bank accounts to your Currensea card, however only one account can be active at any time. The active account is the one we will debit when you spend on your Currensea card.

When you add a second bank account, the link to the first one will be paused until you decide to reactivate or remove it. You can switch between the two linked accounts by logging in via the website here or via the mobile app."

https://help.currensea.com/hc/en-us/articles/360005641419-How-many-bank-accounts-can-be-linked-to-my-Currensea-card-

ircE

clivep said:

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?

You're right @clivep - I made a mistake in looking through my previous emails mistaking "debit" for "direct debit" for Wikipedia and IFAN. Cruse is still correct though. Sorry!

Bridlington1

ForumUser7 said:

Bridlington1 said:

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:

 

Maybe it is a limitation of the iOS app, the inbuilt MoneyBox keyboard doesn't have a decimal point on mine for some reason. I remember seeing a post somewhere like this about Zopa, can't remember if they ever got to the bottom of why there was a difference.

I've just remembered when withdrawing some money from moneybox. There's no decimal point on the keyboard on mine either. I just click "withdraw all" when I go to type in the amount I'd like to withdraw and if the total balance isn't a whole pound it puts the decimal point in for you.

I've just withdrawn the whole balance each time so never noticed the decimal point limitation at the time. I don't know if this will work for IOS but it works on my android phone.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

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:

 

Maybe it is a limitation of the iOS app, the inbuilt MoneyBox keyboard doesn't have a decimal point on mine for some reason. I remember seeing a post somewhere like this about Zopa, can't remember if they ever got to the bottom of why there was a difference.

I've just remembered when withdrawing some money from moneybox. There's no decimal point on the keyboard on mine either. I just click "withdraw all" when I go to type in the amount I'd like to withdraw and if the total balance isn't a whole pound it puts the decimal point in for you.

I've just withdrawn the whole balance each time so never noticed the decimal point limitation at the time. I don't know if this will work for IOS but it works on my android phone.

Unfortunately there is no decimal place for me on the deposit screen either, so I cannot work out how to deposit pennies (Moneybox said this was normal apparently). I think the only way in which I’d get pennies in the account is interest accrued, but I haven’t earned any yet

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

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:

 

Maybe it is a limitation of the iOS app, the inbuilt MoneyBox keyboard doesn't have a decimal point on mine for some reason. I remember seeing a post somewhere like this about Zopa, can't remember if they ever got to the bottom of why there was a difference.

I've just remembered when withdrawing some money from moneybox. There's no decimal point on the keyboard on mine either. I just click "withdraw all" when I go to type in the amount I'd like to withdraw and if the total balance isn't a whole pound it puts the decimal point in for you.

I've just withdrawn the whole balance each time so never noticed the decimal point limitation at the time. I don't know if this will work for IOS but it works on my android phone.

Unfortunately there is no decimal place for me on the deposit screen either, so I cannot work out how to deposit pennies (Moneybox said this was normal apparently). I think the only way in which I’d get pennies in the account is interest accrued, but I haven’t earned any yet

I believe they have a round ups feature. I haven't tried it myself but if you make a debit card payment ending in 99p from your nominated account would moneybox not round up 1p into the account?

I've done a DD reshuffle recently so moneybox is now linked to Co-op so I doubt I'd be able to try this myself but it's worth a thought.