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

Nick_C

pokemaster said:

it's not done via the app it uses Monzo.me website, which is linked to your account

That is useful information.  Thank you! 

@Bridlington1 it would be useful to update the entry on page 1 to explain this. 

pokemaster

Similar to the Starling Settle up feature it uses

Monzo.me/**USER**

Also worth noting it goes month to month (not calender month to month) so if you use it to its maximum limit of £1k a month by the 10th of the month it won't allow any more debit card deposits till the 10th of the next month and this banner will appear when trying to do more deposits

Bridlington1

Nick_C said:

pokemaster said:

it's not done via the app it uses Monzo.me website, which is linked to your account

That is useful information.  Thank you! 

@Bridlington1 it would be useful to update the entry on page 1 to explain this. 

Thanks @Nick_C for pointing this out and thanks @pokemaster for providing the additional details. I've now edited the first post to explain this. Apologies for causing the confusion.

Nick_C

Thanks both for the information on Monzo.me

I am trying to make as many transactions as possible on my NatWest DC to boost the balance on my fairly new Digital Regular Saver.

Does anyone have any experience of how frequently you can use monzo.me for small payments without Monzo shutting you down?  I was thinking of trying three a week.

(I don't want to lose Monzo, because being able to deposit £300 in "cash" at the Co-Op 6 times a year for a fee of £1 each time is very very useful to me.)

Similarly with Revolut.  Would 3 DC deposits a week for £10.01 each time get me shut down?  (I wouldn't be too worried about losing Revolut.  I haven't used it properly since before Covid).

WillPS

Nick_C said:

Thanks both for the information on Monzo.me

I am trying to make as many transactions as possible on my NatWest DC to boost the balance on my fairly new Digital Regular Saver.

Does anyone have any experience of how frequently you can use monzo.me for small payments without Monzo shutting you down?  I was thinking of trying three a week.

(I don't want to lose Monzo, because being able to deposit £300 in "cash" at the Co-Op 6 times a year for a fee of £1 each time is very very useful to me.)

Similarly with Revolut.  Would 3 DC deposits a week for £10.01 each time get me shut down?  (I wouldn't be too worried about losing Revolut.  I haven't used it properly since before Covid).

I would cordially suggest that the amounts of additional interest you would get are piddly compared to the risk that comes with one of the banks deciding you are a mickey-taker and stopping doing business with you, especially when you factor in the time cost associated with making £1.98 deposits.

Nowhere will publish "safe limits" you must stay within to remain in good standing, but if you feel like you're taking the mickey then you probably are.

Bridlington1

Nick_C said:

Thanks both for the information on Monzo.me

I am trying to make as many transactions as possible on my NatWest DC to boost the balance on my fairly new Digital Regular Saver.

Does anyone have any experience of how frequently you can use monzo.me for small payments without Monzo shutting you down?  I was thinking of trying three a week.

(I don't want to lose Monzo, because being able to deposit £300 in "cash" at the Co-Op 6 times a year for a fee of £1 each time is very very useful to me.)

Similarly with Revolut.  Would 3 DC deposits a week for £10.01 each time get me shut down?  (I wouldn't be too worried about losing Revolut.  I haven't used it properly since before Covid).

I'm inclined to agree with @WillPS. I used to do several round ups (hundreds a day on some occasions) but after losing access to LBG I don't fancy losing the Natwest group as well.

I still do some round ups, but is on a very small scale. All I do nowadays is pay a couple of credit cards in full each month using my Natwest/RBS debit cards (full balance in one go). This way I generate a couple of round ups each month so I'm gaining ever so slightly with very little risk of them thinking that I am taking the Michael. 

pokemaster

Nick_C said:

Thanks both for the information on Monzo.me

I am trying to make as many transactions as possible on my NatWest DC to boost the balance on my fairly new Digital Regular Saver.

Does anyone have any experience of how frequently you can use monzo.me for small payments without Monzo shutting you down?  I was thinking of trying three a week.

(I don't want to lose Monzo, because being able to deposit £300 in "cash" at the Co-Op 6 times a year for a fee of £1 each time is very very useful to me.)

Similarly with Revolut.  Would 3 DC deposits a week for £10.01 each time get me shut down?  (I wouldn't be too worried about losing Revolut.  I haven't used it properly since before Covid).

I only use the Monzo.me for depositing 2 of £500 spend for the Halifax reward so I don't know what its like with the smaller amounts, from what I've read about Revolut I don't think anyone has had any issues but its £10.01 instead of just the £1.01, I think the issues seem to arise when depositing the small amounts into savings accounts then withdrawing it again to cycle round again that seems to get some of the BSs backs up, as in some of their T&Cs it says its a non-payment account and should not be treated like a Current Account. 

If you are trying to get to the max £5k, I've read that NS&I's Direct Saver seems to allow up to 99 transactions a day (99 is the Natwest Debit Card limit) with no issues, But again I've not tried it myself, I just tend to do 2 deposits every other day and so far its been ok.

This is just my own personal view and you have to do things at your own risk.

Bridlington1

Good evening,

I've received a request to post an update on what's been updated on the first page of this thread recently so here it is:

Many of the accounts have seen interest rate rises, most recently the NS&I direct saver and the four Ecology BS accounts, the rates on the lists should now be up to date. 

I've received confirmation via email from Charity Bank that the minimum DD amount is indeed £10 and that you can open multiple notice accounts and set up a DD to each. Each DD can come from a different current account.

I telephoned M&S bank and they have confirmed that their cash ISA has a minimum DD amount of £1 and that you can also make deposits into it by debit card online and by phone. They have said that there is no minimum debit card deposit amount. Because I am in a position where I do not need to worry about tax on savings and investments I shall transfer my existing cash ISA held elsewhere to M&S bank in order to test their systems a bit and find out what the minimum DC deposit is in practice. I will update this thread once I have further information.

The Scottish Widows Instant saver is now NLA to new customers. Existing accounts remain active however.

The Post Office cash ISA allows you to choose the DD date on your account but only allows one monthly DD.

AJ Bell, Interactive Investor and Invest Engine allow you to open multiple Dealing/Trading/General accounts and set up a DD to each, though these must come from the same nominated account.

Evestor will only let you have one GIA at any one time but will let you set up a recurring DD from one account, then set up a one off DD from another. It appears you can only have one one off DD set up at any one time but I am currently in the process of testing Evestor's DDs out to see how frequently one off DDs may be set up. I shall update this thread once I have further information.

Invest engine have launched a refer a friend offer in which you receive a free investment valued between £10 and £50 if both you and your referrer invest the free investment plus £100 or more for 12 months. It's pretty similar to the frequently available Trading 212 sign up offer, but not as generous (see the link on the first page for details).

Dudley BS allow deposits by debit card online, in branch and by phone. Whilst they have informed me that there is no minimum/maximum debit card deposit amount, in practice it has been reported that their online regular saver won't allow debit card deposits below £10. I have sent them a message asking them what the minimum and maximum debit card deposit amounts are for the rest of their online accounts and whether they have different limits for deposits made in branch or by phone but I am yet to receive a response. I will update this thread once I have further information.

Mansfield BS, Monmouthshire BS and Newcastle BS allow debit card deposits to be made in branch and have informed me that there is no minimum debit card deposit amount.

Penrith BS allow deposits of £10 or more to be made by debit card into their accounts in branch.

SRBS allow allow deposits to be made into most of their savings accounts in branch or by phone with no stated minimum deposit amount, however annoyingly their regular saver does not allow deposits by debit card.

CMC invest now pay 2.02% AER on any uninvested funds in their GIA.

Interactive investor allow debit card deposits of between £1 and £99,999.99, but these deposits must come from the same linked debit card. The linked debit card can only be changed once every 30 days.

Trading 212 now pay 1.65% on any uninvested funds.

Monzo.me and Starling bank settle up have now been added to the list as ways of generating debit card deposits. Monzo now offera £5 refer a friend offer and Starling offers a free National Trust pass as part of their refer a friend offer.

For those who are missing the old forum layout I archived the first post of this thread on the wayback machine on 7/7/23 since I wanted to ensure I had a copy of the first page in case some unforeseen technical issue arose during the roll out of the new forum layout that would make the lists go slightly batty for whatever reason. The link can be found below:
https://web.archive.org/web/20230707182855/https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

pokemaster

Thank you for the very informative update

It's a shame other M&S accounts don't do it, I know the easy access is only around 1% but it would be another place to use card, wonder why they don't?

Bridlington1

pokemaster said:

Thank you for the very informative update

It's a shame other M&S accounts don't do it, I know the easy access is only around 1% but it would be another place to use card, wonder why they don't?

No worries.

In answer to your question I don't know for certain but I would imagine if they did offer it on the online EA account they'd get too many people arriving wanting to fill their Natwest/RBS regular savers using the round ups or use it for some reward accounts. By limiting it to the cash ISA at a poor rate, they can still offer the debit card facility without the risk of it being over used since you can only subscribe to one cash ISA in a single tax year and most of the people who would want to use it for the round ups/reward accounts will likely have a cash ISA elsewhere at a higher rate so wouldn't go for M&S at 2.5% since they'd be losing out on too much interest.