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

pokemaster

Yeah need to try fill the reg savers without annoying to many facilities..

Regarding mentioning of Premium Bonds of the front page, you might want to mention they only accept full pounds with £25.00 being the minimum and it wouldn't be any good for the Natwest/RBS reg savs, but obviously good for Halifax "spend" or other higher full pounds spend

pecunianonolet

Currensea:

Direct debit: No stated minimum

Multiple monthly DDs: Yes but only from one account

Direct debit date: 2 working days after purchase.

Management: Online or app

Remarks: Currently offer £10 cashback through Topcashback. You can link two accounts to Currensea but direct debits can only be taken from one active account.

Possibly a stupid question, but do they do a hard credit search? I would assume not, as they take the cash from a nominated account but just want to double check. Also, can you change the nominated account from which the DD is taken so once the account has done its job for an account switch offer I can just move it all for the next? Thinking to use it for the TSB switch offer, so the question is also if TSB will see it as active DD?

The £10 cashback alone is worth opening this imho as literally no hoops to jump through. Would we be able to use this card also for yougov?

Bridlington1

pokemaster said:

Regarding mentioning of Premium Bonds of the front page, you might want to mention they only accept full pounds with £25.00 being the minimum.

I've now added as a remark.

pecunianonolet said:

Currensea:

Direct debit: No stated minimum

Multiple monthly DDs: Yes but only from one account

Direct debit date: 2 working days after purchase.

Management: Online or app

Remarks: Currently offer £10 cashback through Topcashback. You can link two accounts to Currensea but direct debits can only be taken from one active account.

Possibly a stupid question, but do they do a hard credit search? I would assume not, as they take the cash from a nominated account but just want to double check. Also, can you change the nominated account from which the DD is taken so once the account has done its job for an account switch offer I can just move it all for the next? Thinking to use it for the TSB switch offer, so the question is also if TSB will see it as active DD?

The £10 cashback alone is worth opening this imho as literally no hoops to jump through. Would we be able to use this card also for yougov?

From what I can see in their privacy policy they only do soft searches:

Credit reference agencies – CRA’s

In order to process your application, we will perform credit and identity checks on you with one or more Credit Reference Agencies (CRAs). These are soft searches and will not leave a footprint on your credit file. We may also carry out further periodic searches at CRA’s to allow us to manage your account with us.

As for updating your nominated account the terms just say "You can update your linked Bank Accounts via the App at any time." So I see no reason why you shouldn't be able to change your DD account after the TSB switch and TSB should consider it an active DD. 

I'm pretty certain you can't use it for YouGov though since it's not on their list of banking providers.

I haven't tested Currensea out myself though since I'm ineligible for the top cashback offer so can't comment on its usability etc.

pecunianonolet

Bridlington1 said:

pokemaster said:

Regarding mentioning of Premium Bonds of the front page, you might want to mention they only accept full pounds with £25.00 being the minimum.

I've now added as a remark.

pecunianonolet said:

Currensea:

Direct debit: No stated minimum

Multiple monthly DDs: Yes but only from one account

Direct debit date: 2 working days after purchase.

Management: Online or app

Remarks: Currently offer £10 cashback through Topcashback. You can link two accounts to Currensea but direct debits can only be taken from one active account.

Possibly a stupid question, but do they do a hard credit search? I would assume not, as they take the cash from a nominated account but just want to double check. Also, can you change the nominated account from which the DD is taken so once the account has done its job for an account switch offer I can just move it all for the next? Thinking to use it for the TSB switch offer, so the question is also if TSB will see it as active DD?

The £10 cashback alone is worth opening this imho as literally no hoops to jump through. Would we be able to use this card also for yougov?

From what I can see in their privacy policy they only do soft searches:

Credit reference agencies – CRA’s

In order to process your application, we will perform credit and identity checks on you with one or more Credit Reference Agencies (CRAs). These are soft searches and will not leave a footprint on your credit file. We may also carry out further periodic searches at CRA’s to allow us to manage your account with us.

As for updating your nominated account the terms just say "You can update your linked Bank Accounts via the App at any time." So I see no reason why you shouldn't be able to change your DD account after the TSB switch and TSB should consider it an active DD. 

I'm pretty certain you can't use it for YouGov though since it's not on their list of banking providers.

I haven't tested Currensea out myself though since I'm ineligible for the top cashback offer so can't comment on its usability etc.

Thanks for your answers. Just tried to sign up, Ulster Bank account not accepted as nominated account. They claim the account is not old enough or haven't had enough activity. My Ulster account is from March and the only transactions were for the switch offer but nothing since. Guess I need to bounce a few transactions through to make it look active and try again in a few days.

georged123

As an aside, how much do you think is an acceptable amount each month/ number of transactions to undertake to boost the NatWest digital saver without taking the mickey?

Nick_C

@georged123 Good question.  I've just stepped up to 16 transactions / £31.68 a week.  I will let you know if NatWest shut me down.

pecunianonolet

I've done 99 x 0.01 daily for Natwest / RBS each for over 4 weeks to fill the accounts up without problem. I read that they seem to pay more attention now as others have mentioned here getting in trouble. I used Paypal. However, if you buy 3 single bananas each day for 3 transactions, that surely can't be a problem

WillPS

georged123 said:

As an aside, how much do you think is an acceptable amount each month/ number of transactions to undertake to boost the NatWest digital saver without taking the mickey?

Use it as intended, however much, and you've nothing to worry about.

pecunianonolet said:

I've done 99 x 0.01 daily for Natwest / RBS each for over 4 weeks to fill the accounts up without problem. I read that they seem to pay more attention now as others have mentioned here getting in trouble. I used Paypal. However, if you buy 3 single bananas each day for 3 transactions, that surely can't be a problem

Do this, and you should expect either Natwest Group or PayPal or both to come down on you like a tonne of bricks.

Bridlington1

There's been another few updates to the first page of this thread. The changes are as follows:

Chip Instant Access Account has increased to 4.51% (up from 4.26%).

Plum has increased the interest rate on its pockets. Plum basic now pays 3.51% (up from 2.99%).

Charity bank 33 day notice now pays 2.23% (up from 1.87%) on £250-£24999 and 2.38% (up from 2.03%) on balances over £25k.

Charity bank 93 day notice now pays 2.38% (up from 2.08%) on £250-£24999 and 2.53% (up from 2.23%) on balances over £25k.

Charity bank 33 day notice ISA now pays 2.33% (up from 1.96%)


Dudley BS have confirmed in a secure message through their online portal that there is a minimum debit card deposit amount of £10 for online deposits but no minimum for branch/phone deposits.

When setting up a DD, M&S bank require you to send a cheque for the exact DD amount from your linked current account to cover the first month's DD payment.

Monese have confirmed that their debit card deposits are limited to £10 minimum with a limit of £3k's worth of deposits per day, week and month. There is also a limit of 2 top ups per day, 5 per week and 10 per month. 

Bridlington1

A couple of quick updates that I've made recently:

M&S cash ISA has risen from 2.5% to 2.8%

Darlington BS now allow you to make debit card deposits online of £1 minimum.

Hargreaves Landsown allow you to make deposits by debit card from multiple debit cards, not just from your linked account.