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Cash ISA - funding by Direct Debit
NoodleDoodleMan
Posts: 4,600 Forumite
Apologies if not posted in the appropriate forum.
Is there a Cash ISA for 2024/25 that will accept incoming monthly Direct Debit credited from an external bank current account ?
I believe Nutmeg allows this - just wondered if there were others ?
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Comments
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I wasn't aware of any savings accounts that took payment by direct debit. Why not just open a normal cash ISA and pay by standing order?
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I would have thought it was standing order rather than direct debit. Same outcome really.
I believe Vanguard does this as well.0 -
Why not just fund it manually, or use standing order?0
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Is there a Cash ISA for 2024/25 that will accept incoming monthly Direct Debit credited from an external bank current account ?Most will use standing order rather than direct debit. direct debit is more common with S&S ISAs than cash ISAs.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I didn't think Nutmeg offered cash ISAs, even their LISA is stocks and shares onlyIt's quite common to have DDs on stocks and shares ISAs but I can't think of any cash ones that allow it. As above just use a standing order0
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I need to use DDs to satisfy switching criteria for a new bank account, hence not seeking SOs.Nutmeg do Cash ISAs, I was in contact earlier today.0
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There's no cash ISA product listed at https://www.nutmeg.com/isas or on their main product menu - do you have a link for the one that they've mentioned?NoodleDoodleMan said:Nutmeg do Cash ISAs, I was in contact earlier today.Here at Nutmeg, we don’t offer cash ISAs.https://www.nutmeg.com/isas/isa-allowance-limits-tax-year-end-dates
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Indeed - I'll need to review,A Stocks and Shares would suit.Well spotted.0
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Up to you obviously, but I'd suggest that this sounds like the tail wagging the dog if you're considering using a S&S ISA instead of a cash one solely on the basis that doing so fulfils a requirement for an extra direct debit mandate!NoodleDoodleMan said:Indeed - I'll need to review,A Stocks and Shares would suit.Well spotted.
There is a thread somewhere about potential options when seeking extra DDs for the purposes of satisfying such requirements, will have a rummage around for it....
Edit: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p11 -
Credit card DDs? Bills and mobiles?NoodleDoodleMan said:I need to use DDs to satisfy switching criteria for a new bank account, hence not seeking SOs.
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