Can I pay Direct Debits from an e-savings account?

unknown_myth

I've got a Barclays current account and an e-savings account. My thoughts are, as my e-savings account has its own account number and sort code, could I move all my direct debits onto my e-savings account and just do a standing order from my current account every month?

Night-owl_6

unknown_myth wrote: »

I've got a Barclays current account and an e-savings account. My thoughts are, as my e-savings account has its own account number and sort code, could I move all my direct debits onto my e-savings account and just do a standing order from my current account every month?

The answer is no, a savings account has an account number and sort code however it is only type of bank account that will not alloow a dirct debit to be set up on it as it is a "Savings account" it will not allow standing orders either.
I would recommned not to try and set it up as a failed direct debit fee will be incurred

unknown_myth

OK, back to the drawing board...

Cheers!

Cloudane

Nice try Everyone would just use savings accounts as current accounts and bag a load more interest.

Night-owl_6

Cloudane wrote: »

Nice try Everyone would just use savings accounts as current accounts and bag a load more interest.

Mikeyorks

A lot of savings accounts support DDs ... but only for the purpose of drawing money in from your linked account. Very unlikely you could target the account from a DD originator. However a number of savings accounts support SOs ... some will only allow internal SOs but several support external SOs.

As you have online access to the Esaver ... why not look?

Night-owl_6

Mikeyorks wrote: »

A lot of savings accounts support DDs ... but only for the purpose of drawing money in from your linked account. Very unlikely you could target the account from a DD originator. However a number of savings accounts support SOs ... some will only allow internal SOs but several support external SOs.

As you have online access to the Esaver ... why not look?

Incorrect.
Yes, most banks allow a standing order or direct debit set up on an account so long as its linked with the SAME bank and its for money going in not coming out!
NO banks offer a savings account that will alow direct debits or standing orders, I would not attempt to try and set one up as a failed direct debit could get you a fee of £35!!!

Milarky

Night-owl wrote: »

Incorrect.

NO banks offer a savings account that will allow direct debits or standing orders.

I don't think MW ever said DDs from savings accounts were possible, merely 'standing orders' on certain savings accounts.

Certainly where accounts offer address books you may be able to 'diarise' more than a single payment to the same source (repeat-single payments, rather than recurring payments) which could be described as 'near-standing orders'. For instance, cahoot savings account - and I'm sure there will be others. As to standing orders 'proper' to leave the account, I haven't come across an account (which isn't a bank account) offering these.

Mikeyorks

Night-owl wrote: »

Incorrect.
Yes, most banks allow a standing order or direct debit set up on an account so long as its linked with the SAME bank and its for money going in not coming out!
NO banks offer a savings account that will alow direct debits or standing orders, I would not attempt to try and set one up as a failed direct debit could get you a fee of £35!!!

You should try reading the response ... before getting stupidly emphatic! And even then ... you're wrong.

I said very clearly you won't get an outward facing DD set up on a Savings account. But you can get an inward DD for the purpose of drawing in funds. And they do not have to point to a linked account with the same Bank. I have a couple .... and neither point to a linked account with the same Institution.

I equally pay several CCs from a Websaver account. And none of the CCs have any connection with the Bank where the Websaver is held. As previous post, they're not technically SOs as you have to manually tap them out of the starting blocks. But they're closer to being SOs ... than you are to getting it right with your response!

Night-owl_6

Mikeyorks wrote: »

You should try reading the response ... before getting stupidly emphatic! And even then ... you're wrong.

I said very clearly you won't get an outward facing DD set up on a Savings account. But you can get an inward DD for the purpose of drawing in funds. And they do not have to point to a linked account with the same Bank. I have a couple .... and neither point to a linked account with the same Institution.

I equally pay several CCs from a Websaver account. And none of the CCs have any connection with the Bank where the Websaver is held. As previous post, they're not technically SOs as you have to manually tap them out of the starting blocks. But they're closer to being SOs ... than you are to getting it right with your response!

Exuse me big head?!
Dont you dare talk to me like that when its you who clearly dont know what the hell you are on about!!!
You cant set any DD or SO up to a savings account UNLESS its to pay money in numpty!
If the OP wants to try, then he is happy to, and you my friend need to get your facts correct before saying something that a child would know more about!!

Good day!

Night-owl_6

And they do have to have a linked account IF its a high street bank.
I would ask anyone if they doubt my advice over yours to contact there bank and well see who is right!!!