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

Night-owl_6

And for the OP information I am correct, this statement is in t&c of banks:

Can I set up direct debits or standing orders from my savings account?
No, savings accounts are specifically for savings, although you can transfer money into a nominated account in your name, by telephone or by using online servicing within the same bank

Cloudane

Now now, not to be a backseat moderator but can I suggest people stop hurling insults at each other for a moment and review the Forum Etiquette.

As I say (without any concrete evidence/sources, mind - those with strong opinions and the desire to 'win' an argument are advised to provide them) I find it highly unlikely that any savings account would allow any form of outbound payment other than to another account under your name. As then it'd essentially be a current account with a high interest rate, defeating the purpose as far as the bank's concerned, and possibly sending them out of business.

Night-owl_6

Cloudane wrote: »

Now now, not to be a backseat moderator but can I suggest people stop hurling insults at each other for a moment and review the Forum Etiquette.

As I say (without any concrete evidence/sources, mind - those with strong opinions and the desire to 'win' an argument are advised to provide them) I find it highly unlikely that any savings account would allow any form of outbound payment other than to another account under your name. As then it'd essentially be a current account with a high interest rate, defeating the purpose as far as the bank's concerned, and possibly sending them out of business.

Thanks Cloudane.
I happen to know that you cant have any direct debits or standing orders coming out of a non linked account as I contacted most high street banks a while bank when I couldnt get a current account back then, there answer was simple, no you cannot as it is a savings account.
Lucky I got a current account but was told when I asked one bank about it that if you tried to set either a SO or DD on a savings account and someone tried to withdraw from it via that it would be refused and you would be charged a £35 referal fee and the DD/SO would be cancelled.
I hope the OP sorts it out and would recommend that he goes for a TSB classic account as it offers a debit card and can take DD/SO.

Thanks:D

Paul_Herring

Night-owl wrote: »

[...]direct debit set up on an account [...]for money going in not coming out!

That isn't a direct debit on the savings account. It's a direct debit on the (other) account the money is coming from.

unknown_myth

What I might do is set up a second current account and transfer all my direct debits into there, and a few e-saving accounts and follow the Piggy-banking techniques...