Savings accounts accepting DD's

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    I have Paypal Credit which I generally use each month. Just going to stack up a load of £1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

    This month I owe £8.

    Club Lloyds 2 x £1
    Halifax 2 x £1

    Main Account £4 (just so it counts as a bill out my main bank)

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your £3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

    I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!
    If you're referring to the £3 fee then now might be a good time to revisit your account T&Cs. :)
  • Doc_N
    Doc_N Posts: 8,267
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    If you're referring to the £3 fee then now might be a good time to revisit your account T&Cs. :)

    I was thinking on the same lines - the potential for a charge has gone now, hasn't it?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Doc_N wrote: »
    I was thinking on the same lines - the potential for a charge has gone now, hasn't it?
    No, it's still there.
  • Thank you! Ahh it's only taken if you don't pay in £1,500 then - is that new? I was always under the impression I had to comply with both to get the interest AND avoid the fee.

    That makes it somewhat easier then - just 2 DD's for me on the Halifax account (I only use the Lloyds for the Cinema tickets, don't bother with the interest at the moment as it's all invested).

    Can they downgrade your account back to a 'normal' one if you consistently don't meet the interest terms?

    For example I know Nationwide and Co-Op certainly talk about doing that (whether it's actually happened is another matter!).

    I think I'll try to keep the direct debits going out, just incase (moving from investing to cash over the next few months, a relatively easy 2% is better than a slap in the face!)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Thank you! Ahh it's only taken if you don't pay in £1,500 then - is that new?
    No, it's been there since launch.
    Can they downgrade your account back to a 'normal' one if you consistently don't meet the interest terms?
    My guess is no, but if I was considering it I'd be checking the account T&Cs to make sure.
  • I have Paypal Credit which I generally use each month. Just going to stack up a load of £1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

    This month I owe £8.

    Club Lloyds 2 x £1
    Halifax 2 x £1

    Main Account £4 (just so it counts as a bill out my main bank)

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your £3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

    I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!

    I have got paypal credit but cannot see anyway of funding it by DDs
  • My guess is no, but if I was considering it I'd be checking the account T&Cs to make sure.
    Had a look but can't see anything, so presume they don't
    I have got paypal credit but cannot see anyway of funding it by DDs
    You need to owe money on it. Your account needs to be "linked" too which is just the standard add bank account screen (plus confirming the 'code' that appears on your statement).

    Once it's linked you can go to "make a payment" and pick it.

    Don't do "Setup direct debit payments" as that's just one payment each month. If you do "Make a Payment"/single payment then it's a the 1 payment, then repeat etc.

    It appears to let me do one for 1p, I've not actually submitted that though!!
  • polymaff
    polymaff Posts: 3,903
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    I have Paypal Credit which I generally use each month. Just going to stack up a load of £1 payments out of each account!
    It appears to let me do one for 1p, I've not actually submitted that though!!

    It was this sort of block-head mentality which screwed up the Tesco DD mechanism. Learn - and don't antagonise yet another valuable provider. Make the payments much bigger.

    It's not going to bankrupt you.

    Is it?
  • Westie983
    Westie983 Posts: 5,213
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    I have got paypal credit but cannot see anyway of funding it by DDs

    Go into PayPal via a computer and click payment options I have it set up for £10 a month.

    Westie983
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  • vixen1500
    vixen1500 Posts: 635
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    Westie983 wrote: »
    Go into PayPal via a computer and click payment options I have it set up for £10 a month.

    Westie983

    Is there a minimum payment, for those of us that don't spend much with PayPal?
    Typically confused and asking for advice
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