Savings accounts accepting DD's

Options
24567…123

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    chris1 wrote: »
    Thanks for replying.
    The end result might be the same in the account the money ends up in, but if you are pulling it from 8 different accounts it's definitely not the same! (in other words you are fulfilling the DD criteria for 8 accounts).:)
    I may not have made myself clear. It's no more work to shift £200 from the DD collection accounts back to an interest earning current account each month than it is to shift £20.
  • chris1
    chris1 Posts: 582 Forumite
    First Post First Anniversary
    Options
    YorkshireBoy wrote: »
    I may not have made myself clear. It's no more work to shift £200 from the DD collection accounts back to an interest earning current account each month than it is to shift £20.
    Ah, I see. My problem is that they will be going into an account with one access per year.
    What do you think the minimum acceptable amount is?
  • Wheres_My_Cashback
    Wheres_My_Cashback Posts: 4,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    chockydavid1983 wrote: »
    Current list accepting new customers:
    Tesco (only until 04/18 for anyone)
    Scottish Widows
    Post Office
    Chip and Plum (app based)

    Other DD ideas:
    Paypal
    Credit cards
    Charities

    I will update this post with any other accounts that crop up but if you notice one that's not listed here just let me know (on the post itself or private message) and I'll update this post :-).

    Paypal are in the process of removing DD capability from accounts. My 3 accounts all lost it a couple of months ago. Others here reported the same.
  • Badger50
    Badger50 Posts: 123 Forumite
    Options
    The Post Office limits you to one sole account and one joint account and only allows one nominated account for Direct Debits per PO account. However they say the nominated account can easily be changed online. As this takes 8 working days it should be possible to extract 3 direct debits from different nominated accounts in a month - a total of 6 direct debits per month if you have 2 PO accounts. Requires quite a bit of manual effort several times a month though. Not sure it would be worth the return with rates as low as they are.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Options
    Badger50 wrote: »
    The Post Office limits you to one sole account and one joint account and only allows one nominated account for Direct Debits per PO account. However they say the nominated account can easily be changed online. As this takes 8 working days it should be possible to extract 3 direct debits from different nominated accounts in a month - a total of 6 direct debits per month if you have 2 PO accounts. Requires quite a bit of manual effort several times a month though. Not sure it would be worth the return with rates as low as they are.

    indeed - sounds like a real clat!
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,357 Forumite
    First Anniversary Name Dropper First Post
    Options
    I was able to open two solo Post Office Online Savers yesterday - and a customer adviser confirmed this was OK.

    Not convinced - will see if the second one is still operational Monday.
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,357 Forumite
    First Anniversary Name Dropper First Post
    Options
    Question on CHIP (and PLUM)........ it works out what you can afford to save and moves it automatically from your current account ?

    How do you control how much you want to save ?

    Can't you just set up a Direct Debit for a fixed monthly amount ?

    Any users out there had much experience ?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    Options
    You can turn off automatic saving for a set period of your choice and select your own amounts and times.
  • Vortigern
    Vortigern Posts: 3,243 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    Deleted_User wrote: »
    You can turn off automatic saving for a set period of your choice and select your own amounts and times.

    Is that Chip, or Plum, or both?
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    YorkshireBoy wrote: »

    Then again, we could all keep quiet...helping to ensure the workarounds last longer?

    First, MSEers killed the Tesco DD functionality.

    Now MSEers are moving to eradicate any remaining self-DDs.

    Very smart. Not.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards