Savings accounts accepting DD's

castle96 wrote: »

How many B'ham Mids a/c's can I have. Cant see a limit

I recall reading something when I opened mine ages ago about there being a limit of 2x BM internet savings accounts per customer - that's how many I have. Only the first account needs a cheque to open as it's an identity verification thing, the second can be opened through online banking after the first has been set up. You can also change linked accounts without needing a new cheque after you've set up the first account - useful if you only have one current account with a chequebook.

I also remember reading somewhere ages ago that someone had some success in opening more than 2 accounts by waiting until after they downgraded their accounts after the initial 12 month period, since the system saw them as not having more than two accounts of the same issue or something - something you could try if you've already had two accounts open for more than 12 months

PRAISETHESUN wrote: »

I've got 3 accounts that are "blocked from being debited" that have a few quid each in them, but its easier to just leave that be so they don't mess up the others that do work! Maybe one day I'll be bothered to sort it out when I need to close them ALL down :P

I have the same problem with my PO savers. I got one of them fixed with a support call, but couldn't be bothered for the others as they are just a few quid and they pull in the DDs OK.


I'll call and get sorted when I need to, so expecting to require multiple phone calls!

PRAISETHESUN wrote: »

I recall reading something when I opened mine ages ago about there being a limit of 2x BM internet savings accounts per customer - that's how many I have. Only the first account needs a cheque to open as it's an identity verification thing, the second can be opened through online banking after the first has been set up. You can also change linked accounts without needing a new cheque after you've set up the first account - useful if you only have one current account with a chequebook.

I also remember reading somewhere ages ago that someone had some success in opening more than 2 accounts by waiting until after they downgraded their accounts after the initial 12 month period, since the system saw them as not having more than two accounts of the same issue or something - something you could try if you've already had two accounts open for more than 12 months

The 'limit' is, or was, at least 5 in my experience. All opened within a few weeks of each other. And all still open after the bonus period and pulling monthly.

dcs34 wrote: »

Silly question perhaps but can I have more than one active direct debit from a single PO Online Saver account? E.g. a weekly one and a monthly one.

I would try to experiment doing it online but given all the technical difficulties with PO I don't want to !!!! up the existing direct debit!

I'm fairly sure you are allowed to queue up multiple transactions on a PO saver (ie. a monthly and a weekly as you describe). However, you can only link one current account per PO saver and each transaction will still use the same DD mandate regardless of the payment frequency, so depending on the current account you are using that may or may not work for meeting account requirements (eg. Tesco is okay with a single PO saver paying out 3+ times per month, whilst M&S Bank requires four separate PO savers).

I have been using Robo-Investment platforms to supply £1 direct debits (Wealthify, Wealth Simple, eVestor). Works fine, but have now realised it was a bit of a blunder as no longer being a new customer means I've missed out on possible new customer bonues


I see till 30th June there is £40 available for Wealthify - Doh!


https://www.moneysavingexpert.com/savings/robo-funds/