Savings accounts accepting DD's

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  • clivep
    clivep Posts: 577 Forumite
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    nanjo wrote: »
    Thanks for the info. Anyone know that we can change linked AC after opening and still require new proof for new linked AC?

    You can certainly change the linked a/c but unfortunately not using your online account... online you can't even change the day of month for the DD, only the amount (minimum £10).

    As expected, a switch using CASS changes the linked a/c without any further proof required.

    Otherwise you need to manually fill in a new DD mandate and supply an original bank statement or cancelled cheque relating to the new nominated a/c. A printed statement from your online bank a/c may be acceptable (as it was when the SW savings a/c was opened) as long as it shows the bank's url.

    I'm following the process at the moment and have tried emailing them with the documents as attachments. There were postings a while ago saying this was acceptable on account opening so we'll see...

    Certainly not the simple process that it is with other savings a/cs I have.
  • clivep
    clivep Posts: 577 Forumite
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    Lungboy wrote: »
    Thanks for that. I hunted through their website but missed that.

    So that's 4 DD for the under 50s, 5 for over 50s? Do any of these accounts allow multiple DDs, or is it one linked DD per account?

    Unfortunately the Tesco savings a/cs were the only generally available ones to allow multiple linked a/cs. Some companies allow multiple a/cs though, each with their own different single linked a/c.

    For other suggestions, here's a copy of my post from 6 weeks ago...
    clivep wrote: »
    Apart from the 9x PO, 4x BM savings a/cs, 2x Greenpeace + 2x Sightsavers we also have these DDs:

    2x Scottish Widows Internet Savers each (currently unavailable to new investers).

    1x local credit union savings a/c each.

    3x credit card (new TSB & NatWest ones as Nationwide dropped their cashback %).

    1x monthly car tax.

    1x monthly TV licence.

    3x local friendly society lodge monthly contributions (wife, self + son) for one Tesco current a/c (other 3x Tesco ones don't need the DDs).

    3 x annual friendly society endowment payments + 1x RHS annual subscription to satisfy M&S requirements.

    Monthly council tax, water rates, Gas, Electric & Phone all from NatWest Reward a/c.

    I make that 40 DDs beween us excluding the Tesco savings DDs that are now redundant and in the process of being cancelled.
  • 10_66
    10_66 Posts: 3,269 Forumite
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    nanjo wrote: »
    Thanks for the info. Anyone know that we can change linked AC after opening and still require new proof for new linked AC?
    clivep wrote: »
    You can certainly change the linked a/c but unfortunately not using your online account... online you can't even change the day of month for the DD, only the amount (minimum £10).

    As expected, a switch using CASS changes the linked a/c without any further proof required...

    Apologies if I'm repeating what clivep is stating re the CASS, as I'm afraid I don't know what CASS is, however, just to confirm, I changed my linked account by phoning them (no further proof required), also set up the DDs over the phone.
  • Southcoast01
    Southcoast01 Posts: 38 Forumite
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    Current Account Switch Service
  • clivep
    clivep Posts: 577 Forumite
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    10_66 wrote: »
    Apologies if I'm repeating what clivep is stating re the CASS, as I'm afraid I don't know what CASS is, however, just to confirm, I changed my linked account by phoning them (no further proof required), also set up the DDs over the phone.

    That's surprising.

    I've just had a secure message reply from Scottish Widows stating "In order for your details to be updated we will require this information to be sent by post so that we can verify your wet signature".

    This is for the Scottish Widows Internet Saver a/c, procedures for other of their savings a/cs may differ but I doubt it.

    If you've set it up over the phone don't be surprised if you eventually get a letter asking for documents to verify your nominated a/c.

    When I opened my a/cs in November I was not asked for the proof until some time afterwards - 3 weeks until I received an email asking me to send in a cancelled cheque/bank statement in the case of my 1st Online Saver a/c.

    I would closely monitor the DD to make sure that your new mandate gets set up correctly.
  • adindas
    adindas Posts: 6,813 Forumite
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    Just want to feed the forum with my personal experience.
    I have 2p balance on my account in MBNA (not intentionally). they took the DD on my account.

    So I think whether they take a small DD of less than 30p (say) it will depend from bank to bank.
  • Jakg
    Jakg Posts: 2,265 Forumite
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    Jakg wrote: »
    Seeing as everyone in this thread is knowledgable on direct debit requirements...

    How many (separate) direct debits do you need for Barclays Blue Rewards and Co-op everyday rewards?

    The terms mention you must pay 2 and 4 per month respectively, but they don't specifically state they must be different direct debits.

    If so then one post office account could satisfy an account and that would make it slightly easier to setup.

    Anyone?...
    Nothing I say represents any past, present or future employer.
  • youngretired
    youngretired Posts: 581 Forumite
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    The Co-op - Yes 1 Post Office being claimed 4 times a month will qualify, as I do 4 to my Chip acc.


    Barclays - Unknown at present though I am trying this with 1 Post Office being taken weekly this month, so will confirm back in April if worked or not (MChambers has said that it will!) though I have got another set up ready if it doesn't for April onwards.
  • 10_66
    10_66 Posts: 3,269 Forumite
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    clivep wrote: »
    ...If you've set it up over the phone don't be surprised if you eventually get a letter asking for documents to verify your nominated a/c...

    ...I would closely monitor the DD to make sure that your new mandate gets set up correctly.

    Just to confirm, all the DDs were taken out today for mine and OH, nominated accounts were changed over the phone, no further proof requested by post (ie no cancelled cheques etc), DDs were also set up over the phone (at the same time as change of nominated accounts). Internet Saver.
  • vixen1500
    vixen1500 Posts: 644 Forumite
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    Just wondering if there are any banks that you can have standing orders set up with to meet the monthly requirements instead of direct debits - just a thought as I am struggling to get all the direct debits I need

    Had hope the post office might of bought out issue 30 sometime soon
    Typically confused and asking for advice
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