Direct Debits?
Dird
Posts: 2,702
Forumite
Since Tesco cancelled their functionality has anyone else become an option? Not £1 charity donations
Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
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Post office online savings account0
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This thread was set up to collate options, in response to Tesco's 2017 announcement that they were withdrawing the facility, but it's slim pickings these days:
https://forums.moneysavingexpert.com/showthread.php?t=57346320 -
See the link above - plenty of good options if you trawl through everything. The easiest ones are to use household bills (eg. water, electricity, gym, council tax, road tax, insurance just to name a few), credit card DD, PayPal, or one of the very few remaining savings accounts that offer the facility - Post Office and Birmingham Midshires are the most popular and easiest to set up. PO is easy to set up but their customer service is horrendous and anything that goes wrong takes ages to get sorted in my experience whilst BM is a right faff requiring your first deposit by cheque but very easy to operate after that. Most options only allow you to pull from a single current account, but a few let you open up multiple accounts which can be linked to different (or the same) current accounts for multiple DDs to be pulled.0
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Nearly all of my accounts that required DDs have cut their rates and aren't worth having any more. I have a surfeit of them now0
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I'm just looking for M&S RS but would prefer not to move real DDs over
edit: Oh they just need 2, not 4...not so badMortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)0 -
I'm just looking for M&S RS but would prefer not to move real DDs over
edit: Oh they just need 2, not 4...not so bad
6 x PO online savings accounts with DD's set up on them has me covered for various bonuses in other accounts. 1.44% and 1.41% not too bad, but I keep so little in over a period of a few months that it matters very little. I like the fact that I am the recipient of the money from the DD as well as the payer!
If you end up using them as "real" saving accounts, keep an eye on the PO interest rates as they fluctuate almost monthly, so grab the higher ones when they are offered and ditch the lower ones.
Yes, there are people who report having issues with the PO online savers, but I find a small amount of patience solves nearly all of them for me.0 -
There are so many.
You can do one with each issue of Post Office Online Saver. I have Monthly interest and Annual interest Birmingham Midshires accounts, both have two mandates for one-off and regular. Ecology Building Society have three savings accounts which accept direct debits.0 -
20SmthngSver wrote: »You can do one with each issue of Post Office Online Saver.
But...the need to pull DDs must surely be reducing these days (and especially so from October)? I mean, who's going to want to keep £20K in BoS and Lloyds when the same 1.5% can be earned 'cleanly' at Marcus et al?
And if I didn't already have an additional 3 Halifax Reward accounts (over and above my 'main' Halifax Reward account) I certainly wouldn't be opening them and messing about with 3 or 6 PO Savings accounts now for £2 a month each.
Possibly the only real DD requirement going forward will be for switching incentives?...for which most of the regulars on here will be excluded anyway.0 -
It really didn't like it when I tried doing two PO savers from the same account. I had to use a different current account for one of them.0
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