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  • FIRST POST
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 10:29 AM
    • 637Posts
    • 396Thanks
    chockydavid1983
    Savings accounts accepting DD's
    • #1
    • 27th Oct 17, 10:29 AM
    Savings accounts accepting DD's 27th Oct 17 at 10:29 AM
    Current list accepting new customers:
    Post Office Online Saver (can only DD in from one nominated account, sketchy customer service feedback)
    Chip and Plum (app based) (Chip phasing out DD functionality)
    Birmingham Midshires Internet Saver Account (can only DD in from one nominated account, open with payment by cheque only, can change the linked account after)
    SAGA Telephone Easy Access Account (age 50+)
    https://www.wealthsimple.com/en-gb/ (unverified- see post #132)
    https://www.ecology.co.uk/savings/savings-accounts/easy-access-2/
    https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

    Other DD ideas:
    Paypal (reported as in the process of being removed)
    Credit cards
    Charities
    Credit Unions
    Christmas Savings (not FSCS protected)
    http://www.littledebits.org

    If you notice any of this information becomes incorrect or new accounts appear, PM me and I'll update this post :-).
    Last edited by chockydavid1983; 14-05-2019 at 10:35 AM.
Page 1
    • glider3560
    • By glider3560 27th Oct 17, 10:35 AM
    • 3,839 Posts
    • 2,509 Thanks
    glider3560
    • #2
    • 27th Oct 17, 10:35 AM
    • #2
    • 27th Oct 17, 10:35 AM
    ICICI no longer allow DDs to be set up, for new or existing accounts. Existing DDs continue to be paid.

    • karlie88
    • By karlie88 27th Oct 17, 10:55 AM
    • 8,823 Posts
    • 108,226 Thanks
    karlie88
    • #3
    • 27th Oct 17, 10:55 AM
    • #3
    • 27th Oct 17, 10:55 AM
    Chip and Plum allow you to set up a DD to a current account. They're app-based savings accounts.

    Chip currently has 3% interest and Plum is offering a free fiver (both via an MSE offer).

    They pull money automatically but you can make manual requests. They're not FSCS protected but you can claim from the bank that the money's held in, if they were to go bust.

    More information here:

    https://www.moneysavingexpert.com/banking/digital-banking#savings

    Note: on Chip's website there's a FAQ section that says -

    Can I connect more than one account?

    Not yet. At the moment you can link one current account to one Chip savings account - but we’re working on features such as multiple savings pots and shared Chip savings accounts.
    Looks interesting...
    Official MSE canny forumite and HUKD VIP badge member
    • Mogley
    • By Mogley 27th Oct 17, 11:32 AM
    • 249 Posts
    • 201 Thanks
    Mogley
    • #4
    • 27th Oct 17, 11:32 AM
    • #4
    • 27th Oct 17, 11:32 AM
    I had an email flyer from the AA this week regarding savings accounts. On checking, the AA offer payments in via a linked account standing order. No mention of direct debit anywhere.

    How do I pay money in?
    Payments from your linked account
    You will need your AA savings account number and sort code to hand. Simply use the internet/telephone banking service of the bank/building society that you hold your linked account with and set up a payment to your AA savings account. You can choose to make both one-off payments and set up a regular payment by standing order.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • ColdIron
    • By ColdIron 27th Oct 17, 12:12 PM
    • 5,373 Posts
    • 7,353 Thanks
    ColdIron
    • #5
    • 27th Oct 17, 12:12 PM
    • #5
    • 27th Oct 17, 12:12 PM
    Is this restricted to savings accounts only?
    • eskbanker
    • By eskbanker 27th Oct 17, 12:29 PM
    • 10,794 Posts
    • 13,352 Thanks
    eskbanker
    • #6
    • 27th Oct 17, 12:29 PM
    • #6
    • 27th Oct 17, 12:29 PM
    Is this restricted to savings accounts only?
    Originally posted by ColdIron
    There are obviously other alternatives being discussed in the old thread and numerous others, including:
    • PayPal
    • Payments to credit cards
    • Charities
    and there will no doubt be others too, so perhaps there's an argument that they should all be in one thread, or at least two threads, one for 'internal' DDs to accounts within your own control and one for 'external' DDs to organisations who are able (and maybe even willing!) to accept regular low-value payments.

    Ultimately up to whoever takes responsibility for maintaining the thread to decide what they're prepared to keep updated!
    • YorkshireBoy
    • By YorkshireBoy 27th Oct 17, 12:55 PM
    • 30,785 Posts
    • 18,822 Thanks
    YorkshireBoy
    • #7
    • 27th Oct 17, 12:55 PM
    • #7
    • 27th Oct 17, 12:55 PM
    ...perhaps there's an argument that they should all be in one thread, or at least two threads, one for 'internal' DDs to accounts within your own control and one for 'external' DDs to organisations who are able (and maybe even willing!) to accept regular low-value payments.

    Ultimately up to whoever takes responsibility for maintaining the thread to decide what they're prepared to keep updated!
    Originally posted by eskbanker
    I would have thought something along the lines of SpecialSaver2's "regular saver" thread, whereby the thread is entitled "how to generate DDs to comply with banks' interest/reward payment criteria". The first post could summarise the options available, ie savings accounts, charities, investment accounts, PayPal, etc, and have clickable links to posts 2,3,4,etc where the detail would be listed.

    There might even be a section not restricted to "new customers", because some of us have legacy/unique accounts perfectly capable of generating multiple DDs and therefore to whom Tesco's recent decision has (almost) zero impact.

    Then again, we could all keep quiet...helping to ensure the workarounds last longer?
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 1:45 PM
    • 637 Posts
    • 396 Thanks
    chockydavid1983
    • #8
    • 27th Oct 17, 1:45 PM
    • #8
    • 27th Oct 17, 1:45 PM
    I was thinking of just savings accounts but happy to add other stuff if people want- Paypal would come under the current 'specific' section I guess whereas payments to CC's/ charities I could add in a separate 'general' section?
    • chris1
    • By chris1 27th Oct 17, 3:03 PM
    • 560 Posts
    • 187 Thanks
    chris1
    • #9
    • 27th Oct 17, 3:03 PM
    • #9
    • 27th Oct 17, 3:03 PM
    ... some of us have legacy/unique accounts perfectly capable of generating multiple DDs ...
    Originally posted by YorkshireBoy
    How many DDs do you find they will accept, and at how low a figure each?
    • YorkshireBoy
    • By YorkshireBoy 27th Oct 17, 3:11 PM
    • 30,785 Posts
    • 18,822 Thanks
    YorkshireBoy
    How many DDs do you find they will accept
    Originally posted by chris1
    I have 4 accounts with up to 8 DDs on each. I'm not aware of any limit.
    and at how low a figure each?
    I don't do "low" (value) DDs...that's too much abuse in my view (and possibly one reason why Tesco are removing the facility). After all, if you set them all up for the same day the end result is the same isn't it?
    • chris1
    • By chris1 27th Oct 17, 3:38 PM
    • 560 Posts
    • 187 Thanks
    chris1
    I don't do "low" (value) DDs...that's too much abuse in my view (and possibly one reason why Tesco are removing the facility). After all, if you set them all up for the same day the end result is the same isn't it?
    Originally posted by YorkshireBoy
    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).
    • YorkshireBoy
    • By YorkshireBoy 27th Oct 17, 3:54 PM
    • 30,785 Posts
    • 18,822 Thanks
    YorkshireBoy
    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).
    Originally posted by chris1
    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
    • By chris1 27th Oct 17, 4:14 PM
    • 560 Posts
    • 187 Thanks
    chris1
    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.
    Originally posted by YorkshireBoy
    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
    • By Wheres My Cashback 27th Oct 17, 7:45 PM
    • 3,213 Posts
    • 38,191 Thanks
    Wheres My Cashback
    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 :-).
    Originally posted by chockydavid1983
    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
    • By Badger50 28th Oct 17, 11:25 AM
    • 123 Posts
    • 122 Thanks
    Badger50
    Post Office nominated accounts
    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
    • By veryintrigued 28th Oct 17, 11:55 AM
    • 2,793 Posts
    • 2,356 Thanks
    veryintrigued
    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.
    Originally posted by Badger50
    indeed - sounds like a real clat!
    • NoodleDoodleMan
    • By NoodleDoodleMan 28th Oct 17, 10:12 PM
    • 1,118 Posts
    • 420 Thanks
    NoodleDoodleMan
    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
    • By NoodleDoodleMan 28th Oct 17, 10:20 PM
    • 1,118 Posts
    • 420 Thanks
    NoodleDoodleMan
    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 ?
    • Hattie625
    • By Hattie625 28th Oct 17, 10:45 PM
    • 874 Posts
    • 762 Thanks
    Hattie625
    You can turn off automatic saving for a set period of your choice and select your own amounts and times.
    • Vortigern
    • By Vortigern 28th Oct 17, 11:04 PM
    • 2,773 Posts
    • 1,914 Thanks
    Vortigern
    You can turn off automatic saving for a set period of your choice and select your own amounts and times.
    Originally posted by Hattie625
    Is that Chip, or Plum, or both?
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