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  • FIRST POST
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 11:29 AM
    • 586Posts
    • 355Thanks
    chockydavid1983
    Savings accounts accepting DD's
    • #1
    • 27th Oct 17, 11:29 AM
    Savings accounts accepting DD's 27th Oct 17 at 11:29 AM
    Current list accepting new customers:
    Tesco (only until 04/18 for anyone)
    Scottish Widows Internet Saver Account (10 minimum DD and 10 minimum balance). Note: Seems to be unavailable atm (not sure if temporary or permanent)
    Post Office Online Saver (can only DD in from one nominated account, sketchy customer service feedback)
    Chip and Plum (app based)
    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)

    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; 17-04-2018 at 10:20 AM.
Page 20
    • Lungboy
    • By Lungboy 4th Mar 18, 12:02 PM
    • 1,407 Posts
    • 1,351 Thanks
    Lungboy
    Scottish Widows:
    Their Internet Saver is still showing as unavailable to new investors.

    Presumably you're referring to their Instant Saver 3 a/c (100 minimum balance, interest rate 0.35%). If so, then the initial deposit can be made by Direct Debit rather than by cheque...
    "Please note, if you're making your initial deposit by Direct Debit, we require identification in the form of an original bank statement, cancelled cheque or pre-printed pay-in slip from a UK bank or building society current account on which you are named (this will be returned without delay)".

    This is also detailed on the application form.
    Originally posted by clivep
    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?
    • clivep
    • By clivep 4th Mar 18, 12:32 PM
    • 328 Posts
    • 164 Thanks
    clivep
    Thanks for the info. Anyone know that we can change linked AC after opening and still require new proof for new linked AC?
    Originally posted by nanjo
    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
    • By clivep 4th Mar 18, 12:54 PM
    • 328 Posts
    • 164 Thanks
    clivep
    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?
    Originally posted by Lungboy
    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...

    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.
    Originally posted by clivep
    • 10_66
    • By 10_66 4th Mar 18, 4:19 PM
    • 2,661 Posts
    • 997 Thanks
    10_66
    Thanks for the info. Anyone know that we can change linked AC after opening and still require new proof for new linked AC?
    Originally posted by nanjo
    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...
    Originally posted by clivep
    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
    • By Southcoast01 4th Mar 18, 4:26 PM
    • 12 Posts
    • 9 Thanks
    Southcoast01
    Current Account Switch Service
    • clivep
    • By clivep 5th Mar 18, 12:06 PM
    • 328 Posts
    • 164 Thanks
    clivep
    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.
    Originally posted by 10_66
    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
    • By adindas 6th Mar 18, 9:14 PM
    • 3,559 Posts
    • 2,207 Thanks
    adindas
    MBNA DD of 2p is taken
    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
    • By Jakg 15th Mar 18, 3:30 PM
    • 2,149 Posts
    • 981 Thanks
    Jakg
    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.
    Originally posted by Jakg
    Anyone?...
    Nothing I say represents any past, present or future employer.
    • youngretired
    • By youngretired 15th Mar 18, 4:42 PM
    • 200 Posts
    • 111 Thanks
    youngretired
    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
    • By 10_66 15th Mar 18, 6:10 PM
    • 2,661 Posts
    • 997 Thanks
    10_66
    ...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.
    Originally posted by clivep
    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
    • By vixen1500 15th Mar 18, 11:11 PM
    • 489 Posts
    • 1,050 Thanks
    vixen1500
    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
    • eskbanker
    • By eskbanker 16th Mar 18, 12:36 AM
    • 7,446 Posts
    • 8,025 Thanks
    eskbanker
    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
    Originally posted by vixen1500
    I'm not aware of any, although the current HSBC Advance switching incentive allows DDs or SOs but that's very much the exception rather than the rule and applies to a switch bonus rather than ongoing monthly requirements anyway. When you checked the Ts & Cs of all the accounts you opened, did any of them suggest that SOs would be regarded as an acceptable substitute for DDs?

    Had hope the post office might of bought out issue 30 sometime soon
    Originally posted by vixen1500
    Who would they be buying it from?
    • polymaff
    • By polymaff 16th Mar 18, 9:54 AM
    • 2,119 Posts
    • 921 Thanks
    polymaff
    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
    Originally posted by vixen1500
    The DD requirement is there precisely to make it a struggle.
    • vixen1500
    • By vixen1500 16th Mar 18, 7:51 PM
    • 489 Posts
    • 1,050 Thanks
    vixen1500

    Who would they be buying it from?
    Originally posted by eskbanker


    Thanks for your reply re standing orders

    Having now read through various posts on here seems having the san123 account is actually a waste of direct debits now as after the 60 a year fees the interest rate works out to 1.24%

    It's just the thought of changing all my standing orders set up to cover monthly minimums and regular savers - still got until end of april
    • polymaff
    • By polymaff 16th Mar 18, 8:25 PM
    • 2,119 Posts
    • 921 Thanks
    polymaff


    Thanks for your reply re standing orders

    Having now read through various posts on here seems having the san123 account is actually a waste of direct debits now as after the 60 a year fees the interest rate works out to 1.24%

    It's just the thought of changing all my standing orders set up to cover monthly minimums and regular savers - still got until end of april
    Originally posted by vixen1500
    Well, it isn't a waste of DDs as Santander DDs don't have to pay out every month, and most of us have many such DDs. What this thread is really about is "Where can I find low-cost regular monthly-paying DDs". These are the holy grail of the true MSEer.

    That said, the value of the Santander 123 bank account has dropped considerably, so we've dumped three of our four entirely, and will probably convert the remaining one down to a 123-Lite. The resulting sacrifice of the 0.05% margin a full Santander 123 offers over a December 2017 BM Savings account is no great loss !
    • HardSpend
    • By HardSpend 17th Mar 18, 5:35 PM
    • 210 Posts
    • 153 Thanks
    HardSpend
    time finally come to sort out all these new DDs..

    what's the minimum payment on the christmas club ones?
    i.e. Park Christmas Savings & Variety Christmas Savings
    • teddysmum
    • By teddysmum 17th Mar 18, 5:49 PM
    • 9,044 Posts
    • 5,393 Thanks
    teddysmum
    time finally come to sort out all these new DDs..

    what's the minimum payment on the christmas club ones?
    i.e. Park Christmas Savings & Variety Christmas Savings
    Originally posted by HardSpend


    The contents of the hampers are either very overpriced or peculiar things you would never consider eating, so that severely negates any interest gained from the account needing a DD.
    • HardSpend
    • By HardSpend 17th Mar 18, 5:59 PM
    • 210 Posts
    • 153 Thanks
    HardSpend
    The contents of the hampers are either very overpriced or peculiar things you would never consider eating, so that severely negates any interest gained from the account needing a DD.
    Originally posted by teddysmum
    oh well that's a bit rubbish have you tried Chip and/or Plum? Perhaps Moneybox?
    • vixen1500
    • By vixen1500 17th Mar 18, 7:22 PM
    • 489 Posts
    • 1,050 Thanks
    vixen1500
    time finally come to sort out all these new DDs..

    what's the minimum payment on the christmas club ones?
    i.e. Park Christmas Savings & Variety Christmas Savings
    Originally posted by HardSpend
    Don't know if there is a minimum with park. I have set up a monthly dd for a 10 love to shop voucher split between April and November (must remember to set up a new one for December)
    • gingercordial
    • By gingercordial 18th Mar 18, 1:33 PM
    • 1,160 Posts
    • 1,198 Thanks
    gingercordial
    time finally come to sort out all these new DDs..

    what's the minimum payment on the christmas club ones?
    i.e. Park Christmas Savings & Variety Christmas Savings
    Originally posted by HardSpend
    I'm doing 5/month on Park for a 50 M&S voucher. I will use it and I'm prepared to take the risk of them going under on that amount. I could have started it earlier in which case the DD would have been lower, and there were 10 vouchers available, so I don't think there's a minimum.

    Be aware it advertises as "only x per week" but if paying by DD it must be monthly - weekly payments are only available if you are sending them payments manually. I also think if you order more vouchers it just increases your DD, it doesn't set up multiples. So this is good for one DD per month, not several.

    You'll also get loads of messages trying to persuade you to pay it off faster (no thanks, defeats the point for me!), buy more vouchers, become an agent for your friends... Not keen on these but oh well.
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