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  • FIRST POST
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 11:29 AM
    • 574Posts
    • 345Thanks
    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 24
    • fun4everyone
    • By fun4everyone 1st Apr 18, 1:56 PM
    • 950 Posts
    • 1,486 Thanks
    fun4everyone
    If you are using Ratesetter (RS) for DD, is the 10 automaticlly invested in the market or you will still need to assign it ??

    Could they pull money from multiple current accounts ??

    I understamd you could also pull the money from your current account to RS and then put is back to your account, but imo this is not worthy if you will need to do it frequently. Also I understand the process of put money back to your current account is not straight forward provess with ratesetter.
    Originally posted by adindas
    You can only have one bank account on your ratesetter acount. I have withdrawn before and it was hassle free and quick. You choose which market to put your direct debit in (rolling/1yr/5yr etc). I am not sure if it can remain uninvested. For 10 a month I am happy to put it in at 3.7% (1 year). You could just do rolling at 3% for instant access.

    I don't know if you could have multiple ratesetter accounts to make multiple direct debits.
    Last edited by fun4everyone; 01-04-2018 at 2:00 PM.
    • Somerset La La La
    • By Somerset La La La 1st Apr 18, 2:05 PM
    • 532 Posts
    • 168 Thanks
    Somerset La La La
    I have Paypal Credit which I generally use each month. Just going to stack up a load of 1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

    This month I owe 8.

    Club Lloyds 2 x 1
    Halifax 2 x 1

    Main Account 4 (just so it counts as a bill out my main bank)

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your 3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

    I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!
    • YorkshireBoy
    • By YorkshireBoy 1st Apr 18, 3:03 PM
    • 30,129 Posts
    • 17,979 Thanks
    YorkshireBoy
    I have Paypal Credit which I generally use each month. Just going to stack up a load of 1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

    This month I owe 8.

    Club Lloyds 2 x 1
    Halifax 2 x 1

    Main Account 4 (just so it counts as a bill out my main bank)

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your 3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

    I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!
    Originally posted by Somerset La La La
    If you're referring to the 3 fee then now might be a good time to revisit your account T&Cs.
    • Doc N
    • By Doc N 1st Apr 18, 3:35 PM
    • 6,619 Posts
    • 19,490 Thanks
    Doc N
    If you're referring to the 3 fee then now might be a good time to revisit your account T&Cs.
    Originally posted by YorkshireBoy
    I was thinking on the same lines - the potential for a charge has gone now, hasn't it?
    • YorkshireBoy
    • By YorkshireBoy 1st Apr 18, 3:37 PM
    • 30,129 Posts
    • 17,979 Thanks
    YorkshireBoy
    I was thinking on the same lines - the potential for a charge has gone now, hasn't it?
    Originally posted by Doc N
    No, it's still there.
    • Somerset La La La
    • By Somerset La La La 1st Apr 18, 3:55 PM
    • 532 Posts
    • 168 Thanks
    Somerset La La La
    Thank you! Ahh it's only taken if you don't pay in 1,500 then - is that new? I was always under the impression I had to comply with both to get the interest AND avoid the fee.

    That makes it somewhat easier then - just 2 DD's for me on the Halifax account (I only use the Lloyds for the Cinema tickets, don't bother with the interest at the moment as it's all invested).

    Can they downgrade your account back to a 'normal' one if you consistently don't meet the interest terms?

    For example I know Nationwide and Co-Op certainly talk about doing that (whether it's actually happened is another matter!).

    I think I'll try to keep the direct debits going out, just incase (moving from investing to cash over the next few months, a relatively easy 2% is better than a slap in the face!)
    • YorkshireBoy
    • By YorkshireBoy 1st Apr 18, 4:00 PM
    • 30,129 Posts
    • 17,979 Thanks
    YorkshireBoy
    Thank you! Ahh it's only taken if you don't pay in 1,500 then - is that new?
    Originally posted by Somerset La La La
    No, it's been there since launch.
    Can they downgrade your account back to a 'normal' one if you consistently don't meet the interest terms?
    My guess is no, but if I was considering it I'd be checking the account T&Cs to make sure.
    • will-he-payitoff
    • By will-he-payitoff 1st Apr 18, 6:41 PM
    • 691 Posts
    • 191 Thanks
    will-he-payitoff
    I have Paypal Credit which I generally use each month. Just going to stack up a load of 1 payments out of each account! They let you use Paypal Credit collecting direct debits like the old Paypal add funds trick on the 'normal' accounts!

    This month I owe 8.

    Club Lloyds 2 x 1
    Halifax 2 x 1

    Main Account 4 (just so it counts as a bill out my main bank)

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your 3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

    I have credit cards I could set to minimum payment but I don't like the way they seem to chop and change the dates and amounts around, too much risk of going into unauthorised OD on a secondary account and not noticing for ages for me!
    Originally posted by Somerset La La La
    I have got paypal credit but cannot see anyway of funding it by DDs
    • Somerset La La La
    • By Somerset La La La 1st Apr 18, 7:57 PM
    • 532 Posts
    • 168 Thanks
    Somerset La La La
    My guess is no, but if I was considering it I'd be checking the account T&Cs to make sure.
    Originally posted by YorkshireBoy
    Had a look but can't see anything, so presume they don't

    I have got paypal credit but cannot see anyway of funding it by DDs
    Originally posted by will-he-payitoff
    You need to owe money on it. Your account needs to be "linked" too which is just the standard add bank account screen (plus confirming the 'code' that appears on your statement).

    Once it's linked you can go to "make a payment" and pick it.

    Don't do "Setup direct debit payments" as that's just one payment each month. If you do "Make a Payment"/single payment then it's a the 1 payment, then repeat etc.

    It appears to let me do one for 1p, I've not actually submitted that though!!
    • polymaff
    • By polymaff 1st Apr 18, 8:10 PM
    • 2,047 Posts
    • 885 Thanks
    polymaff
    I have Paypal Credit which I generally use each month. Just going to stack up a load of 1 payments out of each account!
    Originally posted by Somerset La La La
    It appears to let me do one for 1p, I've not actually submitted that though!!
    Originally posted by Somerset La La La
    It was this sort of block-head mentality which screwed up the Tesco DD mechanism. Learn - and don't antagonise yet another valuable provider. Make the payments much bigger.

    It's not going to bankrupt you.

    Is it?
    • Westie983
    • By Westie983 1st Apr 18, 10:20 PM
    • 4,268 Posts
    • 14,815 Thanks
    Westie983
    I have got paypal credit but cannot see anyway of funding it by DDs
    Originally posted by will-he-payitoff
    Go into PayPal via a computer and click payment options I have it set up for 10 a month.

    Westie983
    Save 12k in 2018 #10 Total (25,000)+7,500/12,000 = 62.50%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 10/800 = 1.25% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 600/1,000 = 60.00%
    2 Savers Club 2018 #16 Total (1,500)+-490/2,000 = 50.50%

    Total 8,182.59/16,165 = 50.61%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • vixen1500
    • By vixen1500 5th Apr 18, 1:20 PM
    • 488 Posts
    • 1,050 Thanks
    vixen1500
    Go into PayPal via a computer and click payment options I have it set up for 10 a month.

    Westie983
    Originally posted by Westie983
    Is there a minimum payment, for those of us that don't spend much with PayPal?
    2015 and ready for fun
    'You'll never know if you can - unless you try'
    • polymaff
    • By polymaff 5th Apr 18, 2:21 PM
    • 2,047 Posts
    • 885 Thanks
    polymaff
    Is there a minimum payment, for those of us that don't spend much with PayPal?
    Originally posted by vixen1500
    It was this sort of block-head mentality which screwed up the Tesco DD mechanism. Learn - and don't antagonise yet another valuable provider. Make the payments much bigger [than the minimum].

    It's not going to bankrupt you.

    Is it?
    Originally posted by polymaff
    .................
    • youngretired
    • By youngretired 5th Apr 18, 4:44 PM
    • 172 Posts
    • 91 Thanks
    youngretired
    I can confirm that a DD going weekly to 1 Post Office Savings account does work/fulfil Barclays Reward T&C's, as Barclays have today paid out March's reward payment.
    • vixen1500
    • By vixen1500 5th Apr 18, 7:36 PM
    • 488 Posts
    • 1,050 Thanks
    vixen1500
    No it not going to bankrupt me - but once paid in it has to be spent via paypal - and you cant withdraw monies not spent
    2015 and ready for fun
    'You'll never know if you can - unless you try'
    • polymaff
    • By polymaff 5th Apr 18, 8:32 PM
    • 2,047 Posts
    • 885 Thanks
    polymaff
    No it not going to bankrupt me - but once paid in it has to be spent via paypal - and you cant withdraw monies not spent
    Originally posted by vixen1500
    Westie's figure of 10 a month seems reasonable. If that's an issue, then this technique is not a responsible one for you to use.
    • Fan Of 2018
    • By Fan Of 2018 8th Apr 18, 6:50 PM
    • 14 Posts
    • 6 Thanks
    Fan Of 2018

    Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your 3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!
    Originally posted by Somerset La La La
    Classical psychological trick. It makes no difference if you don't get money or if you are charged money. Either way your a few quid down. The only question is how much is it.
    • JustAnotherSaver
    • By JustAnotherSaver 8th Apr 18, 9:54 PM
    • 2,904 Posts
    • 482 Thanks
    JustAnotherSaver
    It was this sort of block-head mentality which screwed up the Tesco DD mechanism.
    Originally posted by polymaff
    It was?

    Granted i don't check out all the threads here so i may have missed it.

    Can anyone link me to the article where Tesco confirmed that the reason they put a stop to direct debits was because people were setting up a number of 1 (or similar) direct debits?

    Or is it only people on MSE saying that is the reason?

    • YorkshireBoy
    • By YorkshireBoy 8th Apr 18, 10:35 PM
    • 30,129 Posts
    • 17,979 Thanks
    YorkshireBoy
    It was?

    Granted i don't check out all the threads here so i may have missed it.

    Can anyone link me to the article where Tesco confirmed that the reason they put a stop to direct debits was because people were setting up a number of 1 (or similar) direct debits?

    Or is it only people on MSE saying that is the reason?
    Originally posted by JustAnotherSaver
    We've been here before haven't we.

    There are other savings providers still allowing deposits by DD. Why do you think Tesco pulled the facility when others haven't?...despite having 6 months to think about it following Tesco's announcement last October.

    Some of these other savings providers are allowing multiple accounts, despite their T&Cs saying you can't have them. If these were to become popular, by in-depth discussion on here and other financial forums, then they too may fall by the wayside. I'm not using them personally, but my family are. Which is why I haven't named them, and would suggest others in the know don't either.

    But to answer your question...there is no official confirmation from Tesco (only that given by a staff member to the poster you quoted some time ago). But it doesn't take a rocket scientist...!
    • Mee
    • By Mee 9th Apr 18, 1:16 PM
    • 1,082 Posts
    • 1,028 Thanks
    Mee
    Advanced apologies if I have missed this, but if I do nothing, do you know how Tesco decides which account will be the linked account?

    From 22 April 2018, a linked account in your own name will be the only account you'll be able to make one-off or regular payments to. Any payees that are not linked accounts in your own name will no longer be available.

    ....

    If you're registered for Online Banking you can log in to Online Banking, go to the !!!8216;Move Your Money!!!8217; section and select !!!8216;Manage Accounts and Payees!!!8217;. Any existing linked accounts you have will be displayed under the !!!8216;Your accounts!!!8217; section.
    You can also view your linked accounts in the Mobile App by tapping the !!!8216;i!!!8217; icon on your savings account carousel.
    Please note: any accounts shown under !!!8216;Your payees!!!8217; will no longer be available within Online Banking from 22 April 2018.
    Further more I can't see where under Manage Accounts and Payees; I decide which should be a 'linked account'.

    I note some of my DDs I have left in place are set to May dates. Part of me wishfully hopes Tesco may not carry out their plan, but see how many customers may jump the gun so to speak.... (IMD)
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