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  • FIRST POST
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 11:29 AM
    • 594Posts
    • 360Thanks
    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 26
    • bettz
    • By bettz 13th Apr 18, 10:32 PM
    • 133 Posts
    • 6 Thanks
    bettz
    Trouble is I've had a previous nationwide savings account years ago so I wouldn't qualify for the switch.I think the only bank I've not had an account with is M&S and HSBC
    • YorkshireBoy
    • By YorkshireBoy 13th Apr 18, 11:01 PM
    • 30,181 Posts
    • 18,070 Thanks
    YorkshireBoy
    Trouble is I've had a previous nationwide savings account years ago so I wouldn't qualify for the switch.
    Originally posted by bettz
    The more important question you should be asking yourself is "have I had a switching incentive from Nationwide before?" Well have you?
    • Roseanne1
    • By Roseanne1 14th Apr 18, 12:08 AM
    • 133 Posts
    • 30 Thanks
    Roseanne1
    Sorry if it has been asked but I only saw it mentioned that the Co-op current account doesn't need separate DD mandates and that one weekly DD pulled into, for example, the PO saver will do. I thought it would be handy if a list could be included somewhere of what accounts need different DDs and what ones don't.

    Lloyds seem to need two "separate" DDs, which I saw on an older thread suggests the same receiver can be used but two different mandates would need to be set up. Is there any way to do that with a savings account or, if you set up a DD for one day in a month and then another for a different date, would it still be the same mandate?

    M&S just says you need two active DDs to get the monthly saver so I assume two pulling money into the same savings account in one calendar month would do?

    I read elsewhere on this thread that BOS and Halifax expect two different DDs as well.

    What about Barclays Blue Rewards? does that work with one mandate? That is the next account I am considering.

    No doubt there is some I have forgotten.
    • Herbalus
    • By Herbalus 14th Apr 18, 8:00 AM
    • 2,105 Posts
    • 1,741 Thanks
    Herbalus
    I thought it would be handy if a list could be included somewhere of what accounts need different DDs and what ones don't.
    Originally posted by Roseanne1
    Suggest we don't do that. The information is all there with a little bit of searching, and having a prominent list of exactly how to engineer every single bank account (which large numbers will copy) is likely to end up in products being amended or changed.

    Let's do our research, quietly, and enjoy the rewards whilst they last.

    Can you imagine if this week 10,000 customers started pulling 1 weekly DDs from Co-Op to Post Office? It'd end up like Tesco I'm sure.
    • Hattie625
    • By Hattie625 14th Apr 18, 9:41 AM
    • 763 Posts
    • 638 Thanks
    Hattie625

    Can you imagine if this week 10,000 customers started pulling 1 weekly DDs from Co-Op to Post Office? It'd end up like Tesco I'm sure.
    Originally posted by Herbalus
    I've been doing that since November 2017 If Post Office pull the facility, so be it. I will have enjoyed the Co-op 4 a month while it lasted.
    • stevec59
    • By stevec59 14th Apr 18, 3:06 PM
    • 221 Posts
    • 16 Thanks
    stevec59
    [QUOTE=eskbanker;74152853]No, it doesn't make me wonder if Lloyds will change their T&Cs (on Club Lloyds or any other accounts requiring DDs), why would they?

    In my mind they should change there T&C's because if they don't then I wont be able to get interest from them and therefore no point in having an account with them and I dare say that hundreds are in the same boat, so they loose loads of savers
    • polymaff
    • By polymaff 14th Apr 18, 3:24 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    ... , so they loose loads of savers
    Originally posted by stevec59
    ... and that "loose" will boost their profits. Don't kid yourself.
    Last edited by polymaff; 14-04-2018 at 3:27 PM.
    • soulsaver
    • By soulsaver 14th Apr 18, 3:34 PM
    • 1,829 Posts
    • 768 Thanks
    soulsaver
    No, it doesn't make me wonder if Lloyds will change their T&Cs (on Club Lloyds or any other accounts requiring DDs), why would they?
    Originally posted by eskbanker
    In my mind they should change there T&C's because if they don't then I wont be able to get interest from them and therefore no point in having an account with them and I dare say that hundreds are in the same boat, so they loose loads of savers
    Originally posted by stevec59


    Most people will be resourceful enough to find alternatives to their Tesco DDs to satisfy the Lloyds Group conditions.
    • polymaff
    • By polymaff 14th Apr 18, 4:20 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    Most people will be resourceful enough to find alternatives to their Tesco DDs to satisfy the Lloyds Group conditions.
    Originally posted by soulsaver
    If they think that it is worth it ahead of Club Lloyds and Bos Classic Vantage dropping their rates to 1.5% on 01/07/18.
    Last edited by polymaff; 14-04-2018 at 4:22 PM.
    • surreysaver
    • By surreysaver 14th Apr 18, 5:22 PM
    • 2,521 Posts
    • 1,435 Thanks
    surreysaver
    I've been doing that since November 2017 If Post Office pull the facility, so be it. I will have enjoyed the Co-op 4 a month while it lasted.
    Originally posted by Hattie625
    If that happens, use CHIP instead. Or Plum. They work for me!
    I consider myself to be a male feminist. Is that allowed?
    • vixen1500
    • By vixen1500 14th Apr 18, 5:29 PM
    • 493 Posts
    • 1,050 Thanks
    vixen1500
    If they think that it is worth it ahead of Club Lloyds and Bos Classic Vantage dropping their rates to 1.5% on 01/07/18.
    Originally posted by polymaff
    Not heard anything about this - have you had a letter?
    2015 and ready for fun
    'You'll never know if you can - unless you try'
    • Herbalus
    • By Herbalus 14th Apr 18, 5:31 PM
    • 2,105 Posts
    • 1,741 Thanks
    Herbalus
    Not heard anything about this - have you had a letter?
    Originally posted by vixen1500
    On their website on the main current account page. No notification yet that I am aware of. Of course we could hope its for new customers only, but I doubt it.
    • polymaff
    • By polymaff 14th Apr 18, 5:51 PM
    • 2,200 Posts
    • 954 Thanks
    polymaff
    Not heard anything about this - have you had a letter?
    Originally posted by vixen1500
    No, but it on the relevant websites.

    https://www.bankofscotland.co.uk/bankaccounts/vantage/

    https://www.lloydsbank.com/current-accounts.asp?WT.ac=Products/Navigation/CurrentAccounts

    End of an era - just about.
    • Roseanne1
    • By Roseanne1 15th Apr 18, 1:52 AM
    • 133 Posts
    • 30 Thanks
    Roseanne1
    Suggest we don't do that. The information is all there with a little bit of searching, and having a prominent list of exactly how to engineer every single bank account (which large numbers will copy) is likely to end up in products being amended or changed.

    Let's do our research, quietly, and enjoy the rewards whilst they last.

    Can you imagine if this week 10,000 customers started pulling 1 weekly DDs from Co-Op to Post Office? It'd end up like Tesco I'm sure.
    Originally posted by Herbalus
    Fair point actually. Though I wouldn't dream of only pulling 1 DDs. Usually, it is a minimum of 50 and I tend to leave at least that sitting until the end of my monthly cycle when I sweep it back out.

    I shall just experiment best I can and see what works.
    • Shedman
    • By Shedman 15th Apr 18, 12:35 PM
    • 173 Posts
    • 100 Thanks
    Shedman
    If they think that it is worth it ahead of Club Lloyds and Bos Classic Vantage dropping their rates to 1.5% on 01/07/18.
    Originally posted by polymaff
    Thanks for heads up as had not seen that. Looks like we're coming to the end of high interest current account / free cash switching era. Had to come I guess, good while it lasted. Maybe time to spend the cash as it's getting harder to find somewhere worthwhile to stash it.
    • nomorekids
    • By nomorekids 15th Apr 18, 12:56 PM
    • 306 Posts
    • 246 Thanks
    nomorekids
    Apologies if this has been said before and not savings account but advance payments to HMRC ? HMRC accept multiple direct debit payments from multiple accounts.

    No interest of course but small payments towards next years self assessment bill?
    If you want to be rich, never get married and most definitely never have kids
    • littly_kitty
    • By littly_kitty 15th Apr 18, 1:46 PM
    • 99 Posts
    • 10 Thanks
    littly_kitty
    What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is 2 or 5 a month reasonable?
    • ColdIron
    • By ColdIron 15th Apr 18, 2:13 PM
    • 4,438 Posts
    • 5,687 Thanks
    ColdIron
    What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is 2 or 5 a month reasonable?
    Originally posted by littly_kitty
    There is no magic amount that qualifies or does not qualify as abuse. Savings accounts that accept DDs have a reasonable expectation that people will use them to save money. People do not save 1 a month to save up to buy something equivalent to a packet of fags. If those people then log on and remove that 1 the day it is credited clearly they are gaming the system. To save 25 a month would be reasonable for someone who was budgeting for a new fridge or tumble dryer, but not if they removed the 25 the same day it was deposited. Savers simply exhibit a different pattern of deposits and withdrawals that is not hard to detect
    • Herbalus
    • By Herbalus 15th Apr 18, 2:44 PM
    • 2,105 Posts
    • 1,741 Thanks
    Herbalus
    What's the smallest amount you can set up a DD for without it being considered abusive. E.g. Is 2 or 5 a month reasonable?
    Originally posted by littly_kitty
    Personally im going for 20 a month and will leave it there for probably a year or so.
    • littly_kitty
    • By littly_kitty 15th Apr 18, 2:57 PM
    • 99 Posts
    • 10 Thanks
    littly_kitty
    Thanks! Also, if a DD mandate asks for a bank address, but my bank account was opened online do I just put the branch of that bank that is nearest to me, or do I just put the bank's head office. Thanks!
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