Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • yraunaj
    • By yraunaj 5th Jan 18, 3:45 PM
    • 219Posts
    • 58Thanks
    yraunaj
    Savings account help please
    • #1
    • 5th Jan 18, 3:45 PM
    Savings account help please 5th Jan 18 at 3:45 PM
    Does anybody know of a easy access savings account that can be opened in my name, that my dad can pay monthly DD or so into monthly. All the ones I've looked at are asking for my bank details to set up payments. Thanks
Page 1
    • MallyGirl
    • By MallyGirl 5th Jan 18, 4:23 PM
    • 2,736 Posts
    • 7,745 Thanks
    MallyGirl
    • #2
    • 5th Jan 18, 4:23 PM
    • #2
    • 5th Jan 18, 4:23 PM
    how about an interest paying bank account instead?
    • Tom99
    • By Tom99 5th Jan 18, 4:25 PM
    • 2,232 Posts
    • 1,519 Thanks
    Tom99
    • #3
    • 5th Jan 18, 4:25 PM
    • #3
    • 5th Jan 18, 4:25 PM
    Your Dad can probably pay into just about any account using a standing order once you have the sort code and account number.
    • sheramber
    • By sheramber 5th Jan 18, 4:52 PM
    • 4,775 Posts
    • 3,569 Thanks
    sheramber
    • #4
    • 5th Jan 18, 4:52 PM
    • #4
    • 5th Jan 18, 4:52 PM
    If your dd is making payments to you he needs to set up a standing order on his account to transfer the money to your account.
    • Westie983
    • By Westie983 6th Jan 18, 12:59 AM
    • 4,354 Posts
    • 14,910 Thanks
    Westie983
    • #5
    • 6th Jan 18, 12:59 AM
    • #5
    • 6th Jan 18, 12:59 AM
    Does anybody know of a easy access savings account that can be opened in my name, that my dad can pay monthly DD or so into monthly. All the ones I've looked at are asking for my bank details to set up payments. Thanks
    Originally posted by yraunaj
    Any accoutn will work.

    Once its been opened give your dad your sort code and account number and he can make either a standing order, or faster payment to you.

    Your dad will not be able to send a direct debit as this is used by companies to take money from you. The only exception to this rule is Tesco Bank but this is due to end in the next few months.

    Hope this helps

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£10,000/£12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £40/£500 = 8.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £62.59/£365 = 17.14%
    Virtual Sealed Pot #1 Total £900/£1,000 = 90.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £12,022.59/£15,865 = 75.78%

    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
    • IanSt
    • By IanSt 6th Jan 18, 12:33 PM
    • 260 Posts
    • 194 Thanks
    IanSt
    • #6
    • 6th Jan 18, 12:33 PM
    • #6
    • 6th Jan 18, 12:33 PM
    Any accoutn will work.

    Once its been opened give your dad your sort code and account number and he can make either a standing order, or faster payment to you.
    Originally posted by Westie983
    Just adding one little extra bit - make sure your dad firstly does a test payment of £1 to make sure that there's no mistakes made when you pass your details or he enters them. It can be a bit of a pain to get the money back if it accidentally goes to some other account!
    • Eco Miser
    • By Eco Miser 6th Jan 18, 2:29 PM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    • #7
    • 6th Jan 18, 2:29 PM
    • #7
    • 6th Jan 18, 2:29 PM
    Your dad will not be able to send a direct debit as this is used by companies to take money from you. The only exception to this rule is Tesco Bank but this is due to end in the next few months.
    Originally posted by Westie983
    I believe Tesco is not the only exception (except it's not really an exception, as the company taking the DD is the bank in question), but in any case, the DDs can only come from a current account held by the savings account holder.

    However, as said, there is little if anything to stop anyone paying money into any account accepting faster payments.
    Eco Miser
    Saving money for well over half a century
    • ivormonee
    • By ivormonee 6th Jan 18, 2:33 PM
    • 167 Posts
    • 102 Thanks
    ivormonee
    • #8
    • 6th Jan 18, 2:33 PM
    • #8
    • 6th Jan 18, 2:33 PM
    Some accounts will only let you do this to and from a linked account in your name.
    • glider3560
    • By glider3560 6th Jan 18, 3:21 PM
    • 3,581 Posts
    • 2,274 Thanks
    glider3560
    • #9
    • 6th Jan 18, 3:21 PM
    • #9
    • 6th Jan 18, 3:21 PM
    The only account I can think of that limits deposits (by standing order) to one specific linked account is RCI Bank. They return all payments from other accounts.

Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,063Posts Today

7,828Users online

Martin's Twitter