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Savings Accounts with Direct Debit feeds

mc2fool
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Savings Accounts with Direct Debit feeds

#127804

Postby mc2fool » March 24th, 2018, 4:00 pm

I've been using the Tesco Internet Saver accounts to satisfy the two direct debits requirement of the Bank of Scotland Classic Vantage accounts, in order to get their 2% interest on up to £5K. I have two Tesco Internet Saver accounts each of which has directs debits for a token amount each month taken from each of my three (the max) Bank of Scotland accounts.

Unfortunately that game is soon to be up, as Tesco are removing the ability to set up DDs to feed their savings accounts. https://www.tescobank.com/paymentchanges/

So, does anyone know of any other savings accounts that have the ability to set up DDs to move money into them? And preferably multiple ones, as I need six DDs in total....

Lootman
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Re: Savings Accounts with Direct Debit feeds

#127814

Postby Lootman » March 24th, 2018, 4:50 pm

mc2fool wrote:So, does anyone know of any other savings accounts that have the ability to set up DDs to move money into them? And preferably multiple ones, as I need six DDs in total....

Even crappy NatWest did something like this for me. Basically they set up a "sweep" facility between my current account and my savings account. This means that the balance in the savings account was always maximised. Direct debits from and to the current account would cause automatic overnight "sweeps" between the two accounts.

So effectively it was a savings account with a facility for automated credits and debits. Of course, NWB don't pay 2% interest. But the funny thing is I had to ask for this - they don't advertise or market the feature. Or maybe even admit they have it.

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Re: Savings Accounts with Direct Debit feeds

#127870

Postby BobbyD » March 24th, 2018, 9:00 pm

Oh *$%£$**

Coincidentally just got another Tesco saver, my first one only draws from one of my Vantage accounts, and accounts with about 6 other banks...

mc2fool
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Re: Savings Accounts with Direct Debit feeds

#127876

Postby mc2fool » March 24th, 2018, 10:05 pm

BobbyD wrote:Oh *$%£$**

Coincidentally just got another Tesco saver, my first one only draws from one of my Vantage accounts, and accounts with about 6 other banks...

It was announced some six months ago (see the changes to T&Cs booklet sent out last October).

So where do the rest of the DDs for your BoS accounts come from?

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Re: Savings Accounts with Direct Debit feeds

#127889

Postby BobbyD » March 25th, 2018, 2:21 am

I must confess I don't always read those thoroughly...

PayPal, Credit Cards, Mobile.

paulnumbers
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Re: Savings Accounts with Direct Debit feeds

#127905

Postby paulnumbers » March 25th, 2018, 10:13 am

mc2fool wrote:So, does anyone know of any other savings accounts that have the ability to set up DDs to move money into them? And preferably multiple ones, as I need six DDs in total....


Birmingham Midshires, Scottish Widows, Post Office.

Most people use charity direct debits for £1 for the rest, but there are a few that accept 1p.

paulnumbers
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Re: Savings Accounts with Direct Debit feeds

#127906

Postby paulnumbers » March 25th, 2018, 10:15 am

mc2fool wrote:So, does anyone know of any other savings accounts that have the ability to set up DDs to move money into them? And preferably multiple ones, as I need six DDs in total....



Birmingham Midshires - http://www.birminghammidshires.co.uk/sa ... s-savings/

Post Office - https://www.postoffice.co.uk/savings-ac ... line-saver

Most people use charity direct debits for £1 for the rest, but there are a few that accept 1p.[/quote]

Stompa
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Re: Savings Accounts with Direct Debit feeds

#127912

Postby Stompa » March 25th, 2018, 11:40 am

The first post in this thread is supposedly kept up to date:

http://forums.moneysavingexpert.com/sho ... ?t=5734632

mc2fool
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Re: Savings Accounts with Direct Debit feeds

#127913

Postby mc2fool » March 25th, 2018, 11:44 am

BobbyD wrote:I must confess I don't always read those thoroughly...

PayPal, Credit Cards, Mobile.

You should have got (or soon will get?) a reminder email about it too. (I did earlier this week, although I had already pencilled in looking for replacements around about now.)

Does PayPal allow one to set up regular DDs? I.e. draw £1 from BoS a/c each month. And multiple ones?

paulnumbers wrote:Birmingham Midshires - http://www.birminghammidshires.co.uk/sa ... s-savings/

Post Office - https://www.postoffice.co.uk/savings-ac ... line-saver

Most people use charity direct debits for £1 for the rest, but there are a few that accept 1p.

I've got a dormant BM savings account and (unless I'm missing a trick?) it only allows one DD, which must be from the linked account. I'm not sure if it's possible to open multiple such accounts with them (which can all be managed from the same login)?

Is the PO account the same?

Yes, regular charity donations is my backup plan (although I'd feel 1p is taking the p!), but I was hoping (probably in vain) to find another account, like the Tesco one, where one can set up and manage multiple regular DDs in one place....

mc2fool
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Re: Savings Accounts with Direct Debit feeds

#127914

Postby mc2fool » March 25th, 2018, 11:49 am

Stompa wrote:The first post in this thread is supposedly kept up to date:

http://forums.moneysavingexpert.com/sho ... ?t=5734632

Not according to some of the later posts in the thread. :D

I've been (slowly) going through the 22 screens of replies....

paulnumbers
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Re: Savings Accounts with Direct Debit feeds

#127919

Postby paulnumbers » March 25th, 2018, 12:27 pm

>Is the PO account the same?

Yes, just one direct debit.

When the tesco news came a few months ago I closed most of my accounts that required direct debits. The hassle factor was too much for me.


(sorry for the duplicate posts)

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Re: Savings Accounts with Direct Debit feeds

#128093

Postby BobbyD » March 26th, 2018, 2:30 pm

The post office is interesting... can't even log in reliably.

Paypal might not be the best bet, it's not monthly but by purchase and according to one thread they are phasing out DD, although you can keep two cards and two accounts linked.

steelman99
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Re: Savings Accounts with Direct Debit feeds

#128170

Postby steelman99 » March 26th, 2018, 9:29 pm

The ecology building society account lets you set up 1 DD to a linked account , but its not available to new customers at the moment
Post Office Savings Account lets you set up DD to linked account
Im told the SAGA savings account lets you set up a DD , but only available if over 50 , and you need a cheque to open it - thats me struggling as I don't have a cheque book

I've brought some old credit cards I haven't used for ages back to life Got 4 credit cards , so just got to remember to get a coffee or something every month on the ones I don't normally use , then let the banks collect the DD's ( Rather Ironic that one of them is a Tesco credit card)
Also using my TV Licence DD which used to go from Santander 123 account , but as it dosen't get a reward , its moved to my Lloyds account as a DD to get the interest , along with my national lottery DD
Quite easy to set up a standing order on my Santander account to credit the correct amount to the interest paying account that the DD now go's out of

know people have suggested giving a couple of £1 donations to charity , but that reduces the £60 per account interest @2% to £36 , so thats the equivalent of 1.2% interest , and you can beat that in a instant access savings account with RCI
and has anyone considered paying the car road tax monthly , but again that costs and might make it not worthwhile

DrBunsenHoneydew
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Re: Savings Accounts with Direct Debit feeds

#128233

Postby DrBunsenHoneydew » March 27th, 2018, 9:45 am

steelman99 wrote:The ecology building society account lets you set up 1 DD to a linked account, but it's not available to new customers at the moment
...

Ecology Building Society Regular Saver appears to be open for business https://www.ecology.co.uk/savings/savings-accounts/regular-savings/

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Re: Savings Accounts with Direct Debit feeds

#129127

Postby raybarrow » March 31st, 2018, 8:37 am

Hi Folks,

Surprised it took Tesco so long to wake up to it. Those Tesco Savers had were a 'Motley Fool' staple for years. My biggest loser are the four HBOS a/cs we have that require deposit and 2 DDs. The Lloyd Club a/cs with now no Tesco DDs will loose the interest, just keep the deposit in/out to avoid the monthly fee. We like the six cinema tickets we get with the Club a/cs and as we have three accounts, cover our cinema visits for the year.

Don't want to start moving company DDs about (already have the Santander option) so a quick calculation will cost us just over £200 net between us.

Time to start looking. I did have a PO a/c but such a clunky unfriendly system that was. It soon went.

Cheers,
Ray.


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