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Using UK savings accounts for paypal good or bad idea
 

After extensive research I have found only two UK Savings Accounts that accept INCOMING Direct Debits - a requirement for PP authentication. These are Tesco Online Saver and EGG online savings account. The reason why they're attractive to me is that I really do not want to open different accounts with different banks and for them all to be recorded on my credit file. So my three questions are

1. Has anyone had experience with Tesco/EGG online savings accounts?
2. Do basic cash accounts get recorded on the credit file?
3. Do prepaid accounts such as Secure Trust get recorded on the credit file?

I have looked and looked for this information, but haven't managed to find it. Thanks in advance!

Its seems they do, they show on mine!

So have you tried Tesco and Egg with paypal?

I have applied for the Tesco account and I was provisionally approved. I am now waiting for documents in the mail. I haven't tried the EGG account yet.

I have also been to the post office and they said their savings accounts accept incoming Direct Debits, so I'll have a look at those as well.

Oh and Barclays savings accounts apparently do not accept incomins DDs.

Tescos Banking is owned by RBS so I guess there savings account might also work, I have RBS so will try.

Do you have to have an RBS current account to open one of their savings accounts?

They don't work; I tried twice.

RBS and Tesco?

Hi, Yeah I have an RBS Current which works, dont know if you have to have it to get a savings though.

I rang egg and asked, she said you could receiving incoming money on a DD but not outgoing. So good for us then!

Just RBS savings

Just because the bank account takes dd it does not mean it will work with PP

i have tried with sevral and the only one that worked was an ISA

lloyds tsb savers accept dd but get kicked back, you have to add two for each pp account .

egg? have you tested it and had the savings account remain on paypal without being thrown off? because the fact that outgoing isnt allowed my be a problem in paypals eyes, update us.

so tesco is confirmed then? and withdrawal ok?

Oompa, I'm waiting for Tesco's documents, will let you know ASAP.

No, I dont have egg or tesco, I just rang egg and thats what she said.

I have applied for an EGG savings accout, I'll let everyone know how it goes.

I have 5 tesco online savers, it works, trick is when adding the account say its a current account not a saver they cant tell the difference.Reason i say not savings as paypal rule now is savings are just for verification not for withdrawing.If you say its a saving the deposits will arrive but they will remove the account from the system so you will have to add another bank or ring them back to allow you to add the same account twice.Trust me had this problem at begining.

can anyone confirm then that the tesco savers work?

the post above yours.

I have done it the way stated, "selecting current" but the same happend as most of the other savings i tried, got kicked back after adding the two amounts.

I guess the only way to find out for sure if it works for you is to try it yourself.

Was it RBS or Tesco you used?

neither, i am trying tesco since your post.

it was lloyds and halifax.

halifax and lloyds savers accept dd but bounced back, i thought it was to do with selecting savings so i tried again with both and selected current but still got kicked back.

the only other saver i have known to work was lloyds ISA and i selected savings account when i added that one .

Just a quick update, i tried tesco savers and it got kicked back today.

egg does NOT work, I tried it, they wont even accept it

why does cristian say tesco works but tizwoz confirms it doesnt? any other tries from someone??

its possible that it worked for Christian when he tried, but it 100% did not work for me the other day

now they are being kicked can confirm my tesco was ,4 still on but im sure they will go soon , still they are verified but no withdrawal!!!

so you are saying that you cannot add tesco egg anymore?

which savers are still ok??? to add

most work in a round about way, what usually happens is that you add a savings account add the small deposits to PP as soon as they hit the bank (same day), your PP account gets verified but the savings account gets removed the next day from PP so that leaves you verified but with no bank account added, here you can ring PP and ask them to place the account back on file or you can add another saving account and it will be o.k, Your pp account will still be verified but the bank account will be unconfirmed.

Another thing you can do is look for ISA'S (Individual Savings Account) that accept DD, i have used a Lloyd's one and it worked straight away, if you have a current or saving account with a bank you can usually open ISA'S by yourself online

i will be trying one from another bank soon so will post if it worked or not .

I have a Nationwide Cashbuilder account that I have had for about 10 years and not used, anyone know if these work?

I received 2 paypal deposits into my Natwest Saving account and the natwest saving account doesn't accept direct debits :S

Ahh well i aint complaining lol

Will give it a whirl then

I just went down to Abbey/Santander, I already have a basic account and wanted another, they said I can't have another, unless they upgraded my basic account to a full 'adult' account as the guy put it lol

But what I could do is open a savings account which doesn't have a direct debit facility, but does have a standing order facility.

I can't remember the difference between standing order and direct debit, but from what i've read i'm hoping that it WILL take direct debit.

Only one way to find out.

Ok I just tried to setup my Nationwide Cashbuilder account with a new Paypal Business account, account type selected 'Current'

It does not work, for the benefit of others who have this account.

"Unfortunately, this bank account cannot be used for Direct Debit by PayPal because it does not presently accept electronic transmission of the instruction required to set up the Direct Debit."

I still dont get it
how did mine work though? lol

I asked the lady in natwest if the saving account accepted direct debit and she said No so..... :S lol

yeah i can confirm that nationwide savings accounts dont even work if the last name is different to your own!

santander and natwest work but as you guys said they get kicked back almost imediatly? Annoying. got loads of money in my paypal accounts and cant withdraw them now?

Can anyone confirm a bank that does work with savings accounts? or whats the options?

Santander basic account works, but haven't tried savings

sasasasa hi mate, when you say basic accounts what do you mean? i just logged into my santander internet banking. what account do i apply for?

It's literally called 'basic account' on my card, it has the features of a current account ie direct debit, internet banking,phonebanking etc. But when you apply it doesn't go on your credit rating, and it doesn't have a debit card.

If you already have a santander current account, then you just just phone them and ask them for another account, say you want to use it for bills or something, there won't be a credit check.

When I applied for my Santander account in branch, they asked 'do you have any other bank accounts' i said 'yes' they then said 'oh well this account is only for people who don't have a bank account presently', so i said 'when I said yes, i didnt mean in this country' ;). So got away with it

ISA are a good idea and can be opened insantly online, the only prob is that you can only have 5k go in, anymore and you have to pay tax, you will need your NI number to open the accounts, i done 3 last night and added them to paypal. Will let you know if they all work etc.

ISAs dont work mate. I've tried Natwest cash isa, RBS and Santander! I can also confirm that Tesco and post office savings accounts do NOT work. They all accept the micro deposits, but none of them support direct debits, so when the mocro deposites are made, they are kicked by the same day. Paypal send an email saying it is not supported and it has been removed from the pp account!

Opened up a Barclays basic account a few days ago, surprised I got a debit card with it,I think they are giving debit cards automatically with basic accounts now. I had a non debit Nationwide account which they upgraded to debit.

I felt like a criminal when I went in the branch, I told them I didn't have an account in the UK which shocked them, then I said I spend half my time overseas, they got suspicious and started asking me all sorts of other questions. I'm sure they've got me on the money laundering watchlist now!

ISA'S do work im using two now, i have a lloyds and halifax and both are working fine.

IF I find the user you started this stupid idea of using savings accounts for the purposes of paypal verification, I might go postal on them. :fight:

These days it is hard enough to get paypal up and running & correctly verified. WTF are ya'll thinking of mucking around with saving accounts?

Having undue attention to a paypal account so early in its life is irresponsbile. UK is lucky that there are enough banks offering DD services for what we as stealth paypal account holders want to do. So it means you need to do some homework. THEN do it :peace: