Are savings accounts still good?

[Duke]

There are threads on this forum from 2022 / 23 which list savings accounts that could be used for managed payments. Is this still possible?

One of the lists was as follows:

"1) Santander everyday saver and esavers
2) Halifax savers
3) Lloyds savers
4) bank of Scotland savers
5) TSB savers"

I have one of the first accounts in the list and found it has been rejected by ebay. I don't know if it is because my address doesn't match (do they compare addresses) or because ebay can't do a debit of the micro deposit for some other reason. I entered the account details manually.

[digzz]

Originally Posted by Duke

There are threads on this forum from 2022 / 23 which list savings accounts that could be used for managed payments. Is this still possible?

One of the lists was as follows:

"1) Santander everyday saver and esavers
2) Halifax savers
3) Lloyds savers
4) bank of Scotland savers
5) TSB savers"

I have one of the first accounts in the list and found it has been rejected by ebay. I don't know if it is because my address doesn't match (do they compare addresses) or because ebay can't do a debit of the micro deposit for some other reason. I entered the account details manually.

What did it say when the bank account was rejected ?

[Duke]

The email states:


"We could not confirm details for your Santander UK account ending in ****, because we were unable to deposit and withdraw £0.01 to it.

To avoid any delays in receiving your payouts, please try linking this bank account – or a different bank account – through our partner, Trustly. Remember, your linked bank account must be able to send and receive funds."

When I checked the balance I could see they had deposited 1p so I presume the problem came when they tried to withdraw it. The only other thing I can do is change my address details on the ebay account. I have not tried Trustly or anything that will give them access to the transaction records of the account. I always enter the account details manually.

[rsot]

Did you check that the savers account wasn't set to deposit only?

[mrsalexia]

Directly don't work but there are some tricks to force it , takes a bit time tho

[wisewords]

not sure those tricks work anymore

[Nimble]

Savers don't work anymore as eBay can't withdraw from them, only current accounts allowed/accounts they can withdraw direct debits from.

[dsdominators]

Here's what you do.

Add a bank that has direct debits supported (Wise recommended)
Verify it via microdeposits. And after a couple weeks, add your savings bank account.
- They will only then let you verify it via microdeposits or bank statement. (Ignore the message they will probably send you "We couldn't verify blah blah")

In order to use a bank account that does not have direct debits supported, your previous bank account linked must be verified via microdeposits.

[wisewords]

so if we ignore the message...'WE COULDNT VERIF....", what happens next? does the option for micro deposit/bank statement get forced out?

i have attempted changing bank acc after using a previous linked one and most of the time it led to a 7 day review period of which most times stretched to even 10 days....but that was adding another current account....i havent tried it with a savings acc for a long time now

[Duke]

Originally Posted by rsot

Did you check that the savers account wasn't set to deposit only?

I thought of it but was told that there was no such setting on the account. I will check again.

[wisewords]

doubt there is...they arent designed to accept direct debits

[rsot]

Originally Posted by wisewords

doubt there is...they arent designed to accept direct debits

Maybe there's a change in saver accounts - I have had a HSBC savers based in UK which accepts the deposits - I make sure not to let eb take from the account though. This account was set up way back in 2011 or so though...

[wisewords]

morning....take deposits or direct debits?

[rsot]

Originally Posted by wisewords

morning....take deposits or direct debits?

For the HSBC Savers? It did both - of course there was a fee for the second debit :(

[ft16]

Originally Posted by rsot

Maybe there's a change in saver accounts - I have had a HSBC savers based in UK which accepts the deposits - I make sure not to let eb take from the account though. This account was set up way back in 2011 or so though...

15+ years ago most UK banks offered instant access saver accounts with ATM cards which could do direct debits, almost all of these have been closed to new customers or had the T&C changed to stop direct debits.

[Automasters]

I know I can use either checking or savings with eBay, but I am in the US, unsure about UK ...

[rsot]

Originally Posted by Automasters

I know I can use either checking or savings with eBay, but I am in the US, unsure about UK ...

UK can operate differently on the savers side...

[agent006140]

Originally Posted by Automasters

I know I can use either checking or savings with eBay, but I am in the US, unsure about UK ...

For some reasons,UK does make a difference??

[Rodrigue7]

If they could not verify your bank acc you should have the option of 2x micro deposit or send them your bank statement (slower method could take one week or more).

[rsot]

Originally Posted by agent006140

For some reasons,UK does make a difference??

Makes quite the difference, banking policies, etc - nuff said.

[hello1212]

Yeah so usually they say they can't verify your bank, then you have 2 options, online banking (don't do it), or 2 microdeposits, they ~ +£0.01 & £0.02 (random values very small values added into your bank acc), you then input the values into the ebay verify bank account section, click verify bank and job done.

The microdeposits take a few days, usually within 24 hours to deposit into your acc, depending on bank processing times.

With microdeposits (money coming into your account) I don't think they can see the name on your bank account, I think it's only with withdrawals (money leaving your account), but I could be wrong. I've always been paranoid about this myself..

[mrsalexia]

Originally Posted by hello1212

Yeah so usually they say they can't verify your bank, then you have 2 options, online banking (don't do it), or 2 microdeposits, they ~ +£0.01 & £0.02 (random values very small values added into your bank acc), you then input the values into the ebay verify bank account section, click verify bank and job done.

The microdeposits take a few days, usually within 24 hours to deposit into your acc, depending on bank processing times.

With microdeposits (money coming into your account) I don't think they can see the name on your bank account, I think it's only with withdrawals (money leaving your account), but I could be wrong. I've always been paranoid about this myself..

Thats bull**** ⊗⊗⊗⊗ information xd