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Are savings accounts still good?
 

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.

Re: Are savings accounts still good?
 

What did it say when the bank account was rejected ?

Re: Are savings accounts still good?
 

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.

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

not sure those tricks work anymore

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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.

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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...

Re: Are savings accounts still good?
 

morning....take deposits or direct debits?

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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.

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

UK can operate differently on the savers side...

Re: Are savings accounts still good?
 

For some reasons,UK does make a difference??

Re: Are savings accounts still good?
 

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).

Re: Are savings accounts still good?
 

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

Re: Are savings accounts still good?
 

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..

Re: Are savings accounts still good?
 

Thats bull**** ⊗⊗⊗⊗ information xd