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Deposit link savings account

  • 04-02-2024 2:22pm
    #1
    irishlady29
    Registered Users, Registered Users 2 Posts: 468 ✭✭


    Currently pay monthly by direct debit into my savings account. Can direct debit be changed to weekly?



Comments

  • #2
    28064212
    Registered Users, Registered Users 2 Posts: 10,785 ✭✭✭✭28064212


    It would be very rare to fund a savings account using a direct debit. I assume you mean a standing order? Depends on both the sending and receiving bank. Most banks do allow you to set up weekly standing orders, but some may only have a monthly option. For the receiving account: some savings accounts only allow a single monthly deposit, and any others will be returned.

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  • #3
    irishlady29
    Registered Users, Registered Users 2 Posts: 468 ✭✭irishlady29


    Thanks for your reply. Its a saving account on depositlink with Bank of Ireland. Pretty sure it's a direct debit. Weekly would be more convenient for me. Will suss it out with the bank during the week 🫠



  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,482 ✭✭✭✭coylemj


    OP, can you clarify what this account is - I searched the Bank of Ireland website for 'deposit link' and 'depositlink' and got zero hits.

    You won't be able to manually modify the frequency of the DD because it's initiated each month by the bank so you will need to talk to them. You could set up a weekly standing order from your current account but your specific savings account may be restricted in terms of the payment frequency and/or the amount of payment allowed to be lodged each month.



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