Your Savings Plans can be funded using either Direct Debit or Variable Recurring Payments (VRP).
Variable Recurring Payments allow you to consistently contribute to your portfolio and receive your contributions sooner.
- OpenBanking technology allows your Recurring Payments to be added to your portfolio on the same working day.
- Have greater control of your investment schedule by choosing the frequency that suits you. You can make contributions weekly, fortnightly or monthly.
OpenBanking Recurring Payments is a relatively new technology which is currently supported by these UK banks:
- AIB Group UK (trading as First Trust Bank in Northern Ireland)
- Bank of Ireland (UK)
- NatWest Group (including NatWest, Royal Bank of Scotland and Ulster Bank NI)
- Northern Bank Limited (trading as Danske Bank)
- Santander UK
If the bank does not support VRP technology, you will be offered to set up a Direct Debit.
Please be aware that if you cancel your existing Savings Plan with either Barclays, HSBC, First Direct, M&S, Lloyds, Nationwide, Bank of Scotland or Halifax, you won't be able to set up a new one and will be directed to set up a monthly Direct Debit instead.