Savings accounts deposits by Direct Debit? UPDATED
Comments
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Hello,
I have tried a couple of the DD Charity Links and they now have new minimums, please could you update
Red Cross - Min £2 - takes 10-15 days to set up
Womans Aid - Min £30 -
Firstly, make sure you're working with a Tesco Internet Saver or Instant Access savings account rather than a Tesco current account (which won't support incoming funding by DD).Middle_Sister wrote: »I've only just noticed that Club Lloyds hadn't paid me interest for the past 2 months and I figured it was because no payment had been taken for my Saga Visa credit card which I only use for overseas. Duh.
How can I set up a direct debit from/to Tesco so I can remedy this?
I tried online but can't see how to set up a direct debit.
I rang Tesco but they said I would need to contact Lloyds and it would be a standing order. I said I wanted to set up a direct debit but she said it can't be done.
Could someone talk me through how to set up a direct debit payment to come from my Lloyds account to my Tesco account.
Many thanks.
Then, when in online banking, go to the 'move money in' option, which allows you to nominate an account to pull money in from. Key in the details of your Lloyds account and Tesco then send a DD creation request to Lloyds, et voila!0 -
Firstly, make sure you're working with a Tesco Internet Saver or Instant Access savings account rather than a Tesco current account (which won't support incoming funding by DD).
Then, when in online banking, go to the 'move money in' option, which allows you to nominate an account to pull money in from. Key in the details of your Lloyds account and Tesco then send a DD creation request to Lloyds, et voila!
Many thanks. Yes I was using a Tesco current account so I have now opened a Tesco Internet Saver and set up a DD. Easy when someone takes the time to explain it. Much appreciated.0 -
I am thinking of opening a Tesco account purely just for the direct debit tactic.
It seems Tesco is the way to go if you have any direct debit requirements with other bank current accounts, but some questions to clear up:
Is there a limit of how many DD you can set up from the same 1 Tesco account?
If Halifax require 2 direct debits, can they be arranged with the same 1 Tesco account?
Would I be able to set up 2 direct debits for Halifax and another 2 direct debits for Santander all with the same 1 Tesco account?
Did you set up multiple DDs on your Tesco account? I'm thinking of setting up four to take advantage of the Co-op bank offer.0 -
The Post Office Online Saver is now only available to existing customers.
Read more at http://www.postoffice.co.uk/savings-accounts/online-saver-unavailable0 -
The Post Office Online Saver is now only available to existing customers.
Read more at http://www.postoffice.co.uk/savings-accounts/online-saver-unavailable
Probably a big plus in reality.
I have the misfortune of running two accounts with the Post Office - an Online Saver and a Current Account.
There's no apparent way of linking the two together, or even accessing them from the same website, and the 'customer service' on each has been absolutely abysmal. Their systems seem to be stuck in the dark ages, and why anybody would use either account, or Bank of Ireland, which operates them, goodness only knows.
The only possible use would be the ability to set up direct debits on the Online Saver. I'm guessing they've now worked that out, and blocked anybody else from accessing it.0 -
Sorry if this has come up before.
When 'calling' on funds from my wife's account, with her verbal approval, using the 'move money in' DD option from my Tesco account I notice that she does not receive anything asking her to accept/decline. It just happens. I get a confirmation letter but it doesn't even confirm the details of the account I have called upon.
This feels like a potential problem. What if some random person made a typo on a DD call that resulted in them submitting my account number, or even if they deliberately entered my account details on a DD call? I suspect based on my experience it will just get setup, and there is the risk that someone who does not monitor their bank statements would not notice.0 -
In order to set the DD up in the first place, you'd have had to declare that the account from which you were transferring funds by DD was yours - I thought they'd been clamping down on DDs from other people's accounts anyway. Unless we all revert back to the system of requiring DD mandates to be implemented only by signed pieces of paper then any DD set up electronically will always be open to the issue you describe, so it's a trade-off between security and convenience, but in the case of DDs there's always the DD guarantee that ensures mistakes will be corrected (if spotted).Sorry if this has come up before.
When 'calling' on funds from my wife's account, with her verbal approval, using the 'move money in' DD option from my Tesco account I notice that she does not receive anything asking her to accept/decline. It just happens. I get a confirmation letter but it doesn't even confirm the details of the account I have called upon.
This feels like a potential problem. What if some random person made a typo on a DD call that resulted in them submitting my account number, or even if they deliberately entered my account details on a DD call? I suspect based on my experience it will just get setup, and there is the risk that someone who does not monitor their bank statements would not notice.
It's traditional in such discussions to mention Jeremy Clarkson's experiences, google 'Jeremy Clarkson' and 'direct debits' for more info!0 -
Thanks, I had forgotten about Clarkson!In order to set the DD up in the first place, you'd have had to declare that the account from which you were transferring funds by DD was yours
You would think, but the Tesco account doesn't seem to say anything like this when I set up a Direct Debit call, and even the T&Cs do not seem to cover it.0 -
https://www.tescobank.com/assets/sections/savings/pdf/tesco-internet-saver-terms-and-conditions.pdf?_=cachebuster09052016...even the T&Cs do not seem to cover it.
Page 2, 1st section.0
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