Tesco Savings DDs

YorkshireBoy wrote: »

Not sure where you got that quote from, but the actual T&Cs clearly say "2 direct debits or standing orders" (my emphasis). Indeed, when I blagged my HSBC incentive 18 months ago I switched 2 SOs.

https://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance

I never say they will not pay rewards if people just have SOs.

They might still tolerate it.as they do not need the DD to be maintained. With such condition they know that people could easily move DDs to other banks once the rewards has been paid.

ColdIron wrote: »

There is no need for a DD on either account to satisfy the T&Cs. As I say many people will fund the payment in with an SO but just for convenience. This is £1,000 for the FlexDirect but nothing for the FlexAccount unless you want to be eligible for the Flexclusive Regular Saver. Then you will need to pay in £750 per month.

The latter should be little problem, if you use the account to feed your existing regular saver's £500.


We have 3 Flexdirects and had I meant downgrade (or possibly close) the soles , while keeping a downgraded joint to service our two savers, but as there are only a few months to go to restarting a saver, I think it best to keep two sole accounts going, as a joint account only would mean a joint saver,meaning only one between us.


Reopen a joint and upgrade the two soles if and when (and if)the 5% paying current accounts become available.

YorkshireBoy wrote: »

There's a workaround for 2 sole regular savers from a joint FlexDirect. It's on the boards somewhere, or maybe someone who's done it will tell you how (I've forgotten the detail, sorry).

Indeed you are allowed 2 sole regular savers from a joint FlexDirect but the problem occurs if you try to do it online as the regular saver is automatically opened in the name(s) of the account funding the initial investment. I seem to remember that to get around this you need to phone them to apply.

If you already have sole regular savers that reach the end of their 12 months then once they are converted to ordinary savings accounts then they can be the source for the 2 new sole regular savers without having to phone Nationwide. (Remember to do this BEFORE closing the newly created ordinary savings accounts).

The Post Office Online Saver regular payment is the DD, it will take at least 10 days for it to be able to take the 1st payment if requested, but should have given you the option of the amount, frequency and future date.

You are only allowed 1 sole and 1 joint Online Saver, the exception to this is that they do sometimes offer people new issues when they are released and you will know as when you log in it will say See your Offers.

Mchambers wrote: »

Tesco will have a lot of d/debits to cancel and I will be intrigued to see if they actually cancel them.

Tesco doesn't have to cancel the direct debit mandate at the bank - it can simply stop using it.