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  • FIRST POST
    • vigman
    • By vigman 8th Sep 17, 3:29 PM
    • 1,148Posts
    • 276Thanks
    vigman
    12 DDs for 4 Tesco bank accounts??
    • #1
    • 8th Sep 17, 3:29 PM
    12 DDs for 4 Tesco bank accounts?? 8th Sep 17 at 3:29 PM
    Okay, so the Tesco Bank 3% on £3000 is good and allowing two per person is great. So £12000 for my wife and I.

    However, having already got three Santander 1-2-3 accounts I can't see where we will find the additional 3 required direct debits for each account = 12 more direct debits.

    I have searched threads and see if you meanly set up a £1 pa charity DD it actually costs them to process this.

    Please can someone advise up to date small amount direct debits that are neither mean to the receiver if a charity or eat into the 3% interest earned??

    TIA Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
Page 1
    • eskbanker
    • By eskbanker 8th Sep 17, 3:38 PM
    • 5,816 Posts
    • 5,707 Thanks
    eskbanker
    • #2
    • 8th Sep 17, 3:38 PM
    • #2
    • 8th Sep 17, 3:38 PM
    Not sure if you're already seen this thread on the savings board but it was set up specifically with your question in mind: http://forums.moneysavingexpert.com/showthread.php?t=5126573
    • vigman
    • By vigman 8th Sep 17, 4:36 PM
    • 1,148 Posts
    • 276 Thanks
    vigman
    • #3
    • 8th Sep 17, 4:36 PM
    • #3
    • 8th Sep 17, 4:36 PM
    Thanks. I did see that thread but 1.) it was closed in 2014 and 2.) it seemed to be more about savings providers that allowed direct debit feeds and charities that accepted £1 or less DDs although this goes on to say that such small amounts can cost the charity money.

    Just wondered if there were any current, different suggestions for achieving these DD targets please?

    TIA

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
    • Zanderman
    • By Zanderman 8th Sep 17, 4:54 PM
    • 1,292 Posts
    • 3,717 Thanks
    Zanderman
    • #4
    • 8th Sep 17, 4:54 PM
    • #4
    • 8th Sep 17, 4:54 PM
    Thanks. I did see that thread but 1.) it was closed in 2014
    Originally posted by vigman

    ?? It's a live and very active thread!
    The first post is dated 2014 but has been updated many times since and the whole thread is in active use, with the most recent post only today
    • Shakin Steve
    • By Shakin Steve 8th Sep 17, 5:20 PM
    • 1,068 Posts
    • 777 Thanks
    Shakin Steve
    • #5
    • 8th Sep 17, 5:20 PM
    • #5
    • 8th Sep 17, 5:20 PM
    You can set up 12 direct debits into my account if you like
    I came into this world with nothing and I've got most of it left.
    • xylophone
    • By xylophone 8th Sep 17, 5:27 PM
    • 23,472 Posts
    • 13,649 Thanks
    xylophone
    • #6
    • 8th Sep 17, 5:27 PM
    • #6
    • 8th Sep 17, 5:27 PM
    According to recent posts on the thread

    http://www.scottishwidows.co.uk/bank/savings/internet_saver_account_detail.html

    can be funded by DD "pulling" from a Tesco current account.

    Post Office on line saver can be funded by DD "pulling" from a Tesco current account.

    http://www.postoffice.co.uk/savings-accounts/online-saver

    You could also open a joint account with either of the above which could be funded by DD "pulling" from a Tesco current account?
    • eskbanker
    • By eskbanker 8th Sep 17, 5:35 PM
    • 5,816 Posts
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    eskbanker
    • #7
    • 8th Sep 17, 5:35 PM
    • #7
    • 8th Sep 17, 5:35 PM
    Various other threads that OP may or may not already have seen mention a couple of sites seemingly set up specifically to create small artificial DDs, namely Pay A Quid and Little Debits, covered (pros and cons) in:

    http://forums.moneysavingexpert.com/showthread.php?t=5602624
    http://forums.moneysavingexpert.com/showthread.php?t=5607100
    http://forums.moneysavingexpert.com/showthread.php?t=5651267

    but obviously anything other than paying DDs to other accounts within your own control means eating into the 3% interest earned....
    • YorkshireBoy
    • By YorkshireBoy 8th Sep 17, 5:43 PM
    • 29,538 Posts
    • 17,355 Thanks
    YorkshireBoy
    • #8
    • 8th Sep 17, 5:43 PM
    • #8
    • 8th Sep 17, 5:43 PM
    It's a shame you didn't have the £40-60K available before April this year when Tesco changed the T&Cs to require DDs.

    Presumably you've already got (between you)...

    £7,500 at Nationwide making 5% AER
    £15,000 at Lloyds making 2% AER
    £30,000 at BoS making 2% AER

    Plus some 5% regular savers being drip-fed from the above?

    If not, and you can't get the 12 non-Tesco DDs sorted for 3% AER, maybe that's an avenue to explore?
    • Hattie625
    • By Hattie625 8th Sep 17, 6:53 PM
    • 618 Posts
    • 481 Thanks
    Hattie625
    • #9
    • 8th Sep 17, 6:53 PM
    • #9
    • 8th Sep 17, 6:53 PM
    It's a shame you didn't have the £40-60K available before April this year when Tesco changed the T&Cs to require DDs.

    Presumably you've already got (between you)...

    £7,500 at Nationwide making 5% AER
    £15,000 at Lloyds making 2% AER
    £30,000 at BoS making 2% AER

    Plus some 5% regular savers being drip-fed from the above?

    If not, and you can't get the 12 non-Tesco DDs sorted for 3% AER, maybe that's an avenue to explore?
    Originally posted by YorkshireBoy
    12 DDs would still be needed to earn interest on the 6 X BoS 2% current accounts. 6 DDs would be needed for the 3 X Club Lloyds 2% current account. Only the Nationwide FlexDirect accounts would be DD-free.
    • YorkshireBoy
    • By YorkshireBoy 8th Sep 17, 6:58 PM
    • 29,538 Posts
    • 17,355 Thanks
    YorkshireBoy
    12 DDs would still be needed to earn interest on the 6 X BoS 2% current accounts. 6 DDs would be needed for the 3 X Club Lloyds 2% current account. Only the Nationwide FlexDirect accounts would be DD-free.
    Originally posted by Hattie625
    But, crucially, only one DD originator, 2 accounts (possibly even just one), and 20 minutes work!
    • vigman
    • By vigman 8th Sep 17, 7:14 PM
    • 1,148 Posts
    • 276 Thanks
    vigman
    Thanks everyone!

    Got to get a larger screen now the AMD is getting worse in my right eye!

    I'll check the thread out again, thanks.

    I just found it hard (apart from creating charitable payments) to find 12 more DDs than I've already allocated to the three Santander accounts

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
    • SnowTiger
    • By SnowTiger 23rd Sep 17, 11:30 PM
    • 3,092 Posts
    • 2,054 Thanks
    SnowTiger
    Circle is another option for someone looking for a free direct debit.

    It's a method for sending money from one person to another. No fees, and you can top up your account via debit card or direct debit.

    You could top up your account via DD (or debit card), then withdraw the payment. You don't have to send money to anyone, however to stay under the radar you'd probably be wise to swap money between yourself and a friend, family or partner.

    They also offer referrers and the punters they sign up a free $5 each when the punter deposits and sends £25 or more.

    As with many of these new FinTech companies that have popped up, it's difficult to see how they can break even, let alone make a profit. I guess it's all about building market share at the moment.
    • Mchambers
    • By Mchambers 24th Sep 17, 6:31 AM
    • 467 Posts
    • 151 Thanks
    Mchambers
    OP...Use TESCO Bank (multiple DDs allowed, on both, their Internet Saver and their Instant Access Saver) accounts to set up d/debits made payable to yourself.

    I have done this loads of times.

    HTHs.
    • binaryuniverse
    • By binaryuniverse 24th Sep 17, 9:41 AM
    • 468 Posts
    • 249 Thanks
    binaryuniverse
    OP...Use TESCO Bank (multiple DDs allowed, on both, their Internet Saver and their Instant Access Saver) accounts to set up d/debits made payable to yourself.
    Originally posted by Mchambers
    You can not use Tesco savings accounts to satisfy the DD requirements of a Tesco current account.
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