Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • flergalwit
    • By flergalwit 30th Sep 17, 6:35 PM
    • 63Posts
    • 33Thanks
    flergalwit
    Tesco current account - direct debits
    • #1
    • 30th Sep 17, 6:35 PM
    Tesco current account - direct debits 30th Sep 17 at 6:35 PM
    Sorry if this is a repeat but I cannot find the answer by searching the forum. I asked this in another thread but it didn't get an answer - so I thought I'd make a new thread.

    One of the criteria for getting 3% interest on the Tesco current account(s) is to "pay at least three Direct Debits each statement month".

    Does that mean 3 direct debits from separate sources? Or could it be just one or two direct debits that between them take at least 3 payments per month?

    Of course I could find this out empirically but by that time I might have lost (at least) a month's interest, so I was wondering if anyone knew already...?

    Thanks.
Page 1
    • mt99
    • By mt99 30th Sep 17, 6:58 PM
    • 453 Posts
    • 219 Thanks
    mt99
    • #2
    • 30th Sep 17, 6:58 PM
    • #2
    • 30th Sep 17, 6:58 PM
    What did Tesco say when you asked them?
    • tenchy
    • By tenchy 30th Sep 17, 6:59 PM
    • 164 Posts
    • 31 Thanks
    tenchy
    • #3
    • 30th Sep 17, 6:59 PM
    • #3
    • 30th Sep 17, 6:59 PM
    Could I ask a supplementary question:


    When applying do they require manual production of identification doc's, or do they generally just carry out online checks (I know there will always be exceptions)?
    • tenchy
    • By tenchy 30th Sep 17, 7:00 PM
    • 164 Posts
    • 31 Thanks
    tenchy
    • #4
    • 30th Sep 17, 7:00 PM
    • #4
    • 30th Sep 17, 7:00 PM
    What did Tesco say when you asked them?
    Originally posted by mt99

    I assume he hasn't asked them. Why else would he come here for an answer - a perfectly reasonable thing to do, given this is an advice forum.
    • mt99
    • By mt99 30th Sep 17, 7:20 PM
    • 453 Posts
    • 219 Thanks
    mt99
    • #5
    • 30th Sep 17, 7:20 PM
    • #5
    • 30th Sep 17, 7:20 PM
    I disagree it is perfectly possible that it asked them but got some conflicting advice
    • flergalwit
    • By flergalwit 30th Sep 17, 8:00 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    • #6
    • 30th Sep 17, 8:00 PM
    • #6
    • 30th Sep 17, 8:00 PM
    What did Tesco say when you asked them?
    Originally posted by mt99
    I haven't asked them. I would have if they had an online messaging system, like some other banks have, but they don't. If no-one here knows I might call them, as it would be good to have the answer on record, but that costs money, eating into that 3% interest payout, so I thought I'd check here first...

    When applying do they require manual production of identification doc's, or do they generally just carry out online checks (I know there will always be exceptions)?
    Originally posted by tenchy
    They didn't ask me for any documents when opening either of my 2 current accounts. (On the other hand I already had a credit card with them, and I can't remember if I gave them any documents when I opened it years ago. Not sure if that'd make a difference.)
    • sheramber
    • By sheramber 30th Sep 17, 8:17 PM
    • 4,006 Posts
    • 2,973 Thanks
    sheramber
    • #7
    • 30th Sep 17, 8:17 PM
    • #7
    • 30th Sep 17, 8:17 PM
    You can ask them on Facebook.
    • YorkshireBoy
    • By YorkshireBoy 30th Sep 17, 8:19 PM
    • 29,619 Posts
    • 17,481 Thanks
    YorkshireBoy
    • #8
    • 30th Sep 17, 8:19 PM
    • #8
    • 30th Sep 17, 8:19 PM
    ...I might call them, as it would be good to have the answer on record, but that costs money, eating into that 3% interest payout
    Originally posted by flergalwit
    Grab a couple of their many freephone numbers listed on www.saynoto0870.com and then go find a phone box?
    • flergalwit
    • By flergalwit 1st Oct 17, 3:15 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    • #9
    • 1st Oct 17, 3:15 PM
    • #9
    • 1st Oct 17, 3:15 PM
    sheramber - thanks, but I don't use social media. So I did make the call. Couldn't find a freephone number so I settled for using a 0345 number.

    The answer seems to be that they need to be separate. The person who answered was not 100% convincing but that's what they said. Oh well....
    • Dobbibill
    • By Dobbibill 1st Oct 17, 3:37 PM
    • 2,548 Posts
    • 3,636 Thanks
    Dobbibill
    Most banks require individual mandates to meet criteria.

    Whether one of your companies set up more than one direct debit mandate is up to them/their process. (some insurance policies do it if it's same company/different policy number etc)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • flergalwit
    • By flergalwit 1st Oct 17, 3:53 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    Most banks require individual mandates to meet criteria.

    Whether one of your companies set up more than one direct debit mandate is up to them/their process. (some insurance policies do it if it's same company/different policy number etc)
    Originally posted by Dobbibill
    I was hoping to use my two Post Office savings accounts to handle them. (One per Tesco account, each drawing £1 once a week and thus 4 DD payments per month per Tesco account.) Looks like that's not going to work though...
    • ceredigion
    • By ceredigion 1st Oct 17, 4:27 PM
    • 2,420 Posts
    • 3,022 Thanks
    ceredigion
    As is often pointed out on here, it is as much about what the T&C's don't say as to what they do say. The co op uses a very similar wording and one mandate paying weekly does work. All the others put something in there to make it obvious that you need separate mandates. As far as Tesco is concerned , think id be tempted being an argumentative kind of fella to try the single mandate approach. If they don't pay the interest point out their flaw in their T&C's , take the compensation which will be more than the months interest anyway.
    • YorkshireBoy
    • By YorkshireBoy 1st Oct 17, 4:38 PM
    • 29,619 Posts
    • 17,481 Thanks
    YorkshireBoy
    I was hoping to use my two Post Office savings accounts to handle them. (One per Tesco account, each drawing £1 once a week and thus 4 DD payments per month per Tesco account.) Looks like that's not going to work though...
    Originally posted by flergalwit
    I don't have a PO savings account, but I understand from posts on here that you can only have one DD per account. So there would need to be an option for a weekly DD. Is there such an option? If there isn't, then its a non-starter anyway isn't it?

    I'm surprised you couldn't find an 0800 number. I'd checked before posting yesterday.

    As to whether it would work though, the cost of trying is up to £7.54. Sometimes you have to speculate to accumulate!
    • flergalwit
    • By flergalwit 1st Oct 17, 4:50 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    I don't have a PO savings account, but I understand from posts on here that you can only have one DD per account. So there would need to be an option for a weekly DD. Is there such an option? If there isn't, then its a non-starter anyway isn't it?
    Originally posted by YorkshireBoy
    Yes you can only have one DD per account[1], but yes you can pay weekly. Which is what I was planning. You can also DD manually whenever you like, so you could make more than 4 DD payments per month if you really had to.

    [1] though you can change it whenever you like, with a delay of a few days to a week, so in theory you could continually switch it between different accounts, but that's too much hassle as it can't be automated. I only do that if I need a stop-gap measure for a particular month.

    ceredigion - thanks I may do that, especially as I don't think I'm going to be able to get enough other DDs set up for the first month.
    • YorkshireBoy
    • By YorkshireBoy 1st Oct 17, 4:58 PM
    • 29,619 Posts
    • 17,481 Thanks
    YorkshireBoy
    [1] though you can change it whenever you like, with a delay of a few days to a week, so in theory you could continually switch it between different accounts
    Originally posted by flergalwit
    I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.
    • ceredigion
    • By ceredigion 1st Oct 17, 5:08 PM
    • 2,420 Posts
    • 3,022 Thanks
    ceredigion


    ceredigion - thanks I may do that, especially as I don't think I'm going to be able to get enough other DDs set up for the first month.
    Originally posted by flergalwit

    If you do, let me know the outcome by PM.
    Of no practical benefit to me, as these T&C's don't apply but always curious.
    • flergalwit
    • By flergalwit 1st Oct 17, 5:11 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.
    Originally posted by YorkshireBoy
    It might be. I can't remember exactly. That was never part of the plan anyway.
    • clivep
    • By clivep 2nd Oct 17, 2:40 PM
    • 224 Posts
    • 97 Thanks
    clivep
    I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.
    Originally posted by YorkshireBoy
    I think the 10 working days relates to setting up a new DD.

    e.g. With DDs to a Tesco savings account (which I know isn't relevant for the Tesco current account DDs) you can specify a first payment date of 2 weeks or so from the date the DD mandate is created. However, subsequent to this you can specify a date only a couple of days in the future so today I am able to amend a monthly DD to have a payment date of Wednesday 4th October.
    • ashnojutsu
    • By ashnojutsu 2nd Oct 17, 8:13 PM
    • 110 Posts
    • 17 Thanks
    ashnojutsu
    I'm going to do something similar with my tesco current account - 3 x PO internet savers drawing 3 x DD's from the tesco account. There's nothing mentioned in the T&C's, and this will be 3 different DD mandates from the tesco account, so I don't see the issue?
    • YorkshireBoy
    • By YorkshireBoy 2nd Oct 17, 8:28 PM
    • 29,619 Posts
    • 17,481 Thanks
    YorkshireBoy
    I'm going to do something similar with my tesco current account - 3 x PO internet savers drawing 3 x DD's from the tesco account. There's nothing mentioned in the T&C's, and this will be 3 different DD mandates from the tesco account, so I don't see the issue?
    Originally posted by ashnojutsu
    Condition 12 of the PO Online Saver T&Cs would appear to put the mockers on that plan?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

495Posts Today

3,675Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin