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  • 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 2
    • metrobus
    • By metrobus 2nd Oct 17, 8:56 PM
    • 1,366 Posts
    • 708 Thanks
    metrobus
    Is this 3 DDs condition a new thing?

    I’ve had £3000 in the tesco current account for the last
    couple other years and get the £7 odd per month interest although I
    have no DDs with them.
    • Dobbibill
    • By Dobbibill 2nd Oct 17, 9:36 PM
    • 2,380 Posts
    • 3,490 Thanks
    Dobbibill
    Yes reasonably new - they paused all new applications for a time a while back. When they relaunched them this was the criteria for new accounts to earn interest.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    • flergalwit
    • By flergalwit 3rd Oct 17, 1:00 AM
    • 63 Posts
    • 33 Thanks
    flergalwit
    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
    The issue is that that's not what I'm doing. I was hoping to use one PO account to handle one Tesco account. (I have two of each.) Each PO saver would draw £1 every week from the respective Tesco account, and thus at least 4 times per calendar month. The issue is that although there are over 3 DD payments per month per Tesco account, they'd all come from the same mandate and thus it's not clear it will fulfil the criteria.

    It sounds like you have one Tesco account and 3 different Post Office savers (unlike me; I have two of each) so that should work ok.

    Yorkshireboy if you're referring to the point saying you can only have one non-joint account, this refers to the PO Online Saver. There's also the PO Instant Access account. And also I think a PO reward account. All of them can take money by DD though I think the last (which is the one I don't have) requires 30 days' notice for any withdrawal.
    Last edited by flergalwit; 03-10-2017 at 1:04 AM.
    • metrobus
    • By metrobus 3rd Oct 17, 1:24 PM
    • 1,366 Posts
    • 708 Thanks
    metrobus
    Just checked and this months interest added.Ive no DDs or deposit anything each month so older accounts do not need to abide by the new conditions to get the interest.
    • catherine1
    • By catherine1 3rd Oct 17, 2:20 PM
    • 4 Posts
    • 0 Thanks
    catherine1
    i need a dd for £1 to be able to get interest
    can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account
    • soulsaver
    • By soulsaver 3rd Oct 17, 2:58 PM
    • 1,377 Posts
    • 466 Thanks
    soulsaver
    can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account
    Originally posted by catherine1
    PayPal?

    See here 1st page summarises
    http://forums.moneysavingexpert.com/showthread.php?t=5126573&highlight=direct+debit
    There are 24 bottles of beer in a crate. There are 24 hours in a day. Coincidence? I think not....
    • binaryuniverse
    • By binaryuniverse 3rd Oct 17, 3:42 PM
    • 413 Posts
    • 208 Thanks
    binaryuniverse
    Paypal have recently changed their payments rule so you can not fund your own account by direct debit. It will only take a direct debit if you send money to someone else.

    Of course, you could have 2 Paypal accounts...
    • catherine1
    • By catherine1 3rd Oct 17, 3:47 PM
    • 4 Posts
    • 0 Thanks
    catherine1
    i have found that the rspca will take £1 direct debit so at least its going to a good cause and that saves me the bank account fee
    • Eco Miser
    • By Eco Miser 4th Oct 17, 2:03 AM
    • 3,091 Posts
    • 2,856 Thanks
    Eco Miser
    can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account
    Originally posted by catherine1
    Tesco Internet Saver will meet other banks' DD requirements, but not Tesco current account's.

    http://forums.moneysavingexpert.com/showthread.php?t=5126573 has other suggestions,
    Eco Miser
    Saving money for well over half a century
    • Westie983
    • By Westie983 4th Oct 17, 3:19 AM
    • 3,813 Posts
    • 13,921 Thanks
    Westie983
    Paypal have recently changed their payments rule so you can not fund your own account by direct debit. It will only take a direct debit if you send money to someone else.

    Of course, you could have 2 Paypal accounts...
    Originally posted by binaryuniverse
    You can still fund your own accounts via the PayPal app, but you don't have the DD option if you log on via the website.

    I tried this last month, for three of my accounts and each one was pulled on the 1st by DD.

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £360/£365 = 98.63%
    Virtual Sealed Pot #1 Total £1,500/£1,800 = 83.33%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £25,125/£16,665 = 150.76%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • flergalwit
    • By flergalwit 6th Oct 17, 5:24 PM
    • 63 Posts
    • 33 Thanks
    flergalwit
    Update: I got paid interest on at least my first Tesco account, whose statement date has just passed. So it appears that, despite what I was told on the phone, it is sufficient for a single mandate to pay out at least 3 times per statement month!
    Last edited by flergalwit; 06-10-2017 at 8:04 PM. Reason: corrected typo
    • ceredigion
    • By ceredigion 6th Oct 17, 7:43 PM
    • 2,337 Posts
    • 2,874 Thanks
    ceredigion
    Update: I got paid interest on at least my first Tesco account, whose statement date has just passed. So it appears that, despite what I was told on the phone, it is sufficiently for a single mandate to pay out at least 3 times per statement month!
    Originally posted by flergalwit

    NO need to tell the world
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