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  • FIRST POST
    • Scarecrow25
    • By Scarecrow25 19th Oct 17, 12:57 PM
    • 7Posts
    • 44Thanks
    Scarecrow25
    Tesco Savings DDs
    • #1
    • 19th Oct 17, 12:57 PM
    Tesco Savings DDs 19th Oct 17 at 12:57 PM
    I can't see that this has been picked up yet, and with my first post I really hate to be the breaker of bad news !
    However, last week I opened a new Tesco Internet saver and just got the paperwork through today. In it, was a booklet, 'Changes to our Tesco Bank Internet Saver & Instant Access T&Cs'
    Summary of key changes - I quote: 'We are making changes to the way in which you can fund your Account. In particular, as of 22 April 2018 you will not be able to fund your Account by way of Direct Debits. On this date all Direct Debits set up on your Account will be cancelled. No further Direct Debits can be set up from this date.'

    I know many use Tesco DDs to meet terms for interest on current accounts, at least we've a few months to come up with a new plan...
Page 30
    • savetilibleed
    • By savetilibleed 9th Jan 18, 10:13 PM
    • 1,336 Posts
    • 320 Thanks
    savetilibleed
    Most councils will allow you to pay in 12 instalments rather than 10. Have you asked yours?

    Apparently my water company also offer the facility but I have to wait for my next bill before I can set the DDs up. Does yours do the same?

    What about a credit card? I'm resurrecting unused cards
    Originally posted by badger09
    Ah didn't realise that. Might investigate. Hmm I quite like having 2 months off for council tax and 4 for water though Thank you.
    • Katiehound
    • By Katiehound 9th Jan 18, 10:46 PM
    • 4,017 Posts
    • 38,259 Thanks
    Katiehound
    Water and council tax don't (which I could move from Santander123 and close that). .
    Originally posted by savetilibleed
    You have been able to pay the council tax in 12 installments for a few years now.
    Our option is well hidden on the back of the bill!
    At the end of the year it seems to automatically switch back to 10 payments unless you get a helpful body on the other end of the phone! However you will probably have to wait now until the new financial year to set it up.
    My water bill must also be in 12 as I use that as a qualifying DD.....
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling .... Entrant 8 ... £.00!
    • michaels
    • By michaels 16th Jan 18, 11:02 AM
    • 20,141 Posts
    • 92,817 Thanks
    michaels
    I found some banks accepted multiple DDs from different accounts at the same organsiation whereas others needed the DDs to come from different organisations (eg. Two different Tesco saver DDs was still only counted as 1 DD). Unfortunately this was ages ago when I was setting things up so I can't remember which had this rule.

    I have accounts at Halifax, Lloyds and Coop that need to be sorted. Do the Nationwide or Halifax accounts have and DD requirements too?

    Comments above suggest that for Coop, a single DD taken weekly is sufficient - is this correct?
    Cool heads and compromise
    • Westie983
    • By Westie983 16th Jan 18, 2:33 PM
    • 3,886 Posts
    • 14,393 Thanks
    Westie983
    Halifax does for the reward payment 2 DD paid out and £750 paid in.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£0.00/£12,000 = 0.0%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0.00/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £0.00/£365 = 0.0%
    Virtual Sealed Pot #1 Total £150.00/£1,000 = 15.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £150.00/£16,165 = 0.92%

    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
    • savetilibleed
    • By savetilibleed 16th Jan 18, 5:31 PM
    • 1,336 Posts
    • 320 Thanks
    savetilibleed
    Do the Nationwide or Halifax accounts have and DD requirements too?
    Originally posted by michaels
    Halifax do, Nationwide FlexDirect no DD requirements.
    • ashnojutsu
    • By ashnojutsu 17th Jan 18, 12:54 PM
    • 113 Posts
    • 17 Thanks
    ashnojutsu
    If I have 2 DD's from the same organization, both with different reference numbers, do they count as 2 different DD's? I've had previous experience where the same DD was paid out twice a month, so it only counted as a single DD.
    • eskbanker
    • By eskbanker 17th Jan 18, 1:41 PM
    • 6,054 Posts
    • 6,055 Thanks
    eskbanker
    If I have 2 DD's from the same organization, both with different reference numbers, do they count as 2 different DD's? I've had previous experience where the same DD was paid out twice a month, so it only counted as a single DD.
    Originally posted by ashnojutsu
    As per post #583 above, there isn't a one-size-fits-all answer to this, it depends on the policies of the bank(s) you're talking about.
    • ashnojutsu
    • By ashnojutsu 17th Jan 18, 1:54 PM
    • 113 Posts
    • 17 Thanks
    ashnojutsu
    As per post #583 above, there isn't a one-size-fits-all answer to this, it depends on the policies of the bank(s) you're talking about.
    Originally posted by eskbanker
    In my case the DD's CAN be of the same organization - there is no condition saying they must be from different companies. However, my original question is do they count as different DD's if the reference number is different for each DD - the originator can be identical in my case.

    A good example of this is the Tesco Savings account, despite being from the same originator, multiple DD debiting from the same account DO in fact count as separate DD's.
    • soulsaver
    • By soulsaver 17th Jan 18, 3:23 PM
    • 1,536 Posts
    • 572 Thanks
    soulsaver
    In my case the DD's CAN be of the same organization - there is no condition saying they must be from different companies. However, my original question is do they count as different DD's if the reference number is different for each DD - the originator can be identical in my case.

    A good example of this is the Tesco Savings account, despite being from the same originator, multiple DD debiting from the same account DO in fact count as separate DD's.
    Originally posted by ashnojutsu
    Have these examples (banks?) got names?
    • Kim_13
    • By Kim_13 17th Jan 18, 4:52 PM
    • 1,662 Posts
    • 1,903 Thanks
    Kim_13
    Many posters opened a Tesco Internet Saver and a Tesco Instant Access Savings account. Being two different accounts, these would definitely count as two DD's unless excluded for both being to Tesco (I have not heard of any doing this.) I used both for a Halifax Reward in one month, as I didn't have a credit card balance to pay.

    I have never risked pulling twice from the same account if needing 2 DD's in a given month, so I can't add any personal experience on this. From previous posts on the forum, multiple pulls from one account will suffice for the Co Op though.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £0/£180.00
    CCCC 2018 #1 ~ £8.00/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • clivep
    • By clivep 17th Jan 18, 5:20 PM
    • 238 Posts
    • 105 Thanks
    clivep
    Many posters opened a Tesco Internet Saver and a Tesco Instant Access Savings account. Being two different accounts, these would definitely count as two DD's unless excluded for both being to Tesco (I have not heard of any doing this.)
    Originally posted by Kim_13
    The only one I'm aware of that stipulates different DDs to different companies is TSB to get the £5 cashback for 2 Direct Debits:

    3.£5 Cashback for 2 Direct Debits
    3.1 You must make at least 2 Direct Debit payments from your account each calendar month to earn £5 cashback.
    3.2 The 2 Direct Debit payments each month must be made to different companies.

    Setting up 2 x DDs on a single Tesco savings account with different references creates 2 x mandates so should count as different DDs. However, I did find that when switched from TSB to Coop these were consolidated back into 1 DD mandate. (Coop requirement is now satisfied by 1 Post Office DD taken weekly).
    • eskbanker
    • By eskbanker 17th Jan 18, 7:44 PM
    • 6,054 Posts
    • 6,055 Thanks
    eskbanker
    In my case the DD's CAN be of the same organization - there is no condition saying they must be from different companies. However, my original question is do they count as different DD's if the reference number is different for each DD - the originator can be identical in my case.

    A good example of this is the Tesco Savings account, despite being from the same originator, multiple DD debiting from the same account DO in fact count as separate DD's.
    Originally posted by ashnojutsu
    I answered your original question, but to try another form of wording: there is no such (universal) thing as 'counting as different DDs', it all depends on exactly what they're counting for and who's deciding. So, Bank A's Ts & Cs may see multiple DDs paid to the same organisation (but with different reference numbers) as qualifying for interest or a switching bonus while Bank B's don't....
    • ashnojutsu
    • By ashnojutsu 17th Jan 18, 10:33 PM
    • 113 Posts
    • 17 Thanks
    ashnojutsu
    I answered your original question, but to try another form of wording: there is no such (universal) thing as 'counting as different DDs', it all depends on exactly what they're counting for and who's deciding. So, Bank A's Ts & Cs may see multiple DDs paid to the same organisation (but with different reference numbers) as qualifying for interest or a switching bonus while Bank B's don't....
    Originally posted by eskbanker
    No you didn't - as you don't have a definitive answer, you simply stated "ask the bank, as bank A may treat them as separate DD's while bank B doesn't".

    I never mentioned switching or interest conditions, so they have no relevance to my question - if I did, then I would indeed be party to the bank's T&C's, but I haven't, so this has no bearing on my query.

    Based on my own research, I can indeed confirm, if you have multiple DD's from the same originator, but they have different DD reference numbers, they DO count as separate DD's.

    When creating a Direct Debit Instruction, you cannot re-use the same payer reference for the same customer on a new DDI, AUDDIS would reject the DDI with an "I" error code.
    Therefore a new DD mandate (DDI) would have to be created with a new payer reference, hence a brand new, separate DD. Hope that clarifies matters
    • soulsaver
    • By soulsaver 17th Jan 18, 10:57 PM
    • 1,536 Posts
    • 572 Thanks
    soulsaver
    Glad we cleared that up..
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