Tesco Internet Saver & Direct Debit

firsttimestudent

Hi, I just received my forms for the Tesco Internet Saver.

Do I need to fill in the Direct Debit form? My current accounts can send faster payments to Tesco Personal Finance anyway.

Thanks!

jem16

No you don't need to use the DD method. Just use your current account to send the payment to Tesco.

SavingSteve

Are you sure? Do they not use the DD account as a 'linked' account?
I.e. if/when you want to transfer your money out of Tesco they only let you transfer to the linked account, a bit like ICICI and A&L?

Or with Tesco can you transfer to any account?

cottager

firsttimestudent wrote: »

Hi, I just received my forms for the Tesco Internet Saver.
Do I need to fill in the Direct Debit form? My current accounts can send faster payments to Tesco Personal Finance anyway.

SavingSteve wrote: »

Are you sure? Do they not use the DD account as a 'linked' account?

I'd like to know too, please... I was envisaging Faster Payments in/out as well, but if they don't need a DD arrangement why send a form; so I also wondered if it was because there had to be a linked account?

What it says next to one of the tickboxes on the back of their letter ('What you need to do now', in connection with the savings application form) doesn't seem to apply either:
Complete any additional information that we may require (including your sortcode and account number if possible), check sign and return.

What sortcode and account number? There's nowhere on the form to fill one in anyway

Ignore?

jem16

SavingSteve wrote: »

Are you sure?

Yes

Do they not use the DD account as a 'linked' account?

No

I.e. if/when you want to transfer your money out of Tesco they only let you transfer to the linked account, a bit like ICICI and A&L?

Or with Tesco can you transfer to any account?

With Tesco you can transfer to any account you want - you just set up a Payee (with the card reader that they don't tell you about).

jem16

cottager wrote: »

I'd like to know too, please... I was envisaging Faster Payments in/out as well, but if they don't need a DD arrangement why send a form; so I also wondered if it was because there had to be a linked account?

I have used this account since last July and I do not have a DD set up at all. Any payment I make is made from my HBOS current account and is instant provided I keep it to £500 or less (HBOS limit on Faster payments)

What it says next to one of the tickboxes on the back of their letter ('What you need to do now', in connection with the savings application form) doesn't seem to apply either:
Complete any additional information that we may require (including your sortcode and account number if possible), check sign and return.

What sortcode and account number? There's nowhere on the form to fill one in anyway

Presumably only needed if you want to set up a DD at the same time as the application. Just sign the form and return it.

cottager

jem16 wrote: »

... (with the card reader that they don't tell you about)

:rotfl: :rotfl:
Love it...
Thanks for clearing up the queries anyway: it's all what I thought from the start, but then the stuff came and the way the letter was worded and sending the DD mandate made me doubt it :rolleyes:

isofa

All these questions have been covered on the main original Tesco thread, months ago

GemmaC

I have also received the forms and wondered if anyone knew who I make the initial deposit cheque payable to? I can't find any details anywhere and I've been holding on the phone to them for about 20mins.

Thanks

Gemma

[Deleted User]

Hi,

I've just got the forms in as well, seems an awfa rigmarole, anyway if you look at the

Account Opening Form, section 2, says to make a cheque payable to yourself.

cottager

GemmaC wrote: »

I have also received the forms and wondered if anyone knew who I make the initial deposit cheque payable to?

On the printout of my application (to return to them, signed) it says in Section 2:
"Please remember to send a cheque made payable to yourself, not to Tesco."

EDIT: sorry, frugalmacdugal answered the same a minute before...