New Lloyds Vantage current account

badger09

savetilibleed wrote: »

When you set up a Tescobank savings account, THEY set up a direct debit with your bank account (linked account). When you want to make a payment into the Tesco account, they 'pull' the money using the DD from your bank account. When it is in (can be as little as £1) it will show in your LTSB DD list as £1 and the date, hence showing DD activity, which seems to be required occasionally for the interest to be earned.

I think you'll find that YOU (not THEY) set up the Direct Debits -which is why the Tesco Internet Saver accounts are so popular. You can set up multiple DDs - e.g I'm servicing 3 Lloyds Vantage accounts with one Tesco account - dragging in a huge £3 per month :rotfl:

savetilibleed

badger09 wrote: »

I think you'll find that YOU (not THEY) set up the Direct Debits -which is why the Tesco Internet Saver accounts are so popular. You can set up multiple DDs - e.g I'm servicing 3 Lloyds Vantage accounts with one Tesco account - dragging in a huge £3 per month :rotfl:

True, in that YOU initiate it. Traditionally, you get a form from the company you want to pay which you add you bank account details to, sign and date, then send to the company. They then send to this, your authorisation, to your bank which asks then to pay from your account at such periods that are agreed. Obviously, this is now speeded up considerably when done electronically. The DD arrangement is in place for (tesco) to pull money from your account via DD when you request it done.
Hmm useful to be able to set three DD arrangements with Tesco. I tried doing that with a PO account, as it seemed you could add another. But all it did was to add the bank account to an PO account that doesn't exist. When I called them I was told you can't have two linked accounts so one was deleted.

honey1

badger09 wrote: »

I think you'll find that YOU (not THEY) set up the Direct Debits -which is why the Tesco Internet Saver accounts are so popular. You can set up multiple DDs - e.g I'm servicing 3 Lloyds Vantage accounts with one Tesco account - dragging in a huge £3 per month :rotfl:

Personally I plan to make mine annual DDs - so £3 per year :rotfl:

innovate

honey1 wrote: »

Personally I plan to make mine annual DDs - so £3 per year :rotfl:

honey1 for MSE gold medal!

MoneySaverLog

It may not even have to be annual, just so long as the DD is live and Tesco could call for a payment from it at anytime would be enough I'm assuming.

innovate

sounds like a double gold medal now, for honey1 and moneysaverlog

badger09

innovate wrote: »

sounds like a double gold medal now, for honey1 and moneysaverlog

Only if our interpretation of Lloyds T&C in relation to DDs is correct

If some of their staffs' interpretation - i.e. 'active' or 'active monthly':eek: is correct, then I'll be in line for a medal and honey1 won't even make the podium :rotfl:.

innovate

badger09 wrote: »

Only if our interpretation of Lloyds T&C in relation to DDs is correct

If some of their staffs' interpretation - i.e. 'active' or 'active monthly':eek: is correct, then I'll be in line for a medal and honey1 won't even make the podium :rotfl:.

Got a horrible feeling it's no podium position for you, badger09. Or for me, because I originally fell for that "must be active, monthly" spiel from them myself - - but after putting on my thinking cap I found

1. it doesn't say in the T&Cs that the DD must be monthly
2. there is no definition in the T&C of what an "active" DD is
3. a perfectly good DD can be monthly, fortnightly, quarterly, annually, on demand....and there might not be any demand before 31/10/2013 (e.g. Paypal?)

badger09

innovate wrote: »

1. it doesn't say in the T&Cs that the DD must be monthly
2. there is no definition in the T&C of what an "active" DD is
3. a perfectly good DD can be monthly, fortnightly, quarterly, annually, on demand....and there might not be any demand before 31/10/2013 (e.g. Paypal?)

Absolutely true

innovate wrote: »

Got a horrible feeling it's no podium position for you, badger09.

But using my 'belt & braces' method will cost me less than £1 net interest a year. I'm happy with the trade off - and still reckon I could be in line for a podium position ( even if it does make me want to add 'ooohhh matron') :eek::rotfl:

Steve_xx

innovate wrote: »

Got a horrible feeling it's no podium position for you, badger09. Or for me, because I originally fell for that "must be active, monthly" spiel from them myself - - but after putting on my thinking cap I found

1. it doesn't say in the T&Cs that the DD must be monthly
2. there is no definition in the T&C of what an "active" DD is
3. a perfectly good DD can be monthly, fortnightly, quarterly, annually, on demand....and there might not be any demand before 31/10/2013 (e.g. Paypal?)

1. It doesn't mention any frequency in the t&c's.
2. Neither does the word "active" get mention in the t&c's.
3. You are correct.