Savings accounts deposits by Direct Debit?

tuggy12

Ifts wrote: »

I've got a Tesco Instant Savings account and also a Tesco Internet Saver which I use for the 2 DD's for each of my Santander accounts and also the 2 DD's requirement of the Halifax Reward account.

If you are a Tesco savings customer, you can have a Instant Savings Account and also a Internet Saver with them.

Depending which one you already have you could open the other one with them too (being an existing Tesco savings customer it should be easy to do), that way you can use each of your Tesco's accounts for a direct debit.

Could anyone confirm that the new Club LLoyds accounts would accept 2 DD's from 2 different Tesco savings accounts.


Was anyone doing this with LLoyds Vantage accounts?

tuggy12

mary wrote: »

I am no longer with Ing but I remember as it happened to me, if youhaven't made any transfers within a 12 month period, it either goes into hibernation or disappears and you have to resurrect it, so give ING a call.

Thanks for that mary. I only cancelled my ING DD's last Nov 2013 when the 4% Vantage rate ended but it seems that since Barclays have taken over ING it's not possible to open new DD's to feed savings accounts.

Steve_xx

tuggy12 wrote: »

Could anyone confirm that the new Club LLoyds accounts would accept 2 DD's from 2 different Tesco savings accounts.


Was anyone doing this with LLoyds Vantage accounts?

I dont think that work work, but someone else might know for certain. Also, I note that the new Lloyds account stipulates that the DD's are to be PAID each month, rather than just actually being on the account.

stingy1

Ifts wrote: »

Yes it was for my Santander 123 accounts and its been working fine.

I have 2 Santander 123 accounts, and for the 2 direct debit (2 DD's each 123 acc) requirement I use my 1x Tesco Instant Access Savings and 1x Tesco Internet Saver.

Tesco Instant Access Savings < £1 from Santander 123/1 and 123/2
Tesco Internet Saver < £1 from Santander 123/1 and 123/2

My 2 Tesco's accounts also help me with the 2 direct debit requirement of the Halifax Reward account.

thanks

wow you managed to use the same 2x tesco dds on both santander 123s and then Halifax nice job !

Another question if you don't mind, if I put 20k into a 123 account and then got the 500 quid going in and the interest can I take both of them out each month and not get a hit on the interest ?

Ifts

stingy1 wrote: »

wow you managed to use the same 2x tesco dds on both santander 123s and then Halifax nice job !

I'm glad I kept my 2 Tesco's accounts (1x Instant Access Savings & 1x Internet Saver) open when the rate dropped, not only for the direct debit service but also the ease with which I can pay money into my Tesco Saver in store (saves me making a trip into town just to use the bank), then go online and transfer the money from the Tesco Saver to another one of my accounts.

Another question if you don't mind, if I put 20k into a 123 account and then got the 500 quid going in and the interest can I take both of them out each month and not get a hit on the interest?

Yes you can, that will work fine (providing you have the 2 DD's setup on the 123 account).

I keep the balance at £20,002 on my 123 accounts, so when the £2 fee gets taken its still £20k balance. I pay the £500 in the 123 accounts the day the interest hits the account then straight away withdraw the £500 along with the interest paid that month.

stingy1

Ifts wrote: »

I'm glad I kept my 2 Tesco's accounts (1x Instant Access Savings & 1x Internet Saver) open when the rate dropped, not only for the direct debit service but also the ease with which I can pay money into my Tesco Saver in store (saves me making a trip into town just to use the bank), then go online and transfer the money from the Tesco Saver to another one of my accounts.



Yes you can, that will work fine (providing you have the 2 DD's setup on the 123 account).

I keep the balance at £20,002 on my 123 accounts, so when the £2 fee gets taken its still £20k balance. I pay the £500 in the 123 accounts the day the interest hits the account then straight away withdraw the £500 along with the interest paid that month.

thanks that is a great way to do it and will follow suit

MrsWenger

innovate wrote: »

I regret, I will not be able to update the OP any longer with any changes/additions/deletions.

Many thanks to everyone who contributed to date, and obviously there is nothing to stop people to continue to share information about savings accounts DDs.

Thank you very much for all of the hard work you have done keeping this thread updated Innovate.

I have found it very helpful and really appreciate your efforts :T

Best wishes,

Tracey

YorkshireBoy

tuggy12 wrote: »

I'm switching my LLoyds Vantage accounts to Club Lloyds

Think you can have only one?

and have resurrected my Tesco DD's o.k.

Could I ask if you cancelled these last year at the end of the 4% promotion, or if they lapsed under the 13 month dormancy rule? Reason being mine have gone and I can't remember cancelling them myself.

tuggy12

YorkshireBoy wrote: »

Think you can have only one?Could I ask if you cancelled these last year at the end of the 4% promotion, or if they lapsed under the 13 month dormancy rule? Reason being mine have gone and I can't remember cancelling them myself.

I cancelled my Tesco DD's last Nov 2013 when the 4% ended but it was really easy to set them up again.


The other DD's I had were with ING but since being taken over by Barclays it is not possible to open DD's for savings accounts now.

Vortigern

YorkshireBoy wrote: »

Could I ask if you cancelled these last year at the end of the 4% promotion, or if they lapsed under the 13 month dormancy rule? Reason being mine have gone and I can't remember cancelling them myself.

In my case I'd cancelled the DDs via Lloyds online banking at the end of the 4% promo. I was surprised to find that they were still present yesterday on Tesco online. I've now cancelled the original DDs via Tesco and started a new one.