Changes to Reward and Ultimate Reward Accounts

Mr_K

Been doing this £5 a month thing for a couple of years now, switching £1k in for a few seconds each month before transferring straight back to my Halifax saving account. No intention of ever using it as a bank account, get a far better service from HSBC. Nice while it lasted, can see why they've changed things.

Don't think I can be bothered with setting up DD's. It starts to become too much to keep track of, maybe I'm just lazy !! See how long they keep paying out, then close it. They never like you doing that, and it might prompt them to try and keep you on the deal, particularly if you have a lot in other accounts.

Saying that can't see me keeping any savings with them much longer either. Nothing remotely market leading in the Savings or ISA range either once the current deals run out. I don't think they're even trying any longer......

System

Apparently similar changes will apply the Bank of Scotland Reward / Ultimate Reward accounts around the same time frame as Halifax branded equivalents.

KTF

Seemingly I have closed down my egg savings account but the YBS online saver allows multiple accounts to be linked.

Can t see anything obvious to setup a pull from each linked account though.

phred

The new conditions state that two different direct debits will be required to receive the £5 each month.

I have a Tesco internet saver account and a Tesco credit card, both paid by direct debit.

Does anyone know if this will be OK as they are both for Tesco but different parts of the organisation?

innovate

phred wrote: »

The new conditions state that two different direct debits will be required to receive the £5 each month.

I have a Tesco internet saver account and a Tesco credit card, both paid by direct debit.

Does anyone know if this will be OK as they are both for Tesco but different parts of the organisation?

May be, may be not. The OP told us that the DDs need to have different OINs. No idea whether Tesco has a single OIN, or a different OIN for each of their product lines.

YorkshireBoy

phred wrote: »

Does anyone know if this will be OK as they are both for Tesco but different parts of the organisation?

The Tesco Savings DD mandate (available to view once logged in) calls it a "service user number", rather than an "OIN" (originator identification number?), so maybe a google search on that will turn up something?

phred

YorkshireBoy wrote: »

The Tesco Savings DD mandate (available to view once logged in) calls it a "service user number", rather than an "OIN" (originator identification number?), so maybe a google search on that will turn up something?

Thanks for the reply but I can't find the "Service User Number" on the Tesco banking site.
I've also tried googling this but without success.

I did notice on my Halifax account, when looking under "Direct Debits" that the originator for both my credit card and internet savings accounts is "Tesco Bank."

This makes me think that I need to set up another DD.

Ah well!, it's better than watching the cricket at the moment (just).

Steve_xx

jennifernil wrote: »

Yep, I doubt we have enough DDs to satisfy the 6 Reward accounts we have, so looks like we will go down to one. I cannot be bothered with any hassle.

Oh well, it has been good while it lasted!

Just a minute. If you have six Reward Accounts then for each of them you could use two direct debits I reckon. For instance, if you have say a Tesco account and a Nationwide "my save" account you could use these two accounts to draw £1 each month from each of your six Reward accounts, couldn't you? That would satisfy the criteria that two different organisations are used, per Reward account.

Steve_xx

I note from reading on here that the Post Office account has the possibility of setting up a DD to it. Can anyone advise whether or not it is possible to set-up multiple DD's with the Post Office account, similar to the way we can with the Tesco account?

cing0

Steve_xx wrote: »

I note from reading on here that the Post Office account has the possibility of setting up a DD to it. Can anyone advise whether or not it is possible to set-up multiple DD's with the Post Office account, similar to the way we can with the Tesco account?

I have a post office online saver account. I appears you can have a number of nominated accounts.
When you add nominated accounts, a paperless direct debit is setup. However, you can't actually do anything with the subsequent nominated accounts so in essence, the bank account used when you apply is the only one you can make DD deposits with and withdrawals.
I've added another today so will let you know in 2 weeks should no other posters reply.

Update:
I can tell you adding a nominated account does not setup a direct debit on your bank account. It may be peculiar to me but I can only access an online saver but the additional account seems linked to a non existent instant saver easy saver.