New Lloyds Club current account

castle96

"It depends upon whether you are setting up a real Direct Debit from the e-saver account or just an ordinary Standing Order. Go and see what you would set up to do it and see what it's called"

I suspect I am confusing SO and DD ?

I have no DDs to use. All I can do is set up a regular deduction from a new CLUB, to myself at another Bank, eg Santander.

IS this a DD (or a SO) ?

YorkshireBoy

castle96 wrote: »

IS this a DD (or a SO) ?

A DD 'pulls' money from one account to another. Typically these DD originators (the ones doing the pulling) are utility companies, mortgage providers, mobile phone providers, etc. However, there are other options such as savings accounts, National Lottery, Paypal, etc.


A SO 'pushes' money from one account to another.

ColdIron

castle96 wrote: »

I have no DDs to use. All I can do is set up a regular deduction from a new CLUB, to myself at another Bank, eg Santander.

IS this a DD (or a SO) ?

A small number of banks let you set up a DD, Santander e-saver being one I believe, all banks let you set up SOs. Do you have a Santander e-saver? If not it's probably not a DD but an SO but only you can tell. Go into your account and start to set one up and see what the name of it is called, it will be an SO or a DD

tsb

ColdIron wrote: »

I presume one from the Internet Saver and another from the Instant Access Savings would be OK?

Same question from me as well, I'm presuming two different accounts would be two different DD's even though they are both with Tesco Bank?

Anyone else confirm?

YorkshireBoy

tsb wrote: »

Same question from me as well, I'm presuming two different accounts would be two different DD's even though they are both with Tesco Bank?

Anyone else confirm?

Some posters have reported that doing that satisfied the requirements for the Halifax Reward payment (which has similar conditions, ie pay two different DD mandates).


You could try it, but maybe not risk the full £5K in the first month?

anna42hmr

I have just opened the new one, clearly states that interest will be paid only if two dd's that month. I Am wondering if it's worth paying the money in yet as I won't be asking the two co's that I am moving the dd to this account, until they have taken Aprils payment, therefore the first dd will not be claimed until early may (as the dd's are around 4-7 of the month. Unless they will still be paying the interest in the first month knowing will take people time to move dd's across.

Chorlie

ColdIron wrote: »

I presume one from the Internet Saver and another from the Instant Access Savings would be OK?

This is what I need to know, can you use a DD's from two different Tesco Saving Accounts or does it have to be like Halifax and have two DD's for different organisation. The T&C's (to me) just states two different DD's so it sounds like you can have them both from Tesco.

Also; I'm I correct in thinking that the Post Office Saving Account will only allow 1 DD so can't be used for Halifax and this New Lloyds Club Account?

YorkshireBoy

Chorlie wrote: »

This is what I need to know, can you use a DD's from two different Tesco Saving Accounts or does it have to be like Halifax and have two DD's for different organisation. The T&C's (to me) just states two different DD's so it sounds like you can have them both from Tesco.

See post #166 above.

Also; I'm I correct in thinking that the Post Office Saving Account will only allow 1 DD so can't be used for Halifax and this New Lloyds Club Account?

Correct. Check out the thread* on the savings board for other options.

* Savings accounts accepting deposits by DD" (or similar wording)

Archi_Bald

YorkshireBoy wrote: »

* Savings accounts accepting deposits by DD" (or similar wording)

https://forums.moneysavingexpert.com/discussion/4168667

castle96

Sorry, I'm still confused...

I do have a Santander Esaver. I have printed off 2 x DD forms for this account.

CAN I use these to set up 2 DDs, payable to myself ? to qualify. Are these "two different DDs".

£1 from Esaver to 123
£1 from Esaver to 123

---

= 2 DDs