Direct Debit question

mrgoggins

I want to open a couple of accounts to gain interest, but do not have enough DD,s, to meet requirements, is it possible to set up DD's between my bank accounts (different banks) to fund it, or are standing orders only possible. Can only companies arrange DD's, . if I can how . thanks.

Archi_Bald

You need to set up a couple of savings accounts that allow money to be pulled in from current accounts via DD. Check out Tesco savings.

thenudeone

and a paypal account to do the same

Archi_Bald

Paypal isn't needed if you have two Tescos.

Tescos works automatically at the interval(s) you specify; Paypal you have to pull the money in manually unless I am terribly mistaken.

mrgoggins

do you recommend the Tesco Internet Saver or Tesco Instant Access, or does it matter. and can you set up as many direct debits as you want, do they allow to transfer cash out of account if required. Thanks for help, this is all new and a little stressful ,
Thanks again in advance.

Archi_Bald

B O T H

You need T W O DDs.

They are instant access accounts, so of course you can transfer money out when you want to. If you don't put in a lot, you won't need to take out a lot. £1 a month per account could be enough?

Yep, you can set up as many DDs as you want.

Chill. It isn't stressful. Just think logically, and read the T&Cs.

ceredigion

mrgoggins wrote: »

do you recommend the Tesco Internet Saver or Tesco Instant Access, or does it matter. and can you set up as many direct debits as you want, do they allow to transfer cash out of account if required. Thanks for help, this is all new and a little stressful ,
Thanks again in advance.

maybe both might be advisable

mrgoggins

Thanks Archi Bald , appreciate the help.

Vortigern

Archi_Bald wrote: »

Yep, you can set up as many DDs as you want.

True, but Tesco rang me once to ask why I had so many DDs set up on one savings account. They suspected fraudulent activity. I told them why I was doing it and they were happy to let me continue.

YorkshireBoy

Vortigern wrote: »

True, but Tesco rang me once to ask why I had so many DDs set up on one savings account. They suspected fraudulent activity. I told them why I was doing it and they were happy to let me continue.

I've had as many as 8 or 9 on one account and 6 on the other, with no phone calls...so you must have had more than that?

bsms1147

Archi_Bald wrote: »

B O T H

Two of the same product would work too.