Halifax Reward Account & Direct Debits to Tesco Internet savings

ricz_1

Hi there,

Hoping someone can offer me some advice.

I've just opened a Halifax Reward account and am planning to meet the 2 Direct Debit requirements with 2 Tesco Internet saving accounts.

I have set up 2 Tesco accounts in my name (they appear on the same internet banking logon but as 2 different accounts) and have set up a direct debit from my Halifax Reward account to each Tesco account for £1 on the 28th of each month.

Will this meet the Halifax Reward DD requirements? Or will it just count at 1 DD. I would check my Halifax account to see if it is listed as 2 mandates but the DDs will take around 10 days to appear and I wanted to know in case I need to set up a different savings account with a different bank.

If this works I may try a similar set up with a Lloyds classic plus account.

Many thanks in advance for any advice.

Rich.

meer53

I think you've set up 2 standing orders, not 2 dd's. Can you use standing orders to get the reward payments ?

ricz_1

Hi,

Thanks for the reply, they were definitely Direct Debits (set up from the Tesco online banking website to collect from Halifax). I opened these accounts specifically because they enable you to set up pay-ins via direct debit. Just still in the dark as to whether Halifax will count it as one DD or two.

Rich.

bsms1147

If you set them up within Halifax then they're standing orders (which push money across). You need to set them up within Tesco to pull the money across as direct debits.

Edit: Clashed posting there. Yes, provided they are direct debits and they appear as two separate mandates on your Halifax account, then it will work. I use two Tesco DDs without issue.

ricz_1

Great, thanks for the help.

karlie88

ricz_1 wrote: »

Hi there,

Hoping someone can offer me some advice.

I've just opened a Halifax Reward account and am planning to meet the 2 Direct Debit requirements with 2 Tesco Internet saving accounts.

I have set up 2 Tesco accounts in my name (they appear on the same internet banking logon but as 2 different accounts) and have set up a direct debit from my Halifax Reward account to each Tesco account for £1 on the 28th of each month.

Will this meet the Halifax Reward DD requirements? Or will it just count at 1 DD. I would check my Halifax account to see if it is listed as 2 mandates but the DDs will take around 10 days to appear and I wanted to know in case I need to set up a different savings account with a different bank.

If this works I may try a similar set up with a Lloyds classic plus account.

Many thanks in advance for any advice.

Rich.

Just watch out with the date.

If the 28th turns out to be a Saturday then the DD will be taken on the next available working day.

That may be a problem in February and if a 4 day Easter weekend starts on Friday 28th March.



You won't get your £5 if you miss a DD for that month.

Sad_Panda

I just set the account up, so maybe that's why, but when I log in to my Tesco Current Account, and then click on the 'Manage payments' option in the sidebar, there is no button next to 'Your Direct Debits' to set one up. Is this only for the internet savings accounts? Or am I just having to wait a bit?

colsten

It is savings accounts only for DDs, and the buttons you want once you have your 2 savings accounts are "Move Money In".

You cannot feed a current account by DD.

Sad_Panda

Great, so I'm just applying to open an internet savers account. I've set it for the first payment to be a direct debit of £1, and then a regular payment of £1 a month. Am I right in assuming that will be a direct debit still? And it's automatically done without me having to sign anything? There was a link to a Direct Debit Instruction that I could have printed off, but it didn't seem obligatory.

Jsscmm

Sad_Panda wrote: »

Great, so I'm just applying to open an internet savers account. I've set it for the first payment to be a direct debit of £1, and then a regular payment of £1 a month. Am I right in assuming that will be a direct debit still? And it's automatically done without me having to sign anything? There was a link to a Direct Debit Instruction that I could have printed off, but it didn't seem obligatory.

Tesco have always sent me a letter within a few days of setting up a new dd.

Not done a new one for at least a month or so though.