5% Savings Loophole

Westie983

Just make sure, you have made a payment in the month you are in before you change it to the 1st as this may mean you miss a month and sacrifice the interest and breach any T&C's that require monthly deposits

Also worth noting that those regular savers that dont require SO, and accept FP you can make these at weekends and BH, and this wont affect the payment, so you could fund on the 31st and then again in the early hours of the 1st.

dickdasdedly

Hi
I have two tesco current accounts im using as saving accounts for the 3%. Can i have two tesco easy access savings accounts as want them to generate two DDs from my Club Lloyds to meet Ts&Cs. Or can i have two DDs coming from the same tesco savings account for my Club Lloyds. If you follow me
Thanks

LXdaddy

dickdasdedly wrote: »

Hi
I have two tesco current accounts im using as saving accounts for the 3%. Can i have two tesco easy access savings accounts as want them to generate two DDs from my Club Lloyds to meet Ts&Cs. Or can i have two DDs coming from the same tesco savings account for my Club Lloyds. If you follow me
Thanks

There are two different accounts that allow you to link accounts at other banks and pull money using a direct debit. Instant Access and Internet Saver are what you should look at.


Some people have said that they have set up multiple relationships from one of these accounts to a single external account (using different references) and satisfied the DD requirements that way. I have not done that and I would be nervous about doing it - it MAY depend on the particular other bank as to whether or not this meets the terms of their account.

steve65e

LXdaddy wrote: »

There are two different accounts that allow you to link accounts at other banks and pull money using a direct debit. Insta Access and Internet Saver are what you should look at.


Some people have said that they have set up multiple relationships from one of these accounts to a single external account (using different references) and satisfied the DD requirements that way. I have not done that and I would be nervous about doing it - it MAY depend on the particular other bank as to whether or not this meets the terms of their account.

It seems to depend on whether the receiving bank regards the payments as separate mandates, or separate payments on the same mandate. I'm not sure whether that's anything we can control from our end. Why take the risk?

Mee

Just to add that Lloyds picked up on the (same) reference numbers from one of my T accounts and I lost some interest as a result...

Radaday

Can i Transfer from 1 Bank of Scotland account to, 2 BOS ac then, 3 BOS ac then to TSB ac in the same day

KTF

Yes you can.

peter_333

Mee wrote: »

Just to add that Lloyds picked up on the (same) reference numbers from one of my T accounts and I lost some interest as a result...

Has anyone else had experience with this? Has anyone had luck setting up two direct debits from a Club Lloyds account to a single Tesco Internet Saver and in doing so met the "two active direct debits" requirement?

berserker

not sure if this is old news but just spotted nationwide offering a 5% saver with 500 a month cap.

YorkshireBoy

berserker wrote: »

not sure if this is old news but just spotted nationwide offering a 5% saver with 500 a month cap.

Been running since last December, so early takers will have £2.5K in the account this coming Friday.