5% Savings Loophole

pafpcg

KTF wrote: »

You could add a second TSB account

Didn't TSB restrict the number of ClassicPlus accounts to ONE per individual (plus one joint account) a year or more ago? Only some of us are lucky to still have two accounts each and even that may change - TSB flagged up their intention to close multiple accounts when the interest rates changed at the start of 2017, but they have yet to announce a date.

sensiblelady

Thanks for the explanation I just wish I had known I could have done that! Bit disingenuous on TSB part. x

xylophone

I just wish I had known I could have done that

Only if you had the option - a regular saver restricts the amount you can save each month.

NoodleDoodleMan

If anybody is using Tesco online savings accounts to provide Direct Debits to satisfy the terms and conditions of external bank accounts which offer benefits.

Be aware that Tesco Bank has just announced that as of 22nd April 2018 they will no longer accept DDs into such accounts, and all existing DDs will be cancelled.

That'll go down like a lead balloon.

peter_333

Well that puts a massive spanner in the works!
:mad:

Rosie1980

I got the updated terms in the post this morning. Will have to rethink my accounts as I use a lot of Tesco savings account direct debits. Still it was good while it lasted and I should imagine a few more charities will benefit from the change in Tesco's rules, so it isn't all bad.

teddysmum

Rosie1980 wrote: »

I got the updated terms in the post this morning. Will have to rethink my accounts as I use a lot of Tesco savings account direct debits. Still it was good while it lasted and I should imagine a few more charities will benefit from the change in Tesco's rules, so it isn't all bad.

People will have to find charities willing to take just the £1/month suggested, as we don't know their costs involved in processing direct debits .

KTF

I still have DD setup on an old Santander esaver account for my Halifax Reward accounts so thats 1 I can use.

Finding another account to set up a new second one is going to be a challenge though.
This is going to be a problem for accounts like the Halifax Reward

NoodleDoodleMan

I had a look at the Post Office Online Saver account - I 'phoned the call centre and two separate fellas advised me that you can link up as many external current accounts as you want to pull in DDs.

I'm far from convinced that is correct.

I've opened one with a nominated linked account and then went on to add a second current account with a different bank - it takes one working day to confirm and set up.

I'll flag up any developments, but I'm not confident this will work.

For anybody who has not yet received the changes booklet.

skydog

I got the same advice as NoodleDoodleMan from a lady at the post office, so I've also opened an Online Saver account. I've added a second nominated account, but the interface is a little confusing, as it seems to be linking to another type of post office account, which I haven't opened. I'll have to wait until next week to see if it's worked - I'll post on here when it updates. Be interesting to see how it copes with my other 18 DDs . . .