5% Savings Loophole

KTF

I also noticed that it linked additional ones to a non existent account so waiting to see if that changes.

NoodleDoodleMan

I had the same experience yesterday - opened a different type of phantom account which I eventually deleted.

One of the advisers told me that you can open two single online savers, and one joint one as well.

In the latter option I asked if both account holders could set up a separate DD to feed it - that seemed to be unexpected possibility and the yes response was far from convincing.

MONEYTREE_2

AR2012 I am in total AWE of your graphic. I even screen-shotted and saved it to my hard drive.

My own "money-go-round" is scribbled on paper in biro. Seeing yours makes me ashamed of it!

Thank you Noodledoodle for flagging up about Tesco. They have not told me so far. I only set my DD up 3 months ago! Grr!

As for finding a charity that will accept £1 DD, I am paying some DDs into the FireFighters Lottery. You are giving to a good cause (traumatised firefighters) AND you have a chance to win as it's a lottery.

I shall now remove my £4 from Tesco and give it to the brave firemen and women!

MONEYTREE_2

Did Tesco stop this because of us using it for the money-go-round thing to get bank incentives?

skydog

Tesco's explanation is in terms of new legislation about sharing personal details, following the changes to data protection laws. Not sure I follow their reasoning, as it implies direct debits are against the law? Shurely shome mishtake?

MONEYTREE_2

Sky dog

I phoned them yesterday to close my account and demanded to know why this DD credit was being stopped. He said it was because of some "fraudulent activity on some accounts."

I said, "and for that every one of us is being penalised?"

Anyway, they have closed it so I am also looking for another savings account that will accept DD.

Anyone?

colsten

MONEYTREE wrote: »

Anyway, they have closed it so I am also looking for another savings account that will accept DD.

Anyone?

You'd hope that those who know of such accounts won't make the mistake that was made with the Tesco savings accounts.

MONEYTREE_2

Friends,

I have closed my Tesco and just this minute opened a Post Office Online Saver. It took 3 minutes and the DD is all set up!

Sorted!!!!

skydog

In this morning's conversation with PO, they say there can only be ONE nominated account associated with the Online Saver. I asked about making DDs from other accounts, and was told 'it should be easy' but I'm waiting for a callback to explain the process. Watch this space . . .

skydog

So this morning I talked to another adviser at the Post Office. This gentleman told me the Online Saver can have only ONE nominated account, and that it is NOT possible to set up direct debits from other accounts. This scuppers this account for sending DDs from multiple interest-earning current accounts.
I wasn't filled with confidence that I was getting reliable info here, he struggled with the difference between DD and Standing Order, so I'm still waiting for the point where the account opens fully, with the first deposit from my nominated account.