Direct Debit advice

talexuser

I'm running out of organisations for DDs to satisfy the various current accounts to take advantage of their interest rates. I'm in the process of opening a Tesco current account because seem to remember reading here that you can use this account to generate DDs.

Can I set up a DD at eg Santander using the Tesco account details and transfer the required £750 a month killing 2 birds with one stone? And if so would that work with eg 2 Santanders and 2 Tescos.

Vortigern

You need a Tesco savings account or two. Their savings accounts can pull money in by DD from current accounts elsewhere. I doubt that the Tesco current account will be able to do this.

ColdIron

Don't forget Paypal, you can't automate it but once a month is easy enough and you can set up as many DDs as you like

colsten

Santander doesn't need the DDs to pay monthly. The DDs just need to be set up. As DDs that have not paid for more than 13 months can be deleted without notice, it would make sense though to have them pay at least anually.

Santander only needs £500 paying in each month, not £750. Whilst it would be possible to pay £500 by DD to a Tesco savings account, I don't think you can set up regular automatic payments out of a Tesco savings account to an account at another bank but I would be happy to be proven wrong.

I think keeping the required DDs totally separate from the minimum monthly deposits is the least confusing set up. The DDs are easy to set up to work fully automatically with two Tesco savings accounts. The minimum monthly deposits are easy to set up to work fully automatically as Standing Orders between current accounts at different banks. Vortigern is right, Tesco current accounts don't offer any facility to pull money into them via DD - no current account does. But all current accounts do Standing Orders.

talexuser

Thanks, I've opened the Tescos because already have 2 Santanders, 2 TSBs, Nationwide, Halifax, Lloyds etc etc. It looks like a couple of Tesco savings are now needed to gain some DDs for the others. I already churn 500 for the Santanders, the 750 a month is needed to get interest on the Tescos.

A lot of hoops to jump through, but how else can we get one up on the current situation...