Tesco Current Account (3%) and DDs

scoot65

I'm application for the Tesco 3% current account is currently being processed.
Once this is up and running, can I then set up a Direct Debit to my Santander 123 current account to satisfy Santander's requirement to have two DD's set up?

Many thanks!

Uxb

Direct debits can only be set up for/by organisations collecting money from you.
You cannot set up a direct debit for yourself

eskbanker

No, but if you open a couple of their (Tesco) savings accounts you can do DDs from Santander with those. There aren't any current accounts (that I'm aware of) that can pull in a DD in the way you describe.

colsten

scoot65 wrote: »

I'm application for the Tesco 3% current account is currently being processed.
Once this is up and running, can I then set up a Direct Debit to my Santander 123 current account to satisfy Santander's requirement to have two DD's set up?

Many thanks!

The Tesco current account does not allow you to set up DDs from your other current accounts.

The two Tesco savings accounts do.

colsten

Uxb wrote: »

Direct debits can only be set up for/by organisations collecting money from you.
You cannot set up a direct debit for yourself

You are, strictly speaking, correct, you cannot set up a direct debit to yourself yourself. You can, however, instruct certain banks and building societies to collect money from your current accounts by Direct Debit, to be credited to certain savings accounts you hold with them.

So, effectively, you can set up a direct debit for yourself.

There is a very long thread somewhere that lists the savings accounts that are DD enabled, but Tesco's are the easiest.

scoot65

colsten wrote: »

The Tesco current account does not allow you to set up DDs from your other current accounts.

The two Tesco savings accounts do.

Oh dear, looks like I've applied for the wrong account!

I'm assuming that I need to get two Tesco Internet Savings accounts?
Incase I make a mistake again, what are the names of the Tesco Savings Accounts I need to look at?

eskbanker

Internet Saver and Instant Access Savings, see http://www.tescobank.com/savings/ for details....

scoot65

Many thanks for the reply.

Just one more question, am I correct in thinking that the DD's required by Santander 123 do not have to be paid monthly, they can be any any timescale, but do need to be active?

badger09

scoot65 wrote: »

Many thanks for the reply.

Just one more question, am I correct in thinking that the DD's required by Santander 123 do not have to be paid monthly, they can be any any timescale, but do need to be active?

You are correct

Also, if you've actually applied for the Tesco current account, why not use it? After reading the T&C of course! If you don't want to use it as another current account, you could use it as a 'donor' account for switching?

colsten

The current accounts cost £5 a month each if you don't pay in £750 a month.

zerog

colsten wrote: »

The current accounts cost £5 a month each if you don't pay in £750 a month.

But also earn 3% interest so worthwhile having if you have enough to fill it up