Setting up dd from lloyds club account.

cjj_2

Hi
I've recently opened a lloyds club account and need 2 x dd for the interest to be paid.
I have a tesco savings and po savings but I actually don't know where to start with setting dd's up. I know it's a stupid question but could someone please advise me. Many, many thanks

eskbanker

For Tesco, go to the online banking and the 'move money in' section to set up the Lloyds account as a linked account. You can then schedule monthly payments to pull a nominal amount (e.g. £1) in from the Lloyds account, which will be handled as a direct debit.

I'm not familiar with the PO process but imagine it'll be similar.

cjj_2

eskbanker wrote: »

For Tesco, go to the online banking and the 'move money in' section to set up the Lloyds account as a linked account. You can then schedule monthly payments to pull a nominal amount (e.g. £1) in from the Lloyds account, which will be handled as a direct debit.

I'm not familiar with the PO process but imagine it'll be similar.

Thankyou

colsten

PO only caters for 1 DD ever at any one point in time. Tesco does multiples / unlimited.

cjj_2

colsten wrote: »

PO only caters for 1 DD ever at any one point in time. Tesco does multiples / unlimited.

Thanks can you draw money via dd from a relatives club account as oh also needs to set up 2x dd. so would be easy to use my tesco account for 1 if allowed. tia

colsten

Generally, when filling in a DD mandate, people declare that the account the money comes from is an account in their own name (and Tesco have been reported on here to check this).

As any "move in money" on a Tesco savings account can only be done by the account holder, the account holder can only set up a DD to their own current accounts if they wish to stay truthful (which is obviously the only approach anyone should use when dealing with a bank).

It shouldn't be a problem for every Club Lloyds holder to set up their own Tesco savings accounts. If it's too much work, they should be finding some other qualifying DDs, or forfeit the interest on their Club Lloyds.

YorkshireBoy

cjj wrote: »

Thanks can you draw money via dd from a relatives club account as oh also needs to set up 2x dd. so would be easy to use my tesco account for 1 if allowed. tia

I seem to remember the Tesco Savings DDI/mandate form (or maybe some other info on their website?) stipulates the current account needs to be in your own name.

However, I've also seen reports on here from posters saying they've successfully linked to a partner's current account.

But why doesn't he set up his own Tesco account(s) and take away the hassle?

colsten

YorkshireBoy wrote: »

However, I've also seen reports on here from posters saying they've successfully linked to a partner's current account.

I might be wrong but can't recall such reports. I can remember though that people discussed Tesco DDs from joint Club Lloyds accounts, as the DDhad been stopped due to problems with different names on the accounts.

YorkshireBoy wrote: »

But why doesn't he set up his own Tesco account(s) and take away the hassle?

yep, that's the easy answer.

irm

YorkshireBoy wrote: »

However, I've also seen reports on here from posters saying they've successfully linked to a partner's current account.

Both myself and my wife managed this when setting up DDs for our Club Lloyds a couple of months ago. However, I was trying to do similar for another account just the other day and it gave both of us the "we'll get back to you in 5 days" failed message - I'm still waiting on the response, but I'd imagine it's probably time for a second saver account each...

YorkshireBoy

irm wrote: »

Both myself and my wife managed this when setting up DDs for our Club Lloyds.

A joint Club Lloyds account? Or 2 sole accounts each sharing DD(s) from one set of Tesco savings accounts in one of your names?

irm

YorkshireBoy wrote: »

A joint Club Lloyds account? Or 2 sole accounts each sharing DD(s) from one set of Tesco savings accounts in one of your names?

Two sole CL accounts and a single Tesco saver each.