Ive ran out of Direct Debits to get the interest rates

Steve_xx

anotheruser wrote: »

No wonder there are so many "forgotten" bank accounts out there.

Some people are just being greedy. If you're desperate for the extra £90 a year, spend your time getting a better job rather than scrabbling over the interest rates.

What complete and utter tosh. People are desperate to keep hold of their dosh given abysmal interest rates that serve only to reward those who frittered at the expense of those who actually provide.

Where savings are concerned, "greed" doesn't enter into the equation.

colsten

anotheruser wrote: »

No wonder there are so many "forgotten" bank accounts out there.

Some people are just being greedy. If you're desperate for the extra £90 a year, spend your time getting a better job rather than scrabbling over the interest rates.

You don't have to chase the best interest rates if you don't want to. But please leave other people to look after their money in the way they see fit and refrain from calling them greedy and let it be their problem to look after multiple accounts.

Also open your mind to the fact that some savers are in their well deserved retirement and don't insult them by suggesting they should look for a better job.

Snowbelle

Steve_xx wrote: »

Yes you can open two. However, there are two Tesco accounts with slightly differing names. If you need them primarily for the direct debits on other accounts then simply go for one of each, ie Internet Saver and Instant Access Savings.

Looking at the Instant Access Savings I believe this is issued with a card and would prefer not to have one unless there is an option during set up?

Mattygroves2

HHarry wrote: »

Set up a DD to Cancer Research and Wateraid. Doing it for £1 is a little tight, as it will cost them a fee to process, but it resolves your problem.

Or follow the advice above and do what we all do, and open 2 Tesco savings accounts so you can pay in to them by DD. It really isn't that complicated or difficult.

Please don't do this for a charity DD of only £1. It will cost the charity concerned much more than that to claim the money each month - they will have to pay bank charges for each transaction as well as the administration cost of processing it all.

colsten

Snowbelle wrote: »

Looking at the Instant Access Savings I believe this is issued with a card and would prefer not to have one unless there is an option during set up?

I never got a card for my Tesco savings accounts but if you do get one and don't want it, you could just cut it up?

Snowbelle

colsten wrote: »

I never got a card for my Tesco savings accounts but if you do get one and don't want it, you could just cut it up?

Yes that's true - thanks.

sjw64

anotheruser wrote: »

No wonder there are so many "forgotten" bank accounts out there.

Some people are just being greedy. If you're desperate for the extra £90 a year, spend your time getting a better job rather than scrabbling over the interest rates.

What a pathetic point. By "scrabbling" over interest rates as you put it, I can make over £250 per month for simply taking advantage of various bank interest rates (hence why I started this thread and why it was important for me to understand the DD methods). But hey ho sunshine you carry on searching for that better job while I put my feet up with early retirement at 50!

:beer:

crazycatlady1984

Maybe I am wrong here, but is setting up regular payments into a savings account not classed as a Standing Order rather than a Direct Debit?

If you are needing to increase your DD's, did you know that with the new laws on tax discs you can now pay your road tax by direct debit? What about paying gas and elec separately if they are currently in the one payment? Or buildings and contents insurance?

Or Netflix, £5.99 per month

Or there are plenty charities that would be grateful for a regular donation from about £3 per month upwards.

durhamviper

crazycatlady1984 wrote: »

Maybe I am wrong here, but is setting up regular payments into a savings account not classed as a Standing Order rather than a Direct Debit?

If you use Tesco savings accounts, and set it up the payment in the savings account to 'pull' the amount, it will use the Direct Debit. Standing Order is when you 'push' the payment from your Current Account.

Steve_xx

crazycatlady1984 wrote: »

Maybe I am wrong here, but is setting up regular payments into a savings account not classed as a Standing Order rather than a Direct Debit?

If you are needing to increase your DD's, did you know that with the new laws on tax discs you can now pay your road tax by direct debit? What about paying gas and elec separately if they are currently in the one payment? Or buildings and contents insurance?

Or Netflix, £5.99 per month

Or there are plenty charities that would be grateful for a regular donation from about £3 per month upwards.

You're not grasping what we're on about here. With Tesco savings accounts you can pull money to them from your other bank accounts. In effect creating Direct Debit mandates to yourself. A tad unusual I know, but there it is.