Ive ran out of Direct Debits to get the interest rates

Steve_xx

sjw64 wrote: »

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:

Anyone would think that this is a money saving site, or something!

badger09

Snowbelle wrote: »

Is it possible to open 2 Tesco Internet Saver accounts does anyone know please?

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.

I haven't checked the T&C recently, but in the past I have had 2 Tesco Internet Savers.

The bonus rate was only paid on one though, not that it matters if the main purpose of the accounts is not to earn interest

bsms1147

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.

You can have two. For current account DD reasons, they don't have to be different Tesco savings accounts, two of the same one will work.

crazycatlady1984

Steve_xx wrote: »

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.

Thanks, but I am "grasping what you are on about here", I just thought Standing Orders were what were used for this type of thing whereas direct debits were used for bill payments etc.

I understand now that these Tesco savings accounts are different in this regard, durhamviper explained it well when he stated that the difference is that SO's "push from" your account, DD's "pull to" the account.

roddydogs

If a £1 payment to a charity costs them more than that to process, why do they accept such low amounts?

YorkshireBoy

roddydogs wrote: »

If a £1 payment to a charity costs them more than that to process, why do they accept such low amounts?

I think it's much less than that. I remember someone on here did some research at the time Halifax changed their Reward T&Cs (May 2013?) and found it was just a few pence.

Edited to add: I still wouldn't use charity DDs though, as it doesn't sit right with me. If I want to 'give', I'll do it properly...and with Gift Aid.

colsten

crazycatlady1984 wrote: »

Thanks, but I am "grasping what you are on about here", I just thought Standing Orders were what were used for this type of thing whereas direct debits were used for bill payments etc.

If a bank pre-reqs DDs for a certain perk, you must use DDs to get the perk. If you don't have any DDs, you can't replace them with SOs and you won't get the perk.

Most savings accounts do not support DDs but some of them do and it is those that are of use for the purposes of this thread. Most do also support SOs but that's of no relevance for the purposes of this thread.

crazycatlady1984

colsten wrote: »

If a bank pre-reqs DDs for a certain perk, you must use DDs to get the perk. If you don't have any DDs, you can't replace them with SOs and you won't get the perk.

Most savings accounts do not support DDs but some of them do and it is those that are of use for the purposes of this thread. Most do also support SOs but that's of no relevance for the purposes of this thread.

Thank you, I understand that now.

I was under the impression that anything from yourself to a savings account was a SO (which I now understand to not be the case with Tesco Savings - it creates a DD). I was concerned that the OP would set all this up in order to get the perks only to discover that they were classed and SO's and therefore would not count towards satisfying the DD requirement. I understand now that Tesco savings account allow you to "pull" the money from your account, therefore creating a DD (as opposed to a SO).