Savings accounts deposits by Direct Debit? UPDATED

Westie983

TheShape wrote: »

How long does it take to change the details of a Direct Debit? I've just set up two DDs with Tesco to pull from my FlexDirect Account.

I'm in the process of opening a new FlexAccount as a Donor Account to switch to M&S.

07/10/16 (10 days from now) is the earliest that I can set up the DDs. If my new Flex Account is set up soon can I amend the account details over to the new Flex Account more quickly than it takes to set up a new mandate or does a change of details actually set up a new mandate?

It will be a new mandate, hence the 10 days to set it up, once its set up you can amend the date and amount, straight away.

Changing the sort code and account number will create a new DD mandate, so you just need to wait till you see the DD showing on your new flex account.

KingL

twang72 wrote: »

I think red cross limit is £2 but I end up paying £3 a year on both charities and the 2 DD work just fine.

Red cross certainly is £2/per month minimum (if you are choosing the monthly (not annual) option). They get an extra 25% from the taxman if you tick the 'gift-aid' box.

flopsy1973

Ok so have read about lots of problems with tesco DD on here. So i have 3 BOS accounts i need to find DD for is the TEsco trick going to work?

thanks

greenglide

It is not a "trick" it is using the account in a perfectly logical way.

This is putting money into the account, not taking it out so it should be fine. Certainly existing direct debits will continue to work.

Opening a new account may take time! They insist on sending out letters that you have to sign and return and everyone may be busy with other things. Setting up the new direct debit may be delayed if the current restrictions continue.

satlad

Guys I have a question.

Can I Open a Tesco saver and put all my DDs to it. Example

2 DDs from Santander on different days (one on the 1st and the other on the 2nd of the month)
2 DDs from Lloyds on different days (one on the 1st and the other on the 2nd of the month)
6 DDs 2 from each of my Bank of Scotland on different days etc etc

or does each account require a DD to a different place??

chockydavid1983

I'm not sure if a single account would do it or not.
I have a Tesco Internet Saver and a Tesco Instant Access Saver and DD to each of them rather than sending 2 to 1.

YorkshireBoy

satlad wrote: »

2 DDs from Santander on different days (one on the 1st and the other on the 2nd of the month)

Santander DDs don't need to pay out every month do they?...they just need be set up.

Consumerist

YorkshireBoy wrote: »

Santander DDs don't need to pay out every month do they?...they just need be set up.

I think you might be referring to Santander DDs which call money from Santander accounts rather than DDs which call money into Santander accounts to raise a DD call from an external account. The external bank determines whether the DDs need to be paid or just set up to get account benefits.

ceredigion

Consumerist wrote: »

I think you might be referring to Santander DDs which call money from Santander accounts rather than DDs which call money into Santander accounts to raise a DD call from an external account. The external bank determines whether the DDs need to be paid or just set up to get account benefits.

You what !!!
DD's are pulled not called ( asked for ) and you completely lost me . I can also assure you that Yorkshireboy knows what he is talking about.

Consumerist

ceredigion wrote: »

You what !!!
DD's are pulled not called ( asked for ) and you completely lost me . I can also assure you that Yorkshireboy knows what he is talking about.

Keep your shirt on !