Savings accounts deposits by Direct Debit? UPDATED

notpennyless

Consumerist wrote: »

All accounts require 2 DDs to be paid out each month. The Reward account requires a minimum of £750 pm paid in and the (BoS) Vantage accounts require £1,000 pm paid in.

OK thanks for clarifying

Westie983

Vantage is bank of Scotland and you get Interest paid each month and the reward account is Halifax that pays £3 reward each month when two DD are paid out and funding criteria has been met (£750 for Halifax and £1000 for BOS)

jonnyjackov

As I need to satisfy the 2 DD's on my 3 BOS classic vantage account, is there a list of other bank accounts that will allow me to set up DD's. I have santander, barclays, halifax and natwest accounts, can I set up DD's from any of them to the BOS accounts. Sorry, a bit new to this nd a bit confused. Any advice would be much appreciated.

EDIT. Sorry, just saw the front page with the list. If I open a tesco saver acount for me and one for my wife, can I then pay a DD out of each of our 6 (3 each) BOS accounts, one direct debit from my wifes Tesco account and one from mine. So 2 DD's will be paid out of each BOS account, meeting the conditions. Sorry to sound thick, just trying to get my head around it. Thanks

Last question, from my Tesco internet saver account, can I only set up a direct debit to come from an account in my name, or can I have set up add to be taken from my wifes account in her name. Thanks

Ed-1

jonnyjackov wrote: »

As I need to satisfy the 2 DD's on my 3 BOS classic vantage account, is there a list of other bank accounts that will allow me to set up DD's. I have santander, barclays, halifax and natwest accounts, can I set up DD's from any of them to the BOS accounts. Sorry, a bit new to this nd a bit confused. Any advice would be much appreciated.

EDIT. Sorry, just saw the front page with the list. If I open a tesco saver acount for me and one for my wife, can I then pay a DD out of each of our 6 (3 each) BOS accounts, one direct debit from my wifes Tesco account and one from mine. So 2 DD's will be paid out of each BOS account, meeting the conditions. Sorry to sound thick, just trying to get my head around it. Thanks

Tesco's terms and conditions only allow you to set up linked accounts on your Tesco savings account from your own current accounts (including a joint account). When you input account details to set up a linked account with Tesco the system can now detect whether it is your own account and if it isn't it will be referred to their fraud team for checks. So only input account details that belong to you to set up direct debits from.

However, you can set up 2 direct debits to the same current account from one Tesco savings account by inputting a different account nickname each time you set it up. Alternatively, open 2 Tesco savings account and set one direct debit up from each.

jonnyjackov

Ed-1 wrote: »

Tesco's terms and conditions only allow you to set up linked accounts on your Tesco savings account from your own current accounts (including a joint account). When you input account details to set up a linked account with Tesco the system can now detect whether it is your own account and if it isn't it will be referred to their fraud team for checks. So only input account details that belong to you to set up direct debits from.

However, you can set up 2 direct debits to the same current account from one Tesco savings account by inputting a different account nickname each time you set it up. Alternatively, open 2 Tesco savings account and set one direct debit up from each.

Thanks for that info, have now read through the thread.

So I will open 2 BOS accounts in my name, and two in wifes name. Then open a tesco internet saver and a tesco instant access savings in my name and the same 2 tesco accounts in wifes name. Then set 2 DD's from each of my 2 tesco accounts to come from each of my BOS accounts, and also do the same for wifes 2 tesco and 2 BOS accounts. Does that sound ok. Thanks again for your help.

EDIT: Should I open 2 tesco internet saver accounts in my name, or am I best opening an internet saver and an instant access account. Thanks

Consumerist

jonnyjackov wrote: »

. . . EDIT: Should I open 2 tesco internet saver accounts in my name, or am I best opening an internet saver and an instant access account. Thanks

I have two Tesco Internet Savers but Tesco does reserve the right to limit the number of these accounts you can open.

I would think you could open two Internet Savers and two Instant Access Savers without problems but in most cases only two would be necessary for current-account DD qualifiers. Co-op Bank current accounts, however, do need four "different" DDs to qualify for their £4 pm Everyday Reward payments.

Vortigern

Consumerist wrote: »

I would think you could open two Internet Savers and two Instant Access Savers without problems...

It's possibly worth noting that a joint internet saver can pull DDs from the sole accounts of either party (and obviously from any joint accounts that need DDs)

ceredigion

Consumerist wrote: »

I have two Tesco Internet Savers but Tesco does reserve the right to limit the number of these accounts you can open.

I would think you could open two Internet Savers and two Instant Access Savers without problems but in most cases only two would be necessary for current-account DD qualifiers. Co-op Bank current accounts, however, do need four "different" DDs to qualify for their £4 pm Everyday Reward payments.

If you say so.

Hammercouple90

Good afternoon everyone. I've got my savings spread across TSB, Bank of Scotland, and Tesco high interest rate accounts.

First of all, thank you to waqasahmed for keeping this thread up to date. As with many of you, I found it hard to find a charity that (1) allowed £1 direct debits and (2) didn't spam me begging for more.

It's for that reason that I decided last month to register PayAQuid.co.uk to allow anyone to set up £1 direct debits quickly, easily, and securely. I've been using it on my accounts since January. Hope you find it useful too.

Any feedback appreciated.

NoodleDoodleMan

Apologies in advance if this has already been covered - but it might help any punters looking at Bank of Scotland Classic Vantage current accounts.

If the £1,000 minimum monthly pay in requirement is an obstacle - be aware that (surprisingly) it does not need to be from an external source, internal transfers are accepted.

The ideal position, (if you have £15 grand to save) is to open 3 x Vantage accounts (the maximum number allowed per person/couple) deposit £5,000 in each, action 2 x direct debits for minimal amounts from each, and set up a "round robin" of internal monthly standing orders to transfer the £1,000 into each.

You also get the maximum 3% on balances from £3,000 to £5,000 - so it works just as well if you can put away £3000 x three accounts.

A Tesco Internet Saver account is ideal for one DD at £1 from each of these Vantage accounts.

Works best for a couple - each sets up a Tesco Internet Saver and that gives you two accounts to satisfy the BoS direct debit requirement, if you also set up a TIS joint account that produces a third DD option.

Therefore a couple can save £30,000 at 3%, best case scenario, without any external pay in needed.

Hope this makes sense !!!