Savings accounts deposits by Direct Debit? UPDATED

NoodleDoodleMan

Removed - mistake on my part, sorry.

Consumerist

NoodleDoodleMan wrote: »

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

But two Tesco Internet Saver accounts would be better.

Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)

lcfcstephen

Consumerist wrote: »

But two Tesco Internet Saver accounts would be better.

Any number of current-accounts can be serviced from these two accounts (except Co-op which needs four DDs monthly.)

Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

ColdIron

I would think that using 2 different dates per Internet Saver might increase the chances of success, just a guess

Consumerist

lcfcstephen wrote: »

Or you can set up a weekly direct debit and this will ensure that there are four direct debits paying out each month. I presume it works, had just set this up and was going to try it. Anyone found it not work?

Interesting.

Some current accounts require a minimum of two "different" DDs paid from the account monthly. I've never been quite sure what that really means. Are four/five DDs paid monthly to the same account regarded as "different" ?

Please let us know how you get on.

lcfcstephen

IanManc wrote: »

Where for direct debits a month are specified you need four different direct debits each month, not the same direct debit taken four times in a month.

Clue: if you look at the direct debits field on internet banking for the account you're drawing money from, it will show one direct debit, paying out weekly. That's one direct debit, not four.

So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account

Consumerist

lcfcstephen wrote: »

So if for example I set up four different monthly ones up this might work? As in a monthly one on the 7th, 14th, 21st and 24th. That then wouldn't be the same direct debit, but would still be the same account

I suspect that it may be the receiving account they will looking at to determine whether a DD qualifies as "different". Then again, one bank may accept multiple DDs to the same account whilst another doesn't.

This issue looks to be one that might only be answered by trial and error.

ceredigion

IanManc wrote: »

The terms and conditions say:

6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.

What doesn't it say ?
from Halifax's T&Cs
"pay out at least 2 different direct debits "

Consumerist

An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly STRIKE]from[/STRIKE into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?

ceredigion

IanManc wrote: »

The terms and conditions say:

6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.

Consumerist wrote: »

An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly STRIKE]from[/STRIKE into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?

I have had a posted deleted on this subject in the last 24hours and I have no intention of offending or upsetting anybody. So after this I shall bow out of the argument.
However , I would like to say politely that my interpretations of the T&C's is the right one. How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive . Which ive actually had 3 times out of co-op , which is what you get by being able to read , comprehend and understand what is not written in the published conditions.
I don't care if you believe me or not , its no skin off my nose, I only engaged in this conversation in the first place to try and help others out and make their lives simpler. Shan't bother next time .