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Savings accounts deposits by Direct Debit? UPDATED
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If your live chat was with Co-op rather than Tesco then yes, ignore them as they won't know Tesco use DDs to fund savings accounts.
I use Tesco DDs in qualifying for Co-op's Everyday Rewards scheme - my account isn't an Everyday Extra packaged account but it's the same terms of the Rewards add-on scheme that apply, i.e. http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/everyday-rewards/terms-and-conditions.pdf.
You seem to have been talking to a lot of advisers! As ever, the written Ts & Cs are the place to go rather than relying on anything verbal - unusually these do only state "at least four Direct Debits must be paid from the Nominated Account during that Calendar Month" whereas most such clauses require different DD mandates. I'm pretty sure that a poster on here uses the same DD (i.e. to the same account) multiple times per month which does seem compliant with that wording, but I pay DDs to four different Tesco accounts myself.
My Coop account is used to fund four tesco accounts and is shown on my coop online banking as four seperate DD mandates. I pay two DD on the 1st of the month and the final two on the 21st.
I have been doing this since they launched the reward account and have been given £4 a month for doing so.
I pay the DD out, pay in £800 in (and back out on payday) and do this by logging into internet banking to transfer the money back to where it came from so I meet all the criteria set out in the T&C's
So yes you can use Tesco for all of the DD as long as they are shown as separate mandates on your internet banking.
Westie983I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
So yes you can use Tesco for all of the DD as long as they are shown as separate mandates on your internet banking.0
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Thank you both.
That answers my points, I'm obliged. :T0 -
One mandate paying weekly has always worked for me.0
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I think you may have missed the point I was making, which was that paying out four separate mandates does of course work (and I do it this way to be on the safe side as it were), but that another poster on here claims to satisfy the Co-op requirement with just one DD mandate, executed at least four times a month. Simply restating that separate mandates work doesn't actually disprove the assertion that you can cover the requirement with one....
my mistake I miss read your post, I thought you were saying can it work with just one company.
Westie983I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
One mandate paying weekly has always worked for me.
I hadn't thought of that.
The Co-op Bank recognises that as four separate DDs ?
Do any of the other "normal suspects" banks accept this type of weekly DD going to one external account to meet their outgoing multiple DD terms and conditions ?
Apologies if this appears as a silly question.
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NoodleDoodleMan wrote: »Do any of the other "normal suspects" banks accept this type of weekly DD going to one external account to meet their outgoing multiple DD terms and conditions ?
Apologies if this appears as a silly question.0 -
With no (published) limit to the number of accounts you can hold with the 'go to' provider for DDs, there's really no need to gamble with one account/4 pulls!0
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Thanks Eskbanker.
The confusion with Co-op bank started with the adviser who told me that 4 DDs each to a different external organisation/ company/firm etc. were required.
When I sought a second opinion the next adviser informed me categorically that only standing orders were applicable to transfers to external savings accounts, no exceptions.
Now I have a handle on what's what.
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With no (published) limit to the number of accounts you can hold with the 'go to' provider for DDs, there's really no need to gamble with one account/4 pulls!
Co-op were saying that no external savings account qualified for DD pulls.
Subsequent enquiries here have confirmed this is not so - for which I'm grateful.0
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