Savings accounts deposits by Direct Debit? UPDATED

NoodleDoodleMan

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.

NoodleDoodleMan

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!

Apologies if I've misunderstood.

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.

NoodleDoodleMan

Another thought has just occurred to me - in respect of weekly DD deductions for Tesco.

Can you set it up to come off on the 1st of the month, and three times thereafter (8th, 15th and 22nd) - or would it also make a fifth deduction on 29th or 30th or 31st in an appropriate month ?

What if the 1st falls on a Saturday when the payment would go on Monday 3rd - would subsequent payments follow this date pattern, - 10th, 17th and 24th ?

changearound

NoodleDoodleMan wrote: »

Can you set it up to come off on the 1st of the month, and three times thereafter (8th, 15th and 22nd) - or would it also make a fifth deduction on 29th or 30th or 31st in an appropriate month ?

What if the 1st falls on a Saturday when the payment would go on Monday 3rd - would subsequent payments follow this date pattern, - 10th, 17th and 24th ?

If you set the DDs to weekly then yes, you will get some 5 DD months. To avoid this, you could set up 4 monthly DDs each on a different day.

In your 2nd scenario the DDs would initially be drawn on the 10th 17th and 24th as these will also be Mondays. When a new month starts, the DD will reset to the 1st, 8th etc. or if these are weekends, the next working day.

eskbanker

NoodleDoodleMan wrote: »

Another thought has just occurred to me - in respect of weekly DD deductions for Tesco.

Can you set it up to come off on the 1st of the month, and three times thereafter (8th, 15th and 22nd) - or would it also make a fifth deduction on 29th or 30th or 31st in an appropriate month ?

What if the 1st falls on a Saturday when the payment would go on Monday 3rd - would subsequent payments follow this date pattern, - 10th, 17th and 24th ?

It looks like you're over-thinking this!

Tesco's regular payments facility offers weekly, monthly or 4-weekly options only, so you could only automate 4 weeks out of 5 by setting up multiple monthly transfers, but why would you want to anyway, i.e. what's the issue with 5 DDs going through some months? And what does it matter if payments go through on Mondays or Saturdays, as there will be at least four of every weekday each month?

Having said that, those who set things up this way often use midweek days, e.g. every Wednesday, to minimise the effect of bank holidays, although as I understand it Tesco Bank transacts seven days a week anyway!

NoodleDoodleMan

Thanks Gents, all is now clear, not ever having used weekly DDs previously.

adindas

I just checked my Tesco Current Accounts a few minutes ago and I could see now that there is already three different direct debits are running on each account.

It is much easier than I would have expected. Sometimes it is good to experiment or to try the thing that other people might not have tried.

I do not actually need it at the moment, but just for future proof if thee require three DDs such as what they have done to new accounts.

Vortigern

adindas wrote: »

It is much easier than I would have expected. Sometimes it is good to experiment or to try the thing that other people might not have tried.

What exactly have you done to create DDs on your Tesco current accounts? If you've discovered a new source for DDs, please tell us, otherwise your post adds nothing to this thread.

adindas

Vortigern wrote: »

What exactly have you done to create DDs on your Tesco current accounts? If you've discovered a new source for DDs, please tell us, otherwise your post adds nothing to this thread.

Check your PM
I prefer not to put it in public as if there are too many people doing this they might stop it.

All of that info is actually available on this thread. People need to have courage to experiment and never get patronized by other member who thing they know more than you.

surreysaver

I see Tesco are now paying 1.16% on new Internet Savers