Skipton b/society 1.20%

General_Grant

robotrobo wrote: »

hi yorky.
im a bit old fashioned & always thought that the person recieving the money eg b/gas would then send a d/d form for you to sign!!, i did not know that you can create your own ,

so i can instruct\create a d/d back to one of my current accounts or 123 accounts, is that right?.

regards.
mr bean

Not sure that I've understood your question, but . . .

you can set up (create) DDs for Tesco (and a reducing number of other financial institutions) to collect funds from current accounts.

you cannot instruct for a DD back to one of your personal accounts because that would be you being the originator of the DD, not something you can do

The Tesco DD has Tesco as the originator (ie to whom the funds are received) though they are using the instructions to them given by you.

robotrobo

General_Grant wrote: »

Not sure that I've understood your question, but . . .

you can set up (create) DDs for Tesco (and a reducing number of other financial institutions) to collect funds from current accounts.

you cannot instruct for a DD back to one of your personal accounts because that would be you being the originator of the DD, not something you can do

The Tesco DD has Tesco as the originator (ie to whom the funds are received) though they are using the instructions to them given by you.

thanks for the reply granty! , but i have still not grasped it!.

Everyone talks about opening a tesco account ,so that you can create or use the account to meet the t&c of the other accounts i am going to open shortly , thats why i have opened a tesco current account, im going to put £3k in it & fund it with 750 every month , with the money dipping in & out, & then create somehow the d/d needed to get the new accounts going.
im not a novice at opening accounts , but now i am short of d/d for the new c/accounts that i want,

YorkshireBoy

robotrobo wrote: »

thanks for the reply granty! , but i have still not grasped it!.

Everyone talks about opening a tesco account ,so that you can create or use the account to meet the t&c of the other accounts i am going to open shortly , thats why i have opened a tesco current account

You need Tesco savings accounts for the DDs to pull from accounts such as Halifax (for the fivers) and Lloyds (for the 4% AER).

Tesco current accounts are only any good for getting 3% AER interest on.

If you go read my posts again you'll see I talk of savings accounts, not current accounts, with Tesco, for the purposes of setting up DDs.


EDIT: What was that noise? Was it the sound of a penny dropping?

robotrobo

YorkshireBoy wrote: »

You need Tesco savings accounts for the DDs to pull from accounts such as Halifax (for the fivers) and Lloyds (for the 4% AER).

Tesco current accounts are only any good for getting 3% AER interest on.

If you go read my posts again you'll see I talk of savings accounts, not current accounts, with Tesco, for the purposes of setting up DDs.


EDIT: What was that noise? Was it the sound of a penny dropping?

.

so i have opened the wrong account for the d/debits!


so now i need to open a savings account with tesco!.


now will you believe me when i say im thick!


can i yet say the penny has dropped yet?.

YorkshireBoy

robotrobo wrote: »

.

so i have opened the wrong account for the d/debits!


so now i need to open a savings account with tesco!.


now will you believe me when i say im thick!


can i yet say the penny has dropped yet?.

You need to open 2 Tesco savings accounts. Their names are 'Internet Saver' and 'Instant Access Savings Account. You can open two of the same, or one of each...it doesn't matter.

Once open, in your Tesco online area, you can create some direct debits on each of them. These direct debits will pull funds from the current account they're linked to.

So for example, if you wanted a pair for a Lloyds current account, you'd set one up on each of the savings accounts.

If you then wanted another pair for a Halifax Reward current account, you'd do the same again.

Because they are two different accounts (even if you open 2 of the same), they count as 2 different DD mandates on the Halifax & Lloyds accounts, thereby meeting their interest/reward criteria that "each month you must pay out two different direct debits".
It's really very easy. Once you've opened the Tesco savings accounts, look for 'Move Money In' in your online area and all will become clear...hopefully!

robotrobo

YorkshireBoy wrote: »

You need to open 2 Tesco savings accounts. Their names are 'Internet Saver' and 'Instant Access Savings Account. You can open two of the same, or one of each...it doesn't matter.

Once open, in your Tesco online area, you can create some direct debits on each of them. These direct debits will pull funds from the current account they're linked to.

So for example, if you wanted a pair for a Lloyds current account, you'd set one up on each of the savings accounts.

If you then wanted another pair for a Halifax Reward current account, you'd do the same again.


Because they are two different accounts (even if you open 2 of the same), they count as 2 different DD mandates on the Halifax & Lloyds accounts, thereby meeting their interest/reward criteria that "each month you must pay out two different direct debits".
It's really very easy. Once you've opened the Tesco savings accounts, look for 'Move Money In' in your online area and all will become clear...hopefully!

so what i have at the moment is a new tesco current account !, thats no good for the d/d that i require.
so all i can do with that is fund it with £3k & feed it with 750 per month as t&c, to recieve the 3% int.


im waiting for the post with my new debit card no , to allow me to access my new online account.


ive still got the penny!.

but i appreciate your patience.

YorkshireBoy

robotrobo wrote: »

so what i have at the moment is a new tesco current account !, thats no good for the d/d that i require.

Correct.

so all i can do with that is fund it with £3k & feed it with 750 per month as t&c, to recieve the 3% int.

If you're looking to save on admin time, and if you have the cash, it's better to have two of these.


You can then dump £2,960 in each, set up a pair of £750 cross-funding SOs, and sit back and do nothing for 6 months!...because with just under £6 a month interest on each, it'll be 7 months before you need to syphon off anything over £3K. That's not to say you shouldn't log in periodically to check all is OK, which will take all of 30 seconds.


Alternatively, fill the accounts to the brim and set up your SOs as follows:


£750 Tesco1>Tesco2
£756 Tesco2>Tesco1
£12 Tesco1>some other account elsewhere.

robotrobo

YorkshireBoy wrote: »

Alternatively, fill the accounts to the brim and set up your SOs as follows:


£750 Tesco1>Tesco2
£756 Tesco2>Tesco1
£12 Tesco1>some other account elsewhere.

yes yorky , i have mastered that one , as i transfer monthly the interest back to 123 accounts. from the 6 TSB 2K ACCOUNTS


i have still time not to fund the current tesco account.

what do you think?

YorkshireBoy

robotrobo wrote: »

i have still time not to fund the current tesco account.

what do you think?

I'd keep it, and add more accounts...if you have the funds?


Or alternatively, and if you haven't already got them, BoS Vantage will take £15K per person (so £30K for the two of you). At £5K per account that'd be up to 6 accounts though.

robotrobo

YorkshireBoy wrote: »

I'd keep it, and add more accounts...if you have the funds?


Or alternatively, and if you haven't already got them, BoS Vantage will take £15K per person (so £30K for the two of you). At £5K per account that'd be up to 6 accounts though.

OK boss! i will keep the tesco current account , just the one , so when i get the debit card which will allow me to access my account on line to fund it, should get card tomoz.

ive had to reduce the 123 85k , so i do have the money to do the other things !, but do i need the d/d to fund them ?, if so im back to square one arnt i?,