2 direct debits

Vortigern

xirokx wrote: »

Tesco do so many different savings account - which one do I need?

Which two do you precisely recommend from here?

1 internet saver & 1 instant access saver.
You don't want fixed term or ISA
http://www.tescobank.com/savings/flexible/

Archi_Bald

xirokx wrote: »

Tesco do so many different savings account

Really? All I can see here is

1. Instant Access Savings account - sounds a good candidate as it offers instant access and DDs
2. Internet Saver - sounds a good candidate as it offers instant access and DDs
3. Fixed Rate Savers, various lengths - do not sound good candidates as these only allow one deposit, and min deposit is £2,000
4. Fixed Rate cash ISA - does not sound a good candidate, not least because you can only deposit for 30 days from opening
5. Instant Access Cash ISA - does not sound a good candidate as it might interfere with your ISA strategy
6. Junior Cash ISA - does not sound a good candidate as you are probably not a junior

You need 2 accounts to enable 2 separate DDs, you have 2 good candidates.......not too hard to come to a quick decision, is it?

SuperHan

TV Licence and council tax are the one's I move around frequently as they can be changed online.

Switch to paying for these monthly and by DD and then you have two to move around at your will.

grumbler

Council tax DD is supposed to remain in your Santander 123 account.
TV license can be paid by a cashback credit card.

SuperHan

grumbler wrote: »

Council tax DD is supposed to remain in your Santander 123 account.
TV license can be paid by a cashback credit card.

True... Maybe not the most economic ones to move! Sometimes I'm happy to pay a little for the easy path though

Princess_x

I think I made a mistake but hoping someone can clarify.

I basically opened 2 savings accounts on Wednesday this week and set up the DD's. I wanted to switch my Halifax account to Co-op and I called up to get the switching started and it basically starts today (Friday). I didn't really think about the fact that the DD's will obviously take time to set up stupidly and the first available DD payment was 3rd March. The switch completes on the 2nd. Does this mean the DD isn't transferred over as first payment is after the switch? Or does it not matter? I've never done a savings account DD before so I don't know when the DD is supposed to be finalised.

I wouldn't have rushed this if it wasn't for the fact that the terms of Co-op stated new customers had to start the switch within 14 days of opening the account and I was just about within that time frame.


Also just to check, I can use the same savings accounts to set up more DD's on another account, correct? As I've noticed Nationwide also require them.

Thanks.

YorkshireBoy

Princess_x wrote: »

The switch completes on the 2nd. Does this mean the DD isn't transferred over as first payment is after the switch?

I've never cut it so fine personally, but there may be a chance of the DDI showing at Halifax before the second and that could mean it will be transferred?

I wouldn't have rushed this if it wasn't for the fact that the terms of Co-op stated new customers had to start the switch within 14 days of opening the account and I was just about within that time frame.

My understanding of the Co-op switching incentive T&Cs is that you must request a switch within 14 days, but you could request an actual switch date for several days/weeks later? ie there was no need to go for the earliest possible date.

Also just to check, I can use the same savings accounts to set up more DD's on another account, correct? As I've noticed Nationwide also require them.

That would depend on which savings accounts you've opened wouldn't it?

Princess_x

YorkshireBoy wrote: »

I've never cut it so fine personally, but there may be a chance of the DDI showing at Halifax before the second and that could mean it will be transferred?

That's what i'm hoping for so I'm going to be keeping a close eye on the Halifax app that shows the direct debits for each account.

My understanding of the Co-op switching incentive T&Cs is that you must request a switch within 14 days, but you could request an actual switch date for several days/weeks later? ie there was no need to go for the earliest possible date.

That's true, but I thought the DDs would have already been set up.

That would depend on which savings accounts you've opened wouldn't it?

The Tesco ones that were mentioned on this thread.

isingh1

opening the 2 tesco savings account - would they each require a credit check?

Archi_Bald

No credit checks for savings accounts. They might still search your credit file to confirm your identity.