Tesco(?) Account for Direct Debits

YorkshireBoy

robotrobo wrote: »

This week we are opening 2 single club accounts as we have a appointment with the bank, i have now no d/debits spare , so i have opened 2 internet savers , 1 joint & one single account , will these 2 accounts be more than enough to feed the d/d to lloyds club?.

You could have problems pulling funds from your Club Lloyds to her Tesco Internet Saver. I'm aware that some people have succeeded (according to reports on here), but seem to recall Tesco state the nominated account must be in your name.

My wife as also got 2 tesco savings accounts with £3k in , can i also use these?.

Bearing in mind your previous 'issues' with grasping the DD concept, are these Tesco Current Accounts or Tesco Internet Saver/Instant Access Savings Accounts? If the former, then again I must tell you that you need Tesco savings accounts for DDs, not Tesco current accounts.

robotrobo

YorkshireBoy wrote: »

You could have problems pulling funds from your Club Lloyds to her Tesco Internet Saver. I'm aware that some people have succeeded (according to reports on here), but seem to recall Tesco state the nominated account must be in your name.Bearing in mind your previous 'issues' with grasping the DD concept, are these Tesco Current Accounts or Tesco Internet Saver/Instant Access Savings Accounts? If the former, then again I must tell you that you need Tesco savings accounts for DDs, not Tesco current accounts.

Sorry yorks !, I am really mad with myself , it looks like I have done wrong again , the wife as 2 Tesco current accounts with 3k in.

And we have a joint internet saver & one solo saver, will the 2 internet savers do the job for the lloyds club account about to be opened?

robotrobo

badger09 wrote: »

You can certainly use your new Tesco Internet saver (single) account to pull a DD from your (single) Club Lloyds account.

I think your wife could also use the new joint Tesco Internet Saver account to pull a DD from your joint Club Lloyds account.




Are you sure these are both Savings accounts? If so, why has she got £3k in them:(

Or do you mean she has 2 Tesco Savings accounts? If so, she can use them to pull DDs from her Club Lloyds account

Your right badger , they are current accounts with 3k in each , for the interest only.

Plus one joint & one solo internet saver,can we still achieve the goal?, I'm so mad with myself as yourself & Yorkshire are really trying hard to help me, I had a real struggle to get the Tesco accounts in the first place & al least 1hour on the phone, honestly it really is not easy for me.

badger09

robotrobo wrote: »

Your right badger , they are current accounts with 3k in each , for the interest only.

Plus one joint & one solo internet saver,can we still achieve the goal?, I'm so mad with myself as yourself & Yorkshire are really trying hard to help me, I had a real struggle to get the Tesco accounts in the first place & al least 1hour on the phone, honestly it really is not easy for me.

Calm down robotrobo

I think your wife could also use the new joint Tesco Internet Saver account to pull a DD from her Club Lloyds account.

There has been some discussion on this in the past but I can't easily find it. Perhaps someone with better search skills will oblige:o

If that doesn't work, then as your wife already has 2 Tesco current accounts in her own name, it should be easy to open up an Instant Access or Internet Saver account in her name (just for DD purposes) and use that to pull from her Club Lloyds account.

Shiver

Eco_Miser wrote: »

You can, or 8 DDs to 8 accounts if you want to.

However those current accounts needing DDs need two DDs, for which you would need two different Tesco accounts, or one of them could be sourced elsewhere.

Thanks for that info. :beer: I'll set up one DD to Lloyds and move one across from another account and replace it with one from Tesco. Cheers - S

Sea_Shell

Eco_Miser wrote: »

You can, or 8 DDs to 8 accounts if you want to.

However those current accounts needing DDs need two DDs, for which you would need two different Tesco accounts, or one of them could be sourced elsewhere.

Can you not set up one DD for 1st of the Month for £1, and say another on the 10th of the month for £5 from the same Tesco saver to the same Lloyds account. Is that not treated as 2 DD's?? Or do they share the same DD 'code'.

Sorry if i'm being thick

robotrobo

Sea_Shell wrote: »

Can you not set up one DD for 1st of the Month for £1, and say another on the 10th of the month for £5 from the same Tesco saver to the same Lloyds account. Is that not treated as 2 DD's?? Or do they share the same DD 'code'.

Sorry if i'm being thick

Your not being thick as I want the answer as well!, I do think that I may use £10 as against £1 , because the money is coming back to us anyhow, I have this bridge to cross myself shortly as we are at lloyds bank this morning opening 2 solo accounts. I have opened 4 Tesco accounts , so I'm hoping these will do the trick.

eskbanker

Sea_Shell wrote: »

Can you not set up one DD for 1st of the Month for £1, and say another on the 10th of the month for £5 from the same Tesco saver to the same Lloyds account. Is that not treated as 2 DD's?? Or do they share the same DD 'code'.

Sorry if i'm being thick

No, you have to have two different DD mandates, not the same mandate used twice in the same month! http://www.lloydsbank.com/assets/media/pdfs/current-accounts/clublloyds_terms%20and%20conditions.pdf states:

We will pay interest on a credit balance in your account for that billing period as long as you have a minimum of two different direct debit mandates paid from your account during the calendar month

Sea_Shell

Oh OK. Not a problem as I only need the one extra, and not even that if i remember to send hubby a 15p text if i'm due to have no mobile bill in a month.

Eco_Miser

Sea_Shell wrote: »

Can you not set up one DD for 1st of the Month for £1, and say another on the 10th of the month for £5 from the same Tesco saver to the same Lloyds account. Is that not treated as 2 DD's?? Or do they share the same DD 'code'.

Sorry if i'm being thick

It's a reasonable question, and I can't recall anyone reporting that they tried it and succeeded.

Certainly, setting a DD to pull twice a month won't work (for qualifying for interest), and pulling DDs to two distinct Tesco Savings accounts does.

Who's going to be the one to risk losing a month's interest to find out whether two DD's for different amount to the same account will count, or indeed if Tesco will action two separate pulls from the same account.