Tesco Instant Access Savings - confused over account setup

JesseJames_2

To take advantage of current account switching, over the last few days I have created.

1) Halifax current account (target)
Moved a DD to here

2) Tesco Current account (donor)
Currently when logging in I get - "Your Personal Current Account Application on 12 Mar 2015 is being processed "
3) Tesco Instant Access Savings Account


My aim is/was to create the second DD direct to that new Halifax account as the 2nd DD, so as soon as I get the Tesco account details and returned their completed application pack, I can start the Current Account Switch to the Halifax.

I was a bit confused on the savings account application page which I screen grabbed, so hopefully someone can explain.
Is the first payment by DD, or have I still have do to this manually?
What accounts link to what, Tesco CA to Tesco SA, or Halifax CA to Tesco SA?
And is the regular DD going to come from the Halifax or Tesco account?



Your First Payment
There are several ways to make the first payment to your new account. If you choose to transfer from another bank, you will need to arrange this yourself. We will take your debit card details later if you choose this option.
The options were "cheque", "Debit Card", "Transfer from another bank."
I chose "Transfer from another bank."

Your Linked Account
If your application is approved, we'll setup an electronic Direct Debit instruction to link this account to your new Tesco Bank account. We'll only use this when you want to make payments from this account. We may also use these account details to help verify your identity.
If you've chosen direct debit for your first payment, we'll use this account.
I put in details of that Halifax account

Regular Payment Details
It's easy to make regular payments into your new account. We'll take these payments from the linked account you chose earlier.
I put in weekly, with the earliest payment offered of the 26th March

YorkshireBoy

If you chose "transfer from another bank" you'll have to send it via FP using the sort code/account number details from one of your bank accounts. I initially funded my latest Internet Saver by debit card recently.


Re the regular DD pull, why did you opt for weekly?


I'd suggest setting up a monthly DD pull from Halifax to the Tesco IASA...but much sooner than the 26th from April onwards (you won't get an earlier date than 26th this month).

JesseJames_2

YorkshireBoy wrote: »

If you chose "transfer from another bank" you'll have to send it via FP using the sort code/account number details from one of your bank accounts. I initially funded my latest Internet Saver by debit card recently.

OK, will take the Sort Code and the account no of the IASA account I received at the end of the application and transfer over a £1 from the Halifax.

YorkshireBoy wrote: »

Re the regular DD pull, why did you opt for weekly?

As you mentioned in the recent "active direct debit" thread you prefer to have your direct debits actually taken from a donor account first, so I'd thought I'd follow that advice - (although I do realise that if is is not taken first before the switch it is still an active DD)
Weekly - if the first one is missed will get the next one a week later - they are just token amounts anyway.

YorkshireBoy wrote: »

I'd suggest setting up a monthly DD pull from Halifax to the Tesco IASA...but much sooner than the 26th from April onwards (you won't get an earlier date than 26th this month).

Is that not what I have set up here (weekly anyway) from the Halifax - if that is not what is setup here please let me know.
And it is March that was setup, you must have misread. 26th March is what was auto populated by Tesco.

YorkshireBoy

JesseJames wrote: »

And it is March that was setup, you must have misread. 26th March is what was auto populated by Tesco.

Perhaps I should have put some emphasis on "monthly" to make my point clearer?


But I haven't misread anything. I know you can't make March's any sooner. I suggested bringing the date forward from next month onwards because it's a tad too close to the end of the month for my liking...although thinking about it further I don't think weekends and Bank Holidays would get in the way so you may be OK.

JesseJames_2

YorkshireBoy wrote: »

it's a tad too close to the end of the month for my liking...although thinking about it further I don't think weekends and Bank Holidays would get in the way so you may be OK.

Ah, I see what you mean.
As it is possible for the DD to be taken twice in a month, or none at all.

YorkshireBoy

JesseJames wrote: »

Ah, I see what you mean.
As it is possible for the DD to be taken twice in a month, or none at all.

My fear (for you) was that if weekends/Bank Holidays got in the way you could end up not pulling one month (if you'll pardon the expression!), but you'll be OK...even in February and at Easter.

Frogletina

I have had real problems trying to set up savings accounts for Tesco. I've restarted about 5 times as it says it takes up to ten minutes to do it and it keeps logging me out of my online banking.

Twice when I tried to log in during the process the button was light blue and would not let me continue. Twice it would not recognise my address - not sure why it does not pick these details from my current accounts. It was taking so long that the details of the bank I wanted payments to be made from had logged out and by the time I logged back in again my Tesco application had vanished and my online account logged off.

The final time I thought I was going to make it but then it said I could not continue the application online. I will have to ring Tesco tomorrow and see what the problem is - probably multiple applications!

frogletina

Frogletina

Frogletina wrote: »

I have had real problems trying to set up savings accounts for Tesco. I've restarted about 5 times as it says it takes up to ten minutes to do it and it keeps logging me out of my online banking.

Twice when I tried to log in during the process the button was light blue and would not let me continue. Twice it would not recognise my address - not sure why it does not pick these details from my current accounts. It was taking so long that the details of the bank I wanted payments to be made from had logged out and by the time I logged back in again my Tesco application had vanished and my online account logged off.

The final time I thought I was going to make it but then it said I could not continue the application online. I will have to ring Tesco tomorrow and see what the problem is - probably multiple applications!

frogletina

Rang Tesco and the adviser set the two accounts up with no problem. I've now organised two direct debits for both of them from two spare accounts which I can now use as donor accounts. One current account I hadn't realised I had got as it had a nil balance and was not showing on my internet banking account. The other I set up to use for a Yorkshire Bank account switch but by the time it was done the rules were amended.

Oh well, at least I now have a spare donor account even after I get the Yorkshire bank account set up.

I have one Yorkshire account already but I set that up before they were giving out incentives. Now I just need to decide which one to apply for once my direct debits are set up and working.


frogletina

badger09

Don't forget to fund your 2 possible donor accounts, before the DDs kick in. You don't want to be hit by unpaid DD/OD charges :eek:

Frogletina

badger09 wrote: »

Don't forget to fund your 2 possible donor accounts, before the DDs kick in. You don't want to be hit by unpaid DD/OD charges :eek:

Thanks for the reminder. I have £100 in one account and the other one I have set up a standing order to feed this with £20 a month 7 days before the direct debit is due to be taken.

I will set up a standing order for the first one in due course. I know these savings accounts will not gain much interest but once everything is set up hopefully I will gain the £150 from a switch to the Yorkshire Bank and the money for the direct debits (2 x £10 and 2 x £5) will keep circulating as clockwork. I won't let the savings accounts build up too much either.

frogletina