Direct debit with Tesco saving accounts

DreamerFTB

I have set up the 2 Tesco saving accounts to satisfy requirements for interests for a few current accounts I created.

Now my OH is creating her current accounts so she enjoy a 4% interest over a few £k.

Does she need to create other 2 Tesco saving accounts on her name for the DDs or we can re-use mine?

Thanks!

colsten

You can try but Tesco has been known to turn down DD requests if the account names don't match. Also, if I remember correctly, you are asked to confirm that the account the money comes from belongs to you.

If your Tesco savings accounts were in joint names, you'd just need two. Not sure whether you can turn them into join ones.

YorkshireBoy

Which 5% paying current accounts require DDs?

DreamerFTB

ops! 4% Lloyds club

YorkshireBoy

colsten wrote: »

Not sure whether you can turn them into join ones.

You can, according to their FAQ...

http://faq.tescobank.com/help/save/internet-saver/name-change

But I wouldn't. I'd keep them sole for two reasons:

1. It'll limit the number of DDs on each account, and
2. It looks like it would take just as long to convert the sole to joint!

colsten

YorkshireBoy wrote: »

1. It'll limit the number of DDs on each account, and
2. It looks like it would take just as long to convert the sole to joint!

Agree with number 2 but are you sure about number 1? I think I have seen someone saying they had 24 DDs now so if there is a limit it is quite high.

YorkshireBoy

colsten wrote: »

Agree with number 2 but are you sure about number 1? I think I have seen someone saying they had 24 DDs now so if there is a limit it is quite high.

They were split 12 on each (Internet Saver & IASA) though, as it later transpired.


With joints though, any 'issues' will affect both account holders' interest/Reward payments.

colsten

I prefer sole accounts myself because I want to keep my finances totally separate. But don't see much room for issues on joint instant access savings accounts, especially if all you put in is the occasional £1 by DDs.

horngkai

sorry for hijacking this thread.

Can I setup a few DD on one tesco savings account?

Zanderman

horngkai wrote: »

sorry for hijacking this thread.

Can I setup a few DD on one tesco savings account?

Yes, you can set up more than one DD per Tesco account.


But if you want, say, two DDs to meet the conditions of a current account they need to be from two different accounts.

So setting up two DDs on one Tesco savings account won't help in those circumstances. For that you'd need two Tesco accounts (usual option is 1 x Internet saver and 1 X Instant Access Saver).