Basic bank accounts for the purpose of switching bonuses

Archi_Bald

Rithotyn wrote: »

I suppose the next question would be is there an alternative basic, current or savings account that will pull money via direct debit other than Tesco? I really want to avoid paypal.

This question has been asked cillions of times. The answer is always the same: you cannot pull money into a current account by DD. Very few other savings accounts allow deposits by DD, and none are known that are as flexible as Tesco.

Please search the forum if you want more details on the matter.

Rithotyn

I'm not asking if there is a current account you can pull money into via DD, just any account at all other than Tesco Web Saver. It can be done, as Tesco does it, so its possible others can too. I have read a lot of the forum and many statements contradict (i.e. 2 Web Savers suitable/ 2 web savers unsuitable) or offer hearsay rather than direct experience. Hence why asking directly.

If you have any links you'd care to share that would answer it, that would be helpful?

ruudy

I was told on another thread (halifax thread i think) that two Tesco direct debits from 2 separate tesco internet saver accounts is allowed.

Rithotyn

I have also seen that. Although I haven't seen someone explicitly say " I am currently doing this and it works". I'm in the process of setting this up, if it does, i'll be sure to update.

eskbanker

I can't speak for others but can confirm that for me, a Tesco Internet Saver and a Tesco Instant Access Saver satisfy the DD requirements for several current accounts within the Lloyds group. Even though they're the same company, they're different accounts and therefore separate direct debit mandates, which is typically what's required by such Ts & Cs....

Rithotyn

Thanks eskbanker. I'll have 2 Internet Savers, but they will be different mandates so I guess it's irrelevant that one of yours is an Intstant Access Saver? Was there a reason you went for these 2 different accounts rather than 2 x Internet Savers?

eskbanker

Rithotyn wrote: »

Thanks eskbanker. I'll have 2 Internet Savers, but they will be different mandates so I guess it's irrelevant that one of yours is an Intstant Access Saver? Was there a reason you went for these 2 different accounts rather than 2 x Internet Savers?

It was two or three years ago, but as I recall the default recommendation on here at the time was to do one of each, but as per a post above I'm pretty sure I've since read threads where two of the same type are said to work too....

PrinceYumil

I think Santander savings accounts can set up the a DD, They call it a funding mandate IIRC. But it has to be done over the phone and can be a bit of trouble (I done 1 in over a year working there).

Dird

You could also have a Euromillions DD pulling out £2/month

System

This thread is full of inaccuracies.

Banks WILL credit check for a basic current account - it's just that they a much less likely to refuse your application for a basic account than a full facility account if you have bad or no credit history.