Tesco Savings Direct Debits

R34GTT

I tried searching for this but couldn't find the info.

I've had a Tesco Savings account open for a while now and it pulls in £4 via a DD from a Halifax and £1 via a DD from TSB. Soon I will no longer have the required number of DDs on these accounts.

So what I have done today is add a second DD to pull in £1 from Halifax and two more DD to pull two more lots of £1 from TSB. So what I have in my list of DDs on Tesco's online account is something like this:

AccountNickname, AccountNumber, Sortcode, Amount
Halifax................00000001............00-00-01..£4
Halifax2..............00000001............00-00-01..£1
TSB....................00000002............00-00-02..£1
TSB2...................00000002............00-00-02..£1
TSB3...................00000002............00-00-02..£1

The message given by Tesco when confirming the setup implies separate mandates will be created for each regular payment.
Will this satisfy the minimum DD requirements on these accounts?

Thanks

grumbler

R34GTT wrote: »

The message given by Tesco when confirming the setup implies separate mandates will be created for each regular payment.

How exactly does it 'imply' this?

Will this satisfy the minimum DD requirements on these accounts?

I believe it won't - as the reference will be the same. You can check this by making a one-off (not regular) payment.
To satisfy the requirements you need to open new Tesco account(s).

R34GTT

grumbler wrote: »

How exactly does it 'imply' this?I believe it won't - as the reference will be the same. You can check this by making a one-off (not regular) payment.
To satisfy the requirements you need to open new Tesco account(s).

The message says a new direct debit mandate has been setup (or something to that effect). So for Halifax I'm expecting a new DD to show up on my account in the next few days. If not then I'll open a second Tesco savings account.

I don't imagine Halifax's systems are set to flag up DDs going out to the same Tesco account, though I'm happy to be corrected. I would think the system just checks there are 2 DDs being paid out each month.

Dobbibill

AFAIK, based on my experience, it requires 2 mandates which is created by 2 separate accounts. A 2nd date for the same account doesn't achieve this. You need that 2nd Tesco account.

One other thing - are you aware you don't need to do direct debits from TSB to earn interest? (If this is why you are doing it)

keiran

But you do need 3 direct debit mandates if you're going for the £100 switch incentive

colsten

Just do one or two for a charity or two, buy a lottery ticket on DD, make some Paypal transactions against your current account etc etc. You only need the DDs for the switch.

YorkshireBoy

R34GTT wrote: »

...I'm happy to be corrected.

I'm happy to correct you!

They, like Lloyds, check to see that your payments are being claimed by two "separate DD mandates". What you'll finish up with are 2-3 payments being made using the SAME direct debit mandate.

It's very easy to set up another Tesco savings account (even another 2 or more) to ensure you don't lose your fivers and/or interest with Club Lloyds for example.

R34GTT

With TSB I'm currently waiting on the switching incentive but at the moment I do have 3 active DDs with separate organisations so should be OK. I'll not bother with any once I have the £100.

With Halifax I want to test my theory so will take the loss of £5 reward if I'm wrong as Dobbibill's post suggests I might be. This is the only way to know for sure I think and I don't want to call and ask as I'm sure they're not overly keen on this kind of setup!

R34GTT

YorkshireBoy wrote: »

I'm happy to correct you!

They, like Lloyds, check to see that your payments are being claimed by two "separate DD mandates". What you'll finish up with are 2-3 payments being made using the SAME direct debit mandate.

It's very easy to set up another Tesco savings account (even another 2 or more) to ensure you don't lose your fivers and/or interest with Club Lloyds for example.

OK just read this after I posted. So do you think I won't see two DDs listed on my Halifax account in a few days but instead when payment day arrives they'll just add the second £1 to my existing DD?

YorkshireBoy

R34GTT wrote: »

With Halifax I want to test my theory so will take the loss of £5 reward if I'm wrong as Dobbibill's post suggests I might be. This is the only way to know for sure I think and I don't want to call and ask as I'm sure they're not overly keen on this kind of setup!

No it isn't! Just do a little research on here and see where others have done just what you propose and come unstuck.


It wouldn't be fair to name the poster I'm thinking of, as I'm not 100% sure and don't have time/can't be bothered to look for you if two or more people are telling you it won't work yet you still want to try it.

R34GTT

YorkshireBoy wrote: »

No it isn't! Just do a little research on here and see where others have done just what you propose and come unstuck.


It wouldn't be fair to name the poster I'm thinking of, as I'm not 100% sure and don't have time/can't be bothered to look for you if two or more people are telling you it won't work yet you still want to try it.

I did search but couldn't find exactly the information on this hence my original post. I only read your post after I had posted and at that time I'd only seen Dobbiebill's post on that matter so actually at that point in time, given the information posted thus far it seemed a sensible thing to test.

I think we may be cross posting at the moment so maybe you've not yet read and been able to respond to my previous post.