Multiple TSB Savings accounts?

xylophone

You could open a couple of Tesco current accounts - no DDs required.

http://www.tescobank.com/current-accounts/

Should you want DDs for other accounts in the future, you can open and use the Instant Access saver and Internet Saver to pull money by DD from other bank accounts.

jimjames

xbethany wrote: »

I've heard about people doing this, but do banks not get suspicious that the minimum pay-in amount goes in the comes straight back out again?

Do they check whether your salary is paid in and immediately spent or moved to a savings account? If not, how would they do so on other payments?
With transfers my account has had over £14,000 moved through it last month but the balance is nowhere near that. I keep expecting to have some query raised about money laundering but no issues so far.

xylophone

If you can get a First Direct current account you will have access to their regular saver.

You could open an e-saver at the same time which both gives you an instant "home at maturity" for the regular saver (makes it easy to transfer straight into current and then out) and obviates the need for the monthly pay in as it counts as an "additional product".

markharriers

jimjames wrote: »

Do they check whether your salary is paid in and immediately spent or moved to a savings account?
With transfers my account has had over £14,000 moved through it last month but the balance is nowhere near that. I keep expecting to have some query raised about money laundering but no issues so far.

i also do the money in money out game. All the banks ask for is the account to be deposited X amount each month and that is what i do. Do not forget thinking past this the bank have our money sat in the account to play with and if it does reqiure direct debits they get the money made from them so they win overall.

Eco_Miser

xbethany wrote: »

I've heard about people doing this, but do banks not get suspicious that the minimum pay-in amount goes in the comes straight back out again?

No, they know what is happening and accept that a small percentage of the new customers attracted by their promotion will do this. Besides, as jimjames said, a lot of customers will have their salary paid in and immediately pay it out again to the various utilities, credit cards, loans, and savings accounts. Same result.

markharriers

Gurberly wrote: »

Where I have been short of a direct debit or two, I 've set them up with the charity Woodlands Trust, Easy enough to set up online and you can do as little as £1 a month.


OK so its money going out, but it is more than offset by the additional interest and it is going to a good cause (Just make sure you tick all the correct boxes about not sharing information with other businesses).


I've not had any issues with an increase in junk mail or e-mails - I also put down the Trusts own telephone number rather than my own....


Dave

Does setting up a small payment with Woodlands Trust, act as direct debits as i am short of some??

puk999

markharriers wrote: »

Does setting up a small payment with Woodlands Trust, act as direct debits as i am short of some??

If the payment is taken by DD, yes, but have you seen post 12 about Tesco Savings? You can setup DDs to your own savings accounts.

markharriers

puk999 wrote: »

If the payment is taken by DD, yes, but have you seen post 12 about Tesco Savings? You can setup DDs to your own savings accounts.

Thank you i did not no this i will have a read thank you for your help

markharriers

puk999 wrote: »

If the payment is taken by DD, yes, but have you seen post 12 about Tesco Savings? You can setup DDs to your own savings accounts.

where would i find more information on this?

puk999

markharriers wrote: »

where would i find more information on this?

http://www.tescobank.com/savings/flexible/ will allow you to apply for their Internet Saver Account and/or their Instant Access Savings Account. If you need just 1 DD, choose the Internet Saver as it has a higher interest rate than the other. If you need 2 DDs, apply for both.

Once you've got the accounts, you can create associations with your other current accounts and push money to them and pull money from them. To pull money from them, Tesco Bank need to setup a DD on the account. There's no form filling to do, just a few mouse clicks and in a few days the DD is setup.

I have both Tesco accounts and have setup each to pull money every 4 weeks from 6 different current accounts.

EDIT: When deciding the value of the DDs, bear in mind this thread.