cashing in on rewards

badger09

There are lots of threads about DDs to satisfy the T&Cs of various accounts.

The easiest is to open 2 different Tesco savings accounts, which, unusually;) allow you to pull money in using a DD on a current account. You can also set up several DDs, to pull money from several of your current accounts.

Paypal is another way, but you'll have to remember to use it manually as it can't be automated to pull money in every month.

Obviously, it is better to use genuine cashback generating DDs for the Santander 123 account.

NB you must read the T&Cs and don't just take my (very authoritative:p) word for it:)

markharriers

badger09 wrote: »

There are lots of threads about DDs to satisfy the T&Cs of various accounts.

The easiest is to open 2 different Tesco savings accounts, which, unusually;) allow you to pull money in using a DD on a current account. You can also set up several DDs, to pull money from several of your current accounts.

Paypal is another way, but you'll have to remember to use it manually as it can't be automated to pull money in every month.

Obviously, it is better to use genuine cashback generating DDs for the Santander 123 account.

NB you must read the T&Cs and don't just take my (very authoritative:p) word for it:)

Thanks for that.

How do i set up a direct debit myself to pull money in from a current account? is this not a standing order?

Also will paypal just count as one and can i make payments to paypal even if the balance is at £0

Thanks for your patience much appreciated

badger09

markharriers wrote: »

How do i set up a direct debit myself to pull money in from a current account? i

Open the Tesco savings accounts first.

Once opened, you need to log into internet banking and, under 'Manage Account' choose 'Move Money In'. You then set up a DD to 'pull' money from whichever current account you choose.

markharriers wrote: »

Thanks for that.

is this not a standing order?

No its definitely a Direct Debit.
A Standing Order 'pushes' money from one account to another so would need to be set up on the 'sending' account

markharriers wrote: »

Also will paypal just count as one and can i make payments to paypal even if the balance is at £0

I don't understand the question :huh:

YorkshireBoy

markharriers wrote: »

i will be setting up a standing order to pay £1000 (required to receive the interests) from my santander then it will go back into my santander 2 days later

Why the delay?

markharriers

YorkshireBoy wrote: »

Why the delay?

How long would you leave it it?

markharriers

badger09 wrote: »

Open the Tesco savings accounts first.

Once opened, you need to log into internet banking and, under 'Manage Account' choose 'Move Money In'. You then set up a DD to 'pull' money from whichever current account you choose.

markharriers wrote: »

Thanks for that.

is this not a standing order?

No its definitely a Direct Debit.
A Standing Order 'pushes' money from one account to another so would need to be set up on the 'sending' account




I don't understand the question :huh:

Many thanks

Sorry im confused how i would use paypal manually. I mean if my paypal balance is £0 would it still pull money in?

AlanP_2

badger09 wrote: »

The easiest is to open 2 different Tesco savings accounts, which, unusually;) allow you to pull money in using a DD on a current account. You can also set up several DDs, to pull money from several of your current accounts.

Apologies to OP, not trying to hijack thread but just wondered why it needed to be 2 Tesco Savings accounts?

Is this so you can do a DD from each one, opposed to 2 DDs from 1 saver account each for 1/2 the cash you want to move around?

E.g. Pay £1500 into Club Lloyds account and then take out again through 2 DDs each for £750 from the SAME Tesco Savings account.

Thanks

jimjames

If the DD is from the same account it will be seen as 1 DD by the bank not 2.

badger09

AlanP wrote: »

Apologies to OP, not trying to hijack thread but just wondered why it needed to be 2 Tesco Savings accounts?

Is this so you can do a DD from each one, opposed to 2 DDs from 1 saver account each for 1/2 the cash you want to move around?

E.g. Pay £1500 into Club Lloyds account and then take out again through 2 DDs each for £750 from the SAME Tesco Savings account.

Thanks

You've completely muddied the waters now:eek:

The purpose of the 2 Tesco savings accounts is to pull money from various current accounts by DD, thus meeting the 'must have 2 active DDs' requirement which many of them have if you want to earn interest. Most people have several 'real' DDs by which they pay recurring bills, eg utilities, council tax, phone contract etc, but not many have enough to satisfy the requirements of multiple (ie 10 or 20+) current accounts.

You are talking about moving money around current accounts, in order to meet the 'minimum monthly deposit' requirement which many of them also have. This can be achieved either manually by FP, or automated by Standing Order - both of these methods push money from one account to another.

Hope that's clearer

YorkshireBoy

markharriers wrote: »

How long would you leave it it?

Seconds! If both accounts have, and always will have, sufficient funds, consider setting up a pair of cross firing SOs (for the same day).