Tesco 3% current account

r2015

My wife has a Tesco credit card and they keep asking her to open a Tesco 3% current account.


Can this current account be financed by direct debit from my Halifax reward account like her and I's savings accounts?

Archi_Bald

You cannot do direct debits between current accounts but you can set up standing orders for/between them, and make payments by faster payment.

r2015

but you can set up standing orders for/between them

but they don't count towards my £5 from my Reward account.

Archi_Bald

Of course they don't. You need DDs for that. Which you can't set up with any current account.

xylophone

If you need extra direct debits, you can set them up on Tesco savings accounts.

A Tesco current account pays better interest on savings up to £3000 than their savings accounts.

There is nothing to prevent your wife ( or you yourself) applying for a current account (or two) and savings accounts.

r2015

I already have 2 savings accounts for the DDs, I was going to use the current account instead of the savings accounts if I could.
I already get 3% from Santander so no point in opening another 3% current account.
At least not until I get more than £20,000 in my Santander account which will take a lottery win or a large bingo win to achieve

badger09

r2015 wrote: »

I already have 2 savings accounts for the DDs, I was going to use the current account instead of the savings accounts if I could.
I already get 3% from Santander so no point in opening another 3% current account.
At least not until I get more than £20,000 in my Santander account which will take a lottery win or a large bingo win to achieve

BUT

The Tesco current account has no monthly charge, whereas Santander will be charging £5pm from January.

Obviously any cashback you earn can mitigate this, but depending on how much you have in Santander, you might be better off in Tesco.

Or TSB, Nationwide, Club Lloyds, BoS...:cool:

PaddyPaws

You can set up a direct debit on the Tesco online banking to pull funds from your halifax account to the tesco current account. I set one of these up a couple of weeks ago
hope this helps
PP

colsten

PaddyPaws wrote: »

You can set up a direct debit on the Tesco online banking to pull funds from your halifax account to the tesco current account. I set one of these up a couple of weeks ago
hope this helps
PP

No you cannot pull money by DD into a Tesco current account.

You can pull money by DD into a Tesco savings account.

YorkshireBoy

Archi_Bald wrote: »

You cannot do direct debits between current accounts

PaddyPaws wrote:

You can set up a direct debit on the Tesco online banking to pull funds from your halifax account to the tesco current account.

Well you can't both be right!

But since I don't have the option to do that within my Tesco online banking area, my money is on Archi.

Kim_13

PaddyPaws is correct, but as Colsten said, it can only be done on a savings account. I have a savings account to pull a DD from my Natwest account (they blocked my online banking and kept giving me the runaround when I tried to unblock it) then I move it to my current account.

Use the move money in option on your savings account area and follow the instructions.