Minimum Direct Debit

djpailo

tg99 wrote: »

I've set one £9 and one £10 to be safe as had read that a few people who used £1 had their tesco savers closed down.

I doubt Tesco shut down their accounts for that reason. You can deposit however much you want unless its in the terms and conditions that there is a minimum deposit.

tg99

djpailo wrote: »

I doubt Tesco shut down their accounts for that reason. You can deposit however much you want unless its in the terms and conditions that there is a minimum deposit.

Yes there is nothing in the T&C requiring a minimum DD amount but there is also nothing in the T&C preventing them from closing your account (with the required notice) if you are seen to be 'abusing it' e.g. Making £1 DD that costs them more than £1 to administer and using the account solely for that purpose.

djpailo

tg99 wrote: »

Yes there is nothing in the T&C requiring a minimum DD amount but there is also nothing in the T&C preventing them from closing your account (with the required notice) if you are seen to be 'abusing it' e.g. Making £1 DD that costs them more than £1 to administer and using the account solely for that purpose.

Okay fair enough. How long do you leave the cash there, because presumably you don't want £120 lying around in a low interest account after a year? I'll look to change my DD's to a higher amount to avoid any problems. I just don't want to lose out on interest.

tg99

djpailo wrote: »

Okay fair enough. How long do you leave the cash there, because presumably you don't want £120 lying around in a low interest account after a year? I'll look to change my DD's to a higher amount to avoid any problems. I just don't want to lose out on interest.

Yeah I'm like you in not wanting to lose out on interest but have maxed out all the high rate current accounts so given one of my Tesco DD goes into 1.6% instant access saver then actually not really an issue (and move other one there too or use to replace payments out of other current accounts. You may be ok if just set as £1 but there were a few threads on these boards about people having their's closed so I decided to do slightly higher amounts just in case (plus I am actually using one of them for saving rather than just keeping zero balance which should help).

benjus

You could always set up PayPal to use Direct Debit to get funds, then buy something using PayPal once in a while - lots of places accept it now, even the local coffee shop where I work.

HHarry

colsten wrote: »

Definitely.

I would recommend you open two joint savings accounts as they will be able to service all 3 Lloyds accounts. If you do sole ones, you'd need 4 - two for yourself and tow for your wife as the DDs must be against accounts that carry the name of at least one of the account holders.

I might have just got lucky, but I've set up DD's from my Tesco accounts to my Wife's Halifax Reward.

Kernel_Sanders

HHarry wrote: »

I might have just got lucky, but I've set up DD's from my Tesco accounts to my Wife's Halifax Reward.

According to Colsten in #7, this won't qualify. He says the DDs must be against accounts that carry the name of at least one of the account holders. Yours are going from sole to sole.

colsten

Kernel_Sanders wrote: »

According to Colsten in #7, this won't qualify. He says the DDs must be against accounts that carry the name of at least one of the account holders. Yours are going from sole to sole.

I have never said such DDs "won't qualify".

When you set up a Tesco DD, you confirm that the current account is in your name. If you wrongly confirm this, Tesco can - and have done so - cancel the DD, and even close your accounts. TESCO appear to be checking this manually. You might slip their net, but then again, they might catch up with you. That's an unnecessary risk to take.

NB. I am a she.