Direct Debits help!

wallofbeans

Ok so Tesco savings account sounds a good idea.. I could also put more money in them for now, as low interest is better than no interest.. as it seems I can put in and take out whenever I like..

Or is there a better idea? Bare with me, I'm still learning!

Mr_Goodkat

wallofbeans wrote: »

Ok so Tesco savings account sounds a good idea.. I could also put more money in them for now, as low interest is better than no interest.. as it seems I can put in and take out whenever I like..

Or is there a better idea? Bare with me, I'm still learning!

Yes do that, some interest is better than no interest until you can get all the necessary current accounts set up to take your stash!

polymaff

wallofbeans wrote: »

Ok so Tesco savings account sounds a good idea.. I could also put more money in them for now, as low interest is better than no interest.. as it seems I can put in and take out whenever I like..

Or is there a better idea? Bare with me, I'm still learning!

No need to maintain too big a balance in the TESCO accounts - say £30 each. It's more important to use non-inflammatory DD amounts. Tesco have kicked wise-guys trying to set up 99p DDs out - and once you start relying on TESCO to solve your DD problems that would be BAD news. I tend to use something like £5.49 - which looks like a commercial subscription. After all, you can always shift the DD pull out as soon as it arrives.

Too cold to bare with you - at present.

YorkshireBoy

Mr_Goodkat wrote: »

Get both the Tesco savings accounts to pull by Direct Debit say £5 per month on the same date from each current account that has the two DD requirement - go into the accounts later that day and move the money manually elsewhere to get a better interest rate.


You can even automate the process by sending the money from Tesco to a interest paying current account by standing order.

Are you sure about that. Certainly I don't have such a feature on my Tesco savings accounts. I can make future dated FPs, but not SOs.

wallofbeans

DD's moved around a little. Just getting into Tesco Savers now. It mentions I need bank details at set up - should I get Lloyds account going before the Tesco Saver so I can give the correct DD details upfront? Or can I just change it later?

Thanks all!

colsten

You need to specify one current account at the time of setting up the savings account (any one you already have will do), and you can add additional ones later.

wallofbeans

And do I just open one after the other? Log out and do the same process again? Or is there a quicker way to do second account?

ceredigion

wallofbeans wrote: »

And do I just open one after the other? Log out and do the same process again? Or is there a quicker way to do second account?

One of what ???

colsten

wallofbeans wrote: »

And do I just open one after the other? Log out and do the same process again?

If you mean a 2nd Tesco savings account: Start the application for the 2nd one whilst logged in. Otherwise you end up with 2 customer numbers and logins. There is an option on the right to apply for more accounts.

wallofbeans

ceredigion wrote: »

One of what ???

Tesco Savers