Quick sense check please :)

YorkshireBoy

siross wrote: »

Thanks

So if I opened a Tesco Internet Saver and a Tesco Instant Access account could I set up 8 x direct debits to pull a nominal figure twice from 4 bank donor bank accounts, therefore having 2 direct debits set up ready to switch?

I could then start a standing order to send the nominal fee back to the Tesco accounts?

Don't understand the last paragraph?

siross

YorkshireBoy wrote: »

Don't understand the last paragraph?

Sorry I wasn't very clear I was thinking of setting up a Standing Order in the Tesco Accounts to push back the money that is pulled out by the direct debits.

Having thought about that, it's probably not possible?

YorkshireBoy

You can't set up SOs on their savings accounts, so you'd log in and manually move it to the Tesco current account I suggested earlier.

Ballard

siross wrote: »

Great, many thanks for your help. I'm not entirely sure how to do this, can I amend Direct Debits in my existing First Direct account or do they have to be amended at the source. For example my mobile phone contract is with EE, do I need to log in to my EE account to change the direct debit to the new donor account?

Once you have a second 1st account at FD it takes a few seconds to amend existing direct debits so that they're linked to the new account. You will receive written confirmation from the originator (e.g. EE). By the time that I got that confirmation I'd already switched the account. Completely hassle free.

Ballard

My view on the interest earned, and this is not shared by many on here, is that you may as well leave it where it is until it's worth moving. I think that the Lloyds account pays me about £15 a month. I can move this into an interest bearing account but even at 5% this would only accrue sixpence in a month.

In my case I manually meet the minimum payment requirements once my Santander interest is paid on the 8th so I sort it all out then, just to keep it tidy.

LXdaddy

siross wrote: »

Sorry I wasn't very clear I was thinking of setting up a Standing Order in the Tesco Accounts to push back the money that is pulled out by the direct debits.

Having thought about that, it's probably not possible?

Yes As YorkshireBoy said - you can't set up a Standing order on a savings account.


I have all my pulling DDs set for 10th of the month. (away from the anniversary day for any of our Santander 123 accounts. At a time convenient to me after that point I just log on to on-line banking and do a Faster Payment transfer to move the amount collected to an account where it is going to earn some interest.

siross

Thanks for the advice all, making a lot more sense now.

How many direct debits can be set up from each Tesco savings account?

YorkshireBoy

Ballard wrote: »

My view on the interest earned, and this is not shared by many on here, is that you may as well leave it where it is until it's worth moving. I think that the Lloyds account pays me about £15 a month. I can move this into an interest bearing account but even at 5% this would only accrue sixpence in a month.

In my case I manually meet the minimum payment requirements once my Santander interest is paid on the 8th so I sort it all out then, just to keep it tidy.

With Lloyds though, you need 2 DDs to pay out each month. So if you're maxed out at £5K and using savings account DDs you may as well make them total £13 (£16 from 6/4 onwards). Keeps everything 'automated'.

Ballard

YorkshireBoy wrote: »

With Lloyds though, you need 2 DDs to pay out each month. So if you're maxed out at £5K and using savings account DDs you may as well make them total £13 (£16 from 6/4 onwards). Keeps everything 'automated'.

Yes, if you need a direct debit it makes sense but the driving factor shouldn't be to maximise your interest on that sort of amount. There's more to life!

LXdaddy

siross wrote: »

Thanks for the advice all, making a lot more sense now.

How many direct debits can be set up from each Tesco savings account?

There does not seem to be a limit.