Bank of Scotland Vantage needs 2 dds

tomthered

Right have read through the thread and can see what I need to do. At the moment I am on the stepladder of setting up all the necessary accounts. I have one Nationwide Flexdirect, One BoS Vantage and am waiting on the T**co Current Bank account before setting up one of the required Saver or Instant Access accounts, so still some way to go.

I understand that I need to set my DD's up from T***o to pull from the BoS account, however, I am unsure of what amounts I need to pay in. Is it any amount I want and then I can just pay it back or do you just setup the DD and it just stays active? Should I set them up to a charity that takes £1 or will I be able to retain my money somehow. This is the one part I am not sure of. I have read this thread and others till my eyes are sore and cannot find the answer. I hope someone will be able to advise me I will be eternally grateful.

Katiehound

tomthered wrote: »

I understand that I need to set my DD's up from T***o to pull from the BoS account, however, I am unsure of what amounts I need to pay in. Is it any amount I want and then I can just pay it back or do you just setup the DD and it just stays active? Should I set them up to a charity that takes £1 or will I be able to retain my money somehow. .

Well the way I work it is to set up 2 x DD from the BOS:
£1 to the savings account as you mention & £2 to a charity for an unspecified time. I then cover the £3 with a SO from main a/c but guess it will be covered in future by the interest earned! Not had the a/c long enough ...yet

With other similar accounts I have used regular fixed utility DDs and just send that amount by SO from my main account to cover the outgoings.

Dobbibill

You don't need a Tesco current account to have a savings account.

Set up 2xDDs on your Tesco savings account to take a set amount of your choice from the BOS account, make sure you meet the funding requirements for it too. Give them different nicknames so it will set up different DD mandates, rather than one mandate to take funds twice.

colsten

Dobbibill wrote: »

You don't need a Tesco current account to have a savings account.

Although the Tesco current account is presently still one of the top interest rate payers. I'd rather have £5K in two Tesco accounts than in 1 BoS one.

tomthered

Thanks for the quick replies guys. I set up the T***o current account for the interest. My intention is to get another but I hadnt realised I need the savings account to use the DD:eek:!!!

The intention is to get 3 BoS if I can and make as much interest as I can for now. Obviously in a years time if I have a current account that has little or no interest on it I might look at switching to another and getting a bonus for doing so.

Hope its OK to call back in for clarification as and when I need it?

EDIT @Colsten is there a reason for having two T***o Accounts over one BoS one, apart from not needing the DD's set up?
:j:j:j:T:T

ScoobyZ

I have 2 savings accounts. One Tesco Internet, one Tesco Instant.

I then took £1.01 £1.02 and £1.03 from each BOS. Then amounts help me keep on top of where it came from.

Westie983

Paypal is another option I request the payment on the 25th and it is taken from the account account 2/3rd of the month, then I send the money back again.

This can be done with all of the accounts that require DD, I have six accounts set up on Paypal and all eight on each of my Tesco savings accounts.

tomthered

ScoobyZ wrote: »

I have 2 savings accounts. One Tesco Internet, one Tesco Instant.

I then took £1.01 £1.02 and £1.03 from each BOS. Then amounts help me keep on top of where it came from.

Do you then transfer it back in the next day or leave it a few days? So essentially you are moving money about but by a direct debit method rather than just transferring in by faster payment?

Katiehound

tomthered wrote: »

is there a reason for having two T***o Accounts over one BoS one, apart from not needing the DD's set up?

No need for the £1K monthly funding either, but of course you might want to have all 5!! (especially whilst interest rates last.......)

Katiehound

tomthered wrote: »

Do you then transfer it back in the next day or leave it a few days? So essentially you are moving money about but by a direct debit method rather than just transferring in by faster payment?

Why are you transferring it back?
It will earn interest in the savings a/c- albeit a teeny amount. The plan is to keep the BOS topped up to the max all the time + a little more so that when the DDs are paid out the account doesn't drop below £5K (or £3K.)
Don't be fooled by possible misleading statements about not paying interest if balance is over £5K. It means it still pays interest on £5K but not anything extra. (It was badly worded in the past with Lloyds- don't know if they have revised the wording!)