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Comments
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I'd like posters to stop saying "Tesco BANK account" - it isn't, only their savings accounts.
At least get number 1 on the list correct................Seen it all, done it all, can't remember most of it.0 -
If/when Tesco decide enough is enough I know who to blame, when I have to start looking for new DDs to service my BOS accounts. ( only joking!)
Seriously I know it is good to help others, but with all the recent posts about Tesco DDs and bearing in mind there is a cost to Tesco for each DD used, I wonder if it is just a matter of time before Tesco change their t&cs.
The more people bolstering, bragging the number of their DDs they have on Tesco, the sooner they will take action to remove this facility. The admin cost for them is significant compared to the money they make (if any).
Keep in mind
You could set up DD lower than £1, and you get all correspondence by post.
You just change the date, they will send you a confirmation letter.
You change the DD amount by 1p they will send you a confirmation letter.
I believe every people could easily that this is a lossleader if people are using Tesco's saving in this way.0 -
Would Tesco have to give notification of the withdrawal of the facility to pull money into some of their savings account by DD? How would that notice be given (letter to all account holders affected or just a formal announcement on the website?) How much notice would they need to give? It's just a matter of time before they take action.0
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SevenOfNine wrote: »I'd like posters to stop saying "Tesco BANK account" - it isn't, only their savings accounts.
At least get number 1 on the list correct................
The savings account is an account with Tesco Bank, therefore it is a Tesco Bank account. I could see your point if the OP said Tesco Current Account, but it's not really worth getting worked up about.0 -
MisterMotivated wrote: »The savings account is an account with Tesco Bank, therefore it is a Tesco Bank account. I could see your point if the OP said Tesco Current Account, but it's not really worth getting worked up about.
There's no escaping the fact that it's a Tesco savings account. I spent a while trying to figure out how to set up a DD through my Tesco Bank a/c....only to find I could not. It was the SAVINGS a/c that I needed to open.
Can't say I'm frothing at the mouth "worked up" about it though, just that MSE can forget some of us are total novices, & the ongoing initial thread someone has posted the link for is much clearer about this point than this one.
https://forums.moneysavingexpert.com/discussion/4168667Seen it all, done it all, can't remember most of it.0 -
SevenOfNine wrote: »There's no escaping the fact that it's a Tesco savings account. I spent a while trying to figure out how to set up a DD through my Tesco Bank a/c....only to find I could not. It was the SAVINGS a/c that I needed to open.
Can't say I'm frothing at the mouth "worked up" about it though, just that MSE can forget some of us are total novices, & the ongoing initial thread someone has posted the link for is much clearer about this point than this one.
https://forums.moneysavingexpert.com/discussion/4168667
It IS a bank account though. Just not a current account.0 -
Thank you for the list, TheLondoner!
Does anyone know which are the quickest to set up and get debited? I want to do the Clydesdale switch offer.0 -
Perhaps you hadn't spotted it but this thread hasn't been updated since the middle of last year and TheLondoner hasn't used the site for over six months so is unlikely to see your reply!Thank you for the list, TheLondoner!
Better to review more contemporary threads on this subject, and in particular the one linked by Ed-1 at post #11 above, especially in the light of Tesco's recent decision to pull their DD funding option, as forecast so presciently by colsten and Ed-1 at posts #6 and #7....
Unusually the terms of Clydesdale switch offer don't require the DDs to be in place before the switch so there isn't as much of a rush as you might think....Does anyone know which are the quickest to set up and get debited? I want to do the Clydesdale switch offer.0 -
Thank you eskbanker, for replying, for telling me about Tesco (:() and for explaining about the Clydesdale switch terms.
I will have a read of the big thread you mentioned about direct debits for savings accounts.0 -
recieved letter from tesco today, saying all direct debt to saving and saver will stop in apr 2018. anyone else hadd it0
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