The 5% Savings loophole

YorkshireBoy

uk1 wrote: »

Thanks for your trouble.

When you say "2 DDs on each account pulling £8", I'm afraid I don't understand.

Thanks,

Jeff

The DDs (of which you must have 2 paid each month) are pulling the £16 interest out each month (very nearly) the same day it's paid.

uk1

Another dumb question .... but in Santanfer 123's I can see how you set up a standing order but not how you can set up a DD. Is this just a telephone call or visit only thing or is there a way to do this online?

Jeff

Vortigern

uk1 wrote: »

Another dumb question .... but in Santanfer 123's I can see how you set up a standing order but not how you can set up a DD. Is this just a telephone call or visit only thing or is there a way to do this online?

You don't set up a DD with your bank. You must set it up with the beneficiary. For example you can ask your electricity supplier to take payment by DD from your bank.

There are some savings accounts that can pull money by direct debit from a current account.

There are many charities that will accept regular payments by DD.

https://forums.moneysavingexpert.com/discussion/5126573

xylophone

Another dumb question .... but in Santanfer 123's I can see how you set up a standing order but not how you can set up a DD. Is this just a telephone call or visit only thing or is there a way to do this online?

Jeff

I have a feeling that confusion is setting in here.

You have an existing Santander 123 account which is your main current account?

In addition,you wish to open three Lloyds Club Accounts and deposit £5,000 in each?

The monthly credit input for the Lloyds accounts can be internally funded as explained above.

Each Lloyds Club Account requires two active direct debits that pay out monthly.

You cannot set up DDs on your Santander 123 to "pull" money from the Lloyds accounts.

However, if you and your wife were each to open a Tesco Internet Saver and a Tesco Easy Access Saver....

And the Tesco current accounts may be worth a look....

uk1

xylophone wrote: »

I have a feeling that confusion is setting in here.

You have an existing Santander 123 account which is your main current account?

In addition,you wish to open three Lloyds Club Accounts and deposit £5,000 in each?

The monthly credit input for the Lloyds accounts can be internally funded as explained above.

Each Lloyds Club Account requires two active direct debits that pay out monthly.

You cannot set up DDs on your Santander 123 to "pull" money from the Lloyds accounts.

However, if you and your wife were each to open a Tesco Internet Saver and a Tesco Easy Access Saver....

And the Tesco current accounts may be worth a look....

Thanks - yes you are correct. The implication I took was that the small monthly interest was sucked out of the account by DD. That is how it read to me. I appreciate your extra help. I'll look at the Tesco accounts. I think I'm just nerovous that one day all these transactions in this one and out of that one will leave me missing some lost cash somewhere.

I'll just warn everyone else in advance that the moment I open the three Lloyds accounts they will I promise announce an interest reduction.



Jeff

badger09

uk1 wrote: »

I'll just warn everyone else in advance that the moment I open the three Lloyds accounts they will I promise announce an interest reduction.



Jeff

Well, it will make a change to have someone/something to blame apart from Brexit:rotfl:

xylophone

You do understand that it is possible on Tesco Saver accounts to set up DDs that pull from other current accounts?

colsten

Sigh.

.................