Direct Debits for Nationwide FlexDirect

youngretired

People on other forums re BOS Vantage accounts and other accounts requiring DD's say that they have managed to set up a number of DD's going to the same Tesco savings account by putting in different names i.e. J Doe, J E Doe, so they appear as individual DD's on their accounts.

This apparently does work but I've never actually done this myself as I always use different accounts (3 Tesco Internet Savers and 4 Post Office Online Savers) as they are so easy to open and manage. Also I know people use this method for meeting the T&C's of accounts but do not know if they have been used during a switch.

The account that the DD's are to be set up on must match the Tesco account name according to previous forums where people have stated that Tesco are now checking. You used to be able to get away with setting them up on partners accounts but apparently no more!

MonroeM

Sally57 wrote: »

I'm about to recommend a friend to switch to Nationwide FlexDirect but she does not have any spare DD's. Can she just open one of these Tesco accounts and do two separate direct debits to her existing current account or does she have to open both the Internet Saver and the Instant Access Savings Account and do one DD from each account? Thanks.

From memory, I think you have to open both of the Tesco Saver accounts (Internet Saver & Instant Access) and your friend has to set up a DD from each of these accounts to her existing current account before she makes the switch to the Nationwide FlexDirect account?

Other posters may correct me on this if this is the wrong information?

xylophone

Surely Sue could have DD going into her Tesco saver from her husband's account, as it would be like any company selling a product having a DD set up, but her husband would need to give the instruction as it's from his money.

Apparently not. See post 3 here

https://forums.moneysavingexpert.com/discussion/5339057

Ed-1

teddysmum wrote: »

Surely Sue could have DD going into her Tesco saver from her husband's account, as it would be like any company selling a product having a DD set up, but her husband would need to give the instruction as it's from his money.

They restrict it to accounts in your name as a security measure to prevent fraud. Besides in their mind there should be no need to pull money in from another person's account to save. They can send it from their account.

ajenkinson

Instead of using the Tesco method, can you just set up 2 direct debits for chairtys, wait for 1 month payment to be taken then make the switch?

Katiehound

ajenkinson wrote: »

Instead of using the Tesco method, can you just set up 2 direct debits for chairtys, wait for 1 month payment to be taken then make the switch?

Yes, of course they could make DDs to charities - but OP want to save the money. If it goes to Tesco they have saved it for themselves...

Katiehound

MonroeM wrote: »

From memory, I think you have to open both of the Tesco Saver accounts (Internet Saver & Instant Access) and your friend has to set up a DD from each of these accounts to her existing current account before she makes the switch to the Nationwide FlexDirect account?

Other posters may correct me on this if this is the wrong information?

That's exactly what I did.
Even with Tesco withdrawing that possibility in April there is still time to set up the DDs so that money goes out asap- hopefully by the end of Dec.
I set that up, checked the DDs were active, and the £1k pay in (and out again) before the account was switched. Once you have the 'Refer a friend' reward you can axe the DDs

Moireach

Katiehound wrote: »

That's exactly what I did.
I set that up, checked the DDs were active, and the £1k pay in (and out again) before the account was switched. Once you have the 'Refer a friend' reward you can axe the DDs

I didn't realise you had to pay 1k in and out to qualify for this?


I've been trying to figure out what they mean by "main account", as well as the two DDs is this all that is required to be classed as a main account?

colsten

Moireach wrote: »

I didn't realise you had to pay 1k in and out to qualify for this?

You don't have to. If you did, the switch offer terms would say so.

Moireach wrote: »

I've been trying to figure out what they mean by "main account", as well as the two DDs is this all that is required to be classed as a main account?

There's no definition of "main account" anywhere, so I wouldn't worry. For longevity of this offer, and for the prospect of future offers, however, it would be good if people didn't abuse the offer too much and just leave after pocketing the £100. With the FlexDirect paying 5% AER for a year, and giving access to a 5% Regular Saver, sticking around for a bit doesn't appear too onerous.

Moireach

colsten wrote: »

There's no definition of "main account" anywhere, so I wouldn't worry. For longevity of this offer, and for the prospect of future offers, however, it would be good if people didn't abuse the offer too much and just leave after pocketing the £100. With the FlexDirect paying 5% AER for a year, and giving access to a 5% Regular Saver, sticking around for a bit doesn't appear too onerous.

I do agree with this sentiment. My question arises due to my wife and I having a Joint Account as well as our own individual accounts. I messaged Nationwide directly to confirm they would pay the reward to both of us if I recommended our joint account as well as her individual account and they said yes.