TSB current account changes-direct debits

teddysmum

After reading the new TSB account details, it says that you can now set up a direct debit debits from any current account (as opposed to only older savings accounts.


Am I understanding, correctly ,that you can use your TSB currents (like Tesco's savings accounts) as feeders for other accounts needing direct debits paying in ?

MOONGAZER

Hi Teddysmum,
are you on about an email with changes to TSB accounts that came this morning? I haven't opened it yet due to the links that you have to open to read the details of the changes. I have been trying to contact TSB to see if this is a genuine email as I have had a couple of fishing emails recently.:(

youngretired

No I read it as they are just advising that only their current accounts can have direct debits set up on them and not savings unless it is one that has been allowed in the past. Normally saving accounts don't have the facility for direct debits and standing orders to be paid out of them.

northwalesd

youngretired is reading it correctly. Some (older) savings accounts can pay direct debits, but you will no longer be allowed to do anything except cancel DDs on any savings accounts (you can't set up new ones or amend existing). The DDs will continue to work unless you cancel them.

teddysmum

MOONGAZER wrote: »

Hi Teddysmum,
are you on about an email with changes to TSB accounts that came this morning? I haven't opened it yet due to the links that you have to open to read the details of the changes. I have been trying to contact TSB to see if this is a genuine email as I have had a couple of fishing emails recently.:(

I had a fishy one the other day, offering me £50 as one of 40 lucky winners .


The email address was odd, so I rang TSB to conform and was told that they like people to inform them, but enough had been forwarded to the 'powers that be' so any action can be taken. apparently there are a number of versions and, as they have , the lady said customers would be sent an emailed warning.

teddysmum

As direct debits are arranged from the drawing account (standing orders on the donating one) I read this as meaning you could arrange for your TSB current accounts to draw from your Tesco current accounts, thus providing two of the three required Direct debits to earn interest.

Kim_13

I haven't received anything from them as yet.

MDMD

T&C changes can be found here

http://www.tsb.co.uk/personal-banking-changes/

Nothing really that exciting in it though

northwalesd

teddysmum wrote: »

As direct debits are arranged from the drawing account (standing orders on the donating one) I read this as meaning you could arrange for your TSB current accounts to draw from your Tesco current accounts, thus providing two of the three required Direct debits to earn interest.

It's definitely not saying that.

zerog

teddysmum wrote: »

After reading the new TSB account details, it says that you can now set up a direct debit debits from any current account (as opposed to only older savings accounts.


Am I understanding, correctly ,that you can use your TSB currents (like Tesco's savings accounts) as feeders for other accounts needing direct debits paying in ?

Not sure why you would be getting that impression.

A very small number of people have TSB savings accounts opened a long time ago, which work like current accounts in that they can be used to PAY direct debits.

Those people will no longer be able to change any direct debits they have set up on those savings accounts, or set up any new ones.

For everyone else, nothing is changing.

Kim_13

Just received the email this morning. This is the section:

Direct Debits.
You’re not able to set up Direct Debits on your savings account, although some older accounts do have them.
If you do have an existing Direct Debit on one
of these older accounts, we’ll keep it running. However, you won’t be able to make any changes to it, except to cancel it.
You can set up Direct Debits from any current account you have with us instead.

Presumably, prior to this the facility was retained in its entirety for existing customers of the relevant accounts. When these were withdrawn is anyone's guess. Perhaps ex Lloyds accounts, as most banks don't seem to have offered it for a number of years. My instant access saver has never had it.