Tesco current acct - do standing orders count?

onetimeatponycamp

I'm looking at opening the Tesco current account but to use it mainly for saving. As far as the 3 DDs go, can these be standing orders, or do they have to be actual direct debits?

colsten

If standing orders would count, the T&Cs would say so.

onetimeatponycamp

It was a genuine question. I can't find any in depth T&Cs on this. They say you need to pay out 3 DDs, excluding DDs to Tesco Bank savings accounts - however I wasn't aware that you could set up a DD for payment to a savings account - isn't that just a standing order?

msallen

The Tesco savings account is unusual in that you can set it to pull in cash from current accounts via DD. This makes it useful for other accounts that require DDs.

YorkshireBoy

onetimeatponycamp wrote: »

It was a genuine question. I can't find any in depth T&Cs on this. They say you need to pay out 3 DDs, excluding DDs to Tesco Bank savings accounts - however I wasn't aware that you could set up a DD for payment to a savings account - isn't that just a standing order?

A standing order pushes money from your bank.
You need to set this up with the bank.
You are in control.


A direct debit pulls money from your bank.
You need to set this up with the DD Originator.
The DD Originator has control (normally, but with savings accounts you are in control).

colsten

YorkshireBoy wrote: »

The DD Originator has control (normally, but with savings accounts you are in control).

To stop a wild goose chase before it starts: almost no savings accounts now offer funding by DD.

Zanderman

And to actually answer your original question, for the Tesco Current Account, yes they do have to be DDs. SOs do not count.

surreysaver

Scottish Widows, Post Office Savings allow direct debits to pull money from current accounts. Then there's PayPal. That's your three direct debits you need if you haven't got any 'normal' direct debits you can move.