12 DDs for 4 Tesco bank accounts??

vigman

Okay, so the Tesco Bank 3% on £3000 is good and allowing two per person is great. So £12000 for my wife and I.

However, having already got three Santander 1-2-3 accounts I can't see where we will find the additional 3 required direct debits for each account = 12 more direct debits.

I have searched threads and see if you meanly set up a £1 pa charity DD it actually costs them to process this.

Please can someone advise up to date small amount direct debits that are neither mean to the receiver if a charity or eat into the 3% interest earned??

TIA Vigman

eskbanker

Not sure if you're already seen this thread on the savings board but it was set up specifically with your question in mind: https://forums.moneysavingexpert.com/discussion/5126573

vigman

Thanks. I did see that thread but 1.) it was closed in 2014 and 2.) it seemed to be more about savings providers that allowed direct debit feeds and charities that accepted £1 or less DDs although this goes on to say that such small amounts can cost the charity money.

Just wondered if there were any current, different suggestions for achieving these DD targets please?

TIA

Vigman

Zanderman

vigman wrote: »

Thanks. I did see that thread but 1.) it was closed in 2014

?? It's a live and very active thread!
The first post is dated 2014 but has been updated many times since and the whole thread is in active use, with the most recent post only today

Shakin_Steve

You can set up 12 direct debits into my account if you like

xylophone

According to recent posts on the thread

http://www.scottishwidows.co.uk/bank/savings/internet_saver_account_detail.html

can be funded by DD "pulling" from a Tesco current account.

Post Office on line saver can be funded by DD "pulling" from a Tesco current account.

http://www.postoffice.co.uk/savings-accounts/online-saver

You could also open a joint account with either of the above which could be funded by DD "pulling" from a Tesco current account?

eskbanker

Various other threads that OP may or may not already have seen mention a couple of sites seemingly set up specifically to create small artificial DDs, namely Pay A Quid and Little Debits, covered (pros and cons) in:

https://forums.moneysavingexpert.com/discussion/5602624
https://forums.moneysavingexpert.com/discussion/5607100
https://forums.moneysavingexpert.com/discussion/5651267

but obviously anything other than paying DDs to other accounts within your own control means eating into the 3% interest earned....

YorkshireBoy

It's a shame you didn't have the £40-60K available before April this year when Tesco changed the T&Cs to require DDs.

Presumably you've already got (between you)...

£7,500 at Nationwide making 5% AER
£15,000 at Lloyds making 2% AER
£30,000 at BoS making 2% AER

Plus some 5% regular savers being drip-fed from the above?

If not, and you can't get the 12 non-Tesco DDs sorted for 3% AER, maybe that's an avenue to explore?

[Deleted User]

YorkshireBoy wrote: »

It's a shame you didn't have the £40-60K available before April this year when Tesco changed the T&Cs to require DDs.

Presumably you've already got (between you)...

£7,500 at Nationwide making 5% AER
£15,000 at Lloyds making 2% AER
£30,000 at BoS making 2% AER

Plus some 5% regular savers being drip-fed from the above?

If not, and you can't get the 12 non-Tesco DDs sorted for 3% AER, maybe that's an avenue to explore?

12 DDs would still be needed to earn interest on the 6 X BoS 2% current accounts. 6 DDs would be needed for the 3 X Club Lloyds 2% current account. Only the Nationwide FlexDirect accounts would be DD-free.

YorkshireBoy

Deleted_User wrote: »

12 DDs would still be needed to earn interest on the 6 X BoS 2% current accounts. 6 DDs would be needed for the 3 X Club Lloyds 2% current account. Only the Nationwide FlexDirect accounts would be DD-free.

But, crucially, only one DD originator, 2 accounts (possibly even just one), and 20 minutes work!

vigman

Thanks everyone!

Got to get a larger screen now the AMD is getting worse in my right eye!

I'll check the thread out again, thanks.

I just found it hard (apart from creating charitable payments) to find 12 more DDs than I've already allocated to the three Santander accounts

Vigman