Tesco current account - direct debits

Dobbibill

Yes reasonably new - they paused all new applications for a time a while back. When they relaunched them this was the criteria for new accounts to earn interest.

flergalwit

ashnojutsu wrote: »

I'm going to do something similar with my tesco current account - 3 x PO internet savers drawing 3 x DD's from the tesco account. There's nothing mentioned in the T&C's, and this will be 3 different DD mandates from the tesco account, so I don't see the issue?

The issue is that that's not what I'm doing. I was hoping to use one PO account to handle one Tesco account. (I have two of each.) Each PO saver would draw £1 every week from the respective Tesco account, and thus at least 4 times per calendar month. The issue is that although there are over 3 DD payments per month per Tesco account, they'd all come from the same mandate and thus it's not clear it will fulfil the criteria.

It sounds like you have one Tesco account and 3 different Post Office savers (unlike me; I have two of each) so that should work ok.

Yorkshireboy if you're referring to the point saying you can only have one non-joint account, this refers to the PO Online Saver. There's also the PO Instant Access account. And also I think a PO reward account. All of them can take money by DD though I think the last (which is the one I don't have) requires 30 days' notice for any withdrawal.

metrobus

Just checked and this months interest added.Ive no DDs or deposit anything each month so older accounts do not need to abide by the new conditions to get the interest.

catherine1

can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account

soulsaver

catherine1 wrote: »

can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account

PayPal?

See here 1st page summarises
https://forums.moneysavingexpert.com/discussion/5126573

binaryuniverse

Paypal have recently changed their payments rule so you can not fund your own account by direct debit. It will only take a direct debit if you send money to someone else.

Of course, you could have 2 Paypal accounts...

catherine1

i have found that the rspca will take £1 direct debit so at least its going to a good cause and that saves me the bank account fee

Eco_Miser

catherine1 wrote: »

can anyone recommend anywhere that takes a £1 by direct debit, i need another dd to be able to get interest and avoid fees on my Lloyds bank account

Tesco Internet Saver will meet other banks' DD requirements, but not Tesco current account's.

https://forums.moneysavingexpert.com/discussion/5126573 has other suggestions,

Westie983

binaryuniverse wrote: »

Paypal have recently changed their payments rule so you can not fund your own account by direct debit. It will only take a direct debit if you send money to someone else.

Of course, you could have 2 Paypal accounts...

You can still fund your own accounts via the PayPal app, but you don't have the DD option if you log on via the website.

I tried this last month, for three of my accounts and each one was pulled on the 1st by DD.

Westie983

flergalwit

Update: I got paid interest on at least my first Tesco account, whose statement date has just passed. So it appears that, despite what I was told on the phone, it is sufficient for a single mandate to pay out at least 3 times per statement month!