Tesco Savings DDs

Scarecrow25

I can't see that this has been picked up yet, and with my first post I really hate to be the breaker of bad news !
However, last week I opened a new Tesco Internet saver and just got the paperwork through today. In it, was a booklet, 'Changes to our Tesco Bank Internet Saver & Instant Access T&Cs'
Summary of key changes - I quote: 'We are making changes to the way in which you can fund your Account. In particular, as of 22 April 2018 you will not be able to fund your Account by way of Direct Debits. On this date all Direct Debits set up on your Account will be cancelled. No further Direct Debits can be set up from this date.'

I know many use Tesco DDs to meet terms for interest on current accounts, at least we've a few months to come up with a new plan...:(

LeafGreen

Thanks for the heads up - it was only a matter of time I supppose, and at least there is a fair bit of notice.

greendoor665

Oh. Well looks like my free £3 a month from Halifax will be stopping then. I think I have got my full years worth of £10 a month M&S vouchers by then though!

chockydavid1983

Balls. At least we have 6 months to find alternatives...

eskbanker

Once again there's the suspicion that a subject gets done to death on here, and the sheer volume of discussion and subsequent widespread (ab)use of the facility self-defeatingly contributes to the decision to withdraw it, although I can't pretend not to have participated myself....

djpailo

On this date all Direct Debits set up on your Account will be cancelled

This is extremely annoying grrr.

glider3560

Has anyone else received this letter? I cannot find any reference to the new amended terms online (they still include mention of the direct debit).

karlie88

glider3560 wrote: »

Has anyone else received this letter? I cannot find any reference to the new amended terms online (they still include mention of the direct debit).

OP got the letter because they opened the account a few days ago. Presumably, we will all get the letter within the next few weeks.

It was fun while it lasted. I'm going to cherish my DDs over the next 6 months.

Mchambers

Oh well....I will look for alternatives. It was good while it lasted.

I may try and complain to Tesco to see if I can get them to change.

EachPenny

eskbanker wrote: »

Once again there's the suspicion that a subject gets done to death on here, and the sheer volume of discussion and subsequent widespread (ab)use of the facility self-defeatingly contributes to the decision to withdraw it, although I can't pretend not to have participated myself....

It was going to happen sooner or later I guess, some people cannot help but take the proverbial.

I wonder if Santander will be one of the losers over this. I'm close to Lite-ing my 123 account, but would consider going further and foregoing the Lite cashback entirely to move DD's to maintain the best interest bearing current accounts.

Some interesting mathematics to do in the coming months.

Ken68

Thanks Scarecrow...that explains why I was declined an additional Internet Saver a/c. last week. Maybe more £1 charity donations for the future.