Tesco Savings DDs

mhoc

glider3560 wrote: »

Halifax required two direct debits to be paid every month. If it is active, but no payments are taken, then no bonus.

I've just changed my Barclaycard credit card monthly bills DD to Halifax - almost dormant cards until now but they will be used to generate a bill each month. I am going to wait until I can see on my Halifax statements direct debit payments going out of Halifax reward to pay the BC bills.
Only then will I cancel the Tesco savings DD so one month all 4 DDs might go out.

one account sorted and a few more to organise but my plan is to remove all of my Tesco DD payments and close the savings long before next April - they wont serve any purpose after then.
I know one account is paying 1.2% but its still too low for my liking

Chrisv

Hmm........afraid you've lost me polymaff (not hard to do I'll admit).

I was merely taking post #65 over to the other thread where this was being discussed.

Was this wrong?

http://forums.moneysavingexpert.com/showpost.php?p=73289342&postcount=362

polymaff

Yorkshire_Pud wrote: »

It wasn't the bloke down the pub that told me,it was Tesco Bank CS. Now I'm or saying they were absolutely correct but that's what I was told. So not speculation.

So you said - but still speculation! As EskBanker points out, the issue was pretty much resolved this morning by http://forums.moneysavingexpert.com/showpost.php?p=73289228&postcount=68

surreysaver

Yorkshire_Pud wrote: »

Its to do with changes in banking regulations coming in for ALL banks on 13th January, not just Tesco deciding to bin the DD facility therefore expect the same for others like Scottish Widows who offer a similar facility? Seems DDs to Savings accounts conflict with some banking rules/regs.

Sounds like a bullsh!t excuse that they've been told to tell people

polymaff

Chrisv wrote: »

Hmm........afraid you've lost me polymaff (not hard to do I'll admit).

I was merely taking post #65 over to the other thread where this was being discussed.

Was this wrong?

http://forums.moneysavingexpert.com/showpost.php?p=73289342&postcount=362

No, I was just trying to stop the speculation here (see my previous post in this thread re:speculation) - and giving you the acknowledgement for my use of your post.

ceredigion

On the plus side my savings accounts with them are a right mess. due to multiple switches resulting in incorrect account numbers. Been meaning to work out what is what and amend for years, looks like Tesco's have saved me a head scratching couple of hours.

ceredigion

On a slightly more serious note regarding any changes in the regulations. I would be quite surprised if Tesco`s did this off their own back, they seem to have a nice little niche product. In as much as, we know they don't really want our money but what they do want is customers . So that they can go to the markets and say " look at us we have x amount of customers using our products". Which is obviously increasing their market share . After saying all that I suppose we on here and others around actually doing this month in month out represent a tiny proportion of the adult population.


I can just imagine the chief executives of all the major banks have some kind of shin dig , where the bloke from Tesco`s got his ear bent by all the others and just thought enough is enough.

tg99

clivep wrote: »

... but the new Tesco Ts & Cs say they will cancel the DDs on 22/4/2018 so they will no longer be active.

Agree. My point was in relation to the M&S Reg saver where just two active DDs are required but not monthly payments. Hence can set a couple up that say pay once a year for example hence less onerous than requiring ones that pay monthly.

surreysaver

With the base rate going up, I imagine all this fiddling to get the best current accounts will become less attractive anyway

Kim_13

It would soften the blow of having to pay for prescriptions if they'd take 12 monthly DD's for the prepayment card, but they'll only take 10 :mad:

Looks like it'll have to be PayPal (think I used to have a DD there once.) Can you pull money from your account and send it back or do you have to actually buy something?