Tesco Savings DDs

ColdIron

PayPal have stopped DDs from the web interface. There was some talk of the app working but that's been reported as having stopped as well

ASavvyBuyer

surreysaver wrote: »

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

Has anyone found in the actual new Banking Regulations for 2018 a reference to not allowing Direct Debits for funding Savings Accounts?

I have tried multiple searches, and looked through a number of documents, but can't find any reference to this change that Tesco are claiming to be a Regulation change; most is about Open Banking and Credit Card charges.

FOREVER21

Just had an. E-mail from Barclays with their new t&cs come Jan. 2018.
No mention was made regarding changes to DD payments.Could be Tesco are just using this as an excuse, after all the cost to them in raising DD I guess will be considerable.

surreysaver

I hate Tesco anyway, so I'm glad I've been abusing them!

Eco_Miser

Kim_13 wrote: »

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:

I don't think you need the same DD to pay out every month, so long as there are the required number each month to somewhere (may depend on account).
So you could use the prepayment card for ten months, and an annual DD or little used credit card for each of the other two.

Mee

EachPenny wrote: »

Same here. My water bill currently generates 9p/mth cashback, so that will become a BoS DD instead.

I'm also going to take another look at my energy supplies as my current supplier does a combined bill on a quarterly basis. Split supplies billed monthly could be worth £6 per quarter in DD 'savings' and I know I spend less than £100 per month on energy on average. Hopefully I'll get better energy prices too

My water bill is six monthly, but will change to monthly in light of this change. Still thinking through how to manage my multiple high interest c/as in future...

This will force many of us to review our DDs and other MSE practices.

surreysaver

I've set up a Gocardless account. Are they likely to have an issue with someone using it for personal rather than business reasons?

karlie88

surreysaver wrote: »

I've set up a Gocardless account. Are they likely to have an issue with someone using it for personal rather than business reasons?

Chances are they will close your account.

polymaff

surreysaver wrote: »

I've set up a Gocardless account. Are they likely to have an issue with someone using it for personal rather than business reasons?

I tried this, as a Limited Company, two years ago. After about four months of operating DDs such as one would in our circumstances, using monthly DD amounts in the range £10.99 to £29.99, they closed me out. If that is what they do to a Limited Company acting sensibly I'd have thought that a personal application would be rejected far sooner.

Times change. Try your own test regime and tell us how it goes.

surreysaver

polymaff wrote: »

I tried this, as a Limited Company, two years ago. After about four months of operating DDs such as one would in our circumstances, using monthly DD amounts in the range £10.99 to £29.99, they closed me out. If that is what they do to a Limited Company acting sensibly I'd have thought that a personal application would be rejected far sooner.

Times change. Try your own test regime and tell us how it goes.

https://gocardless.com/legal/restrictions/

I see clauses 17 & 20 could apply to our use of GoCardless, although took some digging to find this page