Tesco Savings DDs

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

polymaff

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.

surreysaver wrote: »

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

Oh, and a few more clauses, from this list - and the second one!

I was suprised how much scrutiny they applied. Again, times change, try it out. You've got six months.

clivep

tg99 wrote: »

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.

Also agree regarding the M&S terms about active DDs rather than monthly paying ones. However, the new Tesco T's & C's say that on 22nd April 2018 ALL your direct debits will be cancelled. So regardless of whether they were paying monthly or annually the mandates will be cancelled and if they notify M&S of this (as they should) then these will disappear from your M&S current account and you will no longer satisfy the M&S Monthly Saver eligibility criteria.

Less than 2 DDs on current a/c >> Monthly Saver eligibility gone.
Eligibility gone AT ANY TIME in 12 month term >> Monthly Saver closed.
Monthly Saver closed within 12 month term >> interest on money saved only at 0.35% not 5%.

Zanderman

adindas wrote: »

I understand that many charity DDs require £1+ DD
Has anyone tried this

- Set DD of £1+ in the first instance.
- After you qualify to open the account drop it to 1p (if it is allowed) so the charity will not collect it.
- Repeat again when you are about to Re-apply for a new account.

If this could be done, of course this will only work if the account does not require that DD to be taken each month. My understanding active DD is not the same with the requirement that DD need to be taken each month.

Well, apart from the dubious morality of messing a charity about, I'm not sure this is even possible is it?
There is no facility to alter DD amounts in online banking is there? DDs are as you set them initially and alterations are made by the receiving end, not by you.

surreysaver

Zanderman wrote: »

Well, apart from the dubious morality of messing a charity about, I'm not sure this is even possible is it?

By that sentence you are implying that charities have morals. If our society had morals, there would be no need for charities in the first place. Tesco are being immoral by removing the facility to fund their savings accounts by direct debit, thereby causing people to go running off to the charities in the first place.

teddysmum

Co-op's requirement is for active direct debits , so the correct number are transferred each month. Filling in a 10month order with two single ones could work, but you would need to have the one-offs being transacted on the two months not satisfied by the regular transactions.


Our second month with them had no reward as a one off was taken in the first month ,but water rates (on 10 payments) were not paid in either month, so we were one dd short.


Even the customer service person (I registered in branch for the then new deal) did not realise that the 10 payment water rates would not qualify, but it was easily sorted with the water company who spread the future payments over 12 months.

tg99

clivep wrote: »

Also agree regarding the M&S terms about active DDs rather than monthly paying ones. However, the new Tesco T's & C's say that on 22nd April 2018 ALL your direct debits will be cancelled. So regardless of whether they were paying monthly or annually the mandates will be cancelled and if they notify M&S of this (as they should) then these will disappear from your M&S current account and you will no longer satisfy the M&S Monthly Saver eligibility criteria.

Less than 2 DDs on current a/c >> Monthly Saver eligibility gone.
Eligibility gone AT ANY TIME in 12 month term >> Monthly Saver closed.
Monthly Saver closed within 12 month term >> interest on money saved only at 0.35% not 5%.

Agree. My point was more towards people looking for potential replacement DDs for Tesco for accounts such as M&S in that you don't have to replace Tesco with ones that pay out every month.

Ashen

surreysaver wrote: »

By that sentence you are implying that charities have morals. If our society had morals, there would be no need for charities in the first place. Tesco are being immoral by removing the facility to fund their savings accounts by direct debit, thereby causing people to go running off to the charities in the first place.

I don't even know where to start with this.

Mchambers

Zanderman wrote: »

Well, apart from the dubious morality of messing a charity about, I'm not sure this is even possible is it?
There is no facility to alter DD amounts in online banking is there? DDs are as you set them initially and alterations are made by the receiving end, not by you.

You can change a direct debit amount. I did it a few weeks ago. In this instance, just phone the charity to change it.

teddysmum

surreysaver wrote: »

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

Let's hope so; back to the days with one bank account and savings which can stay in one place for a while.


Tesco's change has stopped my future plans to open two Lloyds accounts to take money whose time is up with TSB regular savers (probably have to go back into TSB's new lower paying)and cancelling a newspaper subscription as our main account with Co-op has 6 dds, including to a Tesco online saver, the newspaper account and a Sky subscription(due to end next month), which would leave 3 (one short).